19-7.015. Allocation of Earnings

The Local Government Surplus Funds Trust Fund System is used to keep current account balance information for individual accounts participating in the pooled investment account and to apportion the pooled investment earnings back to each account. At the end of each month, pool month-to-date accrued earnings minus accrued expenses are apportioned to the participants directly proportionate to the respective net amounts deposited in the Fund and the length of time such amounts remain therein. The resulting proportionate amount is credited to each account at that time. If the end of the month account balance falls below $1,000.00, the State Board of Administration may choose to close the account and return the residual balance to the participant.

Rulemaking Authority 218.405, 218.412 FS. Law Implemented 218.409(4), (5) FS. History–New 8-24-82, Formerly 19-7.15, Amended 6-26-95, 3-26-02, 9-5-10.