House Bill hb1575

    Florida House of Representatives - 2002                HB 1575

        By Representative Fasano






  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; creating s. 121.4503, F.S.; creating

  4         the Public Employee Optional Retirement Program

  5         Clearing Trust Fund, to be administered by the

  6         Department of Management Services as a

  7         retirement clearing trust fund not subject to

  8         termination pursuant to s. 19(f), Art. III of

  9         the State Constitution; providing for sources

10         of moneys and purposes; providing for exemption

11         from the general revenue service charges;

12         providing an effective date.

13  

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

15  

16         Section 1.  Section 121.4503, Florida Statutes, is

17  created to read:

18         121.4503  Public Employee Optional Retirement Program

19  Clearing Trust Fund.--

20         (1)  The Public Employee Optional Retirement Program

21  Clearing Trust Fund is created to hold employer contributions

22  made on behalf of participants of the Public Employee Optional

23  Retirement Program, in accordance with s. 401 of the Internal

24  Revenue Code, and shall be administered by the Department of

25  Management Services as trustee, and in accordance with the

26  interagency agreement between the Department of Management

27  Services, the Division of Retirement, and the State Board of

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

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

30  exclusive benefit of such program's participants and

31  beneficiaries, until such time as these assets are distributed

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






    Florida House of Representatives - 2002                HB 1575

    565-216-02






  1  by the 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 individual 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 is

13  hereby authorized to promulgate such rules as may be needed to

14  implement the provisions of this act.

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

16  law.

17  

18            *****************************************

19                          HOUSE SUMMARY

20  
      Creates the Public Employee Optional Retirement Program
21    Clearing Trust Fund administered by the Department of
      Management Services to hold employer contributions made
22    on behalf of participants of the Public Employee Optional
      Retirement Program within the Florida Retirement System.
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CODING: Words stricken are deletions; words underlined are additions.