To adopt the revised Investment Policy Statement for the Local Government Surplus Funds Trust Fund approved by the Trustees on June 23, 2015 and effective July 1, 2015. The amendments also delete the reference to the Investment Policy Statement for ...

 

STATE BOARD OF ADMINISTRATION

RULE NO.:RULE TITLE:

19-7.002Investment Policy Guidelines

PURPOSE AND EFFECT: To adopt the revised Investment Policy Statement for the Local Government Surplus Funds Trust Fund approved by the Trustees on June 23, 2015 and effective July 1, 2015. The amendments also delete the reference to the Investment Policy Statement for the Fund B Surplus Funds Trust Fund (Non-Qualified). The Fund B Surplus Funds Trust Fund is in the final stages of being terminated, as participants have received a return of their original principal balances, as well as a portion of Fund B’s residual balance that is based on each participant’s proportional share of the total November 2007 interest earned by all participants in the Local Government Surplus Funds Trust Fund that was not paid out but instead was transferred to this trust fund to maximize the payout of principal..

SUBJECT AREA TO BE ADDRESSED: The most recent version of the Investment Policy Statement for the Local Government Surplus Funds Trust Fund is being adopted and the reference to the Investment Policy Statement for the Fund B Surplus Funds Trust Fund (Non-Qualified) is being removed.

RULEMAKING AUTHORITY: 218.412, 218.421(1) FS.

LAW IMPLEMENTED: 218.405(1), (2), (3), (4), 218.409(2), (9), 218.415(17) , 218.418, 218.421(2) FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: Monday, September 21, 2015, 2010, 9:00 a.m. – 11:00 a.m.

PLACE: Room 116 (Hermitage Conference Room), 1801 Hermitage Blvd., Tallahassee, FL 32308

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Ruth A. Smith, Assistant General Counsel, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, FL 32308, [phone], [e-mail]

 

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

 

19-7.002 Investment Policy Statements.

The Local Government Surplus Funds Trust Fund (Non-Qualified) Investment Policy Statement, as approved by the Trustees of the State Board of Administration on June 23 17, 2015 2014, and made effective July 1, 2015 2014, http://www.flrules.org/Gateway/reference.asp?No=Ref-05858 http://www.flrules.org/Gateway/reference.asp?No=Ref-04447, is hereby adopted and incorporated by reference. The Fund B Surplus Funds Trust Fund (Non-Qualified) Investment Policy Statement, as approved by the Trustees of the State Board of Administration on June 17, 2014, and made effective July 1, 2014, http://www.flrules.org/Gateway/reference.asp?No=Ref-04448, is hereby adopted and incorporated by reference. The Investment Policy Statements may be obtained by contacting: State Board of Administration, 1801 Hermitage Blvd., Suite 100, Tallahassee, Florida 32308, Attn.: Florida PRIME Program, or by accessing the sbafla.com website, and clicking on the Florida PRIME heading under the Funds We Manage tab. The Investment Policy Statement for the Local Government Surplus Funds Trust Fund (Non-Qualified) can be obtained under the Risk Management and Oversight section. The Investment Policy Statement for the Fund B Surplus Funds Trust Fund (Non-Qualified) can be obtained under the Fund B section.

Rulemaking Authority 218.412, 218.421(1), 288.405(4) FS. Law Implemented 218.405(1), (2), (3), (4), 218.409(2), (9), 218.415(17), 218.418, 218.421(2) FS. History–New 12-13-09, Amended 4-11-12, 1-18-14, 11-20-14,_________.