13400373, 19-11.002 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 13400373

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.002	Beneficiary Designations and Distributions for FRS Investment Plan
19-11.012	Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

PURPOSE:

To amend Rule 19-11.002, F.A.C., to indicate what happens when a beneficiary is “per Florida law” as described in Section 121.4501(2), Florida Statutes and that beneficiary fails to contact the FRS Investment Plan and/or cannot be identified.  To amend Rule 19-11.012, F.A.C., to detail procedures that are to be followed by Investment Plan members electing to transfer to the Pension Plan, having an available balance after paying all buy-in amounts and desiring to purchase service credit with that remaining balance.

SUMMARY:

To expand and clarify information concerning certain “per Florida law” beneficiaries of FRS Investment Plan accounts, and to detail procedures that must be followed by certain Investment Plan members who are entitled to purchase service credit when they transfer to the FRS Pension Plan. There are no other rules incorporating any of these proposed rules. The proposed amendments do not have an impact on any other rules.  Legislative ratification of these rule amendments is not required.

RULEMAKING AUTHORITY:

121.4501(8) FS.

LAW:

121.091, 121.4501 (4), (5), (20), (21), 121.591, 732.802 FS

PRINT PUBLISH DATE:

8/19/2013 Vol. 39/161

COMMENTS:

From 8/19/2013 To 9/9/2013 (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

Under Florida law, E-mail addresses are public records. If you do not want your E-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.