Florida Statute 112.625 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title X
PUBLIC OFFICERS, EMPLOYEES, AND RECORDS

Chapter 112
PUBLIC OFFICERS AND EMPLOYEES: GENERAL PROVISIONS

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F.S. 112.625

112.625 Definitions.—As used in this act:

(1) “Benefit increase” means a change or amendment in the plan design or benefit structure which results in increased benefits for plan members or beneficiaries.

(2) “Enrolled actuary” means an actuary who is enrolled under Subtitle C of Title III of the Employee Retirement Income Security Act of 1974 and who is a member of the Society of Actuaries or the American Academy of Actuaries.

(3) “Governmental entity” means the state, for the Florida Retirement System, and the county, municipality, special district, or district school board which is the employer of the member of a local retirement system or plan.

(4) “Named fiduciary,” “board,” or “board of trustees” means the person or persons so designated by the terms of the instrument or instruments, ordinance, or statute under which the plan is operated.

(5) “Pension or retirement benefit” means any benefit, including a disability benefit, paid to a member or beneficiary of a retirement system or plan as defined in subsection (8).

(6) “Plan administrator” means the person so designated by the terms of the instrument or instruments, ordinance, or statute under which the plan is operated. If no plan administrator has been designated, the plan sponsor shall be considered the plan administrator.

(7) “Plan sponsor” means the local governmental entity that has established or that may establish a local retirement system or plan.

(8) “Retirement system or plan” means any employee pension benefit plan supported in whole or in part by public funds, provided such plan is not:

(a) An employee benefit plan described in s. 4(a) of the Employee Retirement Income Security Act of 1974, which is not exempt under s. 4(b)(1) of such act;

(b) A plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees;

(d) An individual retirement account or an individual retirement annuity within the meaning of s. 408, or a retirement bond within the meaning of s. 409, of the Internal Revenue Code of 1954;

(e) A plan described in s. 401(d) of the Internal Revenue Code of 1954; or

(f) An individual account consisting of an annuity contract described in s. 403(b) of the Internal Revenue Code of 1954.

(9) “Statement value” means the value of assets in accordance with s. 302(c)(2) of the Employee Retirement Income Security Act of 1974 and as permitted under regulations prescribed by the Secretary of the Treasury as amended by Pub. L. No. 100-203, as such sections are in effect on August 16, 2006. Assets for which a fair market value is not provided shall be excluded from the assets used in the determination of annual funding cost.

History.—s. 14, ch. 79-183; s. 2, ch. 83-37; s. 1, ch. 2000-264; s. 7, ch. 2004-305; s. 1, ch. 2008-139; s. 41, ch. 2023-8.

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Amendments to 112.625

Arrestable Offenses / Crimes under Fla. Stat. 112.625

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 112.625.

Annotations, Discussions, Cases:

Cases Citing Statute 112.625

Total Results: 5

Ago

Court: Fla. Att'y Gen. | Date Filed: 1996-09-11T00:53:00-07:00

Snippet: retirement plans for the same service. Section 112.625(1), Florida Statutes, provides that, for purposes…deferred compensation plans. Specifically, section 112.625(1) excludes from its terms: (a) An employee benefit

Branca v. City of Miramar

Court: Fla. | Date Filed: 1994-04-29T00:53:00-07:00

Citation: 634 So. 2d 604

Snippet: requirement of actuarial soundness by section 112.625(1)(b), Florida Statutes (1987). The trial court

Branca v. City of Miramar

Court: Fla. Dist. Ct. App. | Date Filed: 1992-08-12T00:00:00-07:00

Citation: 602 So. 2d 1374, 1992 Fla. App. LEXIS 8650, 1992 WL 191304

Snippet: Article X, Section 14. We acknowledge that section 112.-625(l)(b), Florida Statutes, provides an exception…unresolved the constitutional issue. . Section 112.625(l)(a-f) define six types of retirement or pension…or “plan administrator” as required by section 112.625. The City’s expert witness, Fred Mabry, testified

Ago

Court: Fla. Att'y Gen. | Date Filed: 1989-09-15T00:53:00-07:00

Snippet: municipal code, is a municipal board. 6 See, s. 112.625(1), F.S., defining "Retirement system or plan

Ago

Court: Fla. Att'y Gen. | Date Filed: 1980-08-26T00:53:00-07:00

Snippet: absent a more definite express definition in s. 112.625, or specific description or usage in the context…term `governmental entity' is defined by s.112.625(5), F. S., as enacted by ch. 79-183, Laws of Florida…for a plan administrator, which is defined by s. 112.625(2), F. S., as the `person so designated by the …is operated.' (Emphasis supplied.) Section 112.625(2) goes on to provide that if no plan administrator…entity,' in this case, the municipality. See s.112.625(5). Section 112.656(2), F. S., requires every public