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The Committee on General Government Appropriations (Aronberg)

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recommended the following amendment:

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     Senate Amendment (with title amendment)

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     On line 59

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insert:

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     Section 1.  Section 215.444, Florida Statutes, is amended to

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read:

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     215.444  Investment Advisory Council.--

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     (1) There is created an 11-member a six-member Investment

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Advisory Council to review the investments made by the staff of

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the Board of Administration and to make recommendations to the

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board regarding investment policy, strategy, and procedures.

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     (2)  The members of the council shall be appointed by the

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board and shall be subject to confirmation by the Senate. The

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members shall include one member nominated by the President of

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the Senate, one member nominated by the Speaker of the House of

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Representatives, one member representing local government

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employees, one member representing state government employees,

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one member representing public educational employees, and six

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additional persons. These individuals shall possess special

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knowledge, experience, and familiarity with financial investments

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and portfolio management. Members shall be appointed for 4-year

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terms. A vacancy shall be filled for the remainder of the

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unexpired term. The council shall annually elect a chair and a

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vice chair from its membership. A member may not be elected to

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consecutive terms as chair or vice chair. The members are state

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officers covered by s. 112.3145.

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     Section 2.  Section 215.475, Florida Statutes, is amended to

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read:

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     215.475  Investment policy statement.--

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     (1)  In making investments for the System Trust Fund

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pursuant to ss. 215.44-215.53, the board shall make no investment

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which is not in conformance with the Florida Retirement System

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Defined Benefit Plan Investment Policy Statement, hereinafter

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referred to as "the IPS," as developed by the executive director

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and the Investment Advisory Council and approved by the board.

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The IPS must include, among other items, the investment

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objectives of the System Trust Fund; permitted types of

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securities in which the board may invest; and evaluation criteria

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necessary to measure the investment performance of the fund. As

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required from time to time, the Investment Advisory Council and

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the executive director of the board may present recommended

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changes in the IPS to the board for approval.

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     (2) The Investment Advisory Council shall present its

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summary and review of recommended changes Prior to any

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recommended changes in the IPS to being presented to the board,

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the executive director and of the board shall present such

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changes to the Investment Advisory Council for review. The

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council shall present the results of its review to the board

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prior to the board's final approval of the IPS or changes in the

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IPS.

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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 2, after the semicolon,

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and insert:

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amending s. 215.444, F.S.; increasing the Investment

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Advisory Council from 6 to 11 members; providing for

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membership; providing that members of the Investment

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Advisory Council are state officers; requiring the members

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to file a statement of financial interests; amending s.

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215.475, F.S.; requiring the executive director of the

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State Board of Administration and the Investment Advisory

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Council to prepare the Florida Retirement System Defined

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Benefit Plan Investment Policy Statement; requiring the

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Investment Advisory Council to present its summary and

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review of recommended changes to the executive director;

4/9/2008  5:35:00 PM     601-07158-08