Florida § 121.045 - Consolidation of liabilities and assets; existing systems.
Full text of Florida Florida Statutes § 121.045 — Consolidation of liabilities and assets; existing systems., with citation guidance and answers to common questions.
§ 121.045. Consolidation of liabilities and assets; existing systems.
(1) Effective December 1, 1970, the existing systems and the Florida Retirement System shall be consolidated and the system shall assume: (a) All liabilities related to the payment of benefits to members and their beneficiaries; and (b) All obligations in regard to funding and administering benefits accrued for the benefit of members, beneficiaries, and survivors. (2) The administrator or trustees, where there may be a conflict in law, of the respective trust fund or funds held under the existing systems shall, as of December 1, 1970, cause to be transferred to the system trust funds all assets, including moneys, securities, and other property accumulated to date, as well as all liabilities and obligations connected therewith. Upon such transfer of assets, liabilities, and obligations, the administrator shall become the trustee of any trust fund or funds transferred to this system.
Source: official Florida text · Last verified 2026-08-27
Frequently Asked Questions About Florida § 121.045
What does Florida Statutes § 121.045 cover?
Section 121.045 ("Consolidation of liabilities and assets; existing systems.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 121.045?
A common citation format is "Florida Statutes § 121.045" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 121.045 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.