12117451, 19-11.001 - Florida Administrative Rules, Law, Code, Register

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Notice: 12117451

Notice of Development of Rulemaking

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.001	Definitions
19-11.002	Beneficiary Designations and Distributions for FRS Investment Plan
19-11.003	Distributions from FRS Investment Plan Accounts
19-11.005	Florida Retirement System (FRS) State Board of Administration Complaint Procedures
19-11.006	Enrollment Procedures for New Hires
19-11.007	Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs
19-11.011	Employer and Employee Contributions and ABO or Present Value Transfer Procedures
19-11.012	Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

PURPOSE:

To amend Rule 19-11.001, F.A.C., to provide that a “distributee” may include a non-spouse beneficiary; that an eligible retirement plan may include a Roth IRA or annuity;  and that distributions consisting of after-tax employee contributions not includible in gross income may be transferred only to certain specified accounts or annuities.  The rule also is being revised to include updated statutory citations.  To amend Rule 19-11.002, F.A.C.,  to indicate the latest revisions of the enrollment and second election forms, and to make some minor technical revisions.  To amend Rule 19-11.003, F.A.C., to provide that a distributee may elect to have any portion of an eligible rollover distribution directly paid to an eligible retirement plan.  To amend Rule 19-11.005, F.A.C. to make a minor technical revision.  To amend Rules 19-11.006, F.A.C., to provide that eligible State and Local Senior Managers that are eligible to enroll in the Senior Manager Service Annuity Program may enroll in the FRS Investment Plan by submitting an enrollment form; and to adopt the latest versions of the enrollment forms. To amend Rule 19-11.007, F.A.C., to adopt the latest versions of the second election enrollment forms. To amend Rule 19-11.011, F.A.C.,  to make some technical revisions.  To amend Rule 19-11.012, F.A.C., to adopt the latest versions of the rollover forms; and to make some minor technical revisions

SUBJECT:

To update and clarify information pertaining to rollovers; to make minor technical revisions; and to adopt updated forms. There are no other rules incorporating any of these proposed rules.

RULEMAKING AUTHORITY:

121.78; 121.4501(8) FS.

LAW:

119.071, 120.569, 121.055, 121.021, 121.055, 121.091, 121.35, 121.4501(2), (3), (4), (5), (6), (8), (9), (10), (13),(14), (15), (20), 121.591, 121.71, 121.72, 121.74, 121.77, 121.78, 732.802, 1012.875(3) FS.

PRINT PUBLISH DATE:

10/5/2012 Vol. 38/44

RELATED STATUTES
AND LAWS:

121.78; 121.4501(8) FS., 119.071, 120.569, 121.055, 121.021, 121.055, 121.091, 121.35, 121.4501(2), (3), (4), (5), (6), (8), (9), (10), (13),(14), (15), (20), 121.591, 121.71, 121.72, 121.74, 121.77, 121.78, 732.802, 1012.875(3) FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=19-11.001&PDate=10/5/2012&Section=1

REFERENCE MATERIALS:

No reference(s).

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