5960958, 19-11.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 5960958

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
19-11.004	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
19-11.009	Reemployment with a Florida Retirement System (FRS) Employer after Retirement

PURPOSE:

To amend existing rules to add new policies, to change policies, and to address new legislation.

SUMMARY:

Rule 19-11.002, F.A.C., regarding beneficiaries: amending to provide procedures for Alternate Payee to name a beneficiary; to provide procedures for a distribution when there is no social security number; and to provide for a distribution if there is no Estate Identification Number; Rule 19-11.004, F.A.C., regarding excessive trading is amended to provide notification that some mutual fund managers may ask about trading policies and may impose restrictions. Rule 19-11.006, F.A.C., regarding new hires; amending the grace period subsection to provide a more streamlined approach for a member's asking for a reversal of an election. Rule 19-11.007, F.A.C., regarding second elections: clarifying that a member may only make a second election while he is earing service credit; stating that the second election can be done online; and streamling procedures when an election is made in error. Rule 19-11.008, F.A.C., regarding forfeitures: clarifying the use of funds in the IP Forfeiture Account. Rule 19-11.009, F.A.C., regarding reemployment after retirement: clarifying when a retired employee may or may not return to work for an FRS-covered employer; providing liability for an employer who knowingly employs an employee who is not entitled to return to work.

RULEMAKING AUTHORITY:

121.4501(3)(c)4., (8)(a) FS.

LAW:

121.029(29),(39), 121.051, 121.055, 121.35, 121.091(5),(8), (9)(b),(c), 121.4501(2),(3),(4),(5),(6), (8), (13),(14), (15), (20), 121.591(1)(a)4.,(3), 121.73, 121.74, 121.78, 215.44(8)(b), 744.301, 1012.875(3) FS.

PRINT PUBLISH DATE:

8/8/2008 Vol. 34/32

COMMENTS:

From 8/8/2008 To 8/29/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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