Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. PCS (172428) for SB 1128
       
       
       
       
       
       
                                Barcode 308272                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  03/17/2011           .                                
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       The Committee on Governmental Oversight and Accountability
       (Fasano) recommended the following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 189 - 252
    4  and insert:
    5  benefits and minimum standards set forth in this chapter, the
    6  board of trustees of the pension plan, as approved by a majority
    7  of firefighters, or firefighters and police officers, of the
    8  municipality or fire control district, may:
    9         (a) Place the income from the premium tax in s. 175.101 in
   10  such pension plan for the sole and exclusive use of its
   11  firefighters, or for firefighters and police officers if, where
   12  included, where it shall become an integral part of that pension
   13  plan and shall be used to pay extra benefits to the
   14  firefighters, or firefighters and police officers, included in
   15  that pension plan; or
   16         (b) Place the income from the premium tax in s. 175.101 in
   17  a separate supplemental plan to pay extra benefits to
   18  firefighters, or to firefighters and police officers if where
   19  included, participating in such separate supplemental plan.
   20         (2) The premium tax provided by this chapter shall in all
   21  cases be used in its entirety to provide retirement extra
   22  benefits to firefighters, or to firefighters and police officers
   23  if, where included. However, local law plans in effect on
   24  October 1, 1998, must shall be required to comply with the
   25  minimum benefit provisions of this chapter only to the extent
   26  that additional premium tax revenues become available to
   27  incrementally fund the cost of such compliance as provided in s.
   28  175.162(2)(a). If When a plan is in compliance with such minimum
   29  benefit provisions, as subsequent additional premium tax
   30  revenues become available, they must shall be used to provide
   31  extra benefits, except as provided in subsection (1). For the
   32  purpose of this chapter, “additional premium tax revenues” means
   33  revenues received by a municipality or special fire control
   34  district pursuant to s. 175.121 which exceed that amount
   35  received for calendar year 1997, and the term “extra benefits”
   36  means benefits in addition to or greater than those provided to
   37  general employees of the municipality and in addition to those
   38  in existence for firefighters on March 12, 1999. Local law plans
   39  created by special act before May 23, 1939, shall be deemed to
   40  comply with this chapter. Notwithstanding any other provisions
   41  of the section, if less than 80 percent of the plan’s actuarial
   42  accrued liability is fully funded as of March 1, 2011, 50
   43  percent of the accumulated excess premium tax revenues which are
   44  not being used to fund the adjusted base amount or extra
   45  benefits may be used one time only to pay the unfunded actuarial
   46  accrued liabilities of the plan; however, such one-time use must
   47  occur on or before September 30, 2011.