14751874, 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: 14751874

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.001	Definitions
19-11.004	Excessive Trading in the FRS Investment Plan
19-11.006	Enrollment Procedures for New Hires
19-11.007	Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs
19-11.008	Forfeitures
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 add a definition of “Retirement Date Fund,” and make a technical correction. To amend Rule 19-11.004, F.A.C., to indicate that members having a Self-Directed Brokerage Account (“SDBA”) are not subject to the excessive trading policy discussed in the rule with respect to that account, but rather are subject to the applicable rules and restrictions of the funds contained within the SDBA. To amend Rule 19-11.006, F.A.C., to adopt the latest versions of the enrollment forms, and to indicate that the default investment fund is an age appropriate retirement date fund. To amend Rule 19-11.007, F.A.C., to adopt the updated Second Election forms. To amend Rule 19-11.008, F.A.C., to indicate that un-vested account benefits placed in a suspense account will be invested in the Pyramis Intermediate Duration Pool Fund. To amend Rule 19-11.012, F.A.C., to adopt the latest versions of the rollover forms.

SUMMARY:

To update information and forms necessitated by the offering of a SDBA, and by certain changes to available investment funds of the FRS Investment 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:

121.021, 121.051, 121.055, 121.35, 121.78, 121.091, 121.4501(3), (4), (5), (13), (14) (15), (20), (21), 121.591, 732.802 FS.

PRINT PUBLISH DATE:

6/26/2014 Vol. 40/124

COMMENTS:

From 6/26/2014 To 7/17/2014 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

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