(1) The Florida Retirement System Preservation of Benefits Plan Trust Fund is created within the Division of Retirement.
(a) Funds to be credited to the trust fund shall consist of Florida Retirement System monthly retirement contributions required to meet the requirements for payment of restored benefits under the Florida Retirement System Preservation of Benefits Plan, as specified in s. 121.1001.
(b) The trust fund shall be maintained and utilized solely for the purpose of providing benefits under the Preservation of Benefits Plan, as specified in s. 121.1001.
(c) The trust fund shall be separate and apart from the Florida Retirement System Trust Fund. The trust fund moneys and assets shall not be commingled with nor ever receive a transfer of moneys and assets from the remainder of the Florida Retirement System, including, but not limited to, the Florida Retirement System Trust Fund, or any other qualified retirement plan administered by the Division of Retirement.
(d) The trust fund shall be funded on a month-to-month basis. Trust fund assets shall not be accumulated to pay future benefits.
(2) Any balance in the trust fund at the end of any fiscal year shall remain in the trust fund at the end of the year and shall only be available for paying administrative expenses of the Preservation of Benefits Plan for the current plan year or for future plan years.
(3) The Legislature declares that the Florida Retirement System Preservation of Benefits Plan Trust Fund is exempt from the automatic termination provisions of s. 19(f)(3), Art. III of the State Constitution.
History.—s. 1, ch. 99-314.
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.