Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 242
       
       
       
       
       
       
                                Ì869738_Î869738                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/10/2015           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Community Affairs (Brandes) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 42 - 77
    4  and insert:
    5         (f) The mortality tables used in either of the two most
    6  recently published actuarial valuation reports of the Florida
    7  Retirement System, including the projection scale for mortality
    8  improvement. Appropriate risk and collar adjustments must be
    9  made based on plan demographics. The tables must be used for
   10  assumptions for preretirement and postretirement mortality.
   11         (g)(f) A statement by the enrolled actuary that the report
   12  is complete and accurate and that in his or her opinion the
   13  techniques and assumptions used are reasonable and meet the
   14  requirements and intent of this act.
   15  
   16  The actuarial cost methods utilized for establishing the amount
   17  of the annual actuarial normal cost to support the promised
   18  benefits shall only be those methods approved in the Employee
   19  Retirement Income Security Act of 1974 and as permitted under
   20  regulations prescribed by the Secretary of the Treasury.
   21         Section 2. Subsection (1) of section 112.664, Florida
   22  Statutes, is amended to read:
   23         112.664 Reporting standards for defined benefit retirement
   24  plans or systems.—
   25         (1) In addition to the other reporting requirements of this
   26  part, within 60 days after receipt of the certified actuarial
   27  report submitted after the close of the plan year that ends on
   28  or after June 30, 2014, and thereafter in each year required
   29  under s. 112.63(2), each defined benefit retirement system or
   30  plan, excluding the Florida Retirement System, shall prepare and
   31  electronically report the following information to the
   32  Department of Management Services in a format prescribed by the
   33  department:
   34         (a) Annual financial statements that comply are in
   35  compliance with the requirements of the Governmental Accounting
   36  Standards Government Accounting and Standard Board’s Statement
   37  No. 67, titled “Financial Reporting for Pension Plans,” and
   38  Statement No. 68, titled “Accounting and Financial Reporting for
   39  Pensions,” using mortality tables used in either of the two most
   40  recently published actuarial valuation reports of the Florida
   41  Retirement System, including the projection scale for mortality
   42  improvement. Appropriate risk and collar adjustments must be
   43  made based on plan demographics. The tables must be used for
   44  assumptions for preretirement and postretirement mortality RP
   45  2000 Combined Healthy Participant Mortality Tables, by gender,
   46  with generational projection by Scale AA.
   47  
   48  ================= T I T L E  A M E N D M E N T ================
   49  And the title is amended as follows:
   50         Delete line 5
   51  and insert:
   52         tables; specifying requirements; amending s. 112.664,
   53         F.S.; revising