12781513, 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: 12781513

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 revise the State of Florida Deferred Compensation Plan and related forms.

SUMMARY:

Amendments to the rule include:
Updates to the rule due to changes to and clarifications of the Federal deferred compensation regulations.
Definitions added or changed in the Plan Document (Form DFS-J3-1176) are as follows:
Beneficiaries of the Plan are now defined,
“Compensation” was added to clarify language as provided by the IRS,
“Normal Retirement Age” was amended to provide the definition for members of the Florida Retirement System’s Investment Plan and the Optional Retirement Plan.
Roth Contribution – if Roth IRA is available,
Trust Agreement was added to provide language for the protection of the participants and beneficiaries assets,
Trust Fund was added to clarify the Plan created a Trust as required by the IRS,
“Trustees of the Plan” definition was added for clarification, and 
“Unforeseeable Emergency” definition was added to the Plan Document to provide specific language to assist in the qualifying of a participant’s in-service distribution.
Language was added to provide instruction to the Plan Administrator making corrections for excess deferrals.
Language was added to clarify the Required Minimum Distribution provision.
Language was added to clarify the requirements necessary for a participant to utilize the Standard catch-up provision.
Language was added to clarify the approval process for distributions due to unforeseeable emergencies.
A provision was added to clarify specific beneficiary types for death benefits.
A provision was added to clarify Deemed IRA’s and Roth IRA’s requirements. 
A provision was added for Qualified Domestic Relations Orders.
A provision was added for the distribution process for settlement proceeds received from the investment vendors.
Amendments to existing forms and adding new forms for the State of Florida Employees Deferred Compensation Plan in order to clarify requirements, conform all forms to changes in the Plan Document (Form DFS-J3-1176), and implement minor administrative changes to the Plan.

RULEMAKING AUTHORITY:

112.215(12), F.S.

LAW:

112.215, F.S.

PRINT PUBLISH DATE:

3/19/2013 Vol. 39/54

COMMENTS:

From 3/19/2013 To 4/9/2013 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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