Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. PCS (172428) for SB 1128
       
       
       
       
       
       
                                Barcode 509602                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/17/2011           .                                
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       The Committee on Governmental Oversight and Accountability
       (Ring) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 189 - 234
    4  and insert:
    5  benefits and minimum standards set forth in this chapter, the
    6  board of trustees of the pension plan, as approved by a majority
    7  of firefighters, or firefighters and police officers, of the
    8  municipality or fire control district, may:
    9         (a) Place the income from the premium tax in s. 175.101 in
   10  such pension plan for the sole and exclusive use of its
   11  firefighters, or for firefighters and police officers if, where
   12  included, where it shall become an integral part of that pension
   13  plan and shall be used to pay extra benefits to the
   14  firefighters, or firefighters and police officers, included in
   15  that pension plan; or
   16         (b) Place the income from the premium tax in s. 175.101 in
   17  a separate supplemental plan to pay extra benefits to
   18  firefighters, or to firefighters and police officers if where
   19  included, participating in such separate supplemental plan.
   20         (2) The premium tax provided by this chapter shall in all
   21  cases be used in its entirety to provide retirement extra
   22  benefits to firefighters, or to firefighters and police officers
   23  if, where included. However, local law plans in effect on
   24  October 1, 1998, must shall be required to comply with the
   25  minimum benefit provisions of this chapter only to the extent
   26  that additional premium tax revenues become available to
   27  incrementally fund the cost of such compliance as provided in s.
   28  175.162(2)(a). If When a plan is in compliance with such minimum
   29  benefit provisions, as subsequent additional premium tax
   30  revenues become available, they must shall be used to provide
   31  extra benefits, except as provided in subsection (1). For the
   32  purpose of this chapter, “additional premium tax revenues” means
   33  revenues received by a municipality or special fire control
   34  district pursuant to s. 175.121 which exceed that amount
   35  received for calendar year 1997, and the term “extra benefits”
   36  means benefits in addition to or greater than those provided to
   37  general employees of the municipality and in addition to those
   38  in existence for firefighters on March 12, 1999. Local law plans
   39  created by special act before May 23, 1939, shall be deemed to
   40  comply with this chapter. Notwithstanding any other provisions
   41  of this section, if, as of March 1, 2011:
   42         (a) A plan’s actuarial accrued liability is funded below 80
   43  percent, 50% of the premium tax revenues in excess of the
   44  adjusted base amount and accumulated excess premium tax revenues
   45  held in reserve shall be used to pay the plan’s actuarial
   46  accrued liability until the liability exceeds 80 percent.
   47         (b) For a supplemental plan that exists in conjunction with
   48  a defined benefit plan under this chapter, the defined benefit
   49  plan’s actuarial accrued liability is funded below 70 percent,
   50  the premium tax revenues in excess of the adjusted base amount
   51  of the defined benefit plan shall be used to pay the plan’s
   52  actuarial accrued liability until such liability is at least 80
   53  percent funded.
   54         Delete lines 339 - 381
   55  and insert:
   56  forth in this chapter, the board of trustees of the pension
   57  plan, as approved by a majority of police officers, or police
   58  officers and firefighters, of the municipality, may:
   59         (a) Place the income from the premium tax in s. 185.08 in
   60  such pension plan for the sole and exclusive use of its police
   61  officers, or its police officers and firefighters if where
   62  included, where it shall become an integral part of that pension
   63  plan and shall be used to pay extra benefits to the police
   64  officers, or police officers and firefighters, included in that
   65  pension plan; or
   66         (b) May place the income from the premium tax in s. 185.08
   67  in a separate supplemental plan to pay extra benefits to the
   68  police officers, or police officers and firefighters if where
   69  included, participating in such separate supplemental plan.
   70         (2) The premium tax provided by this chapter shall in all
   71  cases be used in its entirety to provide retirement extra
   72  benefits to police officers, or to police officers and
   73  firefighters if, where included. However, local law plans in
   74  effect on October 1, 1998, must shall be required to comply with
   75  the minimum benefit provisions of this chapter only to the
   76  extent that additional premium tax revenues become available to
   77  incrementally fund the cost of such compliance as provided in s.
   78  185.16(2). If When a plan is in compliance with such minimum
   79  benefit provisions, as subsequent additional tax revenues become
   80  available, they shall be used to provide extra benefits, except
   81  as provided under subsection (1). For the purpose of this
   82  chapter, “additional premium tax revenues” means revenues
   83  received by a municipality pursuant to s. 185.10 which exceed
   84  the amount received for calendar year 1997, and the term “extra
   85  benefits” means benefits in addition to or greater than those
   86  provided to general employees of the municipality and in
   87  addition to those in existence for police officers on March 12,
   88  1999. Local law plans created by special act before May 23,
   89  1939, shall be deemed to comply with this chapter.
   90  Notwithstanding any other provisions of this section, if, as of
   91  March 1, 2011:
   92         (a) A plan’s actuarial accrued liability is funded below 80
   93  percent, the premium tax revenues in excess of the adjusted base
   94  amount and accumulated excess premium tax revenues held in
   95  reserve shall be used to pay the plan’s actuarial accrued
   96  liability until the liability exceeds 80 percent.
   97         (b) For a supplemental plan that exists in conjunction with
   98  a defined benefit plan under this chapter, the defined benefit
   99  plan’s actuarial accrued liability is funded below 70 percent,
  100  the premium tax revenues in excess of the adjusted base amount
  101  of the defined benefit plan shall be used to pay the plan’s
  102  actuarial accrued liability until such liability is at least 80
  103  percent funded.
  104  
  105  ================= T I T L E  A M E N D M E N T ================
  106         And the title is amended as follows:
  107         Delete lines 21 - 26
  108  and insert:
  109         district that has its own pension plan; providing for
  110         funding a plan’s actuarial accrued liability;
  111         conforming a cross-reference; amending s. 185.02,
  112         F.S.; revising the definition of the terms
  113         “compensation” and “salary” for purposes of police
  114         officers’ pensions; amending s. 185.35, F.S.; revising
  115         provisions relating to benefits paid by a municipality
  116         that has its own pension plan; providing for funding a
  117         plan’s actuarial accrued liability;