HOUSE AMENDMENT

                                        Bill No. HB 1575, 1st Eng.

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

                            CHAMBER ACTION
              Senate                               House
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  5                                           ORIGINAL STAMP BELOW

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11  Representative(s) Fasano offered the following:

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13         Amendment (with title 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  Florida Retirement System Contributions

20  Clearing Trust Fund.--

21         (1)  The Florida Retirement System Contributions

22  Clearing Trust Fund is created as a clearing fund for

23  disbursing employer contributions to the component plans of

24  the Florida Retirement System and shall be administered by the

25  Department of Management Services.  Funds shall be credited to

26  the trust fund as provided in chapter 121 and shall be held in

27  trust for the contributing employers until such time as the

28  assets are transferred by the department to the Florida

29  Retirement System Trust Fund, the Public Employee Optional

30  Retirement Program Trust Fund, or other trust funds as

31  authorized by law, to be used for the purposes of this

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    File original & 9 copies    03/19/02
    hap0008                     08:26 am         01575-0045-661701




                                                   HOUSE AMENDMENT

                                        Bill No. HB 1575, 1st Eng.

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





  1  chapter. The trust fund is exempt from the service charges

  2  imposed by s. 215.20.

  3         (2)  The Florida Retirement System Contributions

  4  Clearing Trust Fund is a clearing trust fund of the Department

  5  of Management Services pursuant to s. 19(f), Art. III of the

  6  State Constitution, and is not subject to termination.

  7         Section 2.  The Department of Management Services may

  8  adopt rules governing the receipt and disbursement of amounts

  9  received by the Florida Retirement System Contributions

10  Clearing Trust Fund from employers contributing to the

11  component plans of the Florida Retirement System. 

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

13  law.

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16  ================ T I T L E   A M E N D M E N T ===============

17  And the title is amended as follows:

18         On page 1, line 4,

19  remove:  all of said line

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21  and insert:

22         the Florida Retirement System Contributions

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    File original & 9 copies    03/19/02
    hap0008                     08:26 am         01575-0045-661701