Senate Bill sb0666
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Florida Senate - 2002 SB 666
By Senator Sanderson
31-142-02
1 A bill to be entitled
2 An act relating to firefighter pensions and
3 police pensions; amending ss. 175.061, 185.05,
4 F.S.; prescribing guidelines for selecting
5 trustees for closed plans of specified size;
6 amending ss. 175.371, 185.38, F.S.; providing
7 for termination of plans after distribution of
8 final benefit payments; providing an effective
9 date.
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11 Be It Enacted by the Legislature of the State of Florida:
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13 Section 1. Paragraph (c) is added to subsection (1) of
14 section 175.061, Florida Statutes, to read:
15 175.061 Board of trustees; members; terms of office;
16 meetings; legal entity; costs; attorney's fees.--For any
17 municipality, special fire control district, chapter plan,
18 local law municipality, local law special fire control
19 district, or local law plan under this chapter:
20 (1) In each municipality and in each special fire
21 control district there is hereby created a board of trustees
22 of the firefighters' pension trust fund, which shall be solely
23 responsible for administering the trust fund. Effective
24 October 1, 1986, and thereafter:
25 (c) Whenever the active membership of a closed plan or
26 closed local law plan falls below 10, an active member seat
27 may be held by either a retired member or an active member of
28 the plan who is elected by the active and retired members of
29 the plan.
30 Section 2. Subsection (2) of section 175.371, Florida
31 Statutes, is amended to read:
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Florida Senate - 2002 SB 666
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1 175.371 Transfer to another state retirement system;
2 benefits payable.--For any municipality, special fire control
3 district, chapter plan, local law municipality, local law
4 special fire control district, or local law plan under this
5 chapter:
6 (2) When every active participant in any pension plan
7 created pursuant to this chapter elects to transfer to another
8 state retirement system, the pension plan created pursuant to
9 this chapter shall be terminated and the assets distributed in
10 accordance with s. 175.361. If some participants in a pension
11 plan created pursuant to this chapter elect to transfer to
12 another state retirement system and other participants elect
13 to remain in the existing plan created pursuant to this
14 chapter, the plan created pursuant to this chapter shall
15 continue to receive state premium tax moneys until fully
16 funded. "Fully funded" means that the present value of all
17 benefits, accrued and projected, is less than the available
18 assets and the present value of future member contributions
19 and future plan sponsor contributions on an actuarial entry
20 age cost funding basis. The plan shall remain in effect until
21 the final benefit payment has been made to the last active
22 participant has terminated and shall then be terminated in
23 accordance with s. 175.361.
24 Section 3. Paragraph (c) is added to subsection (1) of
25 section 185.05, Florida Statutes, to read:
26 185.05 Board of trustees; members; terms of office;
27 meetings; legal entity; costs; attorney's fees.--For any
28 municipality, chapter plan, local law municipality, or local
29 law plan under this chapter:
30 (1) In each municipality described in s. 185.03 there
31 is hereby created a board of trustees of the municipal police
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Florida Senate - 2002 SB 666
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1 officers' retirement trust fund, which shall be solely
2 responsible for administering the trust fund. Effective
3 October 1, 1986, and thereafter:
4 (c) Whenever the active membership of a closed plan or
5 closed local law plan falls below 10, an active member seat
6 may be held by either a retired member or an active member of
7 the plan who is elected by the active and retired members of
8 the plan.
9 Section 4. Subsection (2) of section 185.38, Florida
10 Statutes, is amended to read:
11 185.38 Transfer to another state retirement system;
12 benefits payable.--For any municipality, chapter plan, local
13 law municipality, or local law plan under this chapter:
14 (2) When every active participant in any pension plan
15 created pursuant to this chapter elects to transfer to another
16 state retirement system, the pension plan created pursuant to
17 this chapter shall be terminated and the assets distributed in
18 accordance with s. 185.37. If some participants in a pension
19 plan created pursuant to this chapter elect to transfer to
20 another state retirement system and other participants elect
21 to remain in the existing plan created pursuant to this
22 chapter, the plan created pursuant to this chapter shall
23 continue to receive state premium tax moneys until fully
24 funded. "Fully funded" means that the present value of all
25 benefits, accrued and projected, is less than the available
26 assets and the present value of future member contributions
27 and future plan sponsor contributions on an actuarial entry
28 age cost funding basis. The plan shall remain in effect until
29 the final benefit payment has been made to the last active
30 participant has terminated and shall then be terminated in
31 accordance with s. 185.37.
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Florida Senate - 2002 SB 666
31-142-02
1 Section 5. This act shall take effect October 1, 2002.
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4 SENATE SUMMARY
5 Provides that an active-member position on the board of
trustees of a closed plan or closed local law plan for
6 firefighters' or police officers' pensions may be held by
a retired member of the plan if the active membership of
7 the plan has fallen below 10; and that member must be
elected by active and retired members of the plan.
8 Provides that, when all active firefighter or police
officer members of a pension plan have transferred to
9 another state retirement system, the plan shall be
terminated once the final benefit payment has been made
10 to the last participant.
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