Florida Statutes 121.045 – Consolidation of liabilities and assets; existing systems
Current as of: 2023 | Check for updates
|
Other versions
(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
Terms Used In Florida Statutes 121.045
- Administrator: means the secretary of the Department of Management Services. See Florida Statutes 121.021
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Benefit: means any pension payment, lump-sum or periodic, to a member, retiree, or beneficiary, based partially or entirely on employer contributions or employee contributions, if applicable. See Florida Statutes 121.021
- Existing systems: means the State and County Officers and Employees' Retirement System, the retirement system for school teachers, and the highway patrol pensions and pension trust fund, which are consolidated in…. See Florida Statutes 121.021
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- system: means the general retirement system established by this chapter, including, but not limited to, the defined benefit program administered under this part, referred to as the "Florida Retirement System Pension Plan" or "pension plan" and the defined contribution program administered under part II of this chapter, referred to as the "Florida Retirement System Investment Plan" or "investment plan. See Florida Statutes 121.021
- Trustee: A person or institution holding and administering property in trust.
- Trustees: means the Board of Trustees of the State Board of Administration. See Florida Statutes 121.021
(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.