Senate Bill sb2134e1

    CS for SB 2134                                 First Engrossed



  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 Florida Retirement System Contributions

  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  Florida Retirement System Contributions

19  Clearing Trust Fund.--

20         (1)  The Florida Retirement System Contributions

21  Clearing Trust Fund is created as a clearing fund for

22  disbursing employer contributions to the component plans of

23  the Florida Retirement System and shall be administered by the

24  Department of Management Services.  Funds shall be credited to

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

26  trust for the contributing employers until such time as the

27  assets are transferred by the department to the Florida

28  Retirement System Trust Fund, the Public Employee Optional

29  Retirement Program Trust Fund, or other trust funds as

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

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






    CS for SB 2134                                 First Engrossed



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