Florida Florida Statutes
§ 185.23 — Duties of Division of Retirement; rulemaking authority; investments by State Board of Administration
FS § 185.23Ch. 185
Statute text
View on source(1)The division shall be responsible for the daily oversight and monitoring for actuarial soundness of the municipal police officers' retirement plans, whether chapter or local law plans, established under this chapter, for receiving and holding the premium tax moneys collected under this chapter, and, upon determining compliance with the provisions of this chapter, for disbursing those moneys to the municipal police officers' retirement plans. The funds to pay the expenses for such administration shall be annually appropriated from the interest and investment income earned on moneys deposited in the trust fund.
(2)112.63 for newly created plans. Such valuation shall be prepared by an enrolled actuary, subject to the following conditions:1. The assets shall be valued as provided in s. 112.625(9). 2. The cost of the actuarial valuation must be paid by the individual police officer's retirement trust fund or by the sponsoring municipality. 3. A report of the valuation, including actuarial assumptions and type and basis of funding, shall be made to the division within 3 months after the date of the valuation. If any benefits are insured with a commercial insurance company, the report must include a statement of the relationship of the retirement plan benefits to the insured benefits, the name of the insurer, the basis of premium rates, and the mortality table, interest rate, and method used in valuing the retirement benefits.
Legislative history
s. 7, ch. 59-320; s. 2, ch. 61-119; ss. 13, 35, ch. 69-106; s. 16, ch. 86-42; s. 44, ch. 93-193; s. 951, ch. 95-147; s. 8, ch. 96-324; s. 64, ch. 99-1; s. 43, ch. 2001-266; s. 16, ch. 2004-305; s. 51, ch. 2023-8.