§ 121.045, Fla. Stat. · Part I. GENERAL PROVISIONS
Consolidation of liabilities and assets; existing systems.
Text — 2026 Florida Statutes
(1) Effective December 1, 1970, the existing systems and the Florida Retirement System shall be consolidated and the system shall assume:
(a) All liabilities related to the payment of benefits to members and their beneficiaries; and
(b) All obligations in regard to funding and administering benefits accrued for the benefit of members, beneficiaries, and survivors.
(2) The administrator or trustees, where there may be a conflict in law, of the respective trust fund or funds held under the existing systems shall, as of December 1, 1970, cause to be transferred to the system trust funds all assets, including moneys, securities, and other property accumulated to date, as well as all liabilities and obligations connected therewith. Upon such transfer of assets, liabilities, and obligations, the administrator shall become the trustee of any trust fund or funds transferred to this system.
Notes and commentary — not statutory text
History
s. 4, ch. 70-112.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0121/0121.html
- Text hash
- sha256 88470a5ece07be091c900b8d9ecdab9e51a1f5bd877b16980ab19515ca1120db
- Composed by
- compose_v2.py 2026-10-04: the Legislature's structured HTML read in document order; verify_v2.py's independent reading agrees character for character
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