12189134, 19-11.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 12189134

Notice of Proposed Rule

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 definitions are being updated in response to a recently-issued Internal Revenue Service determination letter for the FRS Investment Plan. 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.  The rule as is being amended to update the dates set forth in the examples regarding invalid distributions and to indicate that documentation of a distribution made prior to August 30, 2007 will be produced for a special service charge where retrieval is possible. 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 for clarification.  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.

SUMMARY:

To update and clarify information pertaining to rollovers as required by a recently-issued Internal Revenue Service determination letter; to make minor technical revisions; and to adopt updated forms. There are no other rules incorporating any of these proposed rules.  Legislative ratification of these rule amendments is not required.

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:

10/24/2012 Vol. 38/57

COMMENTS:

From 10/24/2012 To 11/14/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-01184 FRS Pension Plan (401(a) Plan) Pretax Direct Rollover Form
Ref-01817 General Enrollment Form- 10-12
Ref-01818 Second Election Enrollment Form- 10-12
Ref-01819 Elected Officers Enrollment Form- 10-12
Ref-01820 CCORP Enrollment Form- 10-12
Ref-01823 SMS State Senior Management Enrollment Form- 10-12
Ref-01824 SMS Local Senior Management Enrollment Form- 10-12
Ref-01825 DROP Deposit Form for Current Members- 10-12
Ref-01826 DROP Deposit Form for Former Members- 10-12
Ref-01827 IP Rollover Form - 10-12
Ref-01829 EZ Retirement Plan Enrollment Form- ELE-1-EZ-7-12
Ref-01830 Second Election EZ Retirment Plan Enrollment Form-7-12

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