Senate Bill sb0436c1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2001 CS for SB 436
By the Committee on Governmental Oversight and Productivity;
and Senator Garcia
302-1890-01
1 A bill to be entitled
2 An act relating to trust funds; creating s.
3 121.4502, F.S.; creating the Public Employee
4 Optional Retirement Program Trust Fund, to be
5 administered by the State Board of
6 Administration as a retirement trust fund not
7 subject to termination under s. 19(f), Art. III
8 of the State Constitution; providing for
9 sources of moneys and purposes; providing for
10 exemption from the general revenue service
11 charges; amending s. 121.4501, F.S.;
12 authorizing the board to adopt rules to
13 maintain the qualified status of the Optional
14 Retirement Program in compliance with the
15 Internal Revenue Code; providing an effective
16 date.
17
18 Be It Enacted by the Legislature of the State of Florida:
19
20 Section 1. Section 121.4502, Florida Statutes, is
21 created to read:
22 121.4502 Public Employee Optional Retirement Program
23 Trust Fund.--
24 (1) The Public Employee Optional Retirement Program
25 Trust Fund is created to hold the assets of the Public
26 Employee Optional Retirement Program in trust for the
27 exclusive benefit of such programs participants and
28 beneficiaries, and for the payment of reasonable
29 administrative expenses of the program, in accordance with s.
30 401 of the Internal Revenue Code and s. 121.4501 and shall be
31 administered by the State Board of Administration as trustee.
1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2001 CS for SB 436
302-1890-01
1 Funds shall be credited to the trust fund as provided in this
2 part, to be used for the purposes of this part. The trust fund
3 is exempt from the service charges imposed by s. 215.20.
4 (2) The Public Employee Optional Retirement Program
5 Trust Fund is a retirement trust fund of the Florida
6 Retirement System which accounts for retirement plan assets
7 held by the state in a trustee capacity as a fiduciary for
8 individual participants in the Public Employee Optional
9 Retirement Program and is not subject to termination under s.
10 19(f), Art. III of the State Constitution.
11 Section 2. Paragraph (a) of subsection (13) of section
12 121.4501, Florida Statutes, is amended to read:
13 121.4501 Public Employee Optional Retirement
14 Program.--
15 (13) FEDERAL REQUIREMENTS.--
16 (a) Provisions of this section shall be construed, and
17 the Public Employee Optional Retirement Program shall be
18 administered, so as to comply with the Internal Revenue Code,
19 26 U.S.C., and specifically with plan qualification
20 requirements imposed on governmental plans under s. 401(a) of
21 the Internal Revenue Code. The board shall have the power and
22 authority to adopt rules reasonably necessary to establish or
23 maintain the qualified status of the Optional Retirement
24 Program under the Internal Revenue Code and to implement and
25 administer the Optional Retirement Program in compliance with
26 the Internal Revenue Code and this part; however, the board
27 shall not have the authority to adopt any rule that makes a
28 substantive change to the Optional Retirement Program as
29 designed by this part.
30 Section 3. This act shall take effect July 1, 2001.
31
2
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2001 CS for SB 436
302-1890-01
1 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
2 SB 436
3
4 The Committee Substitute provides that the purpose of the
trust fund is for the sole and exclusive benefit of
5 participants and beneficiaries and for the payment of program
expenses. The bill also amends s. 121.4501, F.S., to give
6 limited rule-making authority to the State Board of
Administration.
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
3
CODING: Words stricken are deletions; words underlined are additions.