FL S1112

Creates the Florida Retirement System Cash Balance Plan Trust Fund to hold assets of the Cash Balance Plan exclusively for members and beneficiaries in compliance with Internal Revenue Code section 401.

Designates the trust fund as a retirement trust fund not subject to termination under Florida Constitution Article III, section 19(f), and requires the State Board of Administration to serve as trustee.

Establishes a forfeiture account within the trust fund to hold assets from forfeited benefits, which may only be used to pay plan expenses and reduce future employer contributions, with expected withdrawals reducing the account to zero each fiscal year.

Exempts the trust fund from general revenue service charges imposed by section 215.20.

Directs the State Board of Administration to obtain an Internal Revenue Service determination letter regarding the approved use of forfeiture account funds and allows transfer of funds into the Cash Balance Plan Trust Fund through amendments to section 121.4503.