FL S1214

Prohibits investment firms doing business with the State Board of Administration from employing or contracting with former board employees who had authority to make or recommend investment decisions for 3 years after termination.

Allows the executive director to waive the 3-year restriction in writing if the former employee's position was eliminated and the investment firm assumes those duties, when the waiver serves the state's best interests.

Requires investment firms violating this restriction to disgorge half of profits earned from board business during the violation period, capped at $1 million per former employee.

Mandates the board notify the Chief Financial Officer's office of terminated employees covered by this restriction within 15 days of their termination, including employee identity and termination date.

Takes effect July 1, 2012.