19-13.002: Role and Responsibilities of the Division of Retirement within the Department of Management Services
PURPOSE AND EFFECT: These rules are promulgated to implement recently adopted policies and to reflect legislative amendments in the FRS Investment Plan,
SUMMARY: Rule 19-13.002, F.A.C., provides that the Division of Retirement within the Department of Management Services is responsible for notifying the SBA of any members who may be subject to the forfeiture of their retirement benefits.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: The Board has prepared a statement and found the cost to be minimal.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 121.4501(8)(a) FS.
LAW IMPLEMENTED: 112.3173, 121.091(5), 121.4501(8), (10) FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: Tuesday, September 4, 2007, 2:00 p.m. – 4:30 p.m.
PLACE: Room 116 (Hermitage Conference Room), 1801 Hermitage Blvd., Tallahassee, Florida 32308
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Cindy Gokel, Assistant General Counsel, State Board of Administration, P. O. Drawer 13300, Tallahassee, FL 32317-3300; telephone: (850)413-1199
THE FULL TEXT OF THE PROPOSED RULE IS:
19-13.002 Role and Responsibilities of the Division of Retirement within the Department of Management Services.
(1) The Division of Retirement (Division) within the Department of Management Services has entered into a contract with the State Board of Administration of Florida (SBA) to provide certain administrative services, in accordance with Section 121.4501(8)(b)1., Florida Statutes.
(2) The administrative services referenced in subsection (1), above, are to:
(a) Determine membership eligibility and employer participation eligibility;
(b) Collect and process employer payroll contributions and payroll-related data;
(c) Forward employer payroll contributions and payroll-related data to the Investment Plan third party administrator, including date of termination and leave of absence indicators, if available;
(d) Calculate participants’ Pension Plan defined benefit plan benefit, calculate the accumulated benefit obligation and calculate any buy-back amount for those participants who elected the Investment Plan PEORP but subsequently elect wish to return to the Pension Plan defined benefit plan;
(e) Maintain and provide access to the Florida Retirement System database;
(f) Provide telephone support regarding employee or employer questions on the Pension Plan defined benefit plan and contribution processing, but transfer general retirement plan choice, enrollment and financial planning telephone calls to other education and administration third party contractors;
(g) Administer the disability benefits for the Florida Retirement System;
(h) Administer the health insurance subsidy;
(i) Determine employee vesting requirements in the Florida Retirement System, as required by law;
(j) Administer qualified domestic relations orders for the Florida Retirement System; and
(k) Notify the State Board of Administration of any employees who may be subject to forfeiture of benefits, in accordance with Sections 112.3173 and 121.091(5), F.S. Administer forfeiture of benefits procedures, in accordance with Section 121.091(5), Florida Statutes.
Specific Authority 121.4501(8)(a) FS. Law Implemented 112.3173, 121.091(5), 121.4501(8),(10) FS. History–New 10-21-04, Amended ________.