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 (with title amendment) 

14         On page 141, lines 1-4, delete those lines

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16  and insert:

17         185.60  Optional participation.--A municipality may

18  revoke its participation under this chapter by legislative act

19  or local ordinance stating that future members shall not be

20  covered under the minimum benefits or standards of this

21  chapter and by furnishing a certified copy of such legislative

22  act or ordinance to the division. The municipality shall

23  continue to be eligible to receive state premium tax moneys

24  for the existing plan until it is fully funded. As used in

25  this section, the term "fully funded" means that the present

26  value of all benefits, accrued and projected, is less than the

27  available assets and the present value of future member

28  contributions and future plan sponsor contributions on an

29  actuarial entry age cost funding basis. State premium tax

30  moneys shall not be used to provide benefits for members hired

31  after the municipality revokes participation under this

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                                                  SENATE AMENDMENT

    Bill No. CS for SB 270

    Amendment No.    





 1  chapter. Premium tax moneys previously received shall continue

 2  to be used for the sole and exclusive benefit of police

 3  officers, or police officers and firefighters where included,

 4  and no amendment, legislative act, or ordinance shall be

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

 6  accrued benefits of the police officers, retirees, or their

 7  beneficiaries. The municipality shall continue to furnish an

 8  annual report to the division as provided in s. 185.221. If

 9  the municipality subsequently terminates the defined benefit

10  plan, it must do so in compliance with s. 185.37.

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