14194706, 19-11.001 - Florida Administrative Rules, Law, Code, Register

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Notice: 14194706

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
19-11.005	Florida Retirement System (FRS) State Board of Administration Complaint Procedures
19-11.013	FRS Investment Plan Self-Directed Brokerage Account

PURPOSE:

For Rules 19-11.001, 19-11.004 and 19-11.005, F.A.C., amendments are being made to reflect the fact that a self-directed brokerage account (“SDBA”) is being made available as an additional investment option to members of the Florida Retirement System (“FRS”) Investment Plan. Rule 19-11.001 sets forth a definition for a SDBA and emphasizes that the SDBA is different from the primary funds available under the FRS Investment Plan. Rule 19-11.004 is being amended to state that the excessive trading policies applicable to the FRS Investment Plan primary funds are not applicable to funds that a member has in a SDBA, and to emphasize that funds in the SDBA may be subject to their own excessive trading policies. Rule 19-11.005 is amended to reflect the fact that the complaint procedures applicable to the FRS Investment plan primary funds do not apply to funds placed in the SDBA. New Rule 19-11.013, F.A.C., is being added to detail information applicable to the SDBA, including, but not limited to, participation requirements, enrollment procedure, the responsibilities of participants in the SDBA, the types of available investments, applicable fees, the types of statements that will be issued, and complaint procedures available to SDBA participants.

SUMMARY:

Amendments are being made to reflect the fact that a self-directed brokerage account (“SDBA”) is being offered as a service to members of the Florida Retirement System (“FRS”) Investment Plan. The SDBA will allow members to access additional investment opportunities that are not currently available under the primary funds offered under the FRS Investment Plan. Other than the rules covered by this Notice, 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:

121.78, 120.569, 120.57, 120.573, 121.78, 121.4501(8), (9), (10), (11), (12), (13), (14), (15) FS.

PRINT PUBLISH DATE:

2/18/2014 Vol. 40/33

COMMENTS:

From 2/18/2014 To 3/11/2014 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-01127 Transfer Request Form- Excessive Trading- EFTPV-1

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