House Bill hb0503c1

    Florida House of Representatives - 2001              CS/HB 503

        By the Committee on State Administration and
    Representative Fasano





  1                      A bill to be entitled

  2         An act relating to trust funds; creating s.

  3         121.4502, F.S.; creating the Public Employee

  4         Optional Retirement Program Trust Fund, to be

  5         administered by the State Board of

  6         Administration as a retirement trust fund not

  7         subject to termination pursuant to s. 19(f),

  8         Art. III of the State Constitution; providing

  9         for sources of moneys and purposes; providing

10         for exemption from the general revenue service

11         charges; amending s. 121.4501, F.S.;

12         authorizing the board to adopt rules to

13         maintain the qualified status of the Optional

14         Retirement Program in compliance with the

15         Internal Revenue Code; providing an effective

16         date.

17

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

19

20         Section 1.  Section 121.4502, Florida Statutes, is

21  created to read:

22         121.4502  Public Employee Optional Retirement Program

23  Trust Fund.--

24         (1)  The Public Employee Optional Retirement Program

25  Trust Fund is created to hold the assets of the Public

26  Employee Optional Retirement Program in trust for the

27  exclusive benefit of such program's participants and

28  beneficiaries, and for the payment of reasonable

29  administrative expenses of the program, in accordance with s.

30  401 of the Internal Revenue Code, and shall be administered by

31  the State Board of Administration as trustee.  Funds shall be

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






    Florida House of Representatives - 2001              CS/HB 503

    688-174-01






  1  credited to the trust fund as provided in this part, to be

  2  used for the purposes of this part. The trust fund is exempt

  3  from the service charges imposed by s. 215.20.

  4         (2)  The Public Employee Optional Retirement Program

  5  Trust Fund is a retirement trust fund of the Florida

  6  Retirement System that accounts for retirement plan assets

  7  held by the state in a trustee capacity as a fiduciary for

  8  individual participants in the Public Employee Optional

  9  Retirement Program and, pursuant to s. 19(f), Art. III of the

10  State Constitution, is not subject to termination.

11         Section 2.  Paragraph (a) of subsection (13) of section

12  121.4501, Florida Statutes, is amended to read:

13         121.4501  Public Employee Optional Retirement

14  Program.--

15         (13)  FEDERAL REQUIREMENTS.--

16         (a)  Provisions of this section shall be construed, and

17  the Public Employee Optional Retirement Program shall be

18  administered, so as to comply with the Internal Revenue Code,

19  26 U.S.C., and specifically with plan qualification

20  requirements imposed on governmental plans under s. 401(a) of

21  the Internal Revenue Code. The board shall have the power and

22  authority to adopt rules reasonably necessary to establish or

23  maintain the qualified status of the Optional Retirement

24  Program under the Internal Revenue Code and to implement and

25  administer the Optional Retirement Program in compliance with

26  the Internal Revenue Code and this part, provided however,

27  that the board shall not have the authority to adopt any rule

28  which makes a substantive change to the Optional Retirement

29  Program as designed by this part.

30         Section 3.  This act shall take effect July 1, 2001.

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