July 10, 2020
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       Florida Senate - 2010                                    SB 2106
       
       
       
       By Senator Ring
       
       
       
       
       32-01283-10                                           20102106__
    1                        A bill to be entitled                      
    2         An act relating to municipal police pension plans;
    3         amending s. 185.35, F.S.; allowing premium tax
    4         revenues to be used to repay an advance from the
    5         municipality which is used to purchase an annuity to
    6         fund the accrued liabilities of the plan; providing an
    7         effective date.
    8  
    9         WHEREAS, the merger or transfer of police services to
   10  another governmental agency has resulted in certain
   11  municipalities closing their police retirement plans, and
   12         WHEREAS, the continued economic welfare of the plan, its
   13  participants, and the municipality are best served by the
   14  expedited funding of the plan’s accumulated liabilities, and
   15         WHEREAS, the amount of insurance premium tax revenue
   16  received annually is insufficient to permit the immediate
   17  payment of those accumulated liabilities, and
   18         WHEREAS, the advanced payment of the cost of those
   19  liabilities will result in enhanced actuarial soundness for the
   20  plan and a savings to the taxpayers, and
   21         WHEREAS, allowing the use of premium tax revenue under
   22  certain limited circumstances does not threaten the integrity of
   23  the premium tax program by creating a risk that the premium
   24  taxes will not be used solely for the retirement benefits of
   25  police officers, NOW, THEREFORE,
   26  
   27  Be It Enacted by the Legislature of the State of Florida:
   28  
   29         Section 1. Subsection (1) of section 185.35, Florida
   30  Statutes, is amended to read:
   31         185.35 Municipalities having their own pension plans for
   32  police officers.—For any municipality, chapter plan, local law
   33  municipality, or local law plan under this chapter, in order for
   34  municipalities with their own pension plans for police officers,
   35  or for police officers and firefighters where included, to
   36  participate in the distribution of the tax fund established
   37  pursuant to s. 185.08, local law plans must meet the minimum
   38  benefits and minimum standards set forth in this chapter:
   39         (1) PREMIUM TAX INCOME.—
   40         (a) If a municipality has a pension plan for police
   41  officers, or for police officers and firefighters where
   42  included, which, in the opinion of the division, meets the
   43  minimum benefits and minimum standards set forth in this
   44  chapter, the board of trustees of the pension plan, as approved
   45  by a majority of police officers of the municipality, may:
   46         (a) place the income from the premium tax levied under in
   47  s. 185.08 in: such
   48         1. The pension plan for the sole and exclusive use of its
   49  police officers, or its police officers and firefighters where
   50  included, where it shall become an integral part of that pension
   51  plan and shall be used to pay extra benefits to the police
   52  officers included in that pension plan; or
   53         2.(b)May Place the income from the premium tax in s.
   54  185.08 in A separate supplemental plan to pay extra benefits to
   55  the police officers, or police officers and firefighters where
   56  included, participating in the such separate supplemental plan.
   57         (b)Except as provided in paragraph (c), the premium tax
   58  must provided by this chapter shall in all cases be used in its
   59  entirety to provide extra benefits to police officers, or to
   60  police officers and firefighters, where included. However, local
   61  law plans in effect on October 1, 1998, must shall be required
   62  to comply with the minimum benefit provisions of this chapter
   63  only to the extent that additional premium tax revenues become
   64  available to incrementally fund the cost of such compliance as
   65  provided in s. 185.16(2). When a plan is in compliance with the
   66  such minimum benefit provisions, as subsequent additional tax
   67  revenues become available, the revenues must they shall be used
   68  to provide extra benefits. For the purpose of this chapter,
   69  “additional premium tax revenues” means revenues received by a
   70  municipality pursuant to s. 185.10 which exceed the amount
   71  received for calendar year 1997, and the term “extra benefits”
   72  means benefits in addition to or greater than those provided to
   73  general employees of the municipality and in addition to those
   74  in existence for police officers on March 12, 1999. Local law
   75  plans created by special act before May 23, 1939, are shall be
   76  deemed to comply with this chapter.
   77         (c) In a closed plan that has fewer than five active
   78  members where police services have been transferred or merged
   79  with another governmental agency, the municipality may advance
   80  payment for the cost of purchasing an annuity contract
   81  applicable to the accrued liabilities of the plan. In such case,
   82  the board of trustees, as approved by the members, may authorize
   83  the repayment of the advanced cost from the future receipt of
   84  premium taxes; however, the plan may not be deemed fully funded
   85  until the full cost of the advanced payment has been returned to
   86  the municipality by the plan. This paragraph does not preclude
   87  the continued receipt of premium tax for the purpose of
   88  providing additional benefits for active or retired police
   89  officers as provided under paragraph (b).
   90         Section 2. This act shall take effect July 1, 2010.

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