House Bill hb0503

    Florida House of Representatives - 2001                 HB 503

        By Representative Fasano






  1                      A bill to be entitled

  2         An act relating to trust funds; creating the

  3         Public Employees Optional Retirement Program

  4         Trust Fund within the Department of Management

  5         Services; providing for sources of money and

  6         purpose; providing for future review and

  7         termination or re-creation of the trust fund;

  8         providing a contingent effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Public Employees Optional Retirement

13  Program Trust Fund.--

14         (1)  The Public Employees Optional Retirement Program

15  Trust Fund is created within the Department of Management

16  Services. The department may deposit into the trust fund

17  revenues received pursuant to participation in the Public

18  Employees Optional Retirement Program as set forth in s.

19  121.4501, Florida Statutes. The trust fund is exempt from the

20  service charges imposed by s. 215.20, Florida Statutes.

21         (2)  Notwithstanding the provisions of s. 216.301,

22  Florida Statutes, and pursuant to s. 216.351, Florida

23  Statutes, any balance in the trust fund at the end of any

24  fiscal year shall remain in the trust fund at the end of the

25  year and shall be available for carrying out the purposes of

26  the trust fund.

27         (3)  Pursuant to the provisions of s. 19(f)(2), Art.

28  III of the State Constitution, the trust fund shall, unless

29  terminated sooner, be terminated on July 1, 2002. Prior to its

30  scheduled termination, the trust fund shall be reviewed as

31  provided in s. 215.3206(1) and (2), Florida Statutes.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2001                 HB 503

    565-193A-01






  1         Section 2.  This act shall take effect July 1, 2001, if

  2  passed by a three-fifths vote of the membership of each house,

  3  and if HB ____ or similar legislation is adopted in the same

  4  legislative session or an extension thereof.

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  7                          HOUSE SUMMARY

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      Creates the Public Employees Optional Retirement Program
  9    Trust Fund within the Department of Management Services
      for the purpose set forth in s. 121.4501, F.S. Provides
10    for future review and repeal. See bill for details.

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CODING: Words stricken are deletions; words underlined are additions.