House Bill hb1575e1

                                      HB 1575, First Engrossed/ntc



  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.

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

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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 as a clearing account for

22  employer contributions for participants of the Public Employee

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

24  Internal Revenue Code, and shall be administered by the

25  Department of Management Services as trustee, and in

26  accordance with the interagency agreement between the

27  Department of Management Services 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  employers until such time as the assets are distributed by the

31  department to the State Board of Administration and the


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






                                      HB 1575, First Engrossed/ntc



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

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

  3  service charges imposed by s. 215.20.

  4         (2)  The Public Employee Optional Retirement Program

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

  6  Florida Retirement System that accounts for retirement plan

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

  8  for employers of 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.  The Department of Management Services may

12  adopt rules governing the receipt and disbursement of employer

13  contributions in the Public Employee Optional Retirement

14  Program Clearing Trust Fund.

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

16  law.

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