3344286, 69C-6.003 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 3344286

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Treasury

Chapter:

STATE OF FLORIDA EMPLOYEES DEFERRED COMPENSATION PLAN

Overview

RULE:

69C-6.003

The Plan; Prescribed Forms

PURPOSE:

The purpose of the rule amendment is to amend the State of Florida Employee Deferred Compensation Plan.

SUMMARY:

The rule adopts revisions to the State of Florida Employees Deferred Compensation Plan as follows:
	A provision is added to allow loans to participants from their deferred compensation accounts under conditions permitted by federal law.
	Hardship withdrawal standards are changed as follows:
	Foreclosure is narrowed as a basis for a hardship withdrawal by requiring that the foreclosure be upon the participant’s primary residence rather than any real property.  
	Eviction from a primary residence is added as a basis for hardship withdrawal to conform to a federal regulation on that point.
	“Dental or periodontal treatment that is necessary due to a sudden injury” is added as a basis for a hardship withdrawal.  “Dental or periodontal treatment which is cosmetic or is necessary due to a chronic or degenerative condition such as periodontitis, decay, bruxism, or malocclusion not due a sudden injury” is added to the list of events for which a hardship withdrawal is not available.
	The amount that can be obtained through the simplified hardship withdrawal process in the event of a hurricane emergency is raised from $1,500.00 to $2,500.00.

RULEMAKING AUTHORITY:

112.215(12), F.S.

LAW:

112.215, F.S.

PRINT PUBLISH DATE:

12/29/2006 Vol. 32/52

COMMENTS:

From 12/29/2006 To 1/19/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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