Source: http://archive.flsenate.gov/cgi-bin/view_page.pl?Tab=session&Submenu=1&FT=D&File=sb1078.html&Directory=session/2010/Senate/bills/billtext/html/
Timestamp: 2019-11-12 01:56:06
Document Index: 64716283

Matched Legal Cases: ['art\n78', 'art.\n109', 'arty\n253', 'arty\n302', 'arty\n361', 'arty\n379', 'arty\n450', 'arty\n452']

Florida Senate - 2010                                    SB 1078
32-00786B-10                                          20101078__
25         authorizing moneys available for investment by the
26         state board to be invested in certain federally tax
27         exempt bonds, notes, or obligations not subject to the
28         federal alternative minimum tax; increasing the fund
29         amount that may be invested in a foreign entity;
30         amending s. 218.409, F.S.; providing for extending a
31         moratorium on contributions to the Local Government
32         Surplus Funds Trust Fund under certain circumstances;
33         authorizing the state board to develop work products
34         that are subject to trademark, copyright, or patent;
35         providing an effective date.
39         Section 1. Subsection (2), paragraph (e) of subsection (4),
40  subsection (6), and paragraphs (a) and (g) of subsection (8) of
41  section 121.4501, Florida Statutes, are amended to read:
42         121.4501 Public Employee Optional Retirement Program.—
43         (2) DEFINITIONS.—As used in this part, the term:
44         (a) “Approved provider” or “provider” means a private
45  sector company that is selected and approved by the state board
46  to offer one or more investment products or services to the
47  Public Employee optional retirement program. The term includes a
48  bundled provider that offers participants a range of
49  individually allocated or unallocated investment products and
50  may offer a range of administrative and customer services, which
51  may include accounting and administration of individual
52  participant benefits and contributions; individual participant
53  recordkeeping; asset purchase, control, and safekeeping; direct
54  execution of the participant’s instructions as to asset and
55  contribution allocation; calculation of daily net asset values;
56  direct access to participant account information; periodic
57  reporting to participants, at least quarterly, on account
58  balances and transactions; guidance, advice, and allocation
59  services directly relating to the provider’s its own investment
60  options or products, but only if the bundled provider complies
61  with the standard of care of s. 404(a)(1)(A-B) of the Employee
62  Retirement Income Security Act of 1974 (ERISA) and if providing
63  such guidance, advice, or allocation services does not
64  constitute a prohibited transaction under s. 4975(c)(1) of the
65  Internal Revenue Code or s. 406 of ERISA, notwithstanding that
66  such prohibited transaction provisions do not apply to the
67  optional retirement program; a broad array of distribution
68  options; asset allocation; and retirement counseling and
69  education. Private sector companies include investment
70  management companies, insurance companies, depositories, and
71  mutual fund companies.
72         (b) “Average monthly compensation” means one-twelfth of
73  average final compensation as defined in s. 121.021(24).
74         (c) “Covered employment” means employment in a regularly
75  established position as defined in s. 121.021(52).
76         (d) “Defined benefit program” means the defined benefit
77  program of the Florida Retirement System administered under part
78  I of this chapter “Department” means the Department of
79  Management Services.
80         (e)(e) “Division” means the Division of Retirement within
81  the department of Management Services.
82         (f) “Electronic means” means by telephone, if the required
83  information is received on a recorded line, or through Internet
84  access, if the required information is captured online.
85         (g)(f) “Eligible employee” means an officer or employee, as
86  defined in s. 121.021, who:
87         1. Is a member of, or is eligible for membership in, the
88  Florida Retirement System, including any renewed member of the
89  Florida Retirement System initially enrolled before July 1,
90  2010; or
91         2. Participates in, or is eligible to participate in, the
92  Senior Management Service Optional Annuity Program as
93  established under s. 121.055(6), the State Community College
94  System Optional Retirement Program as established under s.
95  121.051(2)(c), or the State University System Optional
96  Retirement Program established under s. 121.35.
98  The term does not include any member participating in the
99  Deferred Retirement Option Program established under s.
100  121.091(13), a retiree of a state-administered retirement system
101  initially reemployed on or after July 1, 2010, or a mandatory
102  participant of the State University System Optional Retirement
103  Program established under s. 121.35.
104         (h)(g) “Employer” means an employer, as defined in s.
105  121.021(10), of an eligible employee.
106         (i) “Optional retirement program” or “optional program”
107  means the Public Employee Optional Retirement Program
108  established under this part.
109         (j)(h) “Participant” means an eligible employee who elects
110  to participate in the Public Employee Optional Retirement
111  Program and enrolls in the such optional program as provided in
112  subsection (4) or a terminated Deferred Retirement Option
113  Program participant as described in subsection (21).
114         (i) “Public Employee Optional Retirement Program,”
115  “optional program,” or “optional retirement program” means the
116  alternative defined contribution retirement program established
117  under this section.
118         (k)(j) “Retiree” means a former participant of the Florida
119  Retirement System Public Employee optional retirement program
120  who has terminated employment and has taken a distribution as
121  provided in s. 121.591, except for a mandatory distribution of a
122  de minimis account authorized by the state board.
123         (k) “State board” or “board” means the State Board of
125         (l) “Trustees” means Trustees of the State Board of
127         (l)(m) “Vested” or “vesting” means the guarantee that a
128  participant is eligible to receive a retirement benefit upon
129  completion of the required years of service under the Public
130  Employee optional retirement program.
131         (4) PARTICIPATION; ENROLLMENT.—
132         (e) After the period during which an eligible employee had
133  the choice to elect the defined benefit program or the Public
134  Employee optional retirement program, or the month following the
135  receipt of the eligible employee’s plan election, if sooner, the
136  employee shall have one opportunity, at the employee’s
137  discretion, to choose to move from the defined benefit program
138  to the Public Employee optional retirement program or from the
139  Public Employee optional retirement program to the defined
140  benefit program. Eligible employees may elect to move between
141  Florida Retirement System programs only if they are earning
142  service credit in an employer-employee relationship consistent
143  with the requirements under s. 121.021(17)(b), excluding leaves
144  of absence without pay. Effective July 1, 2005, such elections
145  are shall be effective on the first day of the month following
146  the receipt of the election by the third-party administrator and
147  are not subject to the requirements regarding an employer
148  employee relationship or receipt of contributions for the
149  eligible employee in the effective month, except that the
150  employee must meet the conditions of the previous sentence when
151  the election is received by the third-party administrator. This
152  paragraph is shall be contingent upon approval from the Internal
153  Revenue Service for including the choice described herein within
154  the programs offered by the Florida Retirement System.
155         1. If the employee chooses to move to the Public Employee
156  optional retirement program, the applicable provisions of this
157  section shall govern the transfer.
158         2. If the employee chooses to move to the defined benefit
159  program, the employee must transfer from his or her Public
160  Employee optional retirement program account, and from other
161  employee moneys as necessary, a sum representing the present
162  value of that employee’s accumulated benefit obligation
163  immediately following the time of such movement, determined
164  assuming that attained service equals the sum of service in the
165  defined benefit program and service in the Public Employee
166  optional retirement program. Benefit commencement occurs on the
167  first date the employee is would become eligible for unreduced
168  benefits, using the discount rate and other relevant actuarial
169  assumptions that were used to value the Florida Retirement
170  System defined benefit plan liabilities in the most recent
171  actuarial valuation. For any employee who, at the time of the
172  second election, already maintains an accrued benefit amount in
173  the defined benefit program plan, the then-present value of the
174  such accrued benefit shall be deemed part of the required
175  transfer amount described in this subparagraph. The division
176  shall ensure that the transfer sum is prepared using a formula
177  and methodology certified by an enrolled actuary.
178         3. Notwithstanding subparagraph 2., an employee who chooses
179  to move to the defined benefit program and who became eligible
180  to participate in the Public Employee optional retirement
181  program by reason of employment in a regularly established
182  position with a state employer after June 1, 2002; a district
183  school board employer after September 1, 2002; or a local
184  employer after December 1, 2002, must transfer from his or her
185  Public Employee optional retirement program account and, from
186  other employee moneys as necessary, a sum representing the that
187  employee’s actuarial accrued liability.
188         4. An employee’s Employees’ ability to transfer from the
189  Florida Retirement System defined benefit program to the Public
190  Employee optional retirement program pursuant to paragraphs (a)
191  (d), and the ability of a for current employee employees to have
192  an option to later transfer back into the defined benefit
193  program under subparagraph 2., shall be deemed a significant
194  system amendment. Pursuant to s. 121.031(4), any such resulting
195  unfunded liability arising from actual original transfers from
196  the defined benefit program to the optional program must shall
197  be amortized within 30 plan years as a separate unfunded
198  actuarial base independent of the reserve stabilization
199  mechanism defined in s. 121.031(3)(f). For the first 25 years, a
200  no direct amortization payment may not shall be calculated for
201  this base. During this 25-year period, the such separate base
202  shall be used to offset the impact of employees exercising their
203  second program election under this paragraph. It is the
204  legislative intent of the Legislature that the actuarial funded
205  status of the Florida Retirement System defined benefit program
206  not be affected plan is neither beneficially nor adversely
207  impacted by such second program elections in any significant
208  manner, after due recognition of the separate unfunded actuarial
209  base. Following the this initial 25-year period, any remaining
210  balance of the original separate base shall be amortized over
211  the remaining 5 years of the required 30-year amortization
212  period.
213         5. If the employee chooses to transfer from the optional
214  retirement program to the defined benefit program, and retains
215  an excess account balance in the optional program after
216  satisfying the buy-in requirements under this paragraph, the
217  excess may not be distributed until the member retires from the
218  defined benefit program. The excess account balance may be
219  rolled over to the defined benefit program and used to purchase
220  service credit or upgrade creditable service in that program.
221         (6) VESTING REQUIREMENTS.—
222         (a)1. With respect to employer contributions paid on behalf
223  of the participant to the Public Employee optional retirement
224  program, plus interest and earnings thereon and less investment
225  fees and administrative charges, a participant is shall be
226  vested after completing 1 work year, as defined in s.
227  121.021(54), with an employer, including any service while the
228  participant was a member of the defined benefit retirement
229  program or an optional retirement program authorized under s.
230  121.051(2)(c) or s. 121.055(6).
231         2. If the participant terminates employment before prior to
232  satisfying the vesting requirements, the nonvested accumulation
233  must shall be transferred from the participant’s accounts to the
234  state board for deposit and investment by the state board in the
235  suspense account created within of the Public Employee Optional
236  Retirement Program Trust Fund of the board. If the terminated
237  participant is reemployed as an eligible employee within 5
238  years, the state board shall transfer to the participant’s
239  account any amount of the moneys previously transferred from the
240  participant’s accounts to the suspense account of the Public
241  Employee Optional Retirement Program Trust Fund, plus the actual
242  earnings on such amount while in the suspense account.
243         (b)1. With respect to amounts transferred from the defined
244  benefit program to the investment program, plus interest and
245  earnings, and less investment fees and administrative charges, a
246  participant shall be vested in the amount transferred from the
247  defined benefit program, plus interest and earnings thereon and
248  less administrative charges and investment fees, upon meeting
249  the service requirements for the participant’s membership class
250  as set forth in s. 121.021(29). The third-party administrator
251  shall account for such amounts for each participant. The
252  division shall notify the participant and the third-party
253  administrator when the participant has satisfied the vesting
254  period for Florida Retirement System purposes.
255         2. If the participant terminates employment before prior to
256  satisfying the vesting requirements, the nonvested accumulation
257  must shall be transferred from the participant’s accounts to the
258  state board for deposit and investment by the board in the
259  suspense account created within of the Public Employee Optional
260  Retirement Program Trust Fund of the board. If the terminated
261  participant is reemployed as an eligible employee within 5
262  years, the state board shall transfer to the participant’s
263  account any amount of the moneys previously transferred from the
264  participant’s accounts to the suspense account of the Public
265  Employee Optional Retirement Program Trust Fund, plus the actual
266  earnings on such amount while in the suspense account.
267         (c) Any nonvested accumulations transferred from a
268  participant’s account to the suspense account shall be forfeited
269  by the participant if the participant is not reemployed as an
270  eligible employee within 5 years after termination.
271         (8) ADMINISTRATION OF PROGRAM.—
272         (a) The Public Employee Optional Retirement Program shall
273  be administered by the state board and affected employers. The
274  board may is authorized to require oaths, by affidavit or
275  otherwise, and acknowledgments from persons in connection with
276  the administration of its statutory duties and responsibilities
277  for this program under this chapter. An No oath, by affidavit or
278  otherwise, may not shall be required of an employee participant
279  at the time of enrollment election. Acknowledgment of an
280  employee’s election to participate in the program shall be no
281  greater than necessary to confirm the employee’s election. The
282  state board shall adopt rules to carry out its statutory duties
283  with respect to administering the optional retirement program,
284  including, but not limited to, establishing the roles role and
285  responsibilities of affected state, local government, and
286  education-related employers, the state board, the department,
287  and third-party contractors in administering the Public Employee
288  optional retirement program. The department shall adopt rules
289  necessary to administer implement the optional program in
290  coordination with the defined benefit retirement program and the
291  disability benefits available under the optional program.
292         (g) The state board shall develop procedures to receive and
293  resolve participant complaints against the program, the third
294  party administrator, or any program vendor or provider and shall
295  resolve any conflict between the third-party administrator and
296  an approved provider if when such conflict threatens the
297  implementation or administration of the program or the quality
298  of services to employees, and may resolve any other conflicts.
299  The third-party administrator shall retain all participant
300  records for at least 5 years for use in resolving any
301  participant conflicts. The state board, the third-party
302  administrator, or a provider is not required to produce
303  documentation or an audio recording to justify action taken with
304  regard to a participant if the action occurred 5 or more years
305  before the complaint is submitted to the board. It is presumed
306  that all action taken 5 or more years before the complaint is
307  submitted was taken at the request of the participant and with
308  the participant’s full knowledge and consent. To overcome this
309  presumption, the participant must present documentary evidence
310  or an audio recording demonstrating otherwise.
311         Section 2. Subsection (3) is added to section 121.4502,
312  Florida Statutes, to read:
313         121.4502 Public Employee Optional Retirement Program Trust
314  Fund.—
315         (3) A forfeiture account shall be created within the Public
316  Employee Optional Retirement Program Trust Fund to hold the
317  assets derived from the forfeiture of benefits by participants.
318  Pursuant to a private letter ruling from the Internal Revenue
319  Service, the forfeiture account may be used only for paying
320  expenses of the Public Employee Optional Retirement Program and
321  reducing future employer contributions to the program.
322  Consistent with Rulings 80-155 and 74-340 of the Internal
323  Revenue Service, unallocated reserves within the forfeiture
324  account must be used as quickly and as prudently as possible
325  considering the state board’s fiduciary duty. Expected
326  withdrawals from the account must endeavor to reduce the account
327  to zero each fiscal year.
328         Section 3. Paragraph (b) of subsection (1) of section
329  121.591, Florida Statutes, is amended to read:
330         121.591 Benefits payable under the Public Employee Optional
331  Retirement Program of the Florida Retirement System.—Benefits
332  may not be paid under this section unless the member has
333  terminated employment as provided in s. 121.021(39)(a) or is
334  deceased and a proper application has been filed in the manner
335  prescribed by the state board or the department. The state board
336  or department, as appropriate, may cancel an application for
337  retirement benefits when the member or beneficiary fails to
338  timely provide the information and documents required by this
339  chapter and the rules of the state board and department. In
340  accordance with their respective responsibilities as provided
341  herein, the State Board of Administration and the Department of
342  Management Services shall adopt rules establishing procedures
343  for application for retirement benefits and for the cancellation
344  of such application when the required information or documents
345  are not received. The State Board of Administration and the
346  Department of Management Services, as appropriate, are
347  authorized to cash out a de minimis account of a participant who
348  has been terminated from Florida Retirement System covered
349  employment for a minimum of 6 calendar months. A de minimis
350  account is an account containing employer contributions and
351  accumulated earnings of not more than $5,000 made under the
352  provisions of this chapter. Such cash-out must either be a
353  complete lump-sum liquidation of the account balance, subject to
354  the provisions of the Internal Revenue Code, or a lump-sum
355  direct rollover distribution paid directly to the custodian of
356  an eligible retirement plan, as defined by the Internal Revenue
357  Code, on behalf of the participant. If any financial instrument
358  issued for the payment of retirement benefits under this section
359  is not presented for payment within 180 days after the last day
360  of the month in which it was originally issued, the third-party
361  administrator or other duly authorized agent of the State Board
362  of Administration shall cancel the instrument and credit the
363  amount of the instrument to the suspense account of the Public
364  Employee Optional Retirement Program Trust Fund authorized under
365  s. 121.4501(6). Any such amounts transferred to the suspense
366  account are payable upon a proper application, not to include
367  earnings thereon, as provided in this section, within 10 years
368  after the last day of the month in which the instrument was
369  originally issued, after which time such amounts and any
370  earnings thereon shall be forfeited. Any such forfeited amounts
371  are assets of the Public Employee Optional Retirement Program
372  Trust Fund and are not subject to the provisions of chapter 717.
373         (1) NORMAL BENEFITS.—Under the Public Employee Optional
374  Retirement Program:
375         (b) If a participant elects to receive his or her benefits
376  upon termination of employment as defined in s. 121.021, the
377  participant must submit a written application or an application
378  by electronic means an equivalent form to the third-party
379  administrator indicating his or her preferred distribution date
380  and selecting an authorized method of distribution as provided
381  in paragraph (c). The participant may defer receipt of benefits
382  until he or she chooses to make such application, subject to
383  federal requirements.
384         Section 4. Section 121.74, Florida Statutes, is amended to
385  read:
386         121.74 Administrative and educational expenses.—In addition
387  to contributions required under s. 121.71, effective July 1,
388  2010, through June 30, 2014, employers participating in the
389  Florida Retirement System shall contribute an amount equal to
390  0.03 0.05 percent of the payroll reported for each class or
391  subclass of Florida Retirement System membership; effective July
392  1, 2014, the contribution rate shall be 0.04 percent of the
393  payroll reported for each class or subclass of membership. The,
394  which amount contributed shall be transferred by the Division of
395  Retirement from the Florida Retirement System Contributions
396  Clearing Trust Fund to the State Board of Administration’s
397  Administrative Trust Fund to offset the costs of administering
398  the optional retirement program and the costs of providing
399  educational services to participants in the defined benefit
400  program and the optional retirement program. Approval of the
401  trustees of the State Board of Administration is required before
402  prior to the expenditure of these funds. Payments for third
403  party administrative or educational expenses shall be made only
404  pursuant to the terms of the approved contracts for such
405  services.
406         Section 5. Subsection (3) of section 121.78, Florida
407  Statutes, is amended to read:
408         121.78 Payment and distribution of contributions.—
409         (3)(a) Employer contributions and accompanying payroll data
410  received after the 5th working day of the month are shall be
411  considered late. The employer shall be assessed by the Division
412  of Retirement a penalty of 1 percent of the contributions due
413  for each calendar month or part thereof that the contributions
414  or accompanying payroll data are late. Proceeds from the 1
415  percent assessment against contributions made on behalf of
416  participants of the defined benefit program shall be deposited
417  in the Florida Retirement System Trust Fund, and proceeds from
418  the 1-percent assessment against contributions made on behalf of
419  participants of the optional retirement program shall be
420  transferred to the third-party administrator for deposit into
421  participant accounts, as provided in paragraph (b).
422         (b) If contributions made by an employer on behalf of
423  participants of the optional retirement program or accompanying
424  payroll data are not received within the calendar month they are
425  due, including, but not limited to, contribution adjustments as
426  a result of employer errors or corrections, and if that
427  delinquency results in market losses to participants, the
428  employer shall reimburse each participant’s account for market
429  losses resulting from the late contributions. If a participant
430  has terminated employment and taken a distribution, the
431  participant is responsible for returning any excess
432  contributions erroneously provided by employers, adjusted for
433  any investment gain or loss incurred during the period such
434  excess contributions were in the participant’s Public Employee
435  Optional Retirement Program account. The state board of
436  Administration or its designated agent shall communicate to
437  terminated participants any obligation to repay such excess
438  contribution amounts. However, the state board of
439  Administration, its designated agents, the Public Employee
440  Optional Retirement Program Trust Fund, the department of
441  Management Services, or the Florida Retirement System Trust Fund
442  may shall not incur any loss or gain as a result of an
443  employer’s correction of such excess contributions. The third
444  party administrator, hired by the state board pursuant to s.
445  121.4501(8), shall calculate the market losses for each affected
446  participant. If When contributions made on behalf of
447  participants of the optional retirement program or accompanying
448  payroll data are not received within the calendar month due, the
449  employer shall also pay the cost of the third-party
450  administrator’s calculation and reconciliation adjustments
451  resulting from the late contributions. The third-party
452  administrator shall notify the employer of the results of the
453  calculations and the total amount due from the employer for such
454  losses and the costs of calculation and reconciliation. The
455  employer shall remit to the Division of Retirement the amount
456  due within 30 10 working days after the date of the penalty
457  notice sent by the division. The division shall transfer that
458  said amount to the third-party administrator, which who shall
459  deposit proceeds from the 1-percent assessment and from
460  individual market losses into participant accounts, as
461  appropriate. The state board may is authorized to adopt rules to
462  administer implement the provisions regarding late
463  contributions, late submission of payroll data, the process for
464  reimbursing participant accounts for resultant market losses,
465  and the penalties charged to the employers.
466         (c) Delinquency fees may be waived by the Division of
467  Retirement, with regard to defined benefit program
468  contributions, and by the state board of Administration, with
469  regard to optional retirement program contributions, only if
470  when, in the opinion of the division or the board, as
471  appropriate, exceptional circumstances beyond the employer’s
472  control prevented remittance by the prescribed due date
473  notwithstanding the employer’s good faith efforts to effect
474  delivery. Such a waiver of delinquency may be granted an
475  employer only once one time each state fiscal year.
476         (d) If contributions made by an employer on behalf of
477  participants in the optional retirement program are delayed in
478  posting to participant accounts due to acts of God beyond the
479  control of the Division of Retirement, the state board, or the
480  third-party administrator, as applicable, market losses
481  resulting from the late contributions are not payable to the
482  participants.
483         Section 6. Paragraph (o) is added to subsection (1) of
484  section 215.47, Florida Statutes, and subsection (5) of that
485  section is amended, to read:
486         215.47 Investments; authorized securities; loan of
487  securities.—Subject to the limitations and conditions of the
488  State Constitution or of the trust agreement relating to a trust
489  fund, moneys available for investments under ss. 215.44-215.53
490  may be invested as follows:
491         (1) Without limitation in:
492         (o) Bonds, notes, or obligations described in 26 U.S.C. s.
493  149(g)(3)(B), if investment in such bonds, notes, or obligations
494  is necessary in order to comply with covenants in documents or
495  proceedings relating to bonds issued pursuant to s. 215.555(6).
496  Investments made pursuant to this paragraph may be purchased
497  only from the proceeds of bonds issued pursuant to s. 215.555(6)
498  and must be authorized under documents or proceedings relating
499  to such bonds.
500         (5) With no more than 35 25 percent of any fund in
501  corporate obligations and securities of any kind of a foreign
502  corporation or a foreign commercial entity having its principal
503  office located in any country other than the United States of
504  America or its possessions or territories, not including United
505  States dollar-denominated securities listed and traded on a
506  United States exchange which are a part of the ordinary
507  investment strategy of the board.
508         Section 7. Paragraph (a) of subsection (8) of section
509  218.409, Florida Statutes, is amended to read:
510         218.409 Administration of the trust fund; creation of
511  advisory council.—
512         (8)(a) The principal, and any part thereof, of each and
513  every account constituting the trust fund is shall be subject to
514  payment at any time from the moneys in the trust fund. However,
515  the executive director may, in good faith, on the occurrence of
516  an event that has a material impact on liquidity or operations
517  of the trust fund, for 48 hours limit contributions to or
518  withdrawals from the trust fund to ensure that the board can
519  invest moneys entrusted to it in exercising its fiduciary
520  responsibility. Such action must shall be immediately disclosed
521  to all participants, the trustees, the Joint Legislative
522  Auditing Committee, the Investment Advisory Council, and the
523  Participant Local Government Advisory Council. The trustees
524  shall convene an emergency meeting as soon as practicable from
525  the time the executive director has instituted such measures and
526  review the necessity of those measures. If the trustees are
527  unable to convene an emergency meeting before the expiration of
528  the 48-hour moratorium on contributions and withdrawals, the
529  moratorium may be extended by the executive director until the
530  trustees can meet to review the necessity for the moratorium. If
531  the trustees agree with such measures, the trustees shall vote
532  to continue the measures for up to an additional 15 days. The
533  trustees must convene and vote to continue any such measures
534  before prior to the expiration of the time limit set, but in no
535  case may the time limit set by the trustees exceed 15 days.
536         Section 8. Trademarks, copyrights, or patents.—The State
537  Board of Administration, on behalf of the Florida Retirement
538  System or any other trust fund under its jurisdiction, may
539  develop work products that are subject to trademark, copyright,
540  or patent statutes. The board may, in its own name or through
541  the growth initiative program created pursuant to s. 215.47(7),
542  Florida Statutes, or any other program developed with or for the
543  board:
544         (1) Perform all things necessary to secure letters of
545  patent, copyrights, or trademarks on any work products and
546  enforce its rights therein.
547         (2) License, lease, assign, or otherwise give written
548  consent to any person for the manufacture or use of its work
549  products on a royalty basis or for such other consideration as
550  the board deems proper.
551         (3) Take any action necessary, including legal action, to
552  protect its work products against improper or unlawful use of
553  infringement.
554         (4) Enforce the collection of any sums due the board for
555  the manufacture or use of its work products by any other party.
556         (5) Sell any of its work products and execute all
557  instruments necessary to consummate any such sale.
558         (6) Do all other acts necessary and proper for the
559  execution of powers and duties provided under this section.
560         Section 9. This act shall take effect July 1, 2010.