January 27, 2020
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       Florida Senate - 2010                                    SB 2274
       
       
       
       By Senator Hill
       
       
       
       
       1-01843-10                                            20102274__
    1                        A bill to be entitled                      
    2         An act relating to governmental retirement systems;
    3         amending ss. 112.61 and 112.62, F.S.; clarifying that
    4         part VII of ch. 112. F.S., relating to the actuarial
    5         soundness of retirement systems, applies to all public
    6         employee retirement systems; amending s. 112.661,
    7         F.S.; clarifying that the assets of a local retirement
    8         system may be invested like other public moneys
    9         available for investment by the State Board of
   10         Administration; providing an effective date.
   11  
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Section 112.61, Florida Statutes, is amended to
   15  read:
   16         112.61 Legislative intent.—It is the intent of the
   17  Legislature in implementing the provisions of s. 14, Art. X of
   18  the State Constitution, relating to governmental retirement
   19  systems, that such retirement systems or plans be managed,
   20  administered, operated, and funded in such a manner as to
   21  maximize the protection of public employee retirement benefits.
   22  Inherent in this intent is the recognition that the pension
   23  liabilities attributable to the benefits promised public
   24  employees be fairly, orderly, and equitably funded by the
   25  current, as well as future, taxpayers. Accordingly, except as
   26  herein provided, it is the intent of the Legislature this act to
   27  prohibit the use of any procedure, methodology, or assumptions
   28  the effect of which is to transfer to future taxpayers any
   29  portion of the costs which may reasonably have been expected to
   30  be paid by the current taxpayers. Actuarial experience may be
   31  used to fund additional benefits if, provided that the present
   32  value of such benefits does not exceed the net actuarial
   33  experience accumulated from all sources of gains and losses.
   34  This part act hereby establishes minimum standards for the
   35  operation and funding of all public employee retirement systems
   36  and plans.
   37         Section 2. Section 112.62, Florida Statutes, is amended to
   38  read:
   39         112.62 Application.—The provisions of this part are
   40  applicable to any and all units, agencies, branches,
   41  departments, boards, and institutions of state, county, special
   42  district, and municipal governments that which participate in,
   43  operate, or administer a retirement system or plan for public
   44  employees, funded in whole or in part by public funds. The
   45  provisions of this part supplement and, to the extent there are
   46  conflicts, prevail over the provisions of existing laws and
   47  local ordinances relating to such retirement systems or plans.
   48         Section 3. Paragraph (a) of subsection (5) of section
   49  112.661, Florida Statutes, is amended to read:
   50         112.661 Investment policies.—Investment of the assets of
   51  any local retirement system or plan must be consistent with a
   52  written investment policy adopted by the board. Such policies
   53  shall be structured to maximize the financial return to the
   54  retirement system or plan consistent with the risks incumbent in
   55  each investment and shall be structured to establish and
   56  maintain an appropriate diversification of the retirement system
   57  or plan’s assets.
   58         (5) AUTHORIZED INVESTMENTS.—
   59         (a) The investment policy must shall list investments
   60  authorized by the board. Investments not listed in the
   61  investment policy are prohibited. Unless otherwise authorized by
   62  law or ordinance, The investment of the assets of any local
   63  retirement system or plan covered by this part is shall be
   64  subject to the limitations and conditions set forth in s.
   65  215.47(1)-(6), (8), (9), (11) and (17).
   66         Section 4. This act shall take effect July 1, 2010.

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