18348440, 19-11.002 - Florida Administrative Rules, Law, Code, Register

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Notice: 18348440

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
19-11.014	Benefits Payable for Investment Plan Disability and In-Line-Of-Duty Death Benefits

PURPOSE:

To set forth proposed amendments to Rule 19-11.002, F.A.C. which serve to adopt the latest version of the beneficiary designation form. Further, the rule is being amended to indicate that if a Special Risk Class Investment Plan member is killed in the line of duty, such member’s family will be entitled to a monthly survivor benefit as outlined in detail by new Rule 19-11.014, F.A.C. The rule also is being amended to make reference to the latest versions of the applicable enrollment forms. The rule amendments further indicate that an incomplete beneficiary designation form will not be processed. Finally, the rule amendments state that if a member designates the same person/entity as both a primary and a contingent beneficiary, the person or entity designated will be deemed to be only a primary beneficiary. Rule 19-11.014, F.A.C. is being created to provide information to Investment Plan members regarding two potential benefit options. First, information is set forth in the new rule regarding the fact that an Investment Plan member is entitled, if eligible, to apply for disability benefits which are in lieu of benefits otherwise payable to the member under Section 121.591(1) Florida Statutes. If the member’s disability benefit application is approved, the member becomes a member of the FRS Pension Plan and the member’s entire Investment Plan balance is transferred to the Pension Plan. Second, special “In Line of Duty” death benefits may be paid to the families of those Special Risk Class Investment Plan members who are killed in the line of duty. In lieu of receiving the member’s vested Investment Plan account balance, the spouse and unmarried children of each such Special Risk class member may receive monthly survivor benefits equal to 100% of the member’s salary at the time of death. Monthly benefits payable will be paid to the surviving spouse for his or her lifetime, and upon his or her death, to any surviving children where each such child is either under age 18 or under age 25 if each such child is a full-time student and unmarried. This Special Risk Class In Line of Duty Death Benefit was recently enacted during the 2016 Legislative Session.

SUMMARY:

To describe the new In-Line of Duty death benefit that may be available to survivors of Special Risk Class Investment Plan members who are killed in the line of duty; to clarify certain information regarding what happens if a member files an incomplete beneficiary designation form; to specify that the same person/entity cannot be both a primary and a contingent beneficiary; to adopt the latest version of the beneficiary designation form. 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:

121.4501(8), 121.5912 F.S.

LAW:

121.091(5)(j), (7), (8), 121.4501(20), 121.571, 121.591(3), (4), 121.5912, 121.735, 121.71, 121.74, F.S.

PRINT PUBLISH DATE:

12/8/2016 Vol. 42/237

COMMENTS:

From 12/8/2016 To 12/29/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-07364 Revised Beneficiary Designation Form- 2016

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