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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.  Subsections (2), (4), and (6) of section 215.44,

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Florida Statutes, are amended to read:

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     215.44  Board of Administration; powers and duties in

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relation to investment of trust funds.--

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     (2)(a) The board has shall have the power to make

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purchases, sales, exchanges, investments, and reinvestments for

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and on behalf of the funds referred to in subsection (1), and it

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shall be the duty of the board to see that moneys invested under

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the provisions of ss. 215.44-215.53 are at all times handled in

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the best interests of the state.

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     (b) In exercising investment authority under pursuant to s.

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215.47, the board may retain independent investment advisers or

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managers, or both, external to in-house staff, to assist the

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board in carrying out the power specified in paragraph (a). The

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Investment Advisory Council has the right to review, on a

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semiannual basis, the advisers and managers retained by the

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board.

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     (4)  The board shall prepare and approve an operating budget

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each fiscal year consistent with the provisions of chapter 216.

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The approved operating budget shall be submitted to the

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legislative appropriation committees and the Executive Office of

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the Governor prior to July 1 of each year. The budget shall

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include any contingent compensation paid to any employee,

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adviser, or manager based upon the performance of investments

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made by the board.

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     (6)  The Office of Program Policy Analysis and Government

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Accountability shall conduct a management and operations review,

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which shall include, but need not be limited to, a review of

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examine the board's management of investments every 2 years. The

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Office of Program Policy Analysis and Government Accountability

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shall submit such reports to the board, the President of the

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Senate, and the Speaker of the House of Representatives and their

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designees.

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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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insert:

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amending s. 215.44, F.S.; authorizing State Board of

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Administration to retain independent investment advisers

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or managers, or both, to assist the board in carrying out

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its assigned duties; authorizing the Investment Advisory

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Council to review, on a semiannual basis, the advisers and

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managers retained by the board; providing that the board's

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budget includes any contingent compensation paid to any

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employee, adviser, or manager, based upon the performance

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of investments made by the board; directing the Office of

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Program Policy Analysis and Government Accountability to

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conduct a management and operations review of the board;

4/9/2008  5:35:00 PM     601-07159-08