HB 1325

CS

CHAMBER ACTION

1	The Committee on Local Government & Veterans' Affairs recommends
2	the following:
3
4	Committee Substitute
5	Remove the entire bill and insert:
6	A bill to be entitled
7	An act relating to the City of New Smyrna Beach,
8	Volusia County; authorizing the City of New Smyrna
9	Beach to provide extra benefits in firefighter pension
10	plans prior to the receipt of additional premium tax
11	revenues; providing a procedure; authorizing the City
12	of New Smyrna Beach to provide extra benefits in
13	police officer pension plans prior to the receipt of
14	additional premium tax revenues; providing a
15	procedure; providing for a referendum; providing an
16	effective date.
17
18	Be It Enacted by the Legislature of the State of Florida:
19
20	Section 1.  In addition to the authority granted to the
21	City of New Smyrna Beach under section 175.351, Florida
22	Statutes, to provide enhanced pension benefits to firefighters,
23	the City of New Smyrna Beach is authorized to provide such extra
24	benefits to the members of the pension plan prior to receipt of
25	additional premium tax revenues to fund such benefit
26	improvements. The City of New Smyrna Beach shall advance to the
27	plan the difference between actuarially determined costs of the
28	extra benefits to be provided and the additional premium tax
29	revenues received at the time of advancement. Thereafter, the
30	City of New Smyrna Beach shall annually advance to the plan the
31	difference in the actuarially determined cost of the extra
32	benefits which were funded by the initial advance and the
33	available additional premium tax revenues until such time as the
34	growth in the available additional premium tax revenues is
35	sufficient to fund the costs of the extra benefits provided by
36	the initial advance. At such time, all additional premium tax
37	revenues in excess of the costs of the benefit improvements
38	shall be credited against the City of New Smyrna Beach's
39	required contributions until the funds credited to the City of
40	New Smyrna Beach equal the funds advanced by the City of New
41	Smyrna Beach to the plan with interest. Thereafter, all
42	available additional premium tax revenues shall be used to
43	provide additional benefits. Interest may be assessed against
44	the funds advanced at a rate not to exceed the rate permitted by
45	law, provided such interest is agreed to by the certified
46	bargaining agent, where applicable, or a majority of
47	firefighters in the pension plan. In no event shall the City of
48	New Smyrna Beach be relieved of its fiduciary responsibility, as
49	determined by the plan actuary, of funding these extra benefits
50	if the additional premium tax revenues are not sufficient to
51	fund the extra benefits.
52	Section 2.  In addition to the authority granted to the
53	City of New Smyrna Beach under section 185.35, Florida Statutes,
54	to provide enhanced pension benefits to police officers, the
55	City of New Smyrna Beach is authorized to provide such extra
56	benefits to the members of the pension plan prior to receipt of
57	additional premium tax revenues to fund such benefit
58	improvements. The City of New Smyrna Beach shall advance to the
59	plan the difference between actuarially determined costs of the
60	extra benefits to be provided and the additional premium tax
61	revenues received at the time of advancement. Thereafter, the
62	City of New Smyrna Beach shall annually advance to the plan the
63	difference in the actuarially determined cost of the extra
64	benefits which were funded by the initial advance and the
65	available additional premium tax revenues until such time as the
66	growth in the available additional premium tax revenues is
67	sufficient to fund the costs of the extra benefits provided by
68	the initial advance. At such time, all additional premium tax
69	revenues in excess of the costs of the benefit improvements
70	shall be credited against the City of New Smyrna Beach's
71	required contributions until the funds credited to the City of
72	New Smyrna Beach equal the funds advanced by the City of New
73	Smyrna Beach to the plan with interest. Thereafter, all
74	available additional premium tax revenues shall be used to
75	provide additional benefits. Interest may be assessed against
76	the funds advanced at a rate not to exceed the rate permitted by
77	law, provided such interest is agreed to by the certified
78	bargaining agent, where applicable, or a majority of police
79	officers included in the pension plan. In no event shall the
80	City of New Smyrna Beach be relieved of its fiduciary
81	responsibility, as determined by the plan actuary, of funding
82	these extra benefits if the additional premium tax revenues are
83	not sufficient to fund the extra benefits.
84	Section 3.  This act shall take effect upon approval by a
85	majority vote of those qualified electors voting in a referendum
86	to be held by the City of New Smyrna Beach on August 31, 2004,
87	except that this section shall take effect upon becoming law.

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