Florida Senate - 2021 COMMITTEE AMENDMENT Bill No. SB 84 Ì765296PÎ765296 LEGISLATIVE ACTION Senate . House . . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Appropriations (Farmer) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Section 121.135, Florida Statutes, is amended to 6 read: 7 121.135 Annual report to Legislature concerning state 8 administered retirement systems; actuarial study before plan 9 enrollment closing.— 10 (1) The department shall make to each regular session of 11 the Legislature a written report on the operation and condition 12 of the state-administered retirement systems. 13 (2) Before closing enrollment in any plan within the 14 Florida Retirement System to any employee or officer, the 15 Legislature must commission an independent actuarial study that 16 specifically examines or provides the following: 17 (a) The fiscal impact to the state by closing enrollment in 18 a plan, including the effect the closure would have on projected 19 benefits for all current and future enrollees in the Florida 20 Retirement System. 21 (b) Projected benefits for members already enrolled in the 22 Florida Retirement System as of the effective date of the 23 proposed change, and the employee and employer contribution 24 costs associated with those benefits. 25 (c) A quantitative analysis of projected benefit levels for 26 current and future enrollees. 27 (d) A quantitative analysis of the adequacy of benefits and 28 the effect of different plan structures. 29 (e) A review of the current systems’ benefit output and 30 benefit structure in comparison to the proposed plan change and 31 its overall impact. 32 (f) A review of the current systems’ economic output and 33 benefit to the state in comparison to the projected output 34 resulting from the proposed plan change. 35 Section 2. This act shall take effect July 1, 2021. 36 37 ================= T I T L E A M E N D M E N T ================ 38 And the title is amended as follows: 39 Delete everything before the enacting clause 40 and insert: 41 A bill to be entitled 42 An act relating to retirement; amending s. 121.135, 43 F.S.; requiring the Legislature to commission an 44 independent actuarial study before closing enrollment 45 in any plan within the Florida Retirement System; 46 specifying requirements for the study; providing an 47 effective date.