Florida Statutes 121.74 – Administrative and educational expenses
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Terms Used In Florida Statutes 121.74
- Division: means the Division of Retirement in the department. See Florida Statutes 121.021
- Employer: means any agency, branch, department, institution, university, institution of higher education, or board of the state, or any county agency, branch, department, board, district school board, municipality, metropolitan planning organization, or special district of the state which participates in the system for the benefit of certain of its employees, or a charter school or charter technical career center that participates as provided in…. See Florida Statutes 121.021
- Member: means any officer or employee who is covered or who becomes covered under this system in accordance with this chapter. See Florida Statutes 121.021
- State board: means the State Board of Administration. See Florida Statutes 121.021
- 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
- Trustees: means the Board of Trustees of the State Board of Administration. See Florida Statutes 121.021
In addition to contributions required to fund member accounts under s. 121.71, effective July 1, 2010, through June 30, 2014, employers participating in the Florida Retirement System shall contribute an employer assessment amount equal to 0.03 percent of the payroll reported for each class or subclass of Florida Retirement System membership. Effective July 1, 2014, the employer assessment is 0.04 percent of the payroll reported for each class or subclass of membership. Effective July 1, 2016, the employer assessment is 0.06 percent of the payroll reported for each class or subclass of membership. The amount assessed shall be transferred by the division from the Florida Retirement System Contributions Clearing Trust Fund to the State Board of Administration’s Administrative Trust Fund to offset the costs of administering the investment plan and the costs of providing educational services to members of the Florida Retirement System. Approval of the trustees is required before the expenditure of these funds. Payments for third-party administrative or educational expenses shall be made only pursuant to the terms of the approved contracts for such services.