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Form 12333 for Palm Beach Florida: What You Should Know
The State of Florida Department of Financial Services issues a “Notice of Default to Board of County Commissioners” describing the “Pension Plan Debit Account.” This constitutes a default against the fund, which the State of Florida is obligated to re-pay the pension funds to the pension fund beneficiaries. The Plan Debit Account is only funded for current year benefit payments, as a part of the Plan's “Statement of Financial Condition”, as described in the 2023 Annual Review report. There was a deficit of the “Pension Plan Debit Account” due to the fact that in fiscal year 2016, all contributions to the pension plan by Palm Beach County taxpayers were less than required. Pursuant to the Florida Retirement System Policy (section 704) and “Notice of Default” to Board of County Commissioners dated October 16, 2017, Pursuant to the State of Florida's Pension System Rule (Section 720) (1) (C) and “Notice of Default” to Board of County Commissioners dated June 30, 2022, the Board of County Commissioners was provided an option to participate in an approved Deferred Interest Option (DO) and may withdraw funds from the Plan Debit Account in accordance with section 706.01a(7) (b) (iv) of the Florida Administrative Code which provides “ (3) Upon election by the Board, the County Commission shall elect to contribute on an annual in-kind basis, as determined by the Office of Management and Budget, 300,000 from revenues allocated for this purpose under the State Finance Act for a 12-month period beginning January 1, 2020, and no later than December 31, 2021, through December 31, 2022, of the same fiscal year. “ Pursuant to Section (7), and Section 706.01a (7)(b) (iv) of the Florida Administrative Code, if the Board has not elected to participate, the Department will, upon the request of the Board, provide the Board with a written notice of the existence of a Deferred Interest Option (DO) for the fiscal year in which the next budget is enacted. When the Board elects to participate in the DO, then the Department will pay from the pension fund for the remaining balance of the Deferred Interest Option (DO).
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