| 1 | Representative(s) Mealor offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between line(s) 61 and 62, insert: |
| 5 | Section 1. Paragraph (d) of subsection (2) of section |
| 6 | 20.121, Florida Statutes, as amended by chapter 2004-301, Laws |
| 7 | of Florida, is amended to read: |
| 8 | 20.121 Department of Financial Services.--There is created |
| 9 | a Department of Financial Services. |
| 10 | (2) DIVISIONS.--The Department of Financial Services shall |
| 11 | consist of the following divisions: |
| 12 | (d) The Division of Treasury, which shall include a Bureau |
| 13 | of Deferred Compensation responsible for administering the |
| 14 | Government Employees Deferred Compensation Plan as provided in |
| 15 | established under s. 112.215 for state employees. |
| 16 | Section 2. Subsection (2), paragraphs (a) and (d) of |
| 17 | subsection (4), and subsections (5), (6), and (12) of section |
| 18 | 112.215, Florida Statutes, are amended to read: |
| 19 | 112.215 Government employees; deferred compensation |
| 20 | program.-- |
| 21 | (2)(a) For the purposes of this section, the term |
| 22 | "employee" means any person, whether appointed, elected, or |
| 23 | under contract, providing services for a governmental entity the |
| 24 | state; any state agency or county or other political subdivision |
| 25 | of the state; any municipality; any state university board of |
| 26 | trustees; or any constitutional county officer under s. 1(d), |
| 27 | Art. VIII of the State Constitution for which compensation or |
| 28 | statutory fees are paid. |
| 29 | (b) "Governmental entity" means the state; any state |
| 30 | agency or county or other political subdivision of the state; |
| 31 | any municipality; any state university board of trustees; or any |
| 32 | constitutional county officer under s. 1(d), Art. VIII of the |
| 33 | State Constitution. |
| 34 | (4)(a) The Chief Financial Officer, with the approval of |
| 35 | the State Board of Administration, shall establish such plan or |
| 36 | plans of deferred compensation for state employees of |
| 37 | governmental entities, including all such investment vehicles or |
| 38 | products incident thereto, as may be available through, or |
| 39 | offered by, qualified companies or persons, and may approve one |
| 40 | or more such plans for implementation by and on behalf of |
| 41 | governmental entities the state and their its agencies and |
| 42 | employees. |
| 43 | (d) In accordance with such approved plan, and upon |
| 44 | contract or agreement with an eligible employee, deferrals of |
| 45 | compensation may be accomplished by payroll deductions made by |
| 46 | the appropriate officer or officers of the governmental entity |
| 47 | state, with such funds being thereafter held and administered in |
| 48 | accordance with the plan. |
| 49 | (5) Any county, municipality, or other political |
| 50 | subdivision of the state may by ordinance, and any |
| 51 | constitutional county officer under s. 1(d), Art. VIII of the |
| 52 | State Constitution of 1968 may by contract agreement or other |
| 53 | documentation constituting approval, for itself and its |
| 54 | employees: |
| 55 | (a) Adopt and establish for itself and its employees a |
| 56 | deferred compensation program. The ordinance shall designate an |
| 57 | appropriate official of the county, municipality, or political |
| 58 | subdivision to approve and administer a deferred compensation |
| 59 | plan or otherwise provide for such approval and administration. |
| 60 | The ordinance shall also designate a public official or body to |
| 61 | make the determinations provided for in paragraph (6)(b). If a |
| 62 | constitutional county officer elects to adopt and establish for |
| 63 | that office and its employees a deferred compensation program, |
| 64 | the constitutional county officer shall be the appropriate |
| 65 | official to make the determinations provided for in this |
| 66 | subsection and in paragraph (6)(b);. |
| 67 | (b) Adopt the deferred compensation program of the state; |
| 68 | or |
| 69 | (c) Both adopt and establish a deferred compensation |
| 70 | program and adopt the state's deferred compensation program. |
| 71 | (6)(a) No deferred compensation plan of the state shall |
| 72 | become effective until approved by the State Board of |
| 73 | Administration and the Chief Financial Officer is satisfied by |
| 74 | opinion from such federal agency or agencies as may be deemed |
| 75 | necessary that the compensation deferred thereunder, and/or the |
| 76 | investment products purchased pursuant to the plan, or both will |
| 77 | not be included in the employee's taxable income under federal |
| 78 | or state law until it is actually received by such employee |
| 79 | under the terms of the plan, and that such compensation will |
| 80 | nonetheless be deemed compensation at the time of deferral for |
| 81 | the purposes of social security coverage, for the purposes of |
| 82 | the state retirement system, or and for any other retirement, |
| 83 | pension, or benefit program established by law. |
| 84 | (b) No deferred compensation plan adopted and established |
| 85 | by of a county, municipality, other political subdivision, or |
| 86 | constitutional county officer shall become effective until the |
| 87 | appropriate official or body designated under subsection (5) is |
| 88 | satisfied by opinion from such federal agency or agencies as may |
| 89 | be deemed necessary that the compensation deferred thereunder, |
| 90 | and/or the investment products purchased pursuant to the plan, |
| 91 | or both will not be included in the employee's taxable income |
| 92 | under federal or state law until it is actually received by such |
| 93 | employee under the terms of the plan, and that such compensation |
| 94 | will nonetheless be deemed compensation at the time of deferral |
| 95 | for the purposes of social security coverage, for the purposes |
| 96 | of the retirement system of the appropriate county, |
| 97 | municipality, political subdivision, or constitutional county |
| 98 | officer, and for any other retirement, pension, or benefit |
| 99 | program established by law. |
| 100 | (12) The Chief Financial Officer may adopt any rule |
| 101 | necessary to administer and implement this act with respect to |
| 102 | deferred compensation plans for state employees of governmental |
| 103 | entities that have adopted the state's plan. |
| 104 |
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| 105 | ================ T I T L E A M E N D M E N T ============= |
| 106 | Remove line(s) 6 and insert: |
| 107 | An act relating to public officers and employees; amending |
| 108 | s. 112.215, F.S.; revising the term "employee" and |
| 109 | defining the term "governmental entity"; authorizing |
| 110 | governmental entities, by ordinance, contract agreement, |
| 111 | or other documentation, to participate in the deferred |
| 112 | compensation plan of the state and specifying |
| 113 | responsibility of the Chief Financial Officer with respect |
| 114 | thereto; amending s. 20.121, F.S., relating to the |
| 115 | Department of Financial Services, to conform; amending s. |
| 116 | 104.31, F.S.; |