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HomeMy WebLinkAboutDeferred Comp Agenda 11-5-14ST. LUCIE COUNTY DEFERRED COMPENSATION PLAN COMMITTEE AGENDA November 5t", 2014 8:30 A.M. (BOCC Purchasing Conference Room 228 - Administration Building - 2nd Floor) Approval of the October 22, 2014 Minutes II. Approval of the St. Lucie County 457(b) Deferred Compensation Plan Adoption Agreement Amendment III. Discussion IV. Adjourn DEFERRED COMPENSATION PLAN COMMITTEE ST. LUCIE COUNTY, FLORIDA * SUBJECT TO COMMITTEE APPROVAL* REGULAR MEETING DATE: October 22, 2014 Convened: 9:04 a.m. Adjourned: 9:33 a.m. Committee Members Present: Daniel McIntyre, Chair and County Attorney; Joseph E. Smith, Clerk of the Circuit Court; Chris Craft, Tax Collector; Michelle Franklin, Designee for the Property Appraiser Others Present: Shai Francis, Chief Operating Officer of Financial Services; Heather Young, Assistant County Attorney; Lorna Smart, Accounting Manage ;Steve Gordon, The Bogdahn Group; Jacob Peacock, The Bogdahn Group and Sue Koruno ,Deputy Clerk I. MINUTES APPROVAL Approval of the minutes from thc�rreeting held oAugust 12, 2014. It was moved by Joseph Smith, seconed �b� Chris Cr'ftto approve the minutes from the meeting held on Augus�g12 j20J4 and �upjot� `roll ca P motion carried unanimously. II. QUARTERLY Jacob Pea coe prov ded,4Comrnq ee Members with The Bogdahn Group's presentation titled -St.t`uc` ie County,��D fer 99kompensation Plan, Investment Performance Review 3rd Quarter04" a revievvofthe previous quarter's performance. He ran through the high levels of thelmarket aItalked about the funds in relation to the compliance matrix. He stated the quart6 'as a whole experienced a "down -up -down July, August and September" noting August was up just enough to help pull the S&P 500 into the positive for the quarter. He pointed out the Russell 2000 fund with a -7.4% experienced their worst quarter for SmallCap stocks in 3 years, ending a streak of eight consecutive quarters. He noted although it was not a lot of great news for the quarter, if you review the 1-Year Performance you will see it's all very positive with the S&P almost at 20% for the year, MidCap at 15.8% and SmallCap around 4%. On the LargeCap side, about 75% of the S&P 500 Companies met or beat their earnings expectations which was good but, caused a problem with some of the funds because even though they met or beat their expectations they still primarily underperformed in the market place so there wasn't a reward for meeting or beating their expectations creating an interesting dynamic. 1 r The Healthcare sector was one of the main "drivers" in the performance in the S&P 500 which is important for the County to note as theytalk about individual funds like the Wells Fargo Fund as well as American Funds EuroPacific. Steve Gordon noted it was actually a good year but a tough quarter for the market. Jacob Peacock stated that historically September has had a pullback in the market. Since 1926 there has been almost a 2% swing in LargeCap returns, which have averaged 0.9% every month versus a -0.8% in September. He directed the Committee to page 6 for a review of the International versus Local Currency Performance where he showed the marked difference between the two as well as pointing out how the 1-Year Performance remained stable in spite of the negative quarter. The Committee was directed to Page 8 where it was noted the Bond side is pretty flat. Jacob stated October marks the end of the Quantit a�ti�e�Easing Bond Buy -Back from the government and the anticipation is the mtere;9t rates a going to rise and investors are just watching and waiting to see what happens. The Compliance Matrix on page 13 was th nee ctsection discussed and Jacob Peacock reviewed the account's performafice,,clL ng the�q,arter, the long-term outlook and what that means to the Committee. s Steve Gordon pointed gulfeasons why tha omplianc matrix does not concern them and why they feel this chaf-t" is a'good cha'rtk by explaining why you don't want the "best, best, best" fund but fund thts''modetely, pretty good" because if they are always the best when,thelimarl, s aroun Ithey are going to be at the bottom. What they are looking for'is someone that 's consistently above average. Their firm's job is to have a research�I�rst maket,e t e nds are doing what they said and their portfolio looks like it should.`"i Jacob Peacock highlighted",ruropacific Growth's Return stating they are overweight in the healthcare industry which is one of the main reasons everything is green on the matrix when compared to 2nd quarter. Steve. Gordon directed the Committee to page 11 where he and Jacob discussed how employees are currently investing noting they appear to be listening to the advice of advisors and becoming more properly diversified. PIMCO TOTAL RETURN FUND DISCUSSION Steve Gordon provided the Committee with background information on the resignation of PIMCO founder and CIO Bill Gross noting this departure has changed the stability of the funds and caused The Bogdahn Group to recommend parting ways with the firm. 2 i Ilf He provided Members with handouts titled "Core and Core Plus Investment Options (Mutual Funds) October 1, 2014" and "PIMCO Recommendations & Decision Options" for review. The recommendation of The Bogdahn Group is to seek to replace PIMCO Total Return in client portfolios due to the lead portfolio manager departure. Their recommendation for replacement is the Dodge & Cox Income Fund. The County Attorney asked if there was a motion to liquidate the PIMCO Total Return Fund and replace it with the Dodge & Cox Income Fund as soon as possible. It was moved by Chris Craft, seconded by Joseph Smith to approve the motion to liquidate the PIMCO Total Return Fund replace it with the Dodge & Cox Income Fund and; upon roll call, motion carried unanimously. DISCUSSION ITEMS: Jacob Peacock announced a change with th Vanguardlunds which are currently called "signal shares", they are changing to "ad ra shares". Tf�ere is no expense charge to participants, no change in the way funds operate, or,-afund wexternal fund, one was an internal fund and they decided it was duplirc it �g efforts. The change will occur on �a October 24th, communications wally be going oWt with a "notice of occurrence" type message and participants will see the change in the1 pans but that is all that will happen. V. ADJOURN There being no furt adjourned. sines's to be br-, ght before the Committee, the meeting was ADOPTION AGREEMENT FOR THE ELIGIBLE 457(b) DEFERRED COMPENSATION PLAN OF St. Lucie County, A GOVERNMENTAL EMPLOYER la Financial Services Governmental 457(b) Deferred Compensation Plan Adoption Agreement 07/2013 Instructions for completing the Adoption Agreement: Click on the applicable text box. Click on the text box to complete, highlight the line and replace with your response. 1. General Information (A) Name of Governmental Employer: St. Lucie County (B) Address of Governmental Employer: 2300 Virginia Avenue (C) Name of Plan: (D) Federal Tax ID Number of Governmental Employer: (E) Plan Administrator's Name and Address: (F) Trustee's Name and Address (if applicable): Fort Pierce, FL 34982 St. Lucie County Deferred Compensation Plan 59-6000835 Shai Francis 2300 Virginia Avenue Fort Pierce, FL 34982 2. Effective Date / Restated Effective Date (Article I - Definitions) (Select one) (A) ❑ The Plan is a new plan. The Effective Date is (B) ® The Plan is a restated plan. The Restated Effective Date is 9/1/2013. The Plan's initial Effective Date was 1/1/83 3. Plan Year (Article I - Definitions) TIAA-CREF Financial Services° Governmental 457(b) Deferred Compensation Plan Adoption Agreement 07/2013 (Select all that apply) Plan Year means: (A) ® The calendar year. (B) ❑ The Plan Year is a twelve (12) month period beginning on and ending on the following (C) ❑ The initial Plan Year is a short Plan Year beginning on and ending on . Thereafter, the Plan Year will be the twelve (12) month period selected in Box 3(A) or Box 3(B) above. 4. Definition of Compensation (Article I - Definitions) (Please make a selection in (A) and (B)) (A) ® Compensation is defined as W-2 wages (including differential wage payments). ❑ Compensation will be defined as W-2 wages exclusive of the following: ❑ Compensation will be defined as follows: (B) If so selected, this amount also includes pay for accrued bona fide sick, vacation, or other leave pay (but not severance pay). (Note: Any such pay must be paid within the later of 2 Y months following Severance from Employment or the end of the calendar year which includes the date of Severance from Employment.) ® Yes, include. If yes, select which types of accrued leave pay will apply to the Plan. (1) ® Accrued bona fide sick pay (2) ® Accrued vacation pay (3) ® Other accrued leave pay (describe): Post Severance Compensation, Payments during qualified military service. ❑ No, do not include. 5. Eligible Employee (Article I - Definitions) (Select all that apply) (A) ® All Employees of the Employer. 3 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement (B) ❑ All Employees of the Employer, other than the following excluded Employees: (1) ❑ Leased Employees (2) ❑ Salaried Employees (3) ❑ Hourly Employees (4) ❑ Seasonal Employees (5) ❑ Temporary Employees (6) ❑ Independent Contractors (7) ❑ Employees whose employment is governed by the terms of a collective bargaining agreement between Employee representatives (within the meaning of Code Section 7701(a)(46)) and the Employer, under which retirement benefits were the subject of good faith bargaining. (8) ❑ Other: 6. Contract Selection and Alternate Investment Sponsors (Article I - Definitions) (A) Investment Options are any investments made available by either TIAA-CREF under its contracts (including the use of TIAA-CREF or non-proprietary mutual funds) or any other Investment Sponsor and selected for use under this Plan by the Employer, or its designee. The contracts that will be offered by TIAA-CREF under the Plan are: (Select all that apply) ® TIAA Retirement Choice Plus Annuity Contract ("TIAA RCP") and CREF Retirement Choice Plus Annuity Contract ("CREF RCP"). ❑ TIAA Retirement Choice Annuity Contract ("TIAA RC) and a CREF Retirement Choice Annuity Contract ("CREF RC"). ❑ TIAA Stable Value Annuity Contract ("TIAA Stable Value") and CREF Stable Value Annuity Contract ("CREF Stable Value") in conjunction with an RC Contract. If this option is selected, the RC Contract will also be included in the selection. (B) Alternate Investment Sponsors. (Select one) ® No, alternate Investment Sponsors are not available under the Plan. ❑ Yes, alternate Investment Sponsors are available under the Plan. (List alternate Investment Sponsors) 0 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement 7. Normal Retirement Age (Article I - Definitions) (Please make a selection in (A) and if applicable, (8)) (A) General Rule. Other than provided in (B), Normal Retirement Age ("NRA") can be defined as any age that is on or after the earlier of age 65 or the age at which a Participant can retire and receive an unreduced benefit under the Employer's defined benefit plan (or if there is no defined benefit plan or if Participants cannot participate in that plan, a money purchase pension plan in which Participants also participate), and that is not later than age 70'/. Alternatively, an Eligible Plan may choose or permit participants to choose any NRA that is within those ages. (1) ® Normal Retirement Age will be age 65. (2) ❑ Normal Retirement Age will be age (3) ❑ Normal Retirement Age will be the age selected by each Participant. (4) ❑ Normal Retirement Age is defined as follows: (B) Special Rule for Participants who are Police or Firefighters. Those Participants may substitute age 40 for age 65 for the rules in (A). (1) ❑ Normal Retirement Age will be age 40. (2) ❑ Normal Retirement Age will be age (3) ❑ Normal Retirement Age will be the age selected by each Participant. (4) ❑ Normal Retirement Age is defined as follows: 8. Annual Deferrals (Section 3.1) (Select one) (A) ® Annual Deferrals may be made to the Plan up to the maximum amount permitted by law. (B) ❑ Annual Deferrals may be made to the Plan up to a maximum amount equal to , provided that in no event may such deferrals exceed the maximum amount permitted by law.. 5 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement (C) ❑ Annual Deferrals may only be made to this Plan up to the maximum permitted by law after maximizing Elective Deferrals to the Employer's 403(b) plan. (D) ❑ Annual Deferrals may not be made to the Plan. 9. Roth Elective Deferrals (Article X) (Select one) (A) ❑ Roth Elective Deferrals may be made to the Plan up to the maximum amount permitted by law. (B) ❑ Roth Elective Deferrals may be made to the Plan up to a maximum amount equal to , provided that in no event may such deferrals exceed the maximum amount permitted bylaw. (C) ❑ Roth Elective Deferrals may only be made to this Plan up to the maximum permitted by law after maximizing Elective Deferrals to the Employer's 403(b) plan. (D) ® Roth Elective Deferrals may not be made to the Plan. 10. Deferral of Special Pay (Section 3.3) (Select one) If selected below, a Participant may elect to defer accumulated sick pay, accumulated vacation pay and other leave pay provided that in no event shall such deferrals to the Plan exceed the maximum amount permitted by law. ® Yes, apply. (Question 4.(B) must also be checked, Yes.) ❑ No, do not apply. 11.Age 50 Catch-up Contributions (Section 3.7(c)) (Select one) If selected below, age 50 catch-up contributions may be made to the Plan up to the maximum amount permitted by law. ® Yes, apply. ❑ No, do not apply. 12. Special Section 457 Catch-up Limitation (Section 3.7(b)) (Select one) TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement If selected below, the special Section 457 catch-up contributions may be made to the Plan up to the maximum amount permitted by law. ® Yes, apply. ❑ No, do not apply. 13. Employer Non -Elective Contributions (Section 3.5) Note: Any Employer contribution will reduce, dollar for dollar, the amount the Participant can defer to the Plan and in no event shall the combined total of Participant and Employer contributions exceed the maximum amount permitted by law. (Select one) (A) ❑ The Employer will make non -elective contributions to the Plan on behalf of all Active Participants in an amount equal to % of the Participant's Compensation. (B) ® The Employer will make non -elective contributions to the Plan as follows (include a description of the class(es) of Active Participants receiving the contribution and the amount or if the contribution will be discretionary and only made to certain Active Participants as designated by the Employer in its discretion): The contribution will be discretionary and only made to certain contract employees as designated by the Employer in its discretion (C) ❑ The Employer will not make any non -elective contributions to the Plan. 14. Employer Matching Contributions (Section 3.6) Note: Any Employer contribution will reduce, dollar for dollar, the amount the Participant can defer to the Plan and in no event shall the combined total of Participant and Employer contributions exceed the maximum amount permitted by law. (Select one) (A) ❑ The Employer will make matching contributions to the Plan on behalf of Active Participants who make an Annual Deferral pursuant to a Deferred, Compensation Agreement in an amount equal to % of the Participant's Compensation that is contributed to the Plan for the Plan Year. (B) ❑ The Employer will make matching contributions to the Plan on behalf 7 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement of Active Participants who make an Annual Deferral pursuant to a Deferred Compensation Agreement in an amount equal to % of the first % of the Participant's Compensation that is contributed to the Plan for the Plan Year. (C) ® The Employer will make matching contributions to the Plan as follows (include a description of the class(es) of Active Participants receiving the contribution and the amount or if the contribution will be discretionary and only made to certain Active Participants as designated by the Employer in its discretion): The contribution will be discretionary and only made to certain contract employees as designated by the Employer in its discretion. (D) ❑ The Employer will not make any matching contributions to the Plan 15. Plan -to -Plan Transfers to the Plan (Section 3.9) (Select one) Please note that, in general, direct plan -to -plan transfers to -the Plan can only be made from another Eligible Governmental 457(b) Deferred Compensation Plan and if the Participant is an Eligible Employee of the Employer. No transfers to the Plan can be 'made by a Beneficiary. (A) ® Direct transfers may be made to the Plan from another Eligible Governmental 457(b) Deferred Compensation Plan to the extent permitted by law. (B) ❑ Direct transfers may be made to the Plan from another Eligible Governmental 457(b) Deferred Compensation Plan, subject to the following limitations: (C) ❑ Direct transfers may not be made to this Plan. 16. Plan -to -Plan Transfers from the Plan (Section 8.1) (Select one) Please note that, in general, direct plan -to -plan transfers from the Plan can only be made to another Eligible Governmental 457(b) Deferred Compensation Plan following the Participant's Severance from Employment with the employer that maintained the transferor plan unless the transfer is with respect to a Participant's Beneficiary. 0 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement (A) ® Direct transfers from the Plan may be made to another Eligible Governmental 457(b) Deferred Compensation Plan to the extent permitted by law. A ❑ Direct transfers from the Plan may be made to another Eligible Governmental 457(b) Deferred Compensation Plan, subject to the following limitations: (C) ❑ Direct transfers from the Plan may not be made. 17. Transfers to Purchase Service Credits (Section 8.2) (Select one) If selected below, a Participant may request a transfer from this Plan to a defined benefit governmental plan to purchase service credit. ® Yes, apply. ❑ No, do not apply. 18. Rollover Contributions (Section 3.10) (Select one) Note: An Eligible Governmental 457(b) Deferred Compensation Plan cannot accept rollovers of after-tax funds from another plan. If Roth Elective Deferrals are elected, an Eligible Governmental 457(b) Deferred Compensation Plan can accept rollovers of Roth Elective Deferrals from another Eligible Governmental 457(b) Deferred Compensation Plan, or as otherwise permitted under the Code. . (A) ❑ Rollovers to the Plan, including rollovers of Roth Elective Deferrals, are permitted to the extent permitted by law. (B) ® Rollovers to the Plan, excluding rollovers of Roth Elective Deferrals, are permitted to the extent permitted by law. (C) ❑ Rollovers to the Plan are not permitted. 19. In -Service Distribution at Age 70 % (Section 5.1(a)) (Select one) If selected below, a Participant may receive a distribution of all or a portion of his or her benefit upon attainment of age 70 Y prior to Severance from Employment. ❑ Yes, apply. E TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement ® No, do not apply. 20. Unforeseeable Emergency (Section 5.5) (Select one) If selected below, a Participant may receive a distribution due to Unforeseeable Emergency prior to Severance from Employment. (A) ® Yes, apply. If "Yes" is selected, please select who will be making the determination approving an Unforeseeable Emergency: (1) ® Employer /Plan Administrator (2) ❑ Other Investment Sponsor/Third Party Administrator (name): (3) ❑ TIAA-CREF (only Employers with prior approval may elect this option) (B) ❑ No, do not apply. 21. Small Balance In-service Distribution (Section 5.2) (Select one) If selected below, a Participant may receive an in-service distribution of all or a part of his or her benefit if the total amount of the Participant's benefit is less than $5,000 (or the dollar limit under Section 411(a)(11) of the Code) and the requirements of Section 5.2 of the Plan are satisfied. ® Yes, apply. ❑ No, do not apply. 22. Small Balance Distributions (Section 5.4) (Please select an option from (A) and (B)) (A) If selected below, small balance distributions of Account Balances of $1,000 or less will be permitted. ❑ Yes, apply. ® No, do not apply. (B) If selected below, small balance distributions of Account Balances of $5,000 or less will be distributed pursuant to Section 5.4, if permitted by an Investment Option. ❑ Yes, apply. ® No, do not apply. 10 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement If small balance distributions are permitted, the Account Balance threshold will be determined by including that portion of the Participant's Account Balance that is attributable to rollover contributions (and earnings allocable thereto). 23. Special Severance from Employment Definition for Independent Contractors (Section 5.1(c)(2)) (Select one) The special definition of "Severance from Employment" contained in Section 5.1(c)(2) of the Plan will be applied to all Participants classified as independent contractors if selected below. ❑ Yes, apply. ® No, do not apply. 24. Special Payment Date Restrictions for Independent Contractors (Section 5.1(b)) (Select one) If selected below, the special payment date restrictions for independent contractors contained in Section 5.1(b) will be applied. ❑ Yes, apply. ® No, do not apply. 25. Loans (Section 9.1) (Select one) If selected below, a Participant will be permitted to receive a loan from the Plan. ® Yes, apply. ❑ No, do not apply. 26. Qualified Domestic Relations Orders (Section 12.4) (Select one) If selected below, distributions pursuant to Qualified Domestic Relations Orders will be permitted under the Plan. ® Yes, apply. 11 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement ❑ No, do. not apply. 27. Special Considerations Relating to Military Service (Section 5.1(d)) (Please make a selection in (A), (B), and (C)) (A) Participants who have died or became Disabled while performing qualified military service shall be treated as if they returned to employment the day preceding the date of death or Disability and had a Severance from Employment on the date of death or Disability. (Select one) ❑ Yes, apply to both deceased and Disabled Participants. ❑ Yes, apply to deceased Participants. ® No, do not apply. (B) Deemed Severance from Employment. If elected below, Participants who have been called to active duty for thirty (30) or more days will be deemed as having a Severance from Employment for purposes of receiving a distribution under the Plan. Any distribution under this Section 5.1(d) requires a suspension of Annual Deferrals under the Plan for six (6) months. (Select one) ® Yes, apply. ❑ No, do not apply. (C) Credit for Benefit Accruals for Deceased Participants. If elected below, Participants who die while performing qualified military service will be credited with service to the Employer for the period of qualified military service. Any Employer contributions made to the Plan for these Participants will comply with Section 401(a)(37) of the Code. (Select one) ❑ Yes, apply. ® No, do not apply. By executing this Adoption Agreement, the Employer adopts the 457(b) Deferred Compensation Plan described herein and in the Plan document. The selections and specifications contained in this Adoption Agreement together with the terms, provisions and conditions provided in the Plan document constitute the Plan. 12 TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement It is understood that TIAA-CREF is not a party to the Plan and shall not be responsible for any tax or legal aspects of the Plan. The Employer assumes responsibility for these matters. The Employer acknowledges that it has counseled, to the extent necessary, with its attorney or other tax advisor. The obligations of the Investment Sponsors shall be governed solely by the provisions of its contracts and policies. TIAA-CREF shall not be required to inquire into any action taken by the Employer or the Plan Administrator and shall be fully protected in taking, permitting or omitting any action on the basis of the actions of the Employer or the Plan Administrator. TIAA-CREF shall incur no liability or responsibility for carrying out actions as directed by the Employer or the Plan Administrator. The provisions you select in completing this Adoption Agreement will apply to your Plan as if they were set forth in the Plan document. In completing this Adoption Agreement, you are urged to consult with your attorney or tax advisor. TIAA-CREF does not and cannot provide legal or tax advice. Failure to properly fill out the Adoption Agreement may result in the failure of your Plan to satisfy the requirements of an eligible deferred compensation plan under Section 457(b) of the Internal Revenue Code of 1986, as amended. IN WITNESS WHEREOF, this Adoption Agreement has been executed this day of , 20 Employer: Printed Name: Title: TIAA-CREF Financial Services© 07/2013 Governmental 457(b) Deferred Compensation Plan Adoption Agreement 13 Page 1 Agh�p Vp LexisNexW 10 of 67 DOCUMENTS LexisNexis (R) Florida Annotated Statutes Copyright (c) 2014 by Matthew Bender & Company, Inc. a member of the LexisNexis Group. All rights reserved. *** Statutes and Constitution are updated through Acts 1-21, 23-96, 98-101, and 103-255 of the 2014 Regular Session and 2014 Special Session A. * * * Title X. Public Officers, Employees, and Records. (Chs. 110-122). Chapter 112, Public Officers and Employees: General Provisions. Part III. Code of Ethics for Public Officers and Employees. GO TO FLORIDA STATUTES ARCHIVE DIRECTORY Fla. Stat. § 112.313 (2014) § 112.313. Standards of conduct for public officers, employees of agencies, and local government attorneys. (1) Definition. -- As used in this section, unless the context otherwise requires, the term "public officer" includes any person elected or appointed to hold office in any agency, including any person serving on an advisory body. (2) Solicitation or acceptance of gifts. -- No public officer, employee of an agency, local government attorney, or candidate for nomination or election shall solicit or accept anything of value to the recipient, including a gift, loan, reward, promise of future employment, favor, or service, based upon any understanding that the vote, official action, or judgment of the public officer, employ- ee, local government attorney, or candidate would be influenced thereby. (3) Doing business with one's agency. -- No employee of an agency acting in his or her official capacity as a purchasing agent, or public officer acting in his or her official capacity, shall either directly or indirectly purchase, rent, or lease any realty, goods, or services for his or her own agency from any business entity of which the officer or employee or the officer's or employee's spouse or child is an officer, partner, director, or proprietor or in which such officer or employee or the officer's or employee's spouse or child, or any combination of them, has a material interest. Nor shall a public officer or employee, acting in a private capacity, rent, lease, or sell any realty, goods, or services to the officer's or employee's own agency, if he or she is a state officer or employee, or to any political subdivision or any agency thereof, if he or she is serving as an officer or employee of that political subdivision. The foregoing shall not apply to district offices maintained by legislators when such offices are located in the legislator's place of business or when such offices are on property wholly or par- tially owned by the legislator. This subsection shall not affect or be construed to prohibit contracts entered into prior to: (a) October 1, 1975. (b) Qualification for elective office. (c) Appointment to public office. (d) Beginning public employment. (4) Unauthorized compensation. -- Page 2 Fla. Stat. § 112.313 No public officer, employee of an agency, or local government attorney or his or her spouse or minor child shall, at any time, accept any compensation, payment, or thing of value when such public officer, employee, or local government attorney knows, or, with the exercise of reasonable care, should know, that it was given to influence a vote or other action in which the officer, employee, or local government attorney was expected to participate in his or her official capacity. r (5) Salary and expenses. -= No public officer shall -he prohibited from voting.on a matter affecting his or her salary, expenses;:or. others compensation as a public officer, as -provided by law. No local government attorney shall be prevented from considering any matter affecting his or her salary, expenses, or other compensation as the local government attorney as provided by (6) Misuse of public position. No public officer, employee of an agency, or local government attorney shall corruptly use or attempt to use his or her official position or any property or resource which may be within his or her trust, or perform his or her official duties, to secure a special privilege, benefit, or exemption for himself, herself, or others. This section shall not be con- strued to conflict with s. 104.31. (7) Conflicting employment or contractual relationship. (a) No public officer or employee of an agency shall have or hold any employment or contractual rela- tionship with any business entity or any agency which is subject to the regulation of, or is doing business with, an agency of which he or she is an officer or employee, excluding those organizations and their officers who, when acting in their official capacity, enter into or negotiate a collective bargaining contract with the state or any municipality, county, or other political subdivision of the state; nor shall an officer or employee of an agency have or hold any em- ployment or contractual relationship that will create a continuing or frequently recurring conflict between his or her private interests and the performance of his or her public duties or that would impede the full and faithful discharge of his or her public duties. 1. When the agency referred to is that certain kind of special tax district created by general or special law and is limited specifically to constructing, maintaining, managing, and financing improvements in the land area over which the agency has jurisdiction, or when the agency has been organized pursuant to chapter 298, then employ- ment with, or entering into a contractual relationship with, such business entity by a public officer or employee of such agency shall not be prohibited by this subsection or be deemed a conflict per se. However, conduct by such officer or employee that is prohibited by, or otherwise frustrates the intent of, this section shall be deemed a conflict of interest in violation of the standards of conduct set forth by this section. 2. When the agency referred to is a legislative body and the regulatory power over the business entity resides in another agency, or when the regulatory power which the legislative body exercises over the business entity or agency is strictly through the enactment of laws or ordinances, then employment or a contractual relationship with such business entity by a public officer or employee of a legislative body shall not be prohibited by this subsection or be deemed a conflict. (b) This subsection shall not prohibit a public officer or employee from practicing in a particular profes- sion or occupation when such practice by persons holding such public office or employment is required or permitted by law or ordinance. (8) Disclosure or use of certain information. -- A current or former public officer, employee of an agency, or local government attorney may not disclose or use information not available to members of the general public and gained by reason of his or her official position, ex- cept for information relating exclusively to governmental practices, for his or her personal gain or benefit or for the personal gain or benefit of any other person or business entity. (9) Postemployment restrictions; standards of conduct for legislators and legislative employees. (a) 1. It is the intent of the Legislature to implement by statute the provisions of s. 8(e), Art. II of the State Constitution relating to legislators, statewide elected officers, appointed state officers, and designated public em- ployees.