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Senator Fasano moved the following amendment:

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     Senate Amendment (with title amendment)

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     Delete line(s) 186

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and insert:

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     Section 5. Effective January 1, 2009, section 121.45,

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Florida Statutes, is repealed.

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     Section 6.  Effective January 1, 2009, paragraph (f) of

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subsection (2) of section 121.4501, Florida Statutes, is amended

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to read:

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     121.4501  Public Employee Optional Retirement Program.--

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     (2)  DEFINITIONS.--As used in this part, the term:

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     (f)  "Eligible employee" means an officer or employee, as

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defined in s. 121.021(11), who:

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     1.  Is a member of, or is eligible for membership in, the

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Florida Retirement System, including any renewed member of the

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Florida Retirement System initially enrolled before January 1,

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2009; or

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     2.  Participates in, or is eligible to participate in, the

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Senior Management Service Optional Annuity Program as established

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under s. 121.055(6), the State Community College Optional

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Retirement Program as established under s. 121.051(2)(c), or the

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State University System Optional Retirement Program established

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under s. 121.35.

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The term does not include any member participating in the

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Deferred Retirement Option Program established under s.

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121.091(13), a retiree of a state-administered retirement system

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initially reemployed on or after January 1, 2009, or a mandatory

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participant of the State University System Optional Retirement

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Program established under s. 121.35.

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     Section 7.  Effective January 1, 2009, paragraph (b) of

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subsection (1) of section 121.591, Florida Statutes, is amended

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to read:

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     121.591  Benefits payable under the Public Employee Optional

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Retirement Program of the Florida Retirement System.--Benefits

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may not be paid under this section unless the member has

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terminated employment as provided in s. 121.021(39)(a) or is

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deceased and a proper application has been filed in the manner

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prescribed by the state board or the department. The state board

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or department, as appropriate, may cancel an application for

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retirement benefits when the member or beneficiary fails to

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timely provide the information and documents required by this

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chapter and the rules of the state board and department. In

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accordance with their respective responsibilities as provided

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herein, the State Board of Administration and the Department of

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Management Services shall adopt rules establishing procedures for

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application for retirement benefits and for the cancellation of

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such application when the required information or documents are

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not received. The State Board of Administration and the

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Department of Management Services, as appropriate, are authorized

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to cash out a de minimis account of a participant who has been

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terminated from Florida Retirement System covered employment for

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a minimum of 6 calendar months. A de minimis account is an

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account containing employer contributions and accumulated

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earnings of not more than $5,000 made under the provisions of

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this chapter. Such cash-out must either be a complete lump-sum

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liquidation of the account balance, subject to the provisions of

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the Internal Revenue Code, or a lump-sum direct rollover

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distribution paid directly to the custodian of an eligible

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retirement plan, as defined by the Internal Revenue Code, on

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behalf of the participant. If any financial instrument issued for

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the payment of retirement benefits under this section is not

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presented for payment within 180 days after the last day of the

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month in which it was originally issued, the third-party

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administrator or other duly authorized agent of the State Board

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of Administration shall cancel the instrument and credit the

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amount of the instrument to the suspense account of the Public

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Employee Optional Retirement Program Trust Fund authorized under

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s. 121.4501(6). Any such amounts transferred to the suspense

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account are payable upon a proper application, not to include

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earnings thereon, as provided in this section, within 10 years

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after the last day of the month in which the instrument was

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originally issued, after which time such amounts and any earnings

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thereon shall be forfeited. Any such forfeited amounts are assets

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of the Public Employee Optional Retirement Program Trust Fund and

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are not subject to the provisions of chapter 717.

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     (1)  NORMAL BENEFITS.--Under the Public Employee Optional

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Retirement Program:

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     (b)  If a participant elects to receive his or her benefits

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upon termination of employment as defined in s. 121.021(39), the

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participant must submit a written application or an equivalent

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form to the third-party administrator indicating his or her

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preferred distribution date and selecting an authorized method of

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distribution as provided in paragraph (c). The participant may

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defer receipt of benefits until he or she chooses to make such

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application, subject to federal requirements.

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     Section 8.  Except as otherwise expressly provided in this

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act, this act shall take effect July 1, 2008.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     On line(s) 30, after the semicolon,

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insert:

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repealing s. 121.45, F.S., relating to interstate compacts

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for pension portability; amending s. 121.4501, F.S.;

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revising the definition of the term "eligible employee"

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for purposes of the Public Employee Optional Retirement

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Program; amending s. 121.591, F.S.; providing a cross-

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reference;

4/23/2008  6:04:00 PM     11-08554-08