HB 1325

1	A bill to be entitled
2	An act relating to the City of New Smyrna Beach,
3	Volusia County; authorizing the City of New Smyrna
4	Beach to provide extra benefits in firefighter pension
5	plans prior to the receipt of additional premium tax
6	revenues; providing a procedure; authorizing the City
7	of New Smyrna Beach to provide extra benefits in
8	police officer pension plans prior to the receipt of
9	additional premium tax revenues; providing a
10	procedure; providing an effective date.
11
12	Be It Enacted by the Legislature of the State of Florida:
13
14	Section 1.  In addition to the authority granted to the
15	City of New Smyrna Beach under section 175.351, Florida
16	Statutes, to provide enhanced pension benefits to firefighters,
17	the City of New Smyrna Beach is authorized to provide such extra
18	benefits to the members of the pension plan prior to receipt of
19	additional premium tax revenues to fund such benefit
20	improvements. The City of New Smyrna Beach shall advance to the
21	plan the difference between actuarially determined costs of the
22	extra benefits to be provided and the additional premium tax
23	revenues received at the time of advancement. Thereafter, the
24	City of New Smyrna Beach shall annually advance to the plan the
25	difference in the actuarially determined cost of the extra
26	benefits which were funded by the initial advance and the
27	available additional premium tax revenues until such time as the
28	growth in the available additional premium tax revenues is
29	sufficient to fund the costs of the extra benefits provided by
30	the initial advance. At such time, all additional premium tax
31	revenues in excess of the costs of the benefit improvements
32	shall be credited against the City of New Smyrna Beach's
33	required contributions until the funds credited to the City of
34	New Smyrna Beach equal the funds advanced by the City of New
35	Smyrna Beach to the plan with interest. Thereafter, all
36	available additional premium tax revenues shall be used to
37	provide additional benefits. Interest may be assessed against
38	the funds advanced at a rate not to exceed the rate permitted by
39	law, provided such interest is agreed to by the certified
40	bargaining agent, where applicable, or a majority of
41	firefighters in the pension plan. In no event shall the City of
42	New Smyrna Beach be relieved of its fiduciary responsibility, as
43	determined by the plan actuary, of funding these extra benefits
44	if the additional premium tax revenues are not sufficient to
45	fund the extra benefits.
46	Section 2.  In addition to the authority granted to the
47	City of New Smyrna Beach under section 185.35, Florida Statutes,
48	to provide enhanced pension benefits to police officers, the
49	City of New Smyrna Beach is authorized to provide such extra
50	benefits to the members of the pension plan prior to receipt of
51	additional premium tax revenues to fund such benefit
52	improvements. The City of New Smyrna Beach shall advance to the
53	plan the difference between actuarially determined costs of the
54	extra benefits to be provided and the additional premium tax
55	revenues received at the time of advancement. Thereafter, the
56	City of New Smyrna Beach shall annually advance to the plan the
57	difference in the actuarially determined cost of the extra
58	benefits which were funded by the initial advance and the
59	available additional premium tax revenues until such time as the
60	growth in the available additional premium tax revenues is
61	sufficient to fund the costs of the extra benefits provided by
62	the initial advance. At such time, all additional premium tax
63	revenues in excess of the costs of the benefit improvements
64	shall be credited against the City of New Smyrna Beach's
65	required contributions until the funds credited to the City of
66	New Smyrna Beach equal the funds advanced by the City of New
67	Smyrna Beach to the plan with interest. Thereafter, all
68	available additional premium tax revenues shall be used to
69	provide additional benefits. Interest may be assessed against
70	the funds advanced at a rate not to exceed the rate permitted by
71	law, provided such interest is agreed to by the certified
72	bargaining agent, where applicable, or a majority of police
73	officers included in the pension plan. In no event shall the
74	City of New Smyrna Beach be relieved of its fiduciary
75	responsibility, as determined by the plan actuary, of funding
76	these extra benefits if the additional premium tax revenues are
77	not sufficient to fund the extra benefits.
78	Section 3.  This act shall take effect upon becoming a law.

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