| 1 | A bill to be entitled |
| 2 | An act relating to the State University System |
| 3 | optional retirement program; amending s. 121.35, F.S.; |
| 4 | increasing to no more than six the number of companies |
| 5 | from which contracts may be purchased under the |
| 6 | program; providing an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Paragraph (b) of subsection (6) of section |
| 11 | 121.35, Florida Statutes, is amended to read: |
| 12 | 121.35 Optional retirement program for the State |
| 13 | University System.- |
| 14 | (6) ADMINISTRATION OF PROGRAM.- |
| 15 | (b) After receiving and considering the recommendations of |
| 16 | the Board of Governors of the State University System, the |
| 17 | department shall designate no more than six five companies from |
| 18 | which contracts may be purchased under the program and shall |
| 19 | approve the form and content of the optional retirement program |
| 20 | contracts. Any domestic company that has been designated as of |
| 21 | July 1, 2005, shall be included in the six five companies until |
| 22 | expiration of its existing contract with the department. The |
| 23 | domestic company may assign its contract with the department to |
| 24 | an affiliated qualified company that is wholly owned by the |
| 25 | domestic company's parent company and has assumed 100 percent of |
| 26 | the responsibility for the contracts purchased from the domestic |
| 27 | company. |
| 28 | Section 2. This act shall take effect July 1, 2012. |