# Fla. Stat. § 121.4502: 121.4502 Florida Retirement System Investment Plan Trust Fund

> Florida · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.4502

## Section

- **Citation:** Fla. Stat. § 121.4502
- **Heading:** 121.4502 Florida Retirement System Investment Plan Trust Fund
- **Jurisdiction:** Florida
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Florida Code / Title X / Chapter 121 / Part II / Section 121.4502

## Text

(1) The Florida Retirement System Investment Plan Trust Fund is created to hold the assets of the Florida Retirement System Investment Plan in trust for the exclusive benefit of the plan’s members and beneficiaries, and for the payment of reasonable administrative expenses of the plan, in accordance with s. 401 of the Internal Revenue Code, and shall be administered by the state board as trustee. Funds shall be credited to the trust fund as provided in this part, to be used for the purposes of this part. The trust fund is exempt from the service charges imposed by s. 215.20.

(2) The Florida Retirement System Investment Plan Trust Fund is a retirement trust fund of the Florida Retirement System that accounts for retirement plan assets held by the state in a trustee capacity as a fiduciary for individual participants in the Florida Retirement System Investment Plan and, pursuant to s. 19(f), Art. III of the State Constitution, is not subject to termination.

(3) A forfeiture account shall be created within the Florida Retirement System Investment Plan Trust Fund to hold the assets derived from the forfeiture of benefits by participants. Pursuant to a private letter ruling from the Internal Revenue Service, the forfeiture account may be used only for paying expenses of the Florida Retirement System Investment Plan and reducing future employer contributions to the program. Consistent with Rulings 80-155 and 74-340 of the Internal Revenue Service, unallocated reserves within the forfeiture account must be used as quickly and as prudently as possible considering the state board’s fiduciary duty. Expected withdrawals from the account must endeavor to reduce the account to zero each fiscal year.

History: s. 1, ch. 2001-255; s. 2, ch. 2010-180; s. 27, ch. 2011-68.

## Nearby sections

- [Fla. Stat. § 121.571 121.571 Contributions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.571.md)
- [Fla. Stat. § 121.591 121.591 Payment of benefits.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.591.md)
- [Fla. Stat. § 121.4501 121.4501 Florida Retirement System Investment Plan.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.4501.md)
- [Fla. Stat. § 121.4502 121.4502 Florida Retirement System Investment Plan Trust Fund.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.4502.md)
- [Fla. Stat. § 121.4503 121.4503 Florida Retirement System Contributions Clearing Trust Fund.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.4503.md)
- [Fla. Stat. § 121.5911 121.5911 Disability retirement program; qualified status; rulemaking authority.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.5911.md)
- [Fla. Stat. § 121.5912 121.5912 Survivor benefit retirement program; qualified status; rulemaking authority.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.5912.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_FL_TX_C121_PII_S121.4502. Check the current official text before relying on it. Not legal advice.