(1) Effective December 1, 1970, the existing systems and the Florida Retirement System shall be consolidated and the system shall assume:
(a) All liabilities related to the payment of benefits to members and their beneficiaries; and
(b) All obligations in regard to funding and administering benefits accrued for the benefit of members, beneficiaries, and survivors.
(2) The administrator or trustees, where there may be a conflict in law, of the respective trust fund or funds held under the existing systems shall, as of December 1, 1970, cause to be transferred to the system trust funds all assets, including moneys, securities, and other property accumulated to date, as well as all liabilities and obligations connected therewith. Upon such transfer of assets, liabilities, and obligations, the administrator shall become the trustee of any trust fund or funds transferred to this system.
History.—s. 4, ch. 70-112.
Structure Florida Statutes
Title X - Public Officers, Employees, and Records
Chapter 121 - Florida Retirement System
Part I - General Provisions (Ss. 121.011-121.40)
121.011 - Florida Retirement System.
121.012 - Inclusive provisions.
121.025 - Administrator; powers and duties.
121.031 - Administration of system; appropriation; oaths; actuarial studies; public records.
121.0312 - Review; actuarial valuation report; contribution rate determination process.
121.045 - Consolidation of liabilities and assets; existing systems.
121.046 - Merger of the Judicial Retirement System into the Florida Retirement System Act.
121.051 - Participation in the system.
121.0511 - Revocation of election and alternative plan.
121.0515 - Special Risk Class.
121.052 - Membership class of elected officers.
121.053 - Participation in the Elected Officers’ Class for retired members.
121.055 - Senior Management Service Class.
121.081 - Past service; prior service; contributions.
121.091 - Benefits payable under the system.
121.095 - Florida Retirement System Preservation of Benefits Plan Trust Fund.
121.1001 - Florida Retirement System Preservation of Benefits Plan.
121.101 - Cost-of-living adjustment of benefits.
121.111 - Credit for military service.
121.1115 - Purchase of retirement credit for out-of-state or federal service.
121.121 - Authorized leaves of absence.
121.122 - Renewed membership in system.
121.125 - Credit for workers’ compensation payment periods.
121.131 - Benefits exempt from taxes and execution.
121.133 - Cancellation of uncashed warrants.
121.135 - Annual report to Legislature concerning state-administered retirement systems.
121.136 - Annual benefit statement to members.
121.161 - References to other laws include amendments.
121.182 - Retirement annuities authorized for city and county personnel.
121.1905 - Division of Retirement; creation.
121.191 - Special acts prohibited.
121.192 - State retirement actuary.
121.193 - External compliance audits.
121.22 - State Retirement Commission; creation; membership; compensation.
121.231 - Attorney’s fees and costs under s. 121.23(2)(a); funding.
121.24 - Conduct of commission business; legal and other assistance; compensation.
121.35 - Optional retirement program for the State University System.