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Bill Summary Details

Florida Retirement System Investment Plan (Watch)

SB 7016 (Governmental Oversight and Accountability) provides that the State Board Administration may not pay benefits to a member of the Florida Retirement System who has committed certain criminal offenses prior to retirement. Currently, the criminal forfeiture statute provides only that the Division of Retirement within the Department of Management Services may not pay benefits when the forfeiture provisions are triggered. Thus, the bill clarifies that the criminal forfeiture provisions in Section 121.091, Florida Statutes, apply equally to employees, whether a member of the investment plan or a member of the pension plan.

The bill provides that 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. Should the spouse fail to affirmatively acknowledge the designation or if the spouse cannot be found, the member may request the acknowledgement requirement be waived by the State Board through an affidavit. (Hughes)