November 11, 2019
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       Florida Senate - 2010                                    SB 1078
       
       
       
       By Senator Ring
       
       
       
       
       32-00786B-10                                          20101078__
    1                        A bill to be entitled                      
    2         An act relating to state financial matters; amending
    3         s. 121.4501, F.S.; defining the term “electronic
    4         means” and redefining the term “optional retirement
    5         program”; providing for excess account balances in the
    6         Public Employee Optional Retirement Program when an
    7         employee transfers to the defined benefit program and
    8         for the use of such excess balance; requiring the
    9         State Board of Administration to develop procedures to
   10         resolve complaints; providing for the use of records
   11         in resolving such complaints; clarifying the state
   12         board’s rule authority with respect to the program;
   13         amending s. 121.4502, F.S.; establishing a forfeiture
   14         account in the Public Employee Retirement Program
   15         Trust Fund and providing for the use of funds in the
   16         account; amending s. 121.591, F.S.; permitting an
   17         application for benefits under the optional retirement
   18         program to be submitted by electronic means; amending
   19         s. 121.74, F.S.; revising the contribution rates for
   20         employers participating in the Florida Retirement
   21         System; amending s. 121.78, F.S.; exempting the
   22         Division of Retirement, the state board, and the
   23         third-party administrator from liability for market
   24         losses due to acts of God; amending s. 215.47, F.S.;
   25         authorizing moneys available for investment by the
   26         state board to be invested in certain federally tax
   27         exempt bonds, notes, or obligations not subject to the
   28         federal alternative minimum tax; increasing the fund
   29         amount that may be invested in a foreign entity;
   30         amending s. 218.409, F.S.; providing for extending a
   31         moratorium on contributions to the Local Government
   32         Surplus Funds Trust Fund under certain circumstances;
   33         authorizing the state board to develop work products
   34         that are subject to trademark, copyright, or patent;
   35         providing an effective date.
   36  
   37  Be It Enacted by the Legislature of the State of Florida:
   38  
   39         Section 1. Subsection (2), paragraph (e) of subsection (4),
   40  subsection (6), and paragraphs (a) and (g) of subsection (8) of
   41  section 121.4501, Florida Statutes, are amended to read:
   42         121.4501 Public Employee Optional Retirement Program.—
   43         (2) DEFINITIONS.—As used in this part, the term:
   44         (a) “Approved provider” or “provider” means a private
   45  sector company that is selected and approved by the state board
   46  to offer one or more investment products or services to the
   47  Public Employee optional retirement program. The term includes a
   48  bundled provider that offers participants a range of
   49  individually allocated or unallocated investment products and
   50  may offer a range of administrative and customer services, which
   51  may include accounting and administration of individual
   52  participant benefits and contributions; individual participant
   53  recordkeeping; asset purchase, control, and safekeeping; direct
   54  execution of the participant’s instructions as to asset and
   55  contribution allocation; calculation of daily net asset values;
   56  direct access to participant account information; periodic
   57  reporting to participants, at least quarterly, on account
   58  balances and transactions; guidance, advice, and allocation
   59  services directly relating to the provider’s its own investment
   60  options or products, but only if the bundled provider complies
   61  with the standard of care of s. 404(a)(1)(A-B) of the Employee
   62  Retirement Income Security Act of 1974 (ERISA) and if providing
   63  such guidance, advice, or allocation services does not
   64  constitute a prohibited transaction under s. 4975(c)(1) of the
   65  Internal Revenue Code or s. 406 of ERISA, notwithstanding that
   66  such prohibited transaction provisions do not apply to the
   67  optional retirement program; a broad array of distribution
   68  options; asset allocation; and retirement counseling and
   69  education. Private sector companies include investment
   70  management companies, insurance companies, depositories, and
   71  mutual fund companies.
   72         (b) “Average monthly compensation” means one-twelfth of
   73  average final compensation as defined in s. 121.021(24).
   74         (c) “Covered employment” means employment in a regularly
   75  established position as defined in s. 121.021(52).
   76         (d) Defined benefit program” means the defined benefit
   77  program of the Florida Retirement System administered under part
   78  I of this chapter “Department” means the Department of
   79  Management Services.
   80         (e)(e) “Division” means the Division of Retirement within
   81  the department of Management Services.
   82         (f) “Electronic means” means by telephone, if the required
   83  information is received on a recorded line, or through Internet
   84  access, if the required information is captured online.
   85         (g)(f) “Eligible employee” means an officer or employee, as
   86  defined in s. 121.021, who:
   87         1. Is a member of, or is eligible for membership in, the
   88  Florida Retirement System, including any renewed member of the
   89  Florida Retirement System initially enrolled before July 1,
   90  2010; or
   91         2. Participates in, or is eligible to participate in, the
   92  Senior Management Service Optional Annuity Program as
   93  established under s. 121.055(6), the State Community College
   94  System Optional Retirement Program as established under s.
   95  121.051(2)(c), or the State University System Optional
   96  Retirement Program established under s. 121.35.
   97  
   98  The term does not include any member participating in the
   99  Deferred Retirement Option Program established under s.
  100  121.091(13), a retiree of a state-administered retirement system
  101  initially reemployed on or after July 1, 2010, or a mandatory
  102  participant of the State University System Optional Retirement
  103  Program established under s. 121.35.
  104         (h)(g) “Employer” means an employer, as defined in s.
  105  121.021(10), of an eligible employee.
  106         (i) “Optional retirement program” or “optional program”
  107  means the Public Employee Optional Retirement Program
  108  established under this part.
  109         (j)(h) “Participant” means an eligible employee who elects
  110  to participate in the Public Employee Optional Retirement
  111  Program and enrolls in the such optional program as provided in
  112  subsection (4) or a terminated Deferred Retirement Option
  113  Program participant as described in subsection (21).
  114         (i)“Public Employee Optional Retirement Program,”
  115  “optional program,” or “optional retirement program” means the
  116  alternative defined contribution retirement program established
  117  under this section.
  118         (k)(j) “Retiree” means a former participant of the Florida
  119  Retirement System Public Employee optional retirement program
  120  who has terminated employment and has taken a distribution as
  121  provided in s. 121.591, except for a mandatory distribution of a
  122  de minimis account authorized by the state board.
  123         (k)“State board” or “board” means the State Board of
  124  Administration.
  125         (l)“Trustees” means Trustees of the State Board of
  126  Administration.
  127         (l)(m) “Vested” or “vesting” means the guarantee that a
  128  participant is eligible to receive a retirement benefit upon
  129  completion of the required years of service under the Public
  130  Employee optional retirement program.
  131         (4) PARTICIPATION; ENROLLMENT.—
  132         (e) After the period during which an eligible employee had
  133  the choice to elect the defined benefit program or the Public
  134  Employee optional retirement program, or the month following the
  135  receipt of the eligible employee’s plan election, if sooner, the
  136  employee shall have one opportunity, at the employee’s
  137  discretion, to choose to move from the defined benefit program
  138  to the Public Employee optional retirement program or from the
  139  Public Employee optional retirement program to the defined
  140  benefit program. Eligible employees may elect to move between
  141  Florida Retirement System programs only if they are earning
  142  service credit in an employer-employee relationship consistent
  143  with the requirements under s. 121.021(17)(b), excluding leaves
  144  of absence without pay. Effective July 1, 2005, such elections
  145  are shall be effective on the first day of the month following
  146  the receipt of the election by the third-party administrator and
  147  are not subject to the requirements regarding an employer
  148  employee relationship or receipt of contributions for the
  149  eligible employee in the effective month, except that the
  150  employee must meet the conditions of the previous sentence when
  151  the election is received by the third-party administrator. This
  152  paragraph is shall be contingent upon approval from the Internal
  153  Revenue Service for including the choice described herein within
  154  the programs offered by the Florida Retirement System.
  155         1. If the employee chooses to move to the Public Employee
  156  optional retirement program, the applicable provisions of this
  157  section shall govern the transfer.
  158         2. If the employee chooses to move to the defined benefit
  159  program, the employee must transfer from his or her Public
  160  Employee optional retirement program account, and from other
  161  employee moneys as necessary, a sum representing the present
  162  value of that employee’s accumulated benefit obligation
  163  immediately following the time of such movement, determined
  164  assuming that attained service equals the sum of service in the
  165  defined benefit program and service in the Public Employee
  166  optional retirement program. Benefit commencement occurs on the
  167  first date the employee is would become eligible for unreduced
  168  benefits, using the discount rate and other relevant actuarial
  169  assumptions that were used to value the Florida Retirement
  170  System defined benefit plan liabilities in the most recent
  171  actuarial valuation. For any employee who, at the time of the
  172  second election, already maintains an accrued benefit amount in
  173  the defined benefit program plan, the then-present value of the
  174  such accrued benefit shall be deemed part of the required
  175  transfer amount described in this subparagraph. The division
  176  shall ensure that the transfer sum is prepared using a formula
  177  and methodology certified by an enrolled actuary.
  178         3. Notwithstanding subparagraph 2., an employee who chooses
  179  to move to the defined benefit program and who became eligible
  180  to participate in the Public Employee optional retirement
  181  program by reason of employment in a regularly established
  182  position with a state employer after June 1, 2002; a district
  183  school board employer after September 1, 2002; or a local
  184  employer after December 1, 2002, must transfer from his or her
  185  Public Employee optional retirement program account and, from
  186  other employee moneys as necessary, a sum representing the that
  187  employee’s actuarial accrued liability.
  188         4. An employee’s Employees’ ability to transfer from the
  189  Florida Retirement System defined benefit program to the Public
  190  Employee optional retirement program pursuant to paragraphs (a)
  191  (d), and the ability of a for current employee employees to have
  192  an option to later transfer back into the defined benefit
  193  program under subparagraph 2., shall be deemed a significant
  194  system amendment. Pursuant to s. 121.031(4), any such resulting
  195  unfunded liability arising from actual original transfers from
  196  the defined benefit program to the optional program must shall
  197  be amortized within 30 plan years as a separate unfunded
  198  actuarial base independent of the reserve stabilization
  199  mechanism defined in s. 121.031(3)(f). For the first 25 years, a
  200  no direct amortization payment may not shall be calculated for
  201  this base. During this 25-year period, the such separate base
  202  shall be used to offset the impact of employees exercising their
  203  second program election under this paragraph. It is the
  204  legislative intent of the Legislature that the actuarial funded
  205  status of the Florida Retirement System defined benefit program
  206  not be affected plan is neither beneficially nor adversely
  207  impacted by such second program elections in any significant
  208  manner, after due recognition of the separate unfunded actuarial
  209  base. Following the this initial 25-year period, any remaining
  210  balance of the original separate base shall be amortized over
  211  the remaining 5 years of the required 30-year amortization
  212  period.
  213         5. If the employee chooses to transfer from the optional
  214  retirement program to the defined benefit program, and retains
  215  an excess account balance in the optional program after
  216  satisfying the buy-in requirements under this paragraph, the
  217  excess may not be distributed until the member retires from the
  218  defined benefit program. The excess account balance may be
  219  rolled over to the defined benefit program and used to purchase
  220  service credit or upgrade creditable service in that program.
  221         (6) VESTING REQUIREMENTS.—
  222         (a)1. With respect to employer contributions paid on behalf
  223  of the participant to the Public Employee optional retirement
  224  program, plus interest and earnings thereon and less investment
  225  fees and administrative charges, a participant is shall be
  226  vested after completing 1 work year, as defined in s.
  227  121.021(54), with an employer, including any service while the
  228  participant was a member of the defined benefit retirement
  229  program or an optional retirement program authorized under s.
  230  121.051(2)(c) or s. 121.055(6).
  231         2. If the participant terminates employment before prior to
  232  satisfying the vesting requirements, the nonvested accumulation
  233  must shall be transferred from the participant’s accounts to the
  234  state board for deposit and investment by the state board in the
  235  suspense account created within of the Public Employee Optional
  236  Retirement Program Trust Fund of the board. If the terminated
  237  participant is reemployed as an eligible employee within 5
  238  years, the state board shall transfer to the participant’s
  239  account any amount of the moneys previously transferred from the
  240  participant’s accounts to the suspense account of the Public
  241  Employee Optional Retirement Program Trust Fund, plus the actual
  242  earnings on such amount while in the suspense account.
  243         (b)1. With respect to amounts transferred from the defined
  244  benefit program to the investment program, plus interest and
  245  earnings, and less investment fees and administrative charges, a
  246  participant shall be vested in the amount transferred from the
  247  defined benefit program, plus interest and earnings thereon and
  248  less administrative charges and investment fees, upon meeting
  249  the service requirements for the participant’s membership class
  250  as set forth in s. 121.021(29). The third-party administrator
  251  shall account for such amounts for each participant. The
  252  division shall notify the participant and the third-party
  253  administrator when the participant has satisfied the vesting
  254  period for Florida Retirement System purposes.
  255         2. If the participant terminates employment before prior to
  256  satisfying the vesting requirements, the nonvested accumulation
  257  must shall be transferred from the participant’s accounts to the
  258  state board for deposit and investment by the board in the
  259  suspense account created within of the Public Employee Optional
  260  Retirement Program Trust Fund of the board. If the terminated
  261  participant is reemployed as an eligible employee within 5
  262  years, the state board shall transfer to the participant’s
  263  account any amount of the moneys previously transferred from the
  264  participant’s accounts to the suspense account of the Public
  265  Employee Optional Retirement Program Trust Fund, plus the actual
  266  earnings on such amount while in the suspense account.
  267         (c) Any nonvested accumulations transferred from a
  268  participant’s account to the suspense account shall be forfeited
  269  by the participant if the participant is not reemployed as an
  270  eligible employee within 5 years after termination.
  271         (8) ADMINISTRATION OF PROGRAM.—
  272         (a) The Public Employee Optional Retirement Program shall
  273  be administered by the state board and affected employers. The
  274  board may is authorized to require oaths, by affidavit or
  275  otherwise, and acknowledgments from persons in connection with
  276  the administration of its statutory duties and responsibilities
  277  for this program under this chapter. An No oath, by affidavit or
  278  otherwise, may not shall be required of an employee participant
  279  at the time of enrollment election. Acknowledgment of an
  280  employee’s election to participate in the program shall be no
  281  greater than necessary to confirm the employee’s election. The
  282  state board shall adopt rules to carry out its statutory duties
  283  with respect to administering the optional retirement program,
  284  including, but not limited to, establishing the roles role and
  285  responsibilities of affected state, local government, and
  286  education-related employers, the state board, the department,
  287  and third-party contractors in administering the Public Employee
  288  optional retirement program. The department shall adopt rules
  289  necessary to administer implement the optional program in
  290  coordination with the defined benefit retirement program and the
  291  disability benefits available under the optional program.
  292         (g) The state board shall develop procedures to receive and
  293  resolve participant complaints against the program, the third
  294  party administrator, or any program vendor or provider and shall
  295  resolve any conflict between the third-party administrator and
  296  an approved provider if when such conflict threatens the
  297  implementation or administration of the program or the quality
  298  of services to employees, and may resolve any other conflicts.
  299  The third-party administrator shall retain all participant
  300  records for at least 5 years for use in resolving any
  301  participant conflicts. The state board, the third-party
  302  administrator, or a provider is not required to produce
  303  documentation or an audio recording to justify action taken with
  304  regard to a participant if the action occurred 5 or more years
  305  before the complaint is submitted to the board. It is presumed
  306  that all action taken 5 or more years before the complaint is
  307  submitted was taken at the request of the participant and with
  308  the participant’s full knowledge and consent. To overcome this
  309  presumption, the participant must present documentary evidence
  310  or an audio recording demonstrating otherwise.
  311         Section 2. Subsection (3) is added to section 121.4502,
  312  Florida Statutes, to read:
  313         121.4502 Public Employee Optional Retirement Program Trust
  314  Fund.—
  315         (3) A forfeiture account shall be created within the Public
  316  Employee Optional Retirement Program Trust Fund to hold the
  317  assets derived from the forfeiture of benefits by participants.
  318  Pursuant to a private letter ruling from the Internal Revenue
  319  Service, the forfeiture account may be used only for paying
  320  expenses of the Public Employee Optional Retirement Program and
  321  reducing future employer contributions to the program.
  322  Consistent with Rulings 80-155 and 74-340 of the Internal
  323  Revenue Service, unallocated reserves within the forfeiture
  324  account must be used as quickly and as prudently as possible
  325  considering the state board’s fiduciary duty. Expected
  326  withdrawals from the account must endeavor to reduce the account
  327  to zero each fiscal year.
  328         Section 3. Paragraph (b) of subsection (1) of section
  329  121.591, Florida Statutes, is amended to read:
  330         121.591 Benefits payable under the Public Employee Optional
  331  Retirement Program of the Florida Retirement System.—Benefits
  332  may not be paid under this section unless the member has
  333  terminated employment as provided in s. 121.021(39)(a) or is
  334  deceased and a proper application has been filed in the manner
  335  prescribed by the state board or the department. The state board
  336  or department, as appropriate, may cancel an application for
  337  retirement benefits when the member or beneficiary fails to
  338  timely provide the information and documents required by this
  339  chapter and the rules of the state board and department. In
  340  accordance with their respective responsibilities as provided
  341  herein, the State Board of Administration and the Department of
  342  Management Services shall adopt rules establishing procedures
  343  for application for retirement benefits and for the cancellation
  344  of such application when the required information or documents
  345  are not received. The State Board of Administration and the
  346  Department of Management Services, as appropriate, are
  347  authorized to cash out a de minimis account of a participant who
  348  has been terminated from Florida Retirement System covered
  349  employment for a minimum of 6 calendar months. A de minimis
  350  account is an account containing employer contributions and
  351  accumulated earnings of not more than $5,000 made under the
  352  provisions of this chapter. Such cash-out must either be a
  353  complete lump-sum liquidation of the account balance, subject to
  354  the provisions of the Internal Revenue Code, or a lump-sum
  355  direct rollover distribution paid directly to the custodian of
  356  an eligible retirement plan, as defined by the Internal Revenue
  357  Code, on behalf of the participant. If any financial instrument
  358  issued for the payment of retirement benefits under this section
  359  is not presented for payment within 180 days after the last day
  360  of the month in which it was originally issued, the third-party
  361  administrator or other duly authorized agent of the State Board
  362  of Administration shall cancel the instrument and credit the
  363  amount of the instrument to the suspense account of the Public
  364  Employee Optional Retirement Program Trust Fund authorized under
  365  s. 121.4501(6). Any such amounts transferred to the suspense
  366  account are payable upon a proper application, not to include
  367  earnings thereon, as provided in this section, within 10 years
  368  after the last day of the month in which the instrument was
  369  originally issued, after which time such amounts and any
  370  earnings thereon shall be forfeited. Any such forfeited amounts
  371  are assets of the Public Employee Optional Retirement Program
  372  Trust Fund and are not subject to the provisions of chapter 717.
  373         (1) NORMAL BENEFITS.—Under the Public Employee Optional
  374  Retirement Program:
  375         (b) If a participant elects to receive his or her benefits
  376  upon termination of employment as defined in s. 121.021, the
  377  participant must submit a written application or an application
  378  by electronic means an equivalent form to the third-party
  379  administrator indicating his or her preferred distribution date
  380  and selecting an authorized method of distribution as provided
  381  in paragraph (c). The participant may defer receipt of benefits
  382  until he or she chooses to make such application, subject to
  383  federal requirements.
  384         Section 4. Section 121.74, Florida Statutes, is amended to
  385  read:
  386         121.74 Administrative and educational expenses.—In addition
  387  to contributions required under s. 121.71, effective July 1,
  388  2010, through June 30, 2014, employers participating in the
  389  Florida Retirement System shall contribute an amount equal to
  390  0.03 0.05 percent of the payroll reported for each class or
  391  subclass of Florida Retirement System membership; effective July
  392  1, 2014, the contribution rate shall be 0.04 percent of the
  393  payroll reported for each class or subclass of membership. The,
  394  which amount contributed shall be transferred by the Division of
  395  Retirement from the Florida Retirement System Contributions
  396  Clearing Trust Fund to the State Board of Administration’s
  397  Administrative Trust Fund to offset the costs of administering
  398  the optional retirement program and the costs of providing
  399  educational services to participants in the defined benefit
  400  program and the optional retirement program. Approval of the
  401  trustees of the State Board of Administration is required before
  402  prior to the expenditure of these funds. Payments for third
  403  party administrative or educational expenses shall be made only
  404  pursuant to the terms of the approved contracts for such
  405  services.
  406         Section 5. Subsection (3) of section 121.78, Florida
  407  Statutes, is amended to read:
  408         121.78 Payment and distribution of contributions.—
  409         (3)(a) Employer contributions and accompanying payroll data
  410  received after the 5th working day of the month are shall be
  411  considered late. The employer shall be assessed by the Division
  412  of Retirement a penalty of 1 percent of the contributions due
  413  for each calendar month or part thereof that the contributions
  414  or accompanying payroll data are late. Proceeds from the 1
  415  percent assessment against contributions made on behalf of
  416  participants of the defined benefit program shall be deposited
  417  in the Florida Retirement System Trust Fund, and proceeds from
  418  the 1-percent assessment against contributions made on behalf of
  419  participants of the optional retirement program shall be
  420  transferred to the third-party administrator for deposit into
  421  participant accounts, as provided in paragraph (b).
  422         (b) If contributions made by an employer on behalf of
  423  participants of the optional retirement program or accompanying
  424  payroll data are not received within the calendar month they are
  425  due, including, but not limited to, contribution adjustments as
  426  a result of employer errors or corrections, and if that
  427  delinquency results in market losses to participants, the
  428  employer shall reimburse each participant’s account for market
  429  losses resulting from the late contributions. If a participant
  430  has terminated employment and taken a distribution, the
  431  participant is responsible for returning any excess
  432  contributions erroneously provided by employers, adjusted for
  433  any investment gain or loss incurred during the period such
  434  excess contributions were in the participant’s Public Employee
  435  Optional Retirement Program account. The state board of
  436  Administration or its designated agent shall communicate to
  437  terminated participants any obligation to repay such excess
  438  contribution amounts. However, the state board of
  439  Administration, its designated agents, the Public Employee
  440  Optional Retirement Program Trust Fund, the department of
  441  Management Services, or the Florida Retirement System Trust Fund
  442  may shall not incur any loss or gain as a result of an
  443  employer’s correction of such excess contributions. The third
  444  party administrator, hired by the state board pursuant to s.
  445  121.4501(8), shall calculate the market losses for each affected
  446  participant. If When contributions made on behalf of
  447  participants of the optional retirement program or accompanying
  448  payroll data are not received within the calendar month due, the
  449  employer shall also pay the cost of the third-party
  450  administrator’s calculation and reconciliation adjustments
  451  resulting from the late contributions. The third-party
  452  administrator shall notify the employer of the results of the
  453  calculations and the total amount due from the employer for such
  454  losses and the costs of calculation and reconciliation. The
  455  employer shall remit to the Division of Retirement the amount
  456  due within 30 10 working days after the date of the penalty
  457  notice sent by the division. The division shall transfer that
  458  said amount to the third-party administrator, which who shall
  459  deposit proceeds from the 1-percent assessment and from
  460  individual market losses into participant accounts, as
  461  appropriate. The state board may is authorized to adopt rules to
  462  administer implement the provisions regarding late
  463  contributions, late submission of payroll data, the process for
  464  reimbursing participant accounts for resultant market losses,
  465  and the penalties charged to the employers.
  466         (c) Delinquency fees may be waived by the Division of
  467  Retirement, with regard to defined benefit program
  468  contributions, and by the state board of Administration, with
  469  regard to optional retirement program contributions, only if
  470  when, in the opinion of the division or the board, as
  471  appropriate, exceptional circumstances beyond the employer’s
  472  control prevented remittance by the prescribed due date
  473  notwithstanding the employer’s good faith efforts to effect
  474  delivery. Such a waiver of delinquency may be granted an
  475  employer only once one time each state fiscal year.
  476         (d) If contributions made by an employer on behalf of
  477  participants in the optional retirement program are delayed in
  478  posting to participant accounts due to acts of God beyond the
  479  control of the Division of Retirement, the state board, or the
  480  third-party administrator, as applicable, market losses
  481  resulting from the late contributions are not payable to the
  482  participants.
  483         Section 6. Paragraph (o) is added to subsection (1) of
  484  section 215.47, Florida Statutes, and subsection (5) of that
  485  section is amended, to read:
  486         215.47 Investments; authorized securities; loan of
  487  securities.—Subject to the limitations and conditions of the
  488  State Constitution or of the trust agreement relating to a trust
  489  fund, moneys available for investments under ss. 215.44-215.53
  490  may be invested as follows:
  491         (1) Without limitation in:
  492         (o) Bonds, notes, or obligations described in 26 U.S.C. s.
  493  149(g)(3)(B), if investment in such bonds, notes, or obligations
  494  is necessary in order to comply with covenants in documents or
  495  proceedings relating to bonds issued pursuant to s. 215.555(6).
  496  Investments made pursuant to this paragraph may be purchased
  497  only from the proceeds of bonds issued pursuant to s. 215.555(6)
  498  and must be authorized under documents or proceedings relating
  499  to such bonds.
  500         (5) With no more than 35 25 percent of any fund in
  501  corporate obligations and securities of any kind of a foreign
  502  corporation or a foreign commercial entity having its principal
  503  office located in any country other than the United States of
  504  America or its possessions or territories, not including United
  505  States dollar-denominated securities listed and traded on a
  506  United States exchange which are a part of the ordinary
  507  investment strategy of the board.
  508         Section 7. Paragraph (a) of subsection (8) of section
  509  218.409, Florida Statutes, is amended to read:
  510         218.409 Administration of the trust fund; creation of
  511  advisory council.—
  512         (8)(a) The principal, and any part thereof, of each and
  513  every account constituting the trust fund is shall be subject to
  514  payment at any time from the moneys in the trust fund. However,
  515  the executive director may, in good faith, on the occurrence of
  516  an event that has a material impact on liquidity or operations
  517  of the trust fund, for 48 hours limit contributions to or
  518  withdrawals from the trust fund to ensure that the board can
  519  invest moneys entrusted to it in exercising its fiduciary
  520  responsibility. Such action must shall be immediately disclosed
  521  to all participants, the trustees, the Joint Legislative
  522  Auditing Committee, the Investment Advisory Council, and the
  523  Participant Local Government Advisory Council. The trustees
  524  shall convene an emergency meeting as soon as practicable from
  525  the time the executive director has instituted such measures and
  526  review the necessity of those measures. If the trustees are
  527  unable to convene an emergency meeting before the expiration of
  528  the 48-hour moratorium on contributions and withdrawals, the
  529  moratorium may be extended by the executive director until the
  530  trustees can meet to review the necessity for the moratorium. If
  531  the trustees agree with such measures, the trustees shall vote
  532  to continue the measures for up to an additional 15 days. The
  533  trustees must convene and vote to continue any such measures
  534  before prior to the expiration of the time limit set, but in no
  535  case may the time limit set by the trustees exceed 15 days.
  536         Section 8. Trademarks, copyrights, or patents.—The State
  537  Board of Administration, on behalf of the Florida Retirement
  538  System or any other trust fund under its jurisdiction, may
  539  develop work products that are subject to trademark, copyright,
  540  or patent statutes. The board may, in its own name or through
  541  the growth initiative program created pursuant to s. 215.47(7),
  542  Florida Statutes, or any other program developed with or for the
  543  board:
  544         (1) Perform all things necessary to secure letters of
  545  patent, copyrights, or trademarks on any work products and
  546  enforce its rights therein.
  547         (2) License, lease, assign, or otherwise give written
  548  consent to any person for the manufacture or use of its work
  549  products on a royalty basis or for such other consideration as
  550  the board deems proper.
  551         (3) Take any action necessary, including legal action, to
  552  protect its work products against improper or unlawful use of
  553  infringement.
  554         (4) Enforce the collection of any sums due the board for
  555  the manufacture or use of its work products by any other party.
  556         (5) Sell any of its work products and execute all
  557  instruments necessary to consummate any such sale.
  558         (6) Do all other acts necessary and proper for the
  559  execution of powers and duties provided under this section.
  560         Section 9. This act shall take effect July 1, 2010.

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