CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
CHAMBER ACTION
Senate House
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5 ORIGINAL STAMP BELOW
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11 The Committee on Fiscal Policy & Resources offered the
12 following:
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14 Amendment
15 On page 5, line 30,
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17 and insert:
18 Section 1. Subsection (4) of section 121.4501, Florida
19 Statutes, is amended to read:
20 121.4501 Public Employee Optional Retirement
21 Program.--
22 (4) PARTICIPATION; ENROLLMENT.--
23 (a)1. With respect to an eligible employee who is
24 employed in a regularly established position on April June 1,
25 2002, by a state employer:
26 a. Any such employee may elect to participate in the
27 Public Employee Optional Retirement Program in lieu of
28 retaining his or her membership in the defined benefit program
29 of the Florida Retirement System. The election must be made in
30 writing or by electronic means and must be filed with the
31 third-party administrator department and the personnel officer
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 of the employer by August 31, 2002 within 90 days after June
2 1, 2002, or, in the case of an active employee who is on a
3 leave of absence on April June 1, 2002, by August 31, 2002 or
4 within 90 days after the conclusion of the leave of absence,
5 whichever is later . This election is irrevocable, except as
6 provided in paragraph (e). Upon making such election, the
7 employee shall be enrolled as a participant of the Public
8 Employee Optional Retirement Program, the employee's
9 membership in the Florida Retirement System shall be governed
10 by the provisions of this part, and the employee's membership
11 in the defined benefit program of the Florida Retirement
12 System shall terminate. The employee's enrollment in the
13 Public Employee Optional Retirement Program shall be effective
14 the first day of the month for which a full month's employer
15 contribution is made to the optional program.
16 b. Any such employee who fails to elect to participate
17 in the Public Employee Optional Retirement Program within the
18 prescribed time period 90 days is deemed to have elected to
19 retain membership in the defined benefit program of the
20 Florida Retirement System, and the employee's option to elect
21 to participate in the optional program is forfeited.
22 2. With respect to employees who become eligible to
23 participate in the Public Employee Optional Retirement Program
24 by reason of employment in a regularly established position
25 with a state employer commencing after April June 1, 2002:
26 a. Any such employee shall, by default, be enrolled in
27 the defined benefit retirement program of the Florida
28 Retirement System at the commencement of employment, and may,
29 by the end of the fifth month following the employee's month
30 of hire within 180 days after employment commences, elect to
31 participate in the Public Employee Optional Retirement
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 Program. The employee's election must be made in writing or by
2 electronic means and must be filed with the third-party
3 administrator. personnel officer of the employer. The election
4 to participate in the optional program is irrevocable, except
5 as provided in paragraph (e).
6 b. If the employee files such election before the
7 initial payroll is submitted for the employee, enrollment in
8 the Public Employee Optional Retirement Program shall be
9 effective on the first day of employment.
10 c. If the employee files such election within the
11 prescribed time period 180 days after employment commences,
12 but after the initial payroll is submitted for the employee,
13 enrollment in the optional program shall be effective on the
14 first day of the month for which a full month's employer
15 contribution is made to the optional program.
16 d. Any such employee who fails to elect to participate
17 in the Public Employee Optional Retirement Program within the
18 prescribed time period 180 days is deemed to have elected to
19 retain membership in the defined benefit program of the
20 Florida Retirement System, and the employee's option to elect
21 to participate in the optional program is forfeited.
22 3. For purposes of this paragraph, "state employer"
23 means any agency, board, branch, commission, community
24 college, department, institution, institution of higher
25 education, or water management district of the state, which
26 participates in the Florida Retirement System for the benefit
27 of certain employees.
28 (b)1. With respect to an eligible employee who is
29 employed in a regularly established position on July September
30 1, 2002, by a district school board employer:
31 a. Any such employee may elect to participate in the
3
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 Public Employee Optional Retirement Program in lieu of
2 retaining his or her membership in the defined benefit program
3 of the Florida Retirement System. The election must be made in
4 writing or by electronic means and must be filed with the
5 third-party administrator department and the personnel officer
6 of the employer by November 30, 2002 within 90 days after
7 September 1, 2002, or, in the case of an active employee who
8 is on a leave of absence on July September 1, 2002, by
9 November 30, 2002 or within 90 days after the conclusion of
10 the leave of absence, whichever is later. This election is
11 irrevocable, except as provided in paragraph (e). Upon making
12 such election, the employee shall be enrolled as a participant
13 of the Public Employee Optional Retirement Program, the
14 employee's membership in the Florida Retirement System shall
15 be governed by the provisions of this part, and the employee's
16 membership in the defined benefit program of the Florida
17 Retirement System shall terminate. The employee's enrollment
18 in the Public Employee Optional Retirement Program shall be
19 effective the first day of the month for which a full month's
20 employer contribution is made to the optional program.
21 b. Any such employee who fails to elect to participate
22 in the Public Employee Optional Retirement Program within the
23 prescribed time period 90 days is deemed to have elected to
24 retain membership in the defined benefit program of the
25 Florida Retirement System, and the employee's option to elect
26 to participate in the optional program is forfeited.
27 2. With respect to employees who become eligible to
28 participate in the Public Employee Optional Retirement Program
29 by reason of employment in a regularly established position
30 with a district school board employer commencing after July
31 September 1, 2002:
4
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 a. Any such employee shall, by default, be enrolled in
2 the defined benefit retirement program of the Florida
3 Retirement System at the commencement of employment, and may,
4 by the end of the fifth month following the employee's month
5 of hire within 180 days after employment commences, elect to
6 participate in the Public Employee Optional Retirement
7 Program. The employee's election must be made in writing or by
8 electronic means and must be filed with the third-party
9 administrator. personnel officer of the employer. The election
10 to participate in the optional program is irrevocable, except
11 as provided in paragraph (e).
12 b. If the employee files such election before the
13 initial payroll is submitted for the employee, enrollment in
14 the Public Employee Optional Retirement Program shall be
15 effective on the first day of employment.
16 c. If the employee files such election within the
17 prescribed time period 180 days after employment commences,
18 but after the initial payroll is submitted for the employee,
19 enrollment in the optional program shall be effective on the
20 first day of the month for which a full month's employer
21 contribution is made to the optional program.
22 d. Any such employee who fails to elect to participate
23 in the Public Employee Optional Retirement Program within the
24 prescribed time period 180 days is deemed to have elected to
25 retain membership in the defined benefit program of the
26 Florida Retirement System, and the employee's option to elect
27 to participate in the optional program is forfeited.
28 3. For purposes of this paragraph, "district school
29 board employer" means any district school board that
30 participates in the Florida Retirement System for the benefit
31 of certain employees, or a charter school or charter technical
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 career center that participates in the Florida Retirement
2 System as provided in s. 121.051(2)(d).
3 (c)1. With respect to an eligible employee who is
4 employed in a regularly established position on October
5 December 1, 2002, by a local employer:
6 a. Any such employee may elect to participate in the
7 Public Employee Optional Retirement Program in lieu of
8 retaining his or her membership in the defined benefit program
9 of the Florida Retirement System. The election must be made in
10 writing or by electronic means and must be filed with the
11 third-party administrator department and the personnel officer
12 of the employer by February 28, 2003 within 90 days after
13 December 1, 2002, or, in the case of an active employee who is
14 on a leave of absence on October December 1, 2002, by February
15 28, 2003 or within 90 days after the conclusion of the leave
16 of absence, whichever is later. This election is irrevocable.
17 Upon making such election, the employee shall be enrolled as a
18 participant of the Public Employee Optional Retirement
19 Program, the employee's membership in the Florida Retirement
20 System shall be governed by the provisions of this part, and
21 the employee's membership in the defined benefit program of
22 the Florida Retirement System shall terminate. The employee's
23 enrollment in the Public Employee Optional Retirement Program
24 shall be effective the first day of the month for which a full
25 month's employer contribution is made to the optional program.
26 b. Any such employee who fails to elect to participate
27 in the Public Employee Optional Retirement Program within the
28 prescribed time period 90 days is deemed to have elected to
29 retain membership in the defined benefit program of the
30 Florida Retirement System, and the employee's option to elect
31 to participate in the optional program is forfeited.
6
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 2. With respect to employees who become eligible to
2 participate in the Public Employee Optional Retirement Program
3 by reason of employment in a regularly established position
4 with a local employer commencing after October December 1,
5 2002:
6 a. Any such employee shall, by default, be enrolled in
7 the defined benefit retirement program of the Florida
8 Retirement System at the commencement of employment, and may,
9 by the end of the fifth month following the employee's month
10 of hire within 180 days after employment commences, elect to
11 participate in the Public Employee Optional Retirement
12 Program. The employee's election must be made in writing or by
13 electronic means and must be filed with the third-party
14 administrator. personnel officer of the employer. The election
15 to participate in the optional program is irrevocable, except
16 as provided in paragraph (e).
17 b. If the employee files such election before the
18 initial payroll is submitted for the employee, enrollment in
19 the Public Employee Optional Retirement Program shall be
20 effective on the first day of employment.
21 c. If the employee files such election within the
22 prescribed time period 180 days after employment commences,
23 but after the initial payroll is submitted for the employee,
24 enrollment in the optional program shall be effective on the
25 first day of the month for which a full month's employer
26 contribution is made to the optional program.
27 d. Any such employee who fails to elect to participate
28 in the Public Employee Optional Retirement Program within the
29 prescribed time period 180 days is deemed to have elected to
30 retain membership in the defined benefit program of the
31 Florida Retirement System, and the employee's option to elect
7
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HOUSE AMENDMENT
Bill No. HB 933
Amendment No. 1 (for drafter's use only)
1 to participate in the optional program is forfeited.
2 3. For purposes of this paragraph, "local employer"
3 means any employer not included in paragraph (a) or paragraph
4 (b).
5 (d) Contributions available for self-direction by a
6 participant who has not selected one or more specific
7 investment products shall be allocated as prescribed by the
8 board. The third-party administrator shall notify any such
9 participant at least quarterly that the participant should
10 take an affirmative action to make an asset allocation among
11 the optional program products.
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