HOUSE AMENDMENT

                                                  Bill No. HB 1575

    Amendment No. ___ (for drafter's use only)

                            CHAMBER ACTION
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  5                                           ORIGINAL STAMP BELOW

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11  The Committee on State Administration offered the following:

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13         Amendment 

14  Remove everything after the enacting clause

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16  and insert:

17         Section 1.  Section 121.4503, Florida Statutes, is

18  created to read:

19         121.4503  Public Employee Optional Retirement Program

20  Clearing Trust Fund.--

21         (1)  The Public Employee Optional Retirement Program

22  Clearing Trust Fund is created as a clearing account for

23  employer contributions for participants of the Public Employee

24  Optional Retirement Program, in accordance with s. 401 of the

25  Internal Revenue Code, and shall be administered by the

26  Department of Management Services as trustee, and in

27  accordance with the interagency agreement between the

28  Department of Management Services and the State Board of

29  Administration. Funds shall be credited to the trust fund as

30  provided in s. 121.571, and shall be held in trust for the

31  employers until such time as the assets are distributed by the

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    File original & 9 copies    02/21/02
    hsa0005                     05:50 pm         01575-sa  -202723




                                                   HOUSE AMENDMENT

                                                  Bill No. HB 1575

    Amendment No. ___ (for drafter's use only)





  1  department to the State Board of Administration and the

  2  third-party administrator, as appropriate, to be used for the

  3  purposes of this part. The trust fund is exempt from the

  4  service charges imposed by s. 215.20.

  5         (2)  The Public Employee Optional Retirement Program

  6  Clearing Trust Fund is a retirement clearing trust fund of the

  7  Florida Retirement System that accounts for retirement plan

  8  assets held by the state in a trustee capacity as a fiduciary

  9  for employers of participants in the Public Employee Optional

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

11  State Constitution, is not subject to termination.

12         Section 2.  The Department of Management Services may

13  adopt rules governing the receipt and disbursement of employer

14  contributions in the Public Employee Optional Retirement

15  Program Trust Fund.

16         Section 3.  This act shall take effect upon becoming a

17  law.

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    File original & 9 copies    02/21/02
    hsa0005                     05:50 pm         01575-sa  -202723