Senate Bill sb2134c1

    Florida Senate - 2002                           CS for SB 2134

    By the Committee on Governmental Oversight and Productivity;
    and Senator Sanderson




    302-2230-02

  1                      A bill to be entitled

  2         An act relating to the Florida Retirement

  3         System; creating s. 121.4503, F.S.; creating

  4         the Public Employee Optional Retirement Program

  5         Clearing Trust Fund, to be administered by the

  6         Department of Management Services as a

  7         retirement clearing trust fund not subject to

  8         termination pursuant to s. 19(f), Art. III of

  9         the State Constitution; providing for sources

10         of moneys and purposes; providing for exemption

11         from the general revenue service charges;

12         providing an effective date.

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

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16         Section 1.  Section 121.4503, Florida Statutes, is

17  created to read:

18         121.4503  Public Employee Optional Retirement Program

19  Clearing Trust Fund.--

20         (1)  The Public Employee Optional Retirement Program

21  Clearing Trust Fund is created as a clearing account for

22  employer contributions for participants of the Public Employee

23  Optional Retirement Program, in accordance with s. 401 of the

24  Internal Revenue Code, and shall be administered by the

25  Department of Management Services as trustee and in accordance

26  with the interagency agreement between the Department of

27  Management Services and the State Board of Administration.

28  Funds shall be credited to the trust fund as provided in s.

29  121.571, and shall be held in trust for the employers until

30  such time as the assets are distributed by the department to

31  the State Board of Administration and the third-party

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






    Florida Senate - 2002                           CS for SB 2134
    302-2230-02




  1  administrator, as appropriate, to be used for the purposes of

  2  this part. The trust fund is exempt from the service charges

  3  imposed by s. 215.20.

  4         (2)  The Public Employee Optional Retirement Program

  5  Clearing Trust Fund is a retirement clearing trust fund of the

  6  Florida Retirement System which accounts for retirement plan

  7  assets held by the state in a trustee capacity as a fiduciary

  8  for employers of participants in the Public Employee Optional

  9  Retirement Program and, pursuant to s. 19(f), Art. III of the

10  State Constitution, is not subject to termination.

11         Section 2.  The Department of Management Services may

12  adopt rules governing the receipt and disbursement of employer

13  contributions in the Public Employee Optional Retirement

14  Program Trust Fund.

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

16  law.

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18          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
19                         Senate Bill 2134

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21  The Committee Substitute makes only style and conforming
    drafting changes to the original bill to align it with the
22  customary style for trust fund authorizations.

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