SENATE AMENDMENT

    Bill No. CS for SB 270

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Myers moved the following amendment:

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13         Senate Amendment 

14         On page 72, lines 25-28, delete those lines

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16  and insert:

17         175.411  Optional participation.--A municipality or

18  special fire control district may revoke its participation

19  under this chapter by legislative act, local ordinance, or

20  resolution stating that future members shall not be covered

21  under the minimum benefits or standards of this chapter and by

22  furnishing a certified copy of such legislative act,

23  ordinance, or resolution to the division. The municipality or

24  special fire control district shall continue to be eligible to

25  receive state premium tax moneys for the existing plan until

26  it is fully funded. As used in this section, the term "fully

27  funded" means that the present value of all benefits, accrued

28  and projected, is less than the available assets and the

29  present value of future member contributions and future plan

30  sponsor contributions on an actuarial entry age cost funding

31  basis. State premium tax moneys shall not be used to provide

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 270

    Amendment No.    





 1  benefits for members hired after the municipality or special

 2  fire control district revokes participation under this

 3  chapter. Premium tax moneys previously received shall continue

 4  to be used for the sole and exclusive benefit of firefighters,

 5  or firefighters and police officers where included, and no

 6  amendment, legislative act, ordinance, or resolution shall be

 7  adopted that has the effect of reducing the then-vested

 8  accrued benefits of the firefighters, retirees, or their

 9  beneficiaries. The municipality or special fire control

10  district shall continue to furnish an annual report to the

11  division as provided in s. 175.261. If the municipality or

12  special fire control district subsequently terminates the

13  defined benefit plan, it must do so in compliance with s.

14  175.361.

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