Florida Florida Statutes
§ 121.047 — Consolidation of liabilities and assets; Institute of Food and Agricultural Sciences Supplemental Retirement Program; restriction
FS § 121.047Ch. 121
Statute text
View on source(1)Effective July 1, 2007, the Institute of Food and Agri1. All liabilities related to the payment of benefits to members and their beneficiaries; 2. The administration and payment of benefits now accrued or which may accrue in the future for the benefit of members, beneficiaries and survivors; and 3. All obligations in regard to funding, including any actuarial deficit which may now or hereafter exist in the Judicial Retirement System.
(b)To effectuate the merger required by this section, the director of the Division of Retirement, as administrator of the retirement systems hereby merged, shall, as of July 1, 1972, cause to be transferred to the Florida Retirement System all assets, including money, securities, and other property held for the judicial retirement system, as well as all liabilities and obligations of said system. Upon such transfer of assets, liabilities, and obligations, the administrator shall become the trustee of any trust fund or funds transferred to the Florida Retirement System.
Legislative history
ss. 1, 3, ch. 72-345; s. 769, ch. 95-147; s. 52, ch. 99-2.