The Florida Senate

121.4502  Public Employee Optional Retirement Program Trust Fund.--

(1)  The Public Employee Optional Retirement Program Trust Fund is created to hold the assets of the Public Employee Optional Retirement Program in trust for the exclusive benefit of such program's participants and beneficiaries, and for the payment of reasonable administrative expenses of the program, in accordance with s. 401 of the Internal Revenue Code, and shall be administered by the State Board of Administration as trustee. Funds shall be credited to the trust fund as provided in this part, to be used for the purposes of this part. The trust fund is exempt from the service charges imposed by s. 215.20

(2)  The Public Employee Optional Retirement Program Trust Fund is a retirement trust fund of the Florida Retirement System that accounts for retirement plan assets held by the state in a trustee capacity as a fiduciary for individual participants in the Public Employee Optional Retirement Program and, pursuant to s. 19(f), Art. III of the State Constitution, is not subject to termination.

History.--s. 1, ch. 2001-255.