summary
Introduced
02/11/2025
02/11/2025
In Committee
02/19/2025
02/19/2025
Crossed Over
Passed
Dead
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to the State Board of Administration; amending s. 121.4501, F.S.; revising the federal regulations that apply to the statement of fiduciary standards and responsibilities for the Florida Retirement System Investment Plan; amending s. 121.591, F.S.; revising the timeframe after which third-party administrators or duly authorized agents of the board are required to cancel financial instruments issued for a specified purpose; revising the timeframe after which certain amounts transferred to the suspense account are forfeited by the employee; amending s. 215.47, F.S.; authorizing the board to invest no more than a specified percentage in investments that comply with a specified fiduciary standard; requiring the State Board of Administration to file a certain report by a specified date with the Investment Advisory Council, members of the Board of Trustees, and the Legislature; authorizing the State Board of Administration and its affiliated limited liability entities to issue securities and borrow money through specified means, subject to specified limitations; providing an effective date.
AI Summary
This bill makes several changes to Florida's retirement and investment systems, focusing on the State Board of Administration and the Florida Retirement System Investment Plan. First, it updates federal regulatory references for fiduciary standards, specifically modifying citations related to employee retirement guidelines. The bill changes the timeframe for canceling financial instruments from the last day of the month of issuance to the specific date of issuance, and adjusts the period during which amounts transferred to a suspense account can be claimed from the last day of the month to the date of instrument issuance. Additionally, the bill authorizes the State Board of Administration to invest up to 5% of any fund in investments that meet a specific fiduciary standard of care, and requires the board to file an annual report detailing such investments by January 31st to various state officials. The bill also provides the State Board of Administration and its affiliated entities the ability to issue securities and borrow money through various financial instruments, with certain limitations. These changes aim to provide more flexibility in investment strategies and administrative processes while maintaining oversight and financial accountability. The bill is set to take effect on July 1, 2025.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Died in Government Operations Subcommittee (on 06/16/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2025/529 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/529/BillText/Filed/PDF |
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