FLC Icon

Bill Summary Details

Florida Retirement System Investment Plan (Watch)

SB 7016 (Governmental Oversight and Accountability Committee) provides that the State Board of Administration may not pay benefits to a member of the Florida Retirement System who has committed certain criminal offenses prior to retirement. The bill clarifies that criminal forfeiture provisions apply equally to employees whether a member of the investment plan or a member of the pension plan. The State Board may develop one or more investment products to be offered in the investment plan, consistent with its fiduciary responsibilities. The bill also requires that the spouse of a member who does not designate his spouse as a primary beneficiary be notified and acknowledge any such designation. (Hughes)