Bill Amendment: FL S7082 | 2015 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Death Benefits Under the Florida Retirement System

Status: 2015-04-28 - Died in Messages [S7082 Detail]

Download: Florida-2015-S7082-Senate_Committee_Amendment_446590.html

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       Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 7082
       
       
       
       
       
       
                                Ì4465904Î446590                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Appropriations (Ring) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 383 and 384
    4  insert:
    5         Section 6. Subsection (1) of section 121.71, Florida
    6  Statutes, is amended to read:
    7         121.71 Uniform rates; process; calculations; levy.—
    8         (1) In conducting the system actuarial study required under
    9  s. 121.031, the actuary shall follow all requirements specified
   10  to determine, by Florida Retirement System employee membership
   11  class, the dollar contribution amounts necessary for the next
   12  fiscal year for the pension plan. In addition, the actuary shall
   13  determine, by Florida Retirement System membership class, based
   14  on an estimate for the next fiscal year of the gross
   15  compensation of employees participating in the investment plan,
   16  the dollar contribution amounts necessary to make the
   17  allocations required under ss. 121.72, and 121.73, and 121.735.
   18  For each employee membership class and subclass, the actuarial
   19  study must establish a uniform rate necessary to fund the
   20  benefit obligations under both Florida Retirement System
   21  retirement plans by dividing the sum of total dollars required
   22  by the estimated gross compensation of members in both plans.
   23         Section 7. Section 121.74, Florida Statutes, is amended to
   24  read:
   25         121.74 Administrative and educational expenses.—In addition
   26  to contributions required to fund member accounts under s. ss.
   27  121.71 and 121.73, effective July 1, 2010, through June 30,
   28  2014, employers participating in the Florida Retirement System
   29  shall contribute an employer assessment amount equal to 0.03
   30  percent of the payroll reported for each class or subclass of
   31  Florida Retirement System membership. Effective July 1, 2014,
   32  the employer assessment is 0.04 percent of the payroll reported
   33  for each class or subclass of membership. The amount assessed
   34  shall be transferred by the division of Retirement from the
   35  Florida Retirement System Contributions Clearing Trust Fund to
   36  the State Board of Administration’s Administrative Trust Fund to
   37  offset the costs of administering the investment plan and the
   38  costs of providing educational services to members of the
   39  Florida Retirement System. Approval of the trustees is required
   40  before the expenditure of these funds. Payments for third-party
   41  administrative or educational expenses shall be made only
   42  pursuant to the terms of the approved contracts for such
   43  services.
   44         Section 8. For the 2015-2016 fiscal year only, upon
   45  notification by the Department of Management Services that
   46  sufficient funds are not available to make survivor benefit
   47  payments authorized by this act, the State Board of
   48  Administration shall transfer, to the extent necessary, moneys
   49  in the Administrative Trust Fund to the survivor benefits
   50  account in the Florida Retirement System Trust Fund to ensure
   51  the timely payment of survivor benefits.
   52  
   53  ================= T I T L E  A M E N D M E N T ================
   54  And the title is amended as follows:
   55         Delete line 24
   56  and insert:
   57         benefits authorized by the act; amending ss. 121.71
   58         and 121.74, F.S.; conforming cross-references to
   59         changes made by the act; requiring the State Board of
   60         Administration to transfer moneys to fund survivor
   61         benefit payments under specified circumstances;
   62         amending s. 121.75,