Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 84
       
       
       
       
       
       
                                Ì765296PÎ765296                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                 Comm: UNFAV           .                                
                  04/01/2021           .                                
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       The Committee on Appropriations (Farmer) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 121.135, Florida Statutes, is amended to
    6  read:
    7         121.135 Annual report to Legislature concerning state
    8  administered retirement systems; actuarial study before plan
    9  enrollment closing.—
   10         (1) The department shall make to each regular session of
   11  the Legislature a written report on the operation and condition
   12  of the state-administered retirement systems.
   13         (2) Before closing enrollment in any plan within the
   14  Florida Retirement System to any employee or officer, the
   15  Legislature must commission an independent actuarial study that
   16  specifically examines or provides the following:
   17         (a) The fiscal impact to the state by closing enrollment in
   18  a plan, including the effect the closure would have on projected
   19  benefits for all current and future enrollees in the Florida
   20  Retirement System.
   21         (b) Projected benefits for members already enrolled in the
   22  Florida Retirement System as of the effective date of the
   23  proposed change, and the employee and employer contribution
   24  costs associated with those benefits.
   25         (c) A quantitative analysis of projected benefit levels for
   26  current and future enrollees.
   27         (d) A quantitative analysis of the adequacy of benefits and
   28  the effect of different plan structures.
   29         (e) A review of the current systems’ benefit output and
   30  benefit structure in comparison to the proposed plan change and
   31  its overall impact.
   32         (f) A review of the current systems’ economic output and
   33  benefit to the state in comparison to the projected output
   34  resulting from the proposed plan change.
   35         Section 2. This act shall take effect July 1, 2021.
   36  
   37  ================= T I T L E  A M E N D M E N T ================
   38  And the title is amended as follows:
   39         Delete everything before the enacting clause
   40  and insert:
   41                        A bill to be entitled                      
   42         An act relating to retirement; amending s. 121.135,
   43         F.S.; requiring the Legislature to commission an
   44         independent actuarial study before closing enrollment
   45         in any plan within the Florida Retirement System;
   46         specifying requirements for the study; providing an
   47         effective date.