18299067, 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: 18299067

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.001	Definitions
19-11.003	Distributions from FRS Investment Plan Accounts
19-11.004	Excessive Trading in the FRS Investment Plan
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
19-11.008	Forfeitures
19-11.009	Reemployment with a Florida Retirement System (FRS) Employer after Retirement
19-11.010	FRS Investment Plan: Privacy
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
19-11.013	FRS Investment Plan Self-Directed Brokerage Account

PURPOSE:

To amend Rule 19-11.001, F.A.C. to add new definitions for “death in the line of duty” and “special risk member;” to clarify other definitions; and to correct some typographical errors. To amend Rule 19-11.003, F.A.C. to clarify certain information regarding Required Minimum Distributions (RMDs); to add new information concerning pending distributions; and to clarify certain information. To amend Rule 19-11.004, F.A.C. to clarify certain information. To amend Rule 19-11.005, F.A.C. to clarify information and to indicate how copies of issued Final Orders can be obtained. To amend Rule 19-11.006 to adopt the latest versions of the applicable enrollment forms; and to indicate that an employee who terminates employment prior to making a retirement plan choice will be given another opportunity to make a plan choice if the employee returns to FRS-covered employment in the future. To amend Rule 19-11.007, F.A.C. to adopt the latest versions of the Second Election enrollment forms; to clarify information set forth regarding a member who is on unpaid leave of absence or summer break to indicate that a second election form can only be submitted by such member during the month that the member is actively working and earning salary and service credit; and to indicate that any person that transfers to the Investment Plan and provides a cell phone number or email address will be deemed to have consented to electronic delivery of documents through the MyFRS.com website. To amend Rule 19-11.008, F.A.C. to indicate the any unvested account balances will be transferred to a suspense account which is invested in the FIAM Intermediate Duration Pool Fund. To amend Rule 19-11.009 to indicate that if a member receives an invalid distribution, the member may elect to terminate employment rather than to pay back the invalid distribution. Rule 19-11.010 is being amended to state that a power of attorney may be submitted by electronic means or by hard copy. To amend Rule 19-11.011, F.A.C. to indicate how employer errors and corrections will be made and resolved; and to indicate that the Division of Retirement is responsible for monitoring the federally-mandated annual salary that may be applied towards retirement. Rule 19-11.012, F.A.C. is amended to adopt the latest version of the rollover forms. Rule 19-11.013, F.A.C. is amended to set forth how the Self-Directed Brokerage Account enrollment form can be obtained and to make a few clarifications.

SUMMARY:

To adopt updated forms; to clarify certain information; and to update the names of the default investment vehicles where funds are placed in a suspense account. There are no other rules incorporating these proposed amended rules. The proposed amendments do not have an impact on any other rules. Legislative ratification of the rule amendments is not required.

RULEMAKING AUTHORITY:

121.78(3)(c); 121.4501(8 ) FS.

LAW:

120.569, 120.57, 120.573, 121.021, 121.051, 121.055, 121.091, 121.35, 121.4501(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), 121.591, 121.71, 121.72, 121.74, 121.77, 121.78, 215.44(8), 732.802, 744.301, 1012.875(3) FS.

PRINT PUBLISH DATE:

11/23/2016 Vol. 42/228

COMMENTS:

From 11/23/2016 To 12/14/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

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.