FL S1078

Establishes procedures for the Public Employee Optional Retirement Program including participant complaint resolution, excess account balance handling for transfers to the defined benefit program, and creates a forfeiture account within the trust fund.

Permits optional retirement program benefit applications to be submitted electronically and exempts the Division of Retirement, State Board of Administration, and third-party administrator from liability for market losses due to acts of God.

Authorizes the State Board of Administration to invest funds for state universities, colleges, and their direct-support organizations, and requires the board to establish an audit committee, produce annual financial statements audited by independent firms, and meet at least quarterly.

Removes the requirement that the Governor vote in favor of executive director selection and establishes a search committee for selecting the executive director; requires executive director to present quarterly reports to the Investment Advisory Council.

Expands Investment Advisory Council membership prerequisites to include knowledge of institutional investments and fiduciary responsibilities; creates ethics requirements and annual certification requirements for investment advisers and managers; permits the board to develop trademarked, copyrighted, or patented work products.