Florida Statute 112.656 | 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. 112.656

112.656 Fiduciary duties; certain officials included as fiduciaries.—

(1) A fiduciary shall discharge his or her duties with respect to a plan solely in the interest of the participants and beneficiaries for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan. Investment decisions must comply with s. 112.662.

(2) Each retirement system or plan shall have one or more named fiduciaries with authority to control and manage the administration and operation of the retirement system or plan. However, the plan administrator, and any officer, trustee, and custodian, and any counsel, accountant, and actuary of the retirement system or plan who is employed on a full-time basis, shall be included as fiduciaries of such system or plan.

(3) A retirement system or plan may purchase insurance for its named fiduciary to cover liability or losses incurred by reason of act or omission of the fiduciary.

History.—s. 18, ch. 79-183; s. 724, ch. 95-147; s. 3, ch. 2023-28.

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F.S. 112.656 on Casetext

Amendments to 112.656

Arrestable Offenses / Crimes under Fla. Stat. 112.656

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 112.656.

Annotations, Discussions, Cases:

Cases Citing Statute 112.656

Total Results: 3

Ago

Court: Fla. Att'y Gen. | Date Filed: 1993-05-26T00:53:00-07:00

Snippet: 19 See, AGO 89-63 (concluding that "[s.] 112.656, F.S., which authorizes a retirement system to

Ago

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

Snippet: duties as members of the board? 2. Does s. 112.656(3), F.S., authorize the board of trustees of such…scope of their official duties. 2. Section 112.656, F.S., which authorizes a retirement system to …duties. Question Two You state that pursuant to s. 112.656(3), F.S., the board of trustees is authorized to…authorize the district to self insure.7 Section 112.656, F.S., is part of the Florida Protection of Public… retirement systems and plans."9 While s. 112.656(3), F.S., provides for a retirement system or plan

Ago

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

Snippet: case, the municipality. See s.112.625(5). Section 112.656(2), F. S., requires every public employee retirement…the retirement system or plan operates. Section 112.656(2), F. S., requires that every retirement system