Senate Bill 0326e1

    SB 326                                   First Engrossed (ntc)



  1                      A bill to be entitled

  2         An act relating to the Treasurer; amending ss.

  3         18.125 and 112.215, F.S.; providing that fees

  4         contributed by participants in the Government

  5         Employees' Deferred Compensation Plan Act shall

  6         not be included in the unencumbered balance of

  7         a certain trust fund maintained by the

  8         Treasurer; providing an effective date.

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10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Paragraph (c) of subsection (4) of section

13  18.125, Florida Statutes, is amended to read:

14         18.125  Treasurer; powers and duties in the investment

15  of certain funds.--

16         (4)

17         (c)  The moneys so received and deposited in the fund

18  shall be used by the Treasurer to defray the expense of his or

19  her office in the discharge of the administrative and

20  investment powers and duties prescribed by this section and

21  this chapter, including the maintaining of an office and

22  necessary supplies therefor, essential equipment and other

23  materials, salaries and expenses of required personnel, and

24  all other legitimate expenses relating to the administrative

25  and investment powers and duties imposed upon and charged to

26  the Treasurer under this section and this chapter. The

27  unencumbered balance in the trust fund at the close of each

28  quarter shall not exceed $750,000. Any funds in excess of this

29  amount shall be transferred unallocated to the General Revenue

30  Fund. However, fees received from deferred compensation

31  participants pursuant to s. 112.215 shall not be transferred


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CODING: Words stricken are deletions; words underlined are additions.






    SB 326                                   First Engrossed (ntc)



  1  to the General Revenue Fund and shall be used to operate the

  2  deferred compensation program.

  3         Section 2.  Paragraph (b) of subsection (10) of section

  4  112.215, Florida Statutes, is amended to read:

  5         112.215  Government employees; deferred compensation

  6  program.--

  7         (10)

  8         (b)1.  There is created in the State Treasury the

  9  Deferred Compensation Trust Fund, through into which the

10  Treasurer as trustee shall hold be deposited moneys, pensions,

11  annuities, or other benefits accrued or accruing under and

12  pursuant to 26 U.S.C. s. 457 and the deferred compensation

13  plan provided for therein and adopted by this state; and

14         a.  All amounts of compensation deferred thereunder;

15         b.  All property and rights purchased with such

16  amounts; and

17         c.  All income attributable to such amounts, property,

18  or rights.

19         2.  Notwithstanding the mandates of 26 U.S.C. s.

20  457(b)(6), all of the assets specified in subparagraph 1.

21  shall be held in trust for the exclusive benefit of

22  participants and their beneficiaries as mandated by 26 U.S.C.

23  s. 457(g)(1).

24         Section 3.  This act shall take effect upon becoming a

25  law.

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