Florida Senate - 2017 COMMITTEE AMENDMENT
Bill No. SPB 7030
Ì276328=Î276328
LEGISLATIVE ACTION
Senate . House
Comm: UNFAV .
04/25/2017 .
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The Committee on Governmental Oversight and Accountability
(Rouson) recommended the following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 480 - 1079
4 and insert:
5 (j) Notwithstanding s. 121.4501(4)(g), the renewed member
6 is not eligible to elect membership in the pension plan.
7 (4) A retiree of the investment plan, the State University
8 System Optional Retirement Program, the Senior Management
9 Service Optional Annuity Program, or the State Community College
10 System Optional Retirement Program who is reemployed on or after
11 July 1, 2017, in a regularly established position eligible for
12 participation in the State University System Optional Retirement
13 Program shall become a renewed member of the optional retirement
14 program. The renewed member must satisfy the vesting
15 requirements and other provisions of this chapter. Once
16 enrolled, a renewed member remains enrolled in the optional
17 retirement program while employed in an eligible position for
18 the optional retirement program. If employment in a different
19 covered position results in the renewed member’s enrollment in
20 the investment plan, the renewed member is no longer eligible to
21 participate in the optional retirement program unless employed
22 in a mandatory position under s. 121.35.
23 (a) The renewed member is subject to the limitations on
24 reemployment after retirement provided in s. 121.091(9), as
25 applicable.
26 (b) The renewed member must satisfy the requirements for
27 termination from employment provided in s. 121.021(39).
28 (c) Upon renewed membership or reemployment of a retiree,
29 the employer and the renewed member shall pay the applicable
30 employer and employee contributions required under s. 121.35.
31 (d) Employer and employee contributions, interest,
32 earnings, or any other funds may not be paid into a renewed
33 member’s optional retirement program account for any employment
34 in a regularly stablished position with a covered employer on or
35 after July 1, 2010, through June 30, 2017, by the renewed member
36 or the employer on behalf of the renewed member.
37 (e) Notwithstanding s. 121.4501(4)(g), the renewed member
38 is not eligible to elect membership in the pension plan.
39 (5) A retiree of the investment plan, the State University
40 System Optional Retirement Program, the Senior Management
41 Service Optional Annuity Program, or the State Community College
42 System Optional Retirement Program who is reemployed on or after
43 July 1, 2017, in a regularly established position eligible for
44 participation in the State Community College System Optional
45 Retirement Program shall become a renewed member of the optional
46 retirement program. The renewed member must satisfy the
47 eligibility requirements of this chapter and s. 1012.875 for the
48 optional retirement program. Once enrolled, a renewed member
49 remains enrolled in the optional retirement program while
50 employed in an eligible position for the optional retirement
51 program. If employment in a different covered position results
52 in the renewed member’s enrollment in the investment plan, the
53 renewed member is no longer eligible to participate in the
54 optional retirement program.
55 (a) The renewed member is subject to the limitations on
56 reemployment after retirement provided in s. 121.091(9), as
57 applicable.
58 (b) The renewed member must satisfy the requirements for
59 termination from employment provided in s. 121.021(39).
60 (c) Upon renewed membership or reemployment of a retiree,
61 the employer and the renewed member shall pay the applicable
62 employer and employee contributions required under ss.
63 121.051(2)(c) and 1012.875.
64 (d) Employer and employee contributions, interest,
65 earnings, or any other funds may not be paid into a renewed
66 member’s optional retirement program account for any employment
67 in a regularly established position with a covered employer on
68 or after July 1, 2010, through June 30, 2017, by the renewed
69 member or the employer on behalf of the renewed member.
70 (e) Notwithstanding s. 121.4501(4)(g), the renewed member
71 is not eligible to elect membership in the pension plan.
72 Section 6. Paragraph (e) of subsection (2), paragraph (f)
73 of subsection (4), and paragraph (c) of subsection (5), of
74 section 121.4501, Florida Statutes, are amended to read:
75 121.4501 Florida Retirement System Investment Plan.—
76 (2) DEFINITIONS.—As used in this part, the term:
77 (e) “Eligible employee” means an officer or employee, as
78 defined in s. 121.021, who:
79 1. Is a member of, or is eligible for membership in, the
80 Florida Retirement System, including any renewed member of the
81 Florida Retirement System initially enrolled before July 1,
82 2010; or
83 2. Participates in, or is eligible to participate in, the
84 Senior Management Service Optional Annuity Program as
85 established under s. 121.055(6), the State Community College
86 System Optional Retirement Program as established under s.
87 121.051(2)(c), or the State University System Optional
88 Retirement Program established under s. 121.35; or
89 3. Is a retired member of the investment plan, the State
90 University System Optional Retirement Program, the Senior
91 Management Service Optional Annuity Program, or the State
92 Community College System Optional Retirement Program who is
93 reemployed in a regularly established position on or after July
94 1, 2017, and enrolled as a renewed member as provided in s.
95 121.122.
96
97 The term does not include any member participating in the
98 Deferred Retirement Option Program established under s.
99 121.091(13), a retiree of the pension plan who is reemployed in
100 a regularly established position on or after July 1, 2010, a
101 retiree of a state-administered retirement system initially
102 reemployed in a regularly established position on or after July
103 1, 2010, through June 30, 2017, or a mandatory participant of
104 the State University System Optional Retirement Program
105 established under s. 121.35.
106 (4) PARTICIPATION; ENROLLMENT.—
107 (f)1. A member of the investment plan who takes a
108 distribution of any contributions from his or her investment
109 plan account is considered a retiree. A retiree who is initially
110 reemployed in a regularly established position on or after July
111 1, 2010, through June 30, 2017, is not eligible for to be
112 enrolled in renewed membership, except as provided in s.
113 121.122.
114 2. A retiree who is reemployed on or after July 1, 2017,
115 shall be enrolled as a renewed member as provided in s. 121.122.
116 (5) CONTRIBUTIONS.—
117 (c) The state board, acting as plan fiduciary, must ensure
118 that all plan assets are held in a trust, pursuant to s. 401 of
119 the Internal Revenue Code. The fiduciary must ensure that such
120 contributions are allocated as follows:
121 1. The employer and employee contribution portion earmarked
122 for member accounts shall be used to purchase interests in the
123 appropriate investment vehicles as specified by the member, or
124 in accordance with paragraph (4)(d).
125 2. The employer contribution portion earmarked for
126 administrative and educational expenses shall be transferred to
127 the state board’s Administrative Trust Fund.
128 3. The employer contribution portion earmarked for
129 disability benefits and line-of-duty death benefits shall be
130 transferred to the Florida Retirement System Trust Fund.
131
132 ================= T I T L E A M E N D M E N T ================
133 And the title is amended as follows:
134 Delete lines 52 - 60
135 and insert:
136 121.4501, F.S.; redefining the term “eligible
137 employee”; conforming