November 15, 2019
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       Florida Senate - 2010                             CS for SB 1078
       
       
       
       By the Committee on Governmental Oversight and Accountability;
       and Senator Ring
       
       
       
       585-02380-10                                          20101078c1
    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         expanding the types of investments that the state
   26         board is authorized to make; increasing the fund
   27         amount that may be invested in a foreign entity;
   28         amending s. 218.409, F.S.; providing for extending a
   29         moratorium on contributions to the Local Government
   30         Surplus Funds Trust Fund under certain circumstances;
   31         authorizing the state board to develop work products
   32         that are subject to trademark, copyright, or patent;
   33         providing an effective date.
   34  
   35  Be It Enacted by the Legislature of the State of Florida:
   36  
   37         Section 1. Subsection (2), paragraph (e) of subsection (4),
   38  subsection (6), and paragraphs (a) and (g) of subsection (8) of
   39  section 121.4501, Florida Statutes, are amended to read:
   40         121.4501 Public Employee Optional Retirement Program.—
   41         (2) DEFINITIONS.—As used in this part, the term:
   42         (a) “Approved provider” or “provider” means a private
   43  sector company that is selected and approved by the state board
   44  to offer one or more investment products or services to the
   45  Public Employee optional retirement program. The term includes a
   46  bundled provider that offers participants a range of
   47  individually allocated or unallocated investment products and
   48  may offer a range of administrative and customer services, which
   49  may include accounting and administration of individual
   50  participant benefits and contributions; individual participant
   51  recordkeeping; asset purchase, control, and safekeeping; direct
   52  execution of the participant’s instructions as to asset and
   53  contribution allocation; calculation of daily net asset values;
   54  direct access to participant account information; periodic
   55  reporting to participants, at least quarterly, on account
   56  balances and transactions; guidance, advice, and allocation
   57  services directly relating to the provider’s its own investment
   58  options or products, but only if the bundled provider complies
   59  with the standard of care of s. 404(a)(1)(A-B) of the Employee
   60  Retirement Income Security Act of 1974 (ERISA) and if providing
   61  such guidance, advice, or allocation services does not
   62  constitute a prohibited transaction under s. 4975(c)(1) of the
   63  Internal Revenue Code or s. 406 of ERISA, notwithstanding that
   64  such prohibited transaction provisions do not apply to the
   65  optional retirement program; a broad array of distribution
   66  options; asset allocation; and retirement counseling and
   67  education. Private sector companies include investment
   68  management companies, insurance companies, depositories, and
   69  mutual fund companies.
   70         (b) “Average monthly compensation” means one-twelfth of
   71  average final compensation as defined in s. 121.021(24).
   72         (c) “Covered employment” means employment in a regularly
   73  established position as defined in s. 121.021(52).
   74         (d) Defined benefit program” means the defined benefit
   75  program of the Florida Retirement System administered under part
   76  I of this chapter “Department” means the Department of
   77  Management Services.
   78         (e)(e) “Division” means the Division of Retirement within
   79  the department of Management Services.
   80         (f) “Electronic means” means by telephone, if the required
   81  information is received on a recorded line, or through Internet
   82  access, if the required information is captured online.
   83         (g)(f) “Eligible employee” means an officer or employee, as
   84  defined in s. 121.021, who:
   85         1. Is a member of, or is eligible for membership in, the
   86  Florida Retirement System, including any renewed member of the
   87  Florida Retirement System initially enrolled before July 1,
   88  2010; or
   89         2. Participates in, or is eligible to participate in, the
   90  Senior Management Service Optional Annuity Program as
   91  established under s. 121.055(6), the State Community College
   92  System Optional Retirement Program as established under s.
   93  121.051(2)(c), or the State University System Optional
   94  Retirement Program established under s. 121.35.
   95  
   96  The term does not include any member participating in the
   97  Deferred Retirement Option Program established under s.
   98  121.091(13), a retiree of a state-administered retirement system
   99  initially reemployed on or after July 1, 2010, or a mandatory
  100  participant of the State University System Optional Retirement
  101  Program established under s. 121.35.
  102         (h)(g) “Employer” means an employer, as defined in s.
  103  121.021(10), of an eligible employee.
  104         (i) “Optional retirement program” or “optional program”
  105  means the Public Employee Optional Retirement Program
  106  established under this part.
  107         (j)(h) “Participant” means an eligible employee who elects
  108  to participate in the Public Employee Optional Retirement
  109  Program and enrolls in the such optional program as provided in
  110  subsection (4) or a terminated Deferred Retirement Option
  111  Program participant as described in subsection (21).
  112         (i)“Public Employee Optional Retirement Program,”
  113  “optional program,” or “optional retirement program” means the
  114  alternative defined contribution retirement program established
  115  under this section.
  116         (k)(j) “Retiree” means a former participant of the Florida
  117  Retirement System Public Employee optional retirement program
  118  who has terminated employment and has taken a distribution as
  119  provided in s. 121.591, except for a mandatory distribution of a
  120  de minimis account authorized by the state board.
  121         (k)“State board” or “board” means the State Board of
  122  Administration.
  123         (l)“Trustees” means Trustees of the State Board of
  124  Administration.
  125         (l)(m) “Vested” or “vesting” means the guarantee that a
  126  participant is eligible to receive a retirement benefit upon
  127  completion of the required years of service under the Public
  128  Employee optional retirement program.
  129         (4) PARTICIPATION; ENROLLMENT.—
  130         (e) After the period during which an eligible employee had
  131  the choice to elect the defined benefit program or the Public
  132  Employee optional retirement program, or the month following the
  133  receipt of the eligible employee’s plan election, if sooner, the
  134  employee shall have one opportunity, at the employee’s
  135  discretion, to choose to move from the defined benefit program
  136  to the Public Employee optional retirement program or from the
  137  Public Employee optional retirement program to the defined
  138  benefit program. Eligible employees may elect to move between
  139  Florida Retirement System programs only if they are earning
  140  service credit in an employer-employee relationship consistent
  141  with the requirements under s. 121.021(17)(b), excluding leaves
  142  of absence without pay. Effective July 1, 2005, such elections
  143  are shall be effective on the first day of the month following
  144  the receipt of the election by the third-party administrator and
  145  are not subject to the requirements regarding an employer
  146  employee relationship or receipt of contributions for the
  147  eligible employee in the effective month, except that the
  148  employee must meet the conditions of the previous sentence when
  149  the election is received by the third-party administrator. This
  150  paragraph is shall be contingent upon approval from the Internal
  151  Revenue Service for including the choice described herein within
  152  the programs offered by the Florida Retirement System.
  153         1. If the employee chooses to move to the Public Employee
  154  optional retirement program, the applicable provisions of this
  155  section shall govern the transfer.
  156         2. If the employee chooses to move to the defined benefit
  157  program, the employee must transfer from his or her Public
  158  Employee optional retirement program account, and from other
  159  employee moneys as necessary, a sum representing the present
  160  value of that employee’s accumulated benefit obligation
  161  immediately following the time of such movement, determined
  162  assuming that attained service equals the sum of service in the
  163  defined benefit program and service in the Public Employee
  164  optional retirement program. Benefit commencement occurs on the
  165  first date the employee is would become eligible for unreduced
  166  benefits, using the discount rate and other relevant actuarial
  167  assumptions that were used to value the Florida Retirement
  168  System defined benefit plan liabilities in the most recent
  169  actuarial valuation. For any employee who, at the time of the
  170  second election, already maintains an accrued benefit amount in
  171  the defined benefit program plan, the then-present value of the
  172  such accrued benefit shall be deemed part of the required
  173  transfer amount described in this subparagraph. The division
  174  shall ensure that the transfer sum is prepared using a formula
  175  and methodology certified by an enrolled actuary.
  176         3. Notwithstanding subparagraph 2., an employee who chooses
  177  to move to the defined benefit program and who became eligible
  178  to participate in the Public Employee optional retirement
  179  program by reason of employment in a regularly established
  180  position with a state employer after June 1, 2002; a district
  181  school board employer after September 1, 2002; or a local
  182  employer after December 1, 2002, must transfer from his or her
  183  Public Employee optional retirement program account and, from
  184  other employee moneys as necessary, a sum representing the that
  185  employee’s actuarial accrued liability.
  186         4. An employee’s Employees’ ability to transfer from the
  187  Florida Retirement System defined benefit program to the Public
  188  Employee optional retirement program pursuant to paragraphs (a)
  189  (d), and the ability of a for current employee employees to have
  190  an option to later transfer back into the defined benefit
  191  program under subparagraph 2., shall be deemed a significant
  192  system amendment. Pursuant to s. 121.031(4), any such resulting
  193  unfunded liability arising from actual original transfers from
  194  the defined benefit program to the optional program must shall
  195  be amortized within 30 plan years as a separate unfunded
  196  actuarial base independent of the reserve stabilization
  197  mechanism defined in s. 121.031(3)(f). For the first 25 years, a
  198  no direct amortization payment may not shall be calculated for
  199  this base. During this 25-year period, the such separate base
  200  shall be used to offset the impact of employees exercising their
  201  second program election under this paragraph. It is the
  202  legislative intent of the Legislature that the actuarial funded
  203  status of the Florida Retirement System defined benefit program
  204  not be affected plan is neither beneficially nor adversely
  205  impacted by such second program elections in any significant
  206  manner, after due recognition of the separate unfunded actuarial
  207  base. Following the this initial 25-year period, any remaining
  208  balance of the original separate base shall be amortized over
  209  the remaining 5 years of the required 30-year amortization
  210  period.
  211         5. If the employee chooses to transfer from the optional
  212  retirement program to the defined benefit program, and retains
  213  an excess account balance in the optional program after
  214  satisfying the buy-in requirements under this paragraph, the
  215  excess may not be distributed until the member retires from the
  216  defined benefit program. The excess account balance may be
  217  rolled over to the defined benefit program and used to purchase
  218  service credit or upgrade creditable service in that program.
  219         (6) VESTING REQUIREMENTS.—
  220         (a)1. With respect to employer contributions paid on behalf
  221  of the participant to the Public Employee optional retirement
  222  program, plus interest and earnings thereon and less investment
  223  fees and administrative charges, a participant is shall be
  224  vested after completing 1 work year, as defined in s.
  225  121.021(54), with an employer, including any service while the
  226  participant was a member of the defined benefit retirement
  227  program or an optional retirement program authorized under s.
  228  121.051(2)(c) or s. 121.055(6).
  229         2. If the participant terminates employment before prior to
  230  satisfying the vesting requirements, the nonvested accumulation
  231  must shall be transferred from the participant’s accounts to the
  232  state board for deposit and investment by the state board in the
  233  suspense account created within of the Public Employee Optional
  234  Retirement Program Trust Fund of the board. If the terminated
  235  participant is reemployed as an eligible employee within 5
  236  years, the state board shall transfer to the participant’s
  237  account any amount of the moneys previously transferred from the
  238  participant’s accounts to the suspense account of the Public
  239  Employee Optional Retirement Program Trust Fund, plus the actual
  240  earnings on such amount while in the suspense account.
  241         (b)1. With respect to amounts transferred from the defined
  242  benefit program to the investment program, plus interest and
  243  earnings, and less investment fees and administrative charges, a
  244  participant shall be vested in the amount transferred from the
  245  defined benefit program, plus interest and earnings thereon and
  246  less administrative charges and investment fees, upon meeting
  247  the service requirements for the participant’s membership class
  248  as set forth in s. 121.021(29). The third-party administrator
  249  shall account for such amounts for each participant. The
  250  division shall notify the participant and the third-party
  251  administrator when the participant has satisfied the vesting
  252  period for Florida Retirement System purposes.
  253         2. If the participant terminates employment before prior to
  254  satisfying the vesting requirements, the nonvested accumulation
  255  must shall be transferred from the participant’s accounts to the
  256  state board for deposit and investment by the board in the
  257  suspense account created within of the Public Employee Optional
  258  Retirement Program Trust Fund of the board. If the terminated
  259  participant is reemployed as an eligible employee within 5
  260  years, the state board shall transfer to the participant’s
  261  account any amount of the moneys previously transferred from the
  262  participant’s accounts to the suspense account of the Public
  263  Employee Optional Retirement Program Trust Fund, plus the actual
  264  earnings on such amount while in the suspense account.
  265         (c) Any nonvested accumulations transferred from a
  266  participant’s account to the suspense account shall be forfeited
  267  by the participant if the participant is not reemployed as an
  268  eligible employee within 5 years after termination.
  269         (8) ADMINISTRATION OF PROGRAM.—
  270         (a) The Public Employee optional retirement program shall
  271  be administered by the state board and affected employers. The
  272  board may is authorized to require oaths, by affidavit or
  273  otherwise, and acknowledgments from persons in connection with
  274  the administration of its statutory duties and responsibilities
  275  for this program under this chapter. An No oath, by affidavit or
  276  otherwise, may not shall be required of an employee participant
  277  at the time of enrollment election. Acknowledgment of an
  278  employee’s election to participate in the program shall be no
  279  greater than necessary to confirm the employee’s election. The
  280  state board shall adopt rules to carry out its statutory duties
  281  with respect to administering the optional retirement program,
  282  including, but not limited to, establishing the roles role and
  283  responsibilities of affected state, local government, and
  284  education-related employers, the state board, the department,
  285  and third-party contractors in administering the Public Employee
  286  optional retirement program. The department shall adopt rules
  287  necessary to administer implement the optional program in
  288  coordination with the defined benefit retirement program and the
  289  disability benefits available under the optional program.
  290         (g) The state board shall develop procedures to receive and
  291  resolve participant complaints against the program, the third
  292  party administrator, or any program vendor or provider and shall
  293  resolve any conflict between the third-party administrator and
  294  an approved provider if when such conflict threatens the
  295  implementation or administration of the program or the quality
  296  of services to employees, and may resolve any other conflicts.
  297  The third-party administrator shall retain all participant
  298  records for at least 5 years for use in resolving any
  299  participant conflicts. The state board, the third-party
  300  administrator, or a provider is not required to produce
  301  documentation or an audio recording to justify action taken with
  302  regard to a participant if the action occurred 5 or more years
  303  before the complaint is submitted to the board. It is presumed
  304  that all action taken 5 or more years before the complaint is
  305  submitted was taken at the request of the participant and with
  306  the participant’s full knowledge and consent. To overcome this
  307  presumption, the participant must present documentary evidence
  308  or an audio recording demonstrating otherwise.
  309         Section 2. Subsection (3) is added to section 121.4502,
  310  Florida Statutes, to read:
  311         121.4502 Public Employee Optional Retirement Program Trust
  312  Fund.—
  313         (3) A forfeiture account shall be created within the Public
  314  Employee Optional Retirement Program Trust Fund to hold the
  315  assets derived from the forfeiture of benefits by participants.
  316  Pursuant to a private letter ruling from the Internal Revenue
  317  Service, the forfeiture account may be used only for paying
  318  expenses of the Public Employee Optional Retirement Program and
  319  reducing future employer contributions to the program.
  320  Consistent with Rulings 80-155 and 74-340 of the Internal
  321  Revenue Service, unallocated reserves within the forfeiture
  322  account must be used as quickly and as prudently as possible
  323  considering the state board’s fiduciary duty. Expected
  324  withdrawals from the account must endeavor to reduce the account
  325  to zero each fiscal year.
  326         Section 3. Paragraph (b) of subsection (1) of section
  327  121.591, Florida Statutes, is amended to read:
  328         121.591 Benefits payable under the Public Employee Optional
  329  Retirement Program of the Florida Retirement System.—Benefits
  330  may not be paid under this section unless the member has
  331  terminated employment as provided in s. 121.021(39)(a) or is
  332  deceased and a proper application has been filed in the manner
  333  prescribed by the state board or the department. The state board
  334  or department, as appropriate, may cancel an application for
  335  retirement benefits when the member or beneficiary fails to
  336  timely provide the information and documents required by this
  337  chapter and the rules of the state board and department. In
  338  accordance with their respective responsibilities as provided
  339  herein, the State Board of Administration and the Department of
  340  Management Services shall adopt rules establishing procedures
  341  for application for retirement benefits and for the cancellation
  342  of such application when the required information or documents
  343  are not received. The State Board of Administration and the
  344  Department of Management Services, as appropriate, are
  345  authorized to cash out a de minimis account of a participant who
  346  has been terminated from Florida Retirement System covered
  347  employment for a minimum of 6 calendar months. A de minimis
  348  account is an account containing employer contributions and
  349  accumulated earnings of not more than $5,000 made under the
  350  provisions of this chapter. Such cash-out must either be a
  351  complete lump-sum liquidation of the account balance, subject to
  352  the provisions of the Internal Revenue Code, or a lump-sum
  353  direct rollover distribution paid directly to the custodian of
  354  an eligible retirement plan, as defined by the Internal Revenue
  355  Code, on behalf of the participant. If any financial instrument
  356  issued for the payment of retirement benefits under this section
  357  is not presented for payment within 180 days after the last day
  358  of the month in which it was originally issued, the third-party
  359  administrator or other duly authorized agent of the State Board
  360  of Administration shall cancel the instrument and credit the
  361  amount of the instrument to the suspense account of the Public
  362  Employee Optional Retirement Program Trust Fund authorized under
  363  s. 121.4501(6). Any such amounts transferred to the suspense
  364  account are payable upon a proper application, not to include
  365  earnings thereon, as provided in this section, within 10 years
  366  after the last day of the month in which the instrument was
  367  originally issued, after which time such amounts and any
  368  earnings thereon shall be forfeited. Any such forfeited amounts
  369  are assets of the Public Employee Optional Retirement Program
  370  Trust Fund and are not subject to the provisions of chapter 717.
  371         (1) NORMAL BENEFITS.—Under the Public Employee Optional
  372  Retirement Program:
  373         (b) If a participant elects to receive his or her benefits
  374  upon termination of employment as defined in s. 121.021, the
  375  participant must submit a written application or an application
  376  by electronic means an equivalent form to the third-party
  377  administrator indicating his or her preferred distribution date
  378  and selecting an authorized method of distribution as provided
  379  in paragraph (c). The participant may defer receipt of benefits
  380  until he or she chooses to make such application, subject to
  381  federal requirements.
  382         Section 4. Section 121.74, Florida Statutes, is amended to
  383  read:
  384         121.74 Administrative and educational expenses.—In addition
  385  to contributions required under s. 121.71, effective July 1,
  386  2010, through June 30, 2014, employers participating in the
  387  Florida Retirement System shall contribute an amount equal to
  388  0.03 0.05 percent of the payroll reported for each class or
  389  subclass of Florida Retirement System membership; effective July
  390  1, 2014, the contribution rate shall be 0.04 percent of the
  391  payroll reported for each class or subclass of membership. The,
  392  which amount contributed shall be transferred by the Division of
  393  Retirement from the Florida Retirement System Contributions
  394  Clearing Trust Fund to the State Board of Administration’s
  395  Administrative Trust Fund to offset the costs of administering
  396  the optional retirement program and the costs of providing
  397  educational services to participants in the defined benefit
  398  program and the optional retirement program. Approval of the
  399  trustees of the State Board of Administration is required before
  400  prior to the expenditure of these funds. Payments for third
  401  party administrative or educational expenses shall be made only
  402  pursuant to the terms of the approved contracts for such
  403  services.
  404         Section 5. Subsection (3) of section 121.78, Florida
  405  Statutes, is amended to read:
  406         121.78 Payment and distribution of contributions.—
  407         (3)(a) Employer contributions and accompanying payroll data
  408  received after the 5th working day of the month are shall be
  409  considered late. The employer shall be assessed by the Division
  410  of Retirement a penalty of 1 percent of the contributions due
  411  for each calendar month or part thereof that the contributions
  412  or accompanying payroll data are late. Proceeds from the 1
  413  percent assessment against contributions made on behalf of
  414  participants of the defined benefit program shall be deposited
  415  in the Florida Retirement System Trust Fund, and proceeds from
  416  the 1-percent assessment against contributions made on behalf of
  417  participants of the optional retirement program shall be
  418  transferred to the third-party administrator for deposit into
  419  participant accounts, as provided in paragraph (b).
  420         (b) If contributions made by an employer on behalf of
  421  participants of the optional retirement program or accompanying
  422  payroll data are not received within the calendar month they are
  423  due, including, but not limited to, contribution adjustments as
  424  a result of employer errors or corrections, and if that
  425  delinquency results in market losses to participants, the
  426  employer shall reimburse each participant’s account for market
  427  losses resulting from the late contributions. If a participant
  428  has terminated employment and taken a distribution, the
  429  participant is responsible for returning any excess
  430  contributions erroneously provided by employers, adjusted for
  431  any investment gain or loss incurred during the period such
  432  excess contributions were in the participant’s Public Employee
  433  Optional Retirement Program account. The state board of
  434  Administration or its designated agent shall communicate to
  435  terminated participants any obligation to repay such excess
  436  contribution amounts. However, the state board of
  437  Administration, its designated agents, the Public Employee
  438  Optional Retirement Program Trust Fund, the department of
  439  Management Services, or the Florida Retirement System Trust Fund
  440  may shall not incur any loss or gain as a result of an
  441  employer’s correction of such excess contributions. The third
  442  party administrator, hired by the state board pursuant to s.
  443  121.4501(8), shall calculate the market losses for each affected
  444  participant. If When contributions made on behalf of
  445  participants of the optional retirement program or accompanying
  446  payroll data are not received within the calendar month due, the
  447  employer shall also pay the cost of the third-party
  448  administrator’s calculation and reconciliation adjustments
  449  resulting from the late contributions. The third-party
  450  administrator shall notify the employer of the results of the
  451  calculations and the total amount due from the employer for such
  452  losses and the costs of calculation and reconciliation. The
  453  employer shall remit to the Division of Retirement the amount
  454  due within 30 10 working days after the date of the penalty
  455  notice sent by the division. The division shall transfer that
  456  said amount to the third-party administrator, which who shall
  457  deposit proceeds from the 1-percent assessment and from
  458  individual market losses into participant accounts, as
  459  appropriate. The state board may is authorized to adopt rules to
  460  administer implement the provisions regarding late
  461  contributions, late submission of payroll data, the process for
  462  reimbursing participant accounts for resultant market losses,
  463  and the penalties charged to the employers.
  464         (c) Delinquency fees may be waived by the Division of
  465  Retirement, with regard to defined benefit program
  466  contributions, and by the state board of Administration, with
  467  regard to optional retirement program contributions, only if
  468  when, in the opinion of the division or the board, as
  469  appropriate, exceptional circumstances beyond the employer’s
  470  control prevented remittance by the prescribed due date
  471  notwithstanding the employer’s good faith efforts to effect
  472  delivery. Such a waiver of delinquency may be granted an
  473  employer only once one time each state fiscal year.
  474         (d) If contributions made by an employer on behalf of
  475  participants in the optional retirement program are delayed in
  476  posting to participant accounts due to acts of God beyond the
  477  control of the Division of Retirement, the state board, or the
  478  third-party administrator, as applicable, market losses
  479  resulting from the late contributions are not payable to the
  480  participants.
  481         Section 6. Paragraphs (b) and (c) of subsection (1),
  482  paragraph (a) of subsection (2), and subsection (5) of section
  483  215.47, Florida Statutes, are amended, and paragraph (o) is
  484  added to subsection (1) of that section, to read:
  485         215.47 Investments; authorized securities; loan of
  486  securities.—Subject to the limitations and conditions of the
  487  State Constitution or of the trust agreement relating to a trust
  488  fund, moneys available for investments under ss. 215.44-215.53
  489  may be invested as follows:
  490         (1) Without limitation in:
  491         (b) State Bonds, notes, or obligations of any state,
  492  organized territory of the United States, or the District of
  493  Columbia which pledge pledging the full faith and credit of the
  494  state, territory, or district; and revenue bonds, notes, or
  495  obligations of any state, organized territory of the United
  496  States, or the District of Columbia additionally secured by the
  497  full faith and credit of the state, territory, or district.
  498         (c) Bonds, notes, or obligations of the several counties or
  499  districts in any the state, organized territory of the United
  500  States, or the District of Columbia containing a pledge of the
  501  full faith and credit of the county or district involved.
  502         (o) Bonds, notes, or obligations described in 26 U.S.C. s.
  503  149(g)(3)(B), if investment in such bonds, notes, or obligations
  504  is necessary in order to comply with covenants in documents or
  505  proceedings relating to bonds issued pursuant to s. 215.555(6).
  506  Investments made pursuant to this paragraph may be purchased
  507  only from the proceeds of bonds issued pursuant to s. 215.555(6)
  508  and must be authorized under documents or proceedings relating
  509  to such bonds.
  510         (2) With no more than 25 percent of any fund in:
  511         (a) Bonds, notes, or obligations of any state or organized
  512  territory of the United States or the District of Columbia; of
  513  any municipality or political subdivision, or any agency,
  514  district, or authority thereof; or of any agency or authority of
  515  this state, if the obligations are rated investment grade by at
  516  least one nationally recognized statistical rating organization.
  517         (5) With no more than 35 25 percent of any fund in
  518  corporate obligations and securities of any kind of a foreign
  519  corporation or a foreign commercial entity having its principal
  520  office located in any country other than the United States of
  521  America or its possessions or territories, not including United
  522  States dollar-denominated securities listed and traded on a
  523  United States exchange which are a part of the ordinary
  524  investment strategy of the board.
  525         Section 7. Paragraph (a) of subsection (8) of section
  526  218.409, Florida Statutes, is amended to read:
  527         218.409 Administration of the trust fund; creation of
  528  advisory council.—
  529         (8)(a) The principal, and any part thereof, of each and
  530  every account constituting the trust fund is shall be subject to
  531  payment at any time from the moneys in the trust fund. However,
  532  the executive director may, in good faith, on the occurrence of
  533  an event that has a material impact on liquidity or operations
  534  of the trust fund, for 48 hours limit contributions to or
  535  withdrawals from the trust fund to ensure that the board can
  536  invest moneys entrusted to it in exercising its fiduciary
  537  responsibility. Such action must shall be immediately disclosed
  538  to all participants, the trustees, the Joint Legislative
  539  Auditing Committee, the Investment Advisory Council, and the
  540  Participant Local Government Advisory Council. The trustees
  541  shall convene an emergency meeting as soon as practicable from
  542  the time the executive director has instituted such measures and
  543  review the necessity of those measures. If the trustees are
  544  unable to convene an emergency meeting before the expiration of
  545  the 48-hour moratorium on contributions and withdrawals, the
  546  moratorium may be extended by the executive director until the
  547  trustees can meet to review the necessity for the moratorium. If
  548  the trustees agree with such measures, the trustees shall vote
  549  to continue the measures for up to an additional 15 days. The
  550  trustees must convene and vote to continue any such measures
  551  before prior to the expiration of the time limit set, but in no
  552  case may the time limit set by the trustees exceed 15 days.
  553         Section 8. Trademarks, copyrights, or patents.—The State
  554  Board of Administration, on behalf of the Florida Retirement
  555  System or any other trust fund under its jurisdiction, may
  556  develop work products that are subject to trademark, copyright,
  557  or patent statutes. The board may, in its own name or through
  558  the growth initiative program created pursuant to s. 215.47(7),
  559  Florida Statutes, or any other program developed with or for the
  560  board:
  561         (1) Perform all things necessary to secure letters of
  562  patent, copyrights, or trademarks on any work products and
  563  enforce its rights therein.
  564         (2) License, lease, assign, or otherwise give written
  565  consent to any person for the manufacture or use of its work
  566  products on a royalty basis or for such other consideration as
  567  the board deems proper.
  568         (3) Take any action necessary, including legal action, to
  569  protect its work products against improper or unlawful use of
  570  infringement.
  571         (4) Enforce the collection of any sums due the board for
  572  the manufacture or use of its work products by any other party.
  573         (5) Sell any of its work products and execute all
  574  instruments necessary to consummate any such sale.
  575         (6) Do all other acts necessary and proper for the
  576  execution of powers and duties provided under this section.
  577         Section 9. This act shall take effect July 1, 2010.

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