Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1652
       
       
       
       
       
       
                                Ì3897047Î389704                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/09/2016           .                                
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       The Committee on Finance and Tax (Flores) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 99 - 120
    4  and insert:
    5         (c) Pursuant to s. 212.054(4), the proceeds of the surtax
    6  collected under this subsection, less an administrative fee that
    7  may be retained by the department, shall be distributed by the
    8  department to the local government.
    9         (d) The local government may use the pension liability
   10  surtax proceeds in the following manner:
   11         1. If the proceeds of the pension liability surtax have
   12  been actuarially recognized as provided for in s. 112.64(6), the
   13  local government must distribute the proceeds to an eligible
   14  defined benefit retirement plan or system, not including the
   15  Florida Retirement System.
   16         2. If the proceeds of the pension liability surtax have not
   17  been actuarially recognized, the local government is authorized
   18  to distribute the proceeds to an eligible defined benefit
   19  retirement plan or system, not including the Florida Retirement
   20  System, to pledge the proceeds of the surtax to repay debts
   21  incurred for the purpose of making advanced payments toward the
   22  unfunded liability of an underfunded defined benefit retirement
   23  plan or system, and to reimburse itself from the proceeds of the
   24  surtax for any borrowing costs associated with such debts.
   25         (e) The ordinance providing for the imposition of the
   26  pension liability surtax must specify how the proceeds will be
   27  used:
   28         1. The ordinance must specify the method of determining the
   29  percentage of the proceeds, and the frequency of such payments,
   30  distributed to each eligible defined benefit retirement plan or
   31  system if the proceeds of the pension liability surtax are
   32  actuarially recognized as provided for in s. 112.64(6).
   33         2. The ordinance must specify the local government’s
   34  intention to incur debt for the purpose of making advanced
   35  payments toward the unfunded liability of an underfunded defined
   36  benefit retirement plan or system if the proceeds of the pension
   37  liability surtax are not actuarially recognized as provided for
   38  in s. 112.64(6).
   39  
   40  ================= T I T L E  A M E N D M E N T ================
   41  And the title is amended as follows:
   42         Delete lines 12 - 20
   43  and insert:
   44         Revenue to distribute the surtax proceeds, less
   45         administrative fees; specifying the manner in which a
   46         local government may use the surtax proceeds;
   47         prescribing requirements for the ordinance that
   48         provides for the imposition of the surtax; specifying
   49         conditions