Florida Statutes 121.77 – Deductions from member accounts
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 121.77
- Administrator: means the secretary of the Department of Management Services. See Florida Statutes 121.021
- Contract: A legal written agreement that becomes binding when signed.
- 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
The State Board of Administration may authorize the third-party administrator to deduct reasonable fees and apply appropriate charges to investment plan member accounts. In no event may administrative and educational expenses exceed the portion of employer contributions earmarked for such expenses under this part, except for reasonable administrative charges assessed against member accounts of persons for whom no employer contributions are made during the calendar quarter. Investment management fees shall be deducted from member accounts, pursuant to the terms of the contract between the provider and the board.