16465573, 19-11.001 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 16465573

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.001	Definitions
19-11.002	Beneficiary Designations and Distributions for FRS Investment Plan
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
19-11.011	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 clarify some definitions. To amend Rule 19-11.002, F.A.C. to incorporate the latest version of the beneficiary designation form and to reference the latest versions of the enrollment forms; to indicate what documents must be supplied by a beneficiary who receives account proceeds per Florida law; and to indicate the name of the fund to which account proceeds are held until a beneficiary can be located. To amend Rule 19-11.003, F.A.C. to indicate that monies from a DROP rollover are available for immediate distribution; to adopt the latest version of the Employment Termination Form; and to indicate that if a member or beneficiary requests documentation of a distribution made prior to January 1, 2010, there will be a special service charge imposed due the extensive resources required. To amend Rule 19-11.004, F.A.C. to indicate what constitutes an incomplete transfer request form. Rule 19-11.005, F.A.C., is being amended to make an editorial revision. To amend Rule 19-11.006 to adopt the latest versions of the applicable enrollment forms; to indicate that a member has the responsibility for ensuring the appropriate enrollment form is timely received; and to indicate that if a member terminates before making a plan choice, the member will have another opportunity to make a plan choice if rehired by an FRS-participating employer. To amend Rule 19-11.007, F.A.C. to adopt the latest versions of the Second Election enrollment forms; to indicate that a member has the responsibility for ensuring the Second Election enrollment form is timely received; and to indicate the default fund if the member fails to make an investment selection. To amend Rule 19-11.008, F.A.C. to state that if a member terminates employment before vesting, the member will be entitled only to a return of the member's own required contributions. To amend Rule 19-11.011, F.A.C. to state that market loss calculations will be applied to benefit transfers that re late due to employer errors or corrections; and to indicate that an age-appropriate retirement date fund will be the default fund if a member fails to select an investment option when the member's ABO or present value of the member's FRS Pension Plan benefits are transferred to the member's FRS Investment Plan account. 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 accessed on line.

SUMMARY:

To adopt updated forms; to clarify certain information; and to update the names of the default investment vehicles where no funds are selected by the members. 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:

9/11/2015 Vol. 41/177

COMMENTS:

From 9/11/2015 To 10/2/2015 (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.