Florida Senate - 2012                                    SB 1212
       
       
       
       By Senator Fasano
       
       
       
       
       11-00541A-12                                          20121212__
    1                        A bill to be entitled                      
    2         An act relating to the State Board of Administration;
    3         prohibiting certain employees of the State Board of
    4         Administration from being employed by or having a
    5         similar contractual relationship with an investment
    6         firm that does business with the board for a specified
    7         period after termination of employment; authorizing
    8         the executive director to waive the postemployment
    9         restriction; providing penalties; requiring the board
   10         or trustee of the board to provide to the office of
   11         the Chief Financial Officer the identity of certain
   12         former employees and the dates of their termination of
   13         employment with the board or trustee; providing an
   14         effective date.
   15  
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. State Board of Administration; postemployment
   19  restrictions; penalties.—
   20         (1) An employee of the State Board of Administration or
   21  employee of a trustee of the board having the authority to make
   22  or the responsibility to recommend investments of moneys held by
   23  the board may not, within 3 years after retirement or
   24  termination from employment, hold any employment or similar
   25  contractual relationship with an investment firm that does
   26  business with the board. If the employee’s position is
   27  eliminated and his or her duties are performed by an investment
   28  firm, the executive director of the board may waive this
   29  restriction in writing for a particular employee if the
   30  executive director determines that the waiver will serve the
   31  best interests of the state.
   32         (2) A former employee who violates this section is subject
   33  to penalties under s. 112.317, Florida Statutes.
   34         (3) The board or trustee of the board shall provide to the
   35  office of the Chief Financial Officer the identity of each
   36  former employee described in subsection (1) and the termination
   37  date of his or her employment with the board or trustee within
   38  15 days after termination.
   39         Section 2. This act shall take effect July 1, 2012.