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Florida Legislature Considers Exempting Participant Loans from State's Stamp Tax

"Members of the Florida legislature recently proposed a change to the state's stamp tax law that would specifically exclude its application to participant loans from ERISA-covered retirement plans ... Among the consequences of the failure to comply with Florida's stamp tax is that the loan is unenforceable in Florida state courts. Therefore, the failure to pay the stamp tax on a participant loan may result in a prohibited transaction and/or tax qualification failure, as well as a deemed distribution due to the potential inability of the plan to enforce its rights in court in the event of a default, in violation of the enforceable agreement requirement articulated in applicable IRS regulations."

Florida Legislature Expands Pension Money Exemption

Excerpt: Section 222.21, Florida Statutes, which exempts pension money from legal processes, has been expanded to include additional tax-exempt funds or accounts. Funds or accounts exempt from taxation under §§414, 457(b) or 501(a) of the Internal Revenue Code have been added to previously-exempt §§401(a), 403(a), 403(b), 408, 408(A) and 409 of the Internal Revenue Code.

Florida Legislature's Public Pension Changes

When the bills become law ... they will be effective July 1, 2011.

Major Costs and Risks Associated with Restoring the Florida Retirement System's Cost-of-Living Adjustment

"Facing overwhelming growth in annual pension costs in 2011, the Florida state legislature elected to suspend the Florida Retirement System's cost-of-living adjustment (COLA) for state workers who retire after that date.... [A] new proposal ... seeks to reinstate the costly COLA feature, which could again expose the state and taxpayers to unpredictable costs. It is crucial that policymakers explore this proposal's potential costs and risks before setting the state's pension funding progress back."

Florida Police, Firefighters Win Round on Pensions, But Will Legislature Agree?

"Facing a packed house of uniformed deputy sheriffs, Gov. Jeb Bush and the state comptroller Wednesday recommended restoring lost pension credits to police and firefighters but opposed spending part of a big pension-fund surplus to improve benefits for teachers and other public employees."

Proposed Legislation Threatens Florida Retirement System

See item #6. Excerpt: [The defined benefit plan] is in serious jeopardy if the Florida Legislature makes changes that would make FRS participants 'gamblers' in the stock market without the requisite knowledge and skills to maximize their investments.

Florida Teachers and School Administrators Get Statutory Death Benefits

"The Florida Legislature has created Section 112.1915, Florida Statutes, the 'Barry Grunow Act.' Named for the popular Palm Beach County high school teacher who was tragically shot to death by a student, the law provides benefits when a teacher or school administrator is killed as a result of an unlawful and intentional violent act inflicted by another person and [certain criteria are met]."

Florida Submits Drug Importation Proposal to HHS

"In 2019, Governor Ron DeSantis and the Florida Legislature initiated this program to lower prices of prescription drugs that are vital to maintaining the health and quality of life for millions of Floridians.... The State will begin by importing a few drug classes which will include maintenance medications to help individuals and consumers that have chronic health conditions such as asthma, COPD, diabetes, and HIV/AIDS."

Link to Legislative Report on Florida Retirement System Investment Performance (PDF)

Recommends the transfer of all domestic equity portfolios to passive management. Link added 1/2000.

Florida Public Worker Pension Funding Change Tossed by Judge

'All indications are that the Florida Legislature chose to effectuate (the measure) in order to make funds available for other purposes,' [the judge] said. She ordered the state to reimburse employees the 3 percent that was deducted from their pay over the past year and to restore the cost of living adjustment to the pension fund.