19-3.016. Executive Director

The Executive Director, who shall act as the Board’s chief administrative and investment officer, shall be selected by and serve at the pleasure of the Board. The Board has hereby delegated authority to act in the following areas to the Executive Director or his or her designee:

(1) To negotiate, enter into, execute, amend and terminate purchases, contracts, leases, lease-purchases, licenses and agreements relating to real, personal and mixed property, services, commodities and capital outlay items required for the day-to-day operations of the Board.

(2) To negotiate, enter into, execute, amend and terminate contracts, agreements, license applications, account opening or maintenance documents, and all related documents as necessary and/or appropriate to carry out the administrative, investment and debt functions of the Board.

(3) To control and disburse funds to carry out the constitutional and statutory duties of the Board.

(4) Make final decisions on all personnel matters, including discipline, involving Board employees.

(5) To transfer funds between categories of approved funds provided no category is increased or decreased by more than five percent of the total approved budget by all action taken.

(6) To transfer funds between object codes of a category of approved funds without limitation.

(7) To add, delete, reclassify and transfer authorized salaried positions so long as the total approved and budgeted positions are not exceeded.

(8) Authorize and pay travel expenses and per diem under Section 112.061, F.S. Authorize and pay membership dues under Section 216.345, F.S., when such membership is essential to the statutory duties and responsibilities of the Board or, with respect to constitutional duties and responsibilities of the Board, when such membership is essential to the constitutional duties and responsibilities of the Board.

(9) To act as custodian of the records and property of the Board.

(10) To act as agent for service of process, as representative to organizations in which the Board is a member or officer and as official liaison with agencies or other bodies of the State, other states, the Federal Government and the public.

(11) To immediately bring to the Board, in writing, and secure the Board’s approval of any proposed legal action to be taken by or on behalf of the Board, except in defense of litigation instituted against the Board. However, where the emergent nature of a matter requires immediate action and it is not possible to present the matter to a regular or special meeting of the Board, then the Executive Director may take appropriate legal action subject to ratification at the next regular or special meeting of the Board.

(12)(a) To issue declaratory statements pursuant to Section 120.565, F.S.;

(b) To review and execute, or to delegate the authority to review and execute, all final orders issued pursuant to Section 120.569 and 120.57, F.S.;

(c) To grant variances and waivers from rules pursuant to Section 120.542, F.S.;

(d) To initiate all rule development.

(e) To adopt, implement, modify and terminate internal procedures, policies and guidelines.

(13) To perform or facilitate such other functions as may be necessary or appropriate to supervise, direct, conduct and administer the day-to-day duties of the State Board of Administration as authorized by law or by rules and policies adopted by the Board.

(14) The Executive Director shall keep each member of the Board advised of controversial or major policy issues arising in the State Board of Administration and shall place such matters upon its agenda when directed by any member of the Board.

(15) The management and the execution of the investment and debt responsibilities of the Board shall be under the direction and supervision of the Executive Director, subject to such limitations and restrictions as may be prescribed by the Board.

(16) To authorize and designate futures and options markets as authorized in Section 215.47, F.S.

(17) To assess and collect fees for authorized services provided by the Board for certain services performed for any agency, judicial branch or fund and to deposit the fees in and to expend funds from the Administrative Expense Trust Fund. The services for which fees may be assessed and collected include but are not limited to the following:

(a) Processing of interest rate waiver applications.

(b) Collecting of undistributed account balances.

(c) Escrow restructuring.

(d) Reproduction fees.

(e) Fees paid for the services of General Counsel relating to private non-trust related entities.

(f) Equitable surcharges on investment earnings.

(g) Administration and legal work fees.

(h) These fees may be deposited in the Administrative Expense Trust Fund and expended only for lawful purposes of the Board.

Rulemaking Authority 215.52, 215.62(5), 215.835, 215.84(5), 216.345(3), 218.412 FS. Law Implemented 112.061, 215.44(2)(b), 215.441, 215.515, 215.69, 215.84, 216.345(2), 218.409(7) FS. History–New 7-13-75, Amended 4-10-84, 12-25-85, Formerly 19-3.16, Amended 12-11-89, 10-21-90, 6-4-91, 6-16-94, 10-15-13.