Florida Senate - 2012                                    SB 1214
       
       
       
       By Senator Fasano
       
       
       
       
       11-00543A-12                                          20121214__
    1                        A bill to be entitled                      
    2         An act relating to the State Board of Administration;
    3         prohibiting an investment firm that does business with
    4         the State Board of Administration from employing or
    5         entering into a similar contractual relationship with
    6         a former employee of the board under certain
    7         circumstances; authorizing the executive director of
    8         the board to waive the postemployment restriction
    9         under certain circumstances; subjecting an investment
   10         firm to a penalty for violations of the postemployment
   11         restriction; requiring that the board provide to the
   12         office of the Chief Financial Officer the identity of
   13         certain former employees and the dates of their
   14         termination of employment with the board; providing an
   15         effective date.
   16  
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. State Board of Administration; postemployment
   20  restrictions; penalties.—
   21         (1) An investment firm that employs or enters into a
   22  similar contractual relationship with a former employee of the
   23  State Board of Administration who was authorized to make or who
   24  had the responsibility to recommend investments of moneys held
   25  by the board may not do business with the board for a period of
   26  3 years following the date of termination of the person’s
   27  employment with the board. If the former employee’s position
   28  with the board is eliminated and his or her duties are performed
   29  by the investment firm, the executive director of the board may
   30  waive this restriction in writing for a particular employee if
   31  the executive director determines that the waiver will serve the
   32  best interests of the state.
   33         (2) An investment firm that violates this section is
   34  subject to disgorgement of half of its profits resulting from
   35  its business with the board while in violation of this section,
   36  not to exceed $1 million per former employee.
   37         (3) The board shall provide to the office of the Chief
   38  Financial Officer the identity of each former employee of the
   39  board described in subsection (1) and the termination date of
   40  his or her employment with the board within 15 days after
   41  termination.
   42         Section 2. This act shall take effect July 1, 2012.