1(1) This chapter sets forth the rules under which municipal and special district units of government are to provide information on their retirement systems to the Division pursuant to Part VII of Chapter 112, F.S. The provisions of this chapter shall be applicable to all municipal governments and special districts (or agencies and instrumentalities thereof) which operate or administer a retirement system or plan for public employees funded in whole or in part by public funds. This chapter shall not apply to municipalities or special districts with respect to any of their employees which participate as a covered group in the Florida Retirement System.
105(2) The objectives of this chapter are to clarify the implementation of Part VII, Chapter 112, F.S., so that governmental retirement systems may be managed, administered, operated, and funded in such manner as to maximize the protection of public employee retirement benefits. The pension liabilities attributable to the benefits promised public employees are fairly, orderly, and equitably funded by the current, as well as future, taxpayers. Accordingly, except as herein provided, these rules prohibit the use of any procedure, methodology, or assumptions, the effect of which is to transfer to future taxpayers any portion of the costs which may reasonably be expected to be paid by the current taxpayers.
