FL S0614

Abolishes the six-member Participant Local Government Advisory Council that previously reviewed trust fund administration and made recommendations to trustees.

Removes requirements for the Investment Advisory Council to consult with the Participant Local Government Advisory Council on investment policy reviews for the State Board of Administration trust funds.

Eliminates the council's biennial reporting requirement to the board, trustees, and Joint Legislative Auditing Committee.

Updates reporting requirements to direct trust fund reports to participants, the board, trustees, the Joint Legislative Auditing Committee, and the Investment Advisory Council, removing all references to the Participant Local Government Advisory Council.

Takes effect upon becoming law.