Florida Statutes
Fla. Stat. § 121.045 (2025)
Consolidation of liabilities and assets; existing systems.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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121.045 Consolidation of liabilities and assets; existing systems.—
(1) Effective December 1, 1970, the existing systems and the Florida Retirement System shall be consolidated and the system shall assume:
(a) All liabilities related to the payment of benefits to members and their beneficiaries; and
(b) All obligations in regard to funding and administering benefits accrued for the benefit of members, beneficiaries, and survivors.
(2) The administrator or trustees, where there may be a conflict in law, of the respective trust fund or funds held under the existing systems shall, as of December 1, 1970, cause to be transferred to the system trust funds all assets, including moneys, securities, and other property accumulated to date, as well as all liabilities and obligations connected therewith. Upon such transfer of assets, liabilities, and obligations, the administrator shall become the trustee of any trust fund or funds transferred to this system.
Notes of Decisions
Cited in 1
case, 1978–1978 · leading case: Martin v. Williams, 364 So. 2d 549 (Fla. 4th DCA 1978).
Martin v. Williams, 364 So. 2d 549 (Fla. 4th DCA 1978). “Any officer or *552 employee who was a member of an existing system on December 1, 1970 and who did not elect to become a member of this system shall continue to be covered under the existing system subject to the provision of § 121.045.” Pursuant to the last quoted statute,…”
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