112.60 – Short title.
112.60 Short title.—This part may be cited as the “Florida Protection of Public Employee Retirement Benefits Act.” History.—s. 1, ch. 78-170.
112.61 – Legislative intent.
112.61 Legislative intent.—It is the intent of the Legislature in implementing the provisions of s. 14, Art. X of the State Constitution, relating to governmental retirement systems, that such retirement systems or plans be managed, administered, operated, and funded in such a manner as to maximize the protection of public employee retirement benefits. Inherent in this […]
112.62 – Application.
112.62 Application.—The provisions of this part are applicable to any and all units, agencies, branches, departments, boards, and institutions of state, county, special district, and municipal governments which participate in, operate, or administer a retirement system or plan for public employees, funded in whole or in part by public funds. The provisions of this part supplement […]
112.625 – Definitions.
112.625 Definitions.—As used in this act: (1) “Retirement system or plan” means any employee pension benefit plan supported in whole or in part by public funds, provided such plan is not: (a) An employee benefit plan described in s. 4(a) of the Employee Retirement Income Security Act of 1974, which is not exempt under s. 4(b)(1) of such […]
112.63 – Actuarial reports and statements of actuarial impact; review.
112.63 Actuarial reports and statements of actuarial impact; review.— (1) Each retirement system or plan subject to the provisions of this act shall have regularly scheduled actuarial reports prepared and certified by an enrolled actuary. The actuarial report shall consist of, but is not limited to, the following: (a) Adequacy of employer and employee contribution rates in meeting […]
112.64 – Administration of funds; amortization of unfunded liability.
112.64 Administration of funds; amortization of unfunded liability.— (1) Employee contributions shall be deposited in the retirement system or plan at least monthly. Employer contributions shall be deposited at least quarterly; however, any revenues received from any source by an employer which are specifically collected for the purpose of allocation for deposit into a retirement system or […]
112.65 – Limitation of benefits.
112.65 Limitation of benefits.— (1) ESTABLISHMENT OF PROGRAM.—The normal retirement benefit or pension payable to a retiree who becomes a member of any retirement system or plan and who has not previously participated in such plan, on or after January 1, 1980, may not exceed 100 percent of his or her average final compensation. However, this section […]
112.656 – Fiduciary duties; certain officials included as fiduciaries.
112.656 Fiduciary duties; certain officials included as fiduciaries.— (1) A fiduciary shall discharge his or her duties with respect to a plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan. (2) Each retirement system or plan shall […]
112.658 – Office of Program Policy Analysis and Government Accountability to determine compliance of the Florida Retirement System.
112.658 Office of Program Policy Analysis and Government Accountability to determine compliance of the Florida Retirement System.— (1) The Office of Program Policy Analysis and Government Accountability shall determine, through the examination of actuarial reviews, financial statements, and the practices and procedures of the Department of Management Services, the compliance of the Florida Retirement System with the […]
112.66 – General provisions.
112.66 General provisions.—The following general provisions relating to the operation and administration of any retirement system or plan covered by this part shall be applicable: (1) The provisions of each retirement system or plan shall be contained in a written summary plan description, to be published on a biennial basis, in a manner calculated to be understood […]
112.661 – Investment policies.
112.661 Investment policies.—Investment of the assets of any local retirement system or plan must be consistent with a written investment policy adopted by the board. Such policies shall be structured to maximize the financial return to the retirement system or plan consistent with the risks incumbent in each investment and shall be structured to establish and […]
112.664 – Reporting standards for defined benefit retirement plans or systems.
112.664 Reporting standards for defined benefit retirement plans or systems.— (1) In addition to the other reporting requirements of this part, within 60 days after receipt of the certified actuarial report submitted after the close of the plan year that ends on or after December 31, 2015, and thereafter in each year required under s. 112.63(2), each […]
112.665 – Duties of Department of Management Services.
112.665 Duties of Department of Management Services.— (1) The Department of Management Services shall: (a) Gather, catalog, and maintain complete, computerized data information on all public employee retirement systems or plans in the state based upon a review of audits, reports, and other data pertaining to the systems or plans; (b) Receive and comment upon all actuarial reviews of […]
112.67 – Special acts prohibited.
112.67 Special acts prohibited.—Pursuant to s. 11(a)(21), Art. III of the State Constitution, the Legislature hereby prohibits special laws or general laws of local application in conflict with the requirements of this part. History.—s. 2, ch. 78-170.