Senate Bill sb1254c1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 1254
By the Committee on Ways and Means; and Senator Constantine
576-2233-05
1 A bill to be entitled
2 An act relating to deferred compensation
3 programs; amending s. 112.215, F.S.; revising
4 the term "employee" and defining the term
5 "governmental entity"; authorizing governmental
6 entities, by ordinance, contract agreement, or
7 other documentation, to participate in the
8 deferred compensation plan of the state and
9 specifying responsibility of the Chief
10 Financial Officer with respect thereto;
11 amending s. 20.121, F.S., relating to the
12 Department of Financial Services, to conform;
13 providing effective dates.
14
15 Be It Enacted by the Legislature of the State of Florida:
16
17 Section 1. Paragraph (d) of subsection (2) of section
18 20.121, Florida Statutes, is amended to read:
19 20.121 Department of Financial Services.--There is
20 created a Department of Financial Services.
21 (2) DIVISIONS.--The Department of Financial Services
22 shall consist of the following divisions:
23 (d) The Division of Treasury, which shall include a
24 Bureau of Deferred Compensation responsible for administering
25 the Government Employees Deferred Compensation Plan as
26 provided in established under s. 112.215 for state employees.
27 Section 2. Effective October 1, 2005, paragraph (d) of
28 subsection (2) of section 20.121, Florida Statutes, as amended
29 by chapter 2004-301, Laws of Florida, is amended to read:
30 20.121 Department of Financial Services.--There is
31 created a Department of Financial Services.
1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 1254
576-2233-05
1 (2) DIVISIONS.--The Department of Financial Services
2 shall consist of the following divisions:
3 (d) The Division of Treasury, which shall include a
4 Bureau of Deferred Compensation responsible for administering
5 the Government Employees Deferred Compensation Plan as
6 provided in established under s. 112.215 for state employees.
7 Section 3. Subsection (2), paragraphs (a) and (d) of
8 subsection (4), and subsections (5), (6), and (12) of section
9 112.215, Florida Statutes, are amended to read:
10 112.215 Government employees; deferred compensation
11 program.--
12 (2)(a) For the purposes of this section, the term
13 "employee" means any person, whether appointed, elected, or
14 under contract, providing services for a governmental entity
15 the state; any state agency or county or other political
16 subdivision of the state; any municipality; any state
17 university board of trustees; or any constitutional county
18 officer under s. 1(d), Art. VIII of the State Constitution for
19 which compensation or statutory fees are paid.
20 (b) "Governmental entity" means the state; any state
21 agency or county or other political subdivision of the state;
22 any municipality; any state university board of trustees; or
23 any constitutional county officer under s. 1(d), Art. VIII of
24 the State Constitution.
25 (4)(a) The Chief Financial Officer, with the approval
26 of the State Board of Administration, shall establish such
27 plan or plans of deferred compensation for state employees of
28 governmental entities, including all such investment vehicles
29 or products incident thereto, as may be available through, or
30 offered by, qualified companies or persons, and may approve
31 one or more such plans for implementation by and on behalf of
2
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 1254
576-2233-05
1 governmental entities the state and their its agencies and
2 employees.
3 (d) In accordance with such approved plan, and upon
4 contract or agreement with an eligible employee, deferrals of
5 compensation may be accomplished by payroll deductions made by
6 the appropriate officer or officers of the governmental entity
7 state, with such funds being thereafter held and administered
8 in accordance with the plan.
9 (5) Any county, municipality, or other political
10 subdivision of the state may by ordinance, and any
11 constitutional county officer under s. 1(d), Art. VIII of the
12 State Constitution of 1968 may by contract agreement or other
13 documentation constituting approval, for itself and its
14 employees:
15 (a) Adopt and establish for itself and its employees a
16 deferred compensation program. The ordinance shall designate
17 an appropriate official of the county, municipality, or
18 political subdivision to approve and administer a deferred
19 compensation plan or otherwise provide for such approval and
20 administration. The ordinance shall also designate a public
21 official or body to make the determinations provided for in
22 paragraph (6)(b). If a constitutional county officer elects to
23 adopt and establish for that office and its employees a
24 deferred compensation program, the constitutional county
25 officer shall be the appropriate official to make the
26 determinations provided for in this subsection and in
27 paragraph (6)(b);.
28 (b) Adopt the deferred compensation program of the
29 state; or
30 (c) Both adopt and establish a deferred compensation
31 program and adopt the state's deferred compensation program.
3
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 1254
576-2233-05
1 (6)(a) No deferred compensation plan of the state
2 shall become effective until approved by the State Board of
3 Administration and the Chief Financial Officer is satisfied by
4 opinion from such federal agency or agencies as may be deemed
5 necessary that the compensation deferred thereunder, and/or
6 the investment products purchased pursuant to the plan, or
7 both will not be included in the employee's taxable income
8 under federal or state law until it is actually received by
9 such employee under the terms of the plan, and that such
10 compensation will nonetheless be deemed compensation at the
11 time of deferral for the purposes of social security coverage,
12 for the purposes of the state retirement system, or and for
13 any other retirement, pension, or benefit program established
14 by law.
15 (b) No deferred compensation plan adopted and
16 established by of a county, municipality, other political
17 subdivision, or constitutional county officer shall become
18 effective until the appropriate official or body designated
19 under subsection (5) is satisfied by opinion from such federal
20 agency or agencies as may be deemed necessary that the
21 compensation deferred thereunder, and/or the investment
22 products purchased pursuant to the plan, or both will not be
23 included in the employee's taxable income under federal or
24 state law until it is actually received by such employee under
25 the terms of the plan, and that such compensation will
26 nonetheless be deemed compensation at the time of deferral for
27 the purposes of social security coverage, for the purposes of
28 the retirement system of the appropriate county, municipality,
29 political subdivision, or constitutional county officer, and
30 for any other retirement, pension, or benefit program
31 established by law.
4
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 1254
576-2233-05
1 (12) The Chief Financial Officer may adopt any rule
2 necessary to administer and implement this act with respect to
3 deferred compensation plans for state employees of
4 governmental entities that have adopted the state's plan .
5 Section 4. Except as otherwise provided herein, this
6 act shall take effect upon becoming a law.
7
8 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
9 Senate Bill 1254
10
11 Amends ss. 20.121 and 112.215, F.S., to expand the eligibility
requirements of the deferred compensation program to include
12 all employees of government entities including local
governments.
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
5
CODING: Words stricken are deletions; words underlined are additions.