Title: State Board of Administration

Summary: Prohibits certain employees of SBA from being employed by or having similar contractual relationship with investment firm that does business with board for specified period after termination of employment; authorizes executive director to waive postemployment restriction; provides penalties; requires board or trustee of board to provide to office of CFO identity of certain former employees & dates of their termination of employment with board or trustee; prohibits investment firm that does business with SBA from employing or entering into similar contractual relationship with former employee of board under certain circumstances; authorizes executive director of board to waive postemployment restriction under certain circumstances; subjects investment firm to penalty for violations of postemployment restriction; requires that board provide to office of CFO identity of certain former employees & dates of their termination of employment with board.

Full Text:
An act relating to the State Board of Administration; prohibiting certain employees of the State Board of Administration from being employed by or having a similar contractual relationship with an investment firm that does business with the board for a specified period after termination of employment; authorizing the executive director to waive the postemployment restriction; providing penalties; requiring the board or trustee of the board to provide to the office of the Chief Financial Officer the identity of certain former employees and the dates of their termination of employment with the board or trustee; prohibiting an investment firm that does business with the State Board of Administration from employing or entering into a similar contractual relationship with a former employee of the board under certain circumstances; authorizing the executive director of the board to waive the postemployment restriction under certain circumstances; subjecting an investment firm to a penalty for violations of the postemployment restriction; requiring that the board provide to the office of the Chief Financial Officer the identity of certain former employees and the dates of thei rtermination of employment with the board; providing an effective date. Be It Enacted by the Legislature of the State of Florida: HB 1095 2012 Section 1. State Board of Administration; postemployment restrictions; penalties.-(1)(a) An employee of the Stat eBoard of Administration or employee of a trustee of the board having the authority to make or the responsibility to recommend investments of moneys held by the board may not, within years after retirement or termination from employment, hold any employ ment or similar contractual relationship with an investment firm that does business with the board. If the employee's position is eliminated and his or her duties are performed by an investment firm, the executive director of the board may waive this restriction in writing for a particular employee if the executive director determines that the waiver will serve the best interests of the state. (b) A former employee who violates this subsection is subject to penalties under s. 112.317, Florida Statutes. (c) The board or trustee of the board shall provide to the office of the Chief Financial Officer the identity of each former employee described in paragraph (a) and the termination date of his or her employment with the board or trustee within days afte rtermination. (2)(a) An investment firm that employs or enters into a similar contractual relationship with a former employee of the State Board of Administration who was authorized to make or who had the responsibility to recommend investments of money sheld by the board may not do business with the board for a period of years following the date of termination of the person's HB 1095 2012 employment with the board. If the former employee's position with the board is eliminated and his or her duties are performed by the investment firm, the executive director of the board may waive this restriction in writing for a particular employee if the executive director determines that the waiver will serve the best interests of the state. (b) An investment firm that violat es this subsection is subject to disgorgement of half of its profits resulting from its business with the board while in violation of this subsection, not to exceed $1 million per former employee. (c) The board shall provide to the office of the Chief Financial Officer the identity of each former employee of the board described in paragraph (a) and the termination date of his or her employment with the board within days after termination. Section 2. This act shall take effect July 1, 2012.