Florida Senate - 2010 SB 1078
By Senator Ring
32-00786B-10 20101078__
1 A bill to be entitled
2 An act relating to state financial matters; amending
3 s. 121.4501, F.S.; defining the term “electronic
4 means” and redefining the term “optional retirement
5 program”; providing for excess account balances in the
6 Public Employee Optional Retirement Program when an
7 employee transfers to the defined benefit program and
8 for the use of such excess balance; requiring the
9 State Board of Administration to develop procedures to
10 resolve complaints; providing for the use of records
11 in resolving such complaints; clarifying the state
12 board’s rule authority with respect to the program;
13 amending s. 121.4502, F.S.; establishing a forfeiture
14 account in the Public Employee Retirement Program
15 Trust Fund and providing for the use of funds in the
16 account; amending s. 121.591, F.S.; permitting an
17 application for benefits under the optional retirement
18 program to be submitted by electronic means; amending
19 s. 121.74, F.S.; revising the contribution rates for
20 employers participating in the Florida Retirement
21 System; amending s. 121.78, F.S.; exempting the
22 Division of Retirement, the state board, and the
23 third-party administrator from liability for market
24 losses due to acts of God; amending s. 215.47, F.S.;
25 authorizing moneys available for investment by the
26 state board to be invested in certain federally tax
27 exempt bonds, notes, or obligations not subject to the
28 federal alternative minimum tax; increasing the fund
29 amount that may be invested in a foreign entity;
30 amending s. 218.409, F.S.; providing for extending a
31 moratorium on contributions to the Local Government
32 Surplus Funds Trust Fund under certain circumstances;
33 authorizing the state board to develop work products
34 that are subject to trademark, copyright, or patent;
35 providing an effective date.
36
37 Be It Enacted by the Legislature of the State of Florida:
38
39 Section 1. Subsection (2), paragraph (e) of subsection (4),
40 subsection (6), and paragraphs (a) and (g) of subsection (8) of
41 section 121.4501, Florida Statutes, are amended to read:
42 121.4501 Public Employee Optional Retirement Program.—
43 (2) DEFINITIONS.—As used in this part, the term:
44 (a) “Approved provider” or “provider” means a private
45 sector company that is selected and approved by the state board
46 to offer one or more investment products or services to the
47 Public Employee optional retirement program. The term includes a
48 bundled provider that offers participants a range of
49 individually allocated or unallocated investment products and
50 may offer a range of administrative and customer services, which
51 may include accounting and administration of individual
52 participant benefits and contributions; individual participant
53 recordkeeping; asset purchase, control, and safekeeping; direct
54 execution of the participant’s instructions as to asset and
55 contribution allocation; calculation of daily net asset values;
56 direct access to participant account information; periodic
57 reporting to participants, at least quarterly, on account
58 balances and transactions; guidance, advice, and allocation
59 services directly relating to the provider’s its own investment
60 options or products, but only if the bundled provider complies
61 with the standard of care of s. 404(a)(1)(A-B) of the Employee
62 Retirement Income Security Act of 1974 (ERISA) and if providing
63 such guidance, advice, or allocation services does not
64 constitute a prohibited transaction under s. 4975(c)(1) of the
65 Internal Revenue Code or s. 406 of ERISA, notwithstanding that
66 such prohibited transaction provisions do not apply to the
67 optional retirement program; a broad array of distribution
68 options; asset allocation; and retirement counseling and
69 education. Private sector companies include investment
70 management companies, insurance companies, depositories, and
71 mutual fund companies.
72 (b) “Average monthly compensation” means one-twelfth of
73 average final compensation as defined in s. 121.021(24).
74 (c) “Covered employment” means employment in a regularly
75 established position as defined in s. 121.021(52).
76 (d) “Defined benefit program” means the defined benefit
77 program of the Florida Retirement System administered under part
78 I of this chapter “Department” means the Department of
79 Management Services.
80 (e)(e) “Division” means the Division of Retirement within
81 the department of Management Services.
82 (f) “Electronic means” means by telephone, if the required
83 information is received on a recorded line, or through Internet
84 access, if the required information is captured online.
85 (g)(f) “Eligible employee” means an officer or employee, as
86 defined in s. 121.021, who:
87 1. Is a member of, or is eligible for membership in, the
88 Florida Retirement System, including any renewed member of the
89 Florida Retirement System initially enrolled before July 1,
90 2010; or
91 2. Participates in, or is eligible to participate in, the
92 Senior Management Service Optional Annuity Program as
93 established under s. 121.055(6), the State Community College
94 System Optional Retirement Program as established under s.
95 121.051(2)(c), or the State University System Optional
96 Retirement Program established under s. 121.35.
97
98 The term does not include any member participating in the
99 Deferred Retirement Option Program established under s.
100 121.091(13), a retiree of a state-administered retirement system
101 initially reemployed on or after July 1, 2010, or a mandatory
102 participant of the State University System Optional Retirement
103 Program established under s. 121.35.
104 (h)(g) “Employer” means an employer, as defined in s.
105 121.021(10), of an eligible employee.
106 (i) “Optional retirement program” or “optional program”
107 means the Public Employee Optional Retirement Program
108 established under this part.
109 (j)(h) “Participant” means an eligible employee who elects
110 to participate in the Public Employee Optional Retirement
111 Program and enrolls in the such optional program as provided in
112 subsection (4) or a terminated Deferred Retirement Option
113 Program participant as described in subsection (21).
114 (i) “Public Employee Optional Retirement Program,”
115 “optional program,” or “optional retirement program” means the
116 alternative defined contribution retirement program established
117 under this section.
118 (k)(j) “Retiree” means a former participant of the Florida
119 Retirement System Public Employee optional retirement program
120 who has terminated employment and has taken a distribution as
121 provided in s. 121.591, except for a mandatory distribution of a
122 de minimis account authorized by the state board.
123 (k) “State board” or “board” means the State Board of
124 Administration.
125 (l) “Trustees” means Trustees of the State Board of
126 Administration.
127 (l)(m) “Vested” or “vesting” means the guarantee that a
128 participant is eligible to receive a retirement benefit upon
129 completion of the required years of service under the Public
130 Employee optional retirement program.
131 (4) PARTICIPATION; ENROLLMENT.—
132 (e) After the period during which an eligible employee had
133 the choice to elect the defined benefit program or the Public
134 Employee optional retirement program, or the month following the
135 receipt of the eligible employee’s plan election, if sooner, the
136 employee shall have one opportunity, at the employee’s
137 discretion, to choose to move from the defined benefit program
138 to the Public Employee optional retirement program or from the
139 Public Employee optional retirement program to the defined
140 benefit program. Eligible employees may elect to move between
141 Florida Retirement System programs only if they are earning
142 service credit in an employer-employee relationship consistent
143 with the requirements under s. 121.021(17)(b), excluding leaves
144 of absence without pay. Effective July 1, 2005, such elections
145 are shall be effective on the first day of the month following
146 the receipt of the election by the third-party administrator and
147 are not subject to the requirements regarding an employer
148 employee relationship or receipt of contributions for the
149 eligible employee in the effective month, except that the
150 employee must meet the conditions of the previous sentence when
151 the election is received by the third-party administrator. This
152 paragraph is shall be contingent upon approval from the Internal
153 Revenue Service for including the choice described herein within
154 the programs offered by the Florida Retirement System.
155 1. If the employee chooses to move to the Public Employee
156 optional retirement program, the applicable provisions of this
157 section shall govern the transfer.
158 2. If the employee chooses to move to the defined benefit
159 program, the employee must transfer from his or her Public
160 Employee optional retirement program account, and from other
161 employee moneys as necessary, a sum representing the present
162 value of that employee’s accumulated benefit obligation
163 immediately following the time of such movement, determined
164 assuming that attained service equals the sum of service in the
165 defined benefit program and service in the Public Employee
166 optional retirement program. Benefit commencement occurs on the
167 first date the employee is would become eligible for unreduced
168 benefits, using the discount rate and other relevant actuarial
169 assumptions that were used to value the Florida Retirement
170 System defined benefit plan liabilities in the most recent
171 actuarial valuation. For any employee who, at the time of the
172 second election, already maintains an accrued benefit amount in
173 the defined benefit program plan, the then-present value of the
174 such accrued benefit shall be deemed part of the required
175 transfer amount described in this subparagraph. The division
176 shall ensure that the transfer sum is prepared using a formula
177 and methodology certified by an enrolled actuary.
178 3. Notwithstanding subparagraph 2., an employee who chooses
179 to move to the defined benefit program and who became eligible
180 to participate in the Public Employee optional retirement
181 program by reason of employment in a regularly established
182 position with a state employer after June 1, 2002; a district
183 school board employer after September 1, 2002; or a local
184 employer after December 1, 2002, must transfer from his or her
185 Public Employee optional retirement program account and, from
186 other employee moneys as necessary, a sum representing the that
187 employee’s actuarial accrued liability.
188 4. An employee’s Employees’ ability to transfer from the
189 Florida Retirement System defined benefit program to the Public
190 Employee optional retirement program pursuant to paragraphs (a)
191 (d), and the ability of a for current employee employees to have
192 an option to later transfer back into the defined benefit
193 program under subparagraph 2., shall be deemed a significant
194 system amendment. Pursuant to s. 121.031(4), any such resulting
195 unfunded liability arising from actual original transfers from
196 the defined benefit program to the optional program must shall
197 be amortized within 30 plan years as a separate unfunded
198 actuarial base independent of the reserve stabilization
199 mechanism defined in s. 121.031(3)(f). For the first 25 years, a
200 no direct amortization payment may not shall be calculated for
201 this base. During this 25-year period, the such separate base
202 shall be used to offset the impact of employees exercising their
203 second program election under this paragraph. It is the
204 legislative intent of the Legislature that the actuarial funded
205 status of the Florida Retirement System defined benefit program
206 not be affected plan is neither beneficially nor adversely
207 impacted by such second program elections in any significant
208 manner, after due recognition of the separate unfunded actuarial
209 base. Following the this initial 25-year period, any remaining
210 balance of the original separate base shall be amortized over
211 the remaining 5 years of the required 30-year amortization
212 period.
213 5. If the employee chooses to transfer from the optional
214 retirement program to the defined benefit program, and retains
215 an excess account balance in the optional program after
216 satisfying the buy-in requirements under this paragraph, the
217 excess may not be distributed until the member retires from the
218 defined benefit program. The excess account balance may be
219 rolled over to the defined benefit program and used to purchase
220 service credit or upgrade creditable service in that program.
221 (6) VESTING REQUIREMENTS.—
222 (a)1. With respect to employer contributions paid on behalf
223 of the participant to the Public Employee optional retirement
224 program, plus interest and earnings thereon and less investment
225 fees and administrative charges, a participant is shall be
226 vested after completing 1 work year, as defined in s.
227 121.021(54), with an employer, including any service while the
228 participant was a member of the defined benefit retirement
229 program or an optional retirement program authorized under s.
230 121.051(2)(c) or s. 121.055(6).
231 2. If the participant terminates employment before prior to
232 satisfying the vesting requirements, the nonvested accumulation
233 must shall be transferred from the participant’s accounts to the
234 state board for deposit and investment by the state board in the
235 suspense account created within of the Public Employee Optional
236 Retirement Program Trust Fund of the board. If the terminated
237 participant is reemployed as an eligible employee within 5
238 years, the state board shall transfer to the participant’s
239 account any amount of the moneys previously transferred from the
240 participant’s accounts to the suspense account of the Public
241 Employee Optional Retirement Program Trust Fund, plus the actual
242 earnings on such amount while in the suspense account.
243 (b)1. With respect to amounts transferred from the defined
244 benefit program to the investment program, plus interest and
245 earnings, and less investment fees and administrative charges, a
246 participant shall be vested in the amount transferred from the
247 defined benefit program, plus interest and earnings thereon and
248 less administrative charges and investment fees, upon meeting
249 the service requirements for the participant’s membership class
250 as set forth in s. 121.021(29). The third-party administrator
251 shall account for such amounts for each participant. The
252 division shall notify the participant and the third-party
253 administrator when the participant has satisfied the vesting
254 period for Florida Retirement System purposes.
255 2. If the participant terminates employment before prior to
256 satisfying the vesting requirements, the nonvested accumulation
257 must shall be transferred from the participant’s accounts to the
258 state board for deposit and investment by the board in the
259 suspense account created within of the Public Employee Optional
260 Retirement Program Trust Fund of the board. If the terminated
261 participant is reemployed as an eligible employee within 5
262 years, the state board shall transfer to the participant’s
263 account any amount of the moneys previously transferred from the
264 participant’s accounts to the suspense account of the Public
265 Employee Optional Retirement Program Trust Fund, plus the actual
266 earnings on such amount while in the suspense account.
267 (c) Any nonvested accumulations transferred from a
268 participant’s account to the suspense account shall be forfeited
269 by the participant if the participant is not reemployed as an
270 eligible employee within 5 years after termination.
271 (8) ADMINISTRATION OF PROGRAM.—
272 (a) The Public Employee Optional Retirement Program shall
273 be administered by the state board and affected employers. The
274 board may is authorized to require oaths, by affidavit or
275 otherwise, and acknowledgments from persons in connection with
276 the administration of its statutory duties and responsibilities
277 for this program under this chapter. An No oath, by affidavit or
278 otherwise, may not shall be required of an employee participant
279 at the time of enrollment election. Acknowledgment of an
280 employee’s election to participate in the program shall be no
281 greater than necessary to confirm the employee’s election. The
282 state board shall adopt rules to carry out its statutory duties
283 with respect to administering the optional retirement program,
284 including, but not limited to, establishing the roles role and
285 responsibilities of affected state, local government, and
286 education-related employers, the state board, the department,
287 and third-party contractors in administering the Public Employee
288 optional retirement program. The department shall adopt rules
289 necessary to administer implement the optional program in
290 coordination with the defined benefit retirement program and the
291 disability benefits available under the optional program.
292 (g) The state board shall develop procedures to receive and
293 resolve participant complaints against the program, the third
294 party administrator, or any program vendor or provider and shall
295 resolve any conflict between the third-party administrator and
296 an approved provider if when such conflict threatens the
297 implementation or administration of the program or the quality
298 of services to employees, and may resolve any other conflicts.
299 The third-party administrator shall retain all participant
300 records for at least 5 years for use in resolving any
301 participant conflicts. The state board, the third-party
302 administrator, or a provider is not required to produce
303 documentation or an audio recording to justify action taken with
304 regard to a participant if the action occurred 5 or more years
305 before the complaint is submitted to the board. It is presumed
306 that all action taken 5 or more years before the complaint is
307 submitted was taken at the request of the participant and with
308 the participant’s full knowledge and consent. To overcome this
309 presumption, the participant must present documentary evidence
310 or an audio recording demonstrating otherwise.
311 Section 2. Subsection (3) is added to section 121.4502,
312 Florida Statutes, to read:
313 121.4502 Public Employee Optional Retirement Program Trust
314 Fund.—
315 (3) A forfeiture account shall be created within the Public
316 Employee Optional Retirement Program Trust Fund to hold the
317 assets derived from the forfeiture of benefits by participants.
318 Pursuant to a private letter ruling from the Internal Revenue
319 Service, the forfeiture account may be used only for paying
320 expenses of the Public Employee Optional Retirement Program and
321 reducing future employer contributions to the program.
322 Consistent with Rulings 80-155 and 74-340 of the Internal
323 Revenue Service, unallocated reserves within the forfeiture
324 account must be used as quickly and as prudently as possible
325 considering the state board’s fiduciary duty. Expected
326 withdrawals from the account must endeavor to reduce the account
327 to zero each fiscal year.
328 Section 3. Paragraph (b) of subsection (1) of section
329 121.591, Florida Statutes, is amended to read:
330 121.591 Benefits payable under the Public Employee Optional
331 Retirement Program of the Florida Retirement System.—Benefits
332 may not be paid under this section unless the member has
333 terminated employment as provided in s. 121.021(39)(a) or is
334 deceased and a proper application has been filed in the manner
335 prescribed by the state board or the department. The state board
336 or department, as appropriate, may cancel an application for
337 retirement benefits when the member or beneficiary fails to
338 timely provide the information and documents required by this
339 chapter and the rules of the state board and department. In
340 accordance with their respective responsibilities as provided
341 herein, the State Board of Administration and the Department of
342 Management Services shall adopt rules establishing procedures
343 for application for retirement benefits and for the cancellation
344 of such application when the required information or documents
345 are not received. The State Board of Administration and the
346 Department of Management Services, as appropriate, are
347 authorized to cash out a de minimis account of a participant who
348 has been terminated from Florida Retirement System covered
349 employment for a minimum of 6 calendar months. A de minimis
350 account is an account containing employer contributions and
351 accumulated earnings of not more than $5,000 made under the
352 provisions of this chapter. Such cash-out must either be a
353 complete lump-sum liquidation of the account balance, subject to
354 the provisions of the Internal Revenue Code, or a lump-sum
355 direct rollover distribution paid directly to the custodian of
356 an eligible retirement plan, as defined by the Internal Revenue
357 Code, on behalf of the participant. If any financial instrument
358 issued for the payment of retirement benefits under this section
359 is not presented for payment within 180 days after the last day
360 of the month in which it was originally issued, the third-party
361 administrator or other duly authorized agent of the State Board
362 of Administration shall cancel the instrument and credit the
363 amount of the instrument to the suspense account of the Public
364 Employee Optional Retirement Program Trust Fund authorized under
365 s. 121.4501(6). Any such amounts transferred to the suspense
366 account are payable upon a proper application, not to include
367 earnings thereon, as provided in this section, within 10 years
368 after the last day of the month in which the instrument was
369 originally issued, after which time such amounts and any
370 earnings thereon shall be forfeited. Any such forfeited amounts
371 are assets of the Public Employee Optional Retirement Program
372 Trust Fund and are not subject to the provisions of chapter 717.
373 (1) NORMAL BENEFITS.—Under the Public Employee Optional
374 Retirement Program:
375 (b) If a participant elects to receive his or her benefits
376 upon termination of employment as defined in s. 121.021, the
377 participant must submit a written application or an application
378 by electronic means an equivalent form to the third-party
379 administrator indicating his or her preferred distribution date
380 and selecting an authorized method of distribution as provided
381 in paragraph (c). The participant may defer receipt of benefits
382 until he or she chooses to make such application, subject to
383 federal requirements.
384 Section 4. Section 121.74, Florida Statutes, is amended to
385 read:
386 121.74 Administrative and educational expenses.—In addition
387 to contributions required under s. 121.71, effective July 1,
388 2010, through June 30, 2014, employers participating in the
389 Florida Retirement System shall contribute an amount equal to
390 0.03 0.05 percent of the payroll reported for each class or
391 subclass of Florida Retirement System membership; effective July
392 1, 2014, the contribution rate shall be 0.04 percent of the
393 payroll reported for each class or subclass of membership. The,
394 which amount contributed shall be transferred by the Division of
395 Retirement from the Florida Retirement System Contributions
396 Clearing Trust Fund to the State Board of Administration’s
397 Administrative Trust Fund to offset the costs of administering
398 the optional retirement program and the costs of providing
399 educational services to participants in the defined benefit
400 program and the optional retirement program. Approval of the
401 trustees of the State Board of Administration is required before
402 prior to the expenditure of these funds. Payments for third
403 party administrative or educational expenses shall be made only
404 pursuant to the terms of the approved contracts for such
405 services.
406 Section 5. Subsection (3) of section 121.78, Florida
407 Statutes, is amended to read:
408 121.78 Payment and distribution of contributions.—
409 (3)(a) Employer contributions and accompanying payroll data
410 received after the 5th working day of the month are shall be
411 considered late. The employer shall be assessed by the Division
412 of Retirement a penalty of 1 percent of the contributions due
413 for each calendar month or part thereof that the contributions
414 or accompanying payroll data are late. Proceeds from the 1
415 percent assessment against contributions made on behalf of
416 participants of the defined benefit program shall be deposited
417 in the Florida Retirement System Trust Fund, and proceeds from
418 the 1-percent assessment against contributions made on behalf of
419 participants of the optional retirement program shall be
420 transferred to the third-party administrator for deposit into
421 participant accounts, as provided in paragraph (b).
422 (b) If contributions made by an employer on behalf of
423 participants of the optional retirement program or accompanying
424 payroll data are not received within the calendar month they are
425 due, including, but not limited to, contribution adjustments as
426 a result of employer errors or corrections, and if that
427 delinquency results in market losses to participants, the
428 employer shall reimburse each participant’s account for market
429 losses resulting from the late contributions. If a participant
430 has terminated employment and taken a distribution, the
431 participant is responsible for returning any excess
432 contributions erroneously provided by employers, adjusted for
433 any investment gain or loss incurred during the period such
434 excess contributions were in the participant’s Public Employee
435 Optional Retirement Program account. The state board of
436 Administration or its designated agent shall communicate to
437 terminated participants any obligation to repay such excess
438 contribution amounts. However, the state board of
439 Administration, its designated agents, the Public Employee
440 Optional Retirement Program Trust Fund, the department of
441 Management Services, or the Florida Retirement System Trust Fund
442 may shall not incur any loss or gain as a result of an
443 employer’s correction of such excess contributions. The third
444 party administrator, hired by the state board pursuant to s.
445 121.4501(8), shall calculate the market losses for each affected
446 participant. If When contributions made on behalf of
447 participants of the optional retirement program or accompanying
448 payroll data are not received within the calendar month due, the
449 employer shall also pay the cost of the third-party
450 administrator’s calculation and reconciliation adjustments
451 resulting from the late contributions. The third-party
452 administrator shall notify the employer of the results of the
453 calculations and the total amount due from the employer for such
454 losses and the costs of calculation and reconciliation. The
455 employer shall remit to the Division of Retirement the amount
456 due within 30 10 working days after the date of the penalty
457 notice sent by the division. The division shall transfer that
458 said amount to the third-party administrator, which who shall
459 deposit proceeds from the 1-percent assessment and from
460 individual market losses into participant accounts, as
461 appropriate. The state board may is authorized to adopt rules to
462 administer implement the provisions regarding late
463 contributions, late submission of payroll data, the process for
464 reimbursing participant accounts for resultant market losses,
465 and the penalties charged to the employers.
466 (c) Delinquency fees may be waived by the Division of
467 Retirement, with regard to defined benefit program
468 contributions, and by the state board of Administration, with
469 regard to optional retirement program contributions, only if
470 when, in the opinion of the division or the board, as
471 appropriate, exceptional circumstances beyond the employer’s
472 control prevented remittance by the prescribed due date
473 notwithstanding the employer’s good faith efforts to effect
474 delivery. Such a waiver of delinquency may be granted an
475 employer only once one time each state fiscal year.
476 (d) If contributions made by an employer on behalf of
477 participants in the optional retirement program are delayed in
478 posting to participant accounts due to acts of God beyond the
479 control of the Division of Retirement, the state board, or the
480 third-party administrator, as applicable, market losses
481 resulting from the late contributions are not payable to the
482 participants.
483 Section 6. Paragraph (o) is added to subsection (1) of
484 section 215.47, Florida Statutes, and subsection (5) of that
485 section is amended, to read:
486 215.47 Investments; authorized securities; loan of
487 securities.—Subject to the limitations and conditions of the
488 State Constitution or of the trust agreement relating to a trust
489 fund, moneys available for investments under ss. 215.44-215.53
490 may be invested as follows:
491 (1) Without limitation in:
492 (o) Bonds, notes, or obligations described in 26 U.S.C. s.
493 149(g)(3)(B), if investment in such bonds, notes, or obligations
494 is necessary in order to comply with covenants in documents or
495 proceedings relating to bonds issued pursuant to s. 215.555(6).
496 Investments made pursuant to this paragraph may be purchased
497 only from the proceeds of bonds issued pursuant to s. 215.555(6)
498 and must be authorized under documents or proceedings relating
499 to such bonds.
500 (5) With no more than 35 25 percent of any fund in
501 corporate obligations and securities of any kind of a foreign
502 corporation or a foreign commercial entity having its principal
503 office located in any country other than the United States of
504 America or its possessions or territories, not including United
505 States dollar-denominated securities listed and traded on a
506 United States exchange which are a part of the ordinary
507 investment strategy of the board.
508 Section 7. Paragraph (a) of subsection (8) of section
509 218.409, Florida Statutes, is amended to read:
510 218.409 Administration of the trust fund; creation of
511 advisory council.—
512 (8)(a) The principal, and any part thereof, of each and
513 every account constituting the trust fund is shall be subject to
514 payment at any time from the moneys in the trust fund. However,
515 the executive director may, in good faith, on the occurrence of
516 an event that has a material impact on liquidity or operations
517 of the trust fund, for 48 hours limit contributions to or
518 withdrawals from the trust fund to ensure that the board can
519 invest moneys entrusted to it in exercising its fiduciary
520 responsibility. Such action must shall be immediately disclosed
521 to all participants, the trustees, the Joint Legislative
522 Auditing Committee, the Investment Advisory Council, and the
523 Participant Local Government Advisory Council. The trustees
524 shall convene an emergency meeting as soon as practicable from
525 the time the executive director has instituted such measures and
526 review the necessity of those measures. If the trustees are
527 unable to convene an emergency meeting before the expiration of
528 the 48-hour moratorium on contributions and withdrawals, the
529 moratorium may be extended by the executive director until the
530 trustees can meet to review the necessity for the moratorium. If
531 the trustees agree with such measures, the trustees shall vote
532 to continue the measures for up to an additional 15 days. The
533 trustees must convene and vote to continue any such measures
534 before prior to the expiration of the time limit set, but in no
535 case may the time limit set by the trustees exceed 15 days.
536 Section 8. Trademarks, copyrights, or patents.—The State
537 Board of Administration, on behalf of the Florida Retirement
538 System or any other trust fund under its jurisdiction, may
539 develop work products that are subject to trademark, copyright,
540 or patent statutes. The board may, in its own name or through
541 the growth initiative program created pursuant to s. 215.47(7),
542 Florida Statutes, or any other program developed with or for the
543 board:
544 (1) Perform all things necessary to secure letters of
545 patent, copyrights, or trademarks on any work products and
546 enforce its rights therein.
547 (2) License, lease, assign, or otherwise give written
548 consent to any person for the manufacture or use of its work
549 products on a royalty basis or for such other consideration as
550 the board deems proper.
551 (3) Take any action necessary, including legal action, to
552 protect its work products against improper or unlawful use of
553 infringement.
554 (4) Enforce the collection of any sums due the board for
555 the manufacture or use of its work products by any other party.
556 (5) Sell any of its work products and execute all
557 instruments necessary to consummate any such sale.
558 (6) Do all other acts necessary and proper for the
559 execution of powers and duties provided under this section.
560 Section 9. This act shall take effect July 1, 2010.