Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SPB 7042
       
       
       
       
       
       
                                Ì319448IÎ319448                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  01/11/2016           .                                
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       The Committee on Governmental Oversight and Accountability
       (Ring) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 14
    4  insert:
    5         Section 1. Paragraph (c) of subsection (5) of section
    6  121.4501, Florida Statutes, is amended to read:
    7         121.4501 Florida Retirement System Investment Plan.—
    8         (5) CONTRIBUTIONS.—
    9         (c) The state board, acting as plan fiduciary, must ensure
   10  that all plan assets are held in a trust, pursuant to s. 401 of
   11  the Internal Revenue Code. The fiduciary must ensure that such
   12  contributions are allocated as follows:
   13         1. The employer and employee contribution portion earmarked
   14  for member accounts shall be used to purchase interests in the
   15  appropriate investment vehicles as specified by the member, or
   16  in accordance with paragraph (4)(d).
   17         2. The employer contribution portion earmarked for
   18  administrative and educational expenses shall be transferred to
   19  the state board’s Administrative Florida Retirement System
   20  Investment Plan Trust Fund.
   21         3. The employer contribution portion earmarked for
   22  disability benefits shall be transferred to the Florida
   23  Retirement System Trust Fund.
   24  
   25  ================= T I T L E  A M E N D M E N T ================
   26  And the title is amended as follows:
   27         Delete line 3
   28  and insert:
   29         systems; amending s. 121.4501, F.S.; correcting a
   30         reference to the trust fund to which certain employer
   31         assessments are transferred; amending s. 121.71, F.S.;
   32         revising required