Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 538
       
       
       
       
       
       
                                Barcode 907414                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  04/07/2009           .                                
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       The Committee on Governmental Oversight and Accountability
       (Ring) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 81 and 82
    4  insert:
    5         Section 1. Present paragraphs (d), (e), and (f) of
    6  subsection (9) of section 121.4501, Florida Statutes, are
    7  redesignated as paragraphs (e), (f), and (g), respectively, and
    8  a new paragraph (d) is added to that subsection, to read:
    9         121.4501 Public Employee Optional Retirement Program.—
   10         (9) INVESTMENT OPTIONS OR PRODUCTS; PERFORMANCE REVIEW.—
   11         (d) As provided in s. 215.473, the governing body of each
   12  approved provider shall identify and publicly report any direct
   13  or indirect holdings it may have in any scrutinized company, as
   14  defined in that section, and proceed to sell, redeem, divest, or
   15  withdraw all publicly traded securities it may have in such
   16  company beginning January 1, 2010. The divestiture of any such
   17  security must be completed by March 1, 2010. The governing body
   18  and its named officers or investment advisors may not be deemed
   19  to have breached their fiduciary duty in any action taken to
   20  dispose of any such security, and the approved provider shall
   21  have satisfactorily discharged the fiduciary duties of loyalty,
   22  prudence, and sole and exclusive benefit to program participants
   23  and their beneficiaries if the actions it takes are consistent
   24  with the duties imposed by s. 215.473, and the manner of the
   25  disposition, if any, is reasonable as to the means chosen. For
   26  the purposes of effecting compliance with that section, the
   27  state board shall designate terror-free plans that allocate
   28  their funds among securities not subject to divestiture. No
   29  person may bring any civil, criminal, or administrative action
   30  against an approved provider or any employee, officer, director,
   31  or trustee of such provider based upon the divestiture of any
   32  security pursuant to this paragraph.
   33  
   34  ================= T I T L E  A M E N D M E N T ================
   35         And the title is amended as follows:
   36         Delete lines 2 - 3
   37  and insert:
   38         An act relating to publicly funded retirement
   39         programs; amending s. 121.4501, F.S.; requiring
   40         approved providers that offer one or more investment
   41         products or services to the Public Employee Optional
   42         Retirement Program to identify and divest of any
   43         scrutinized companies by a certain date; amending s.
   44         175.032, F.S.; revising the