13172520, 19-11.002 - Florida Administrative Rules, Law, Code, Register

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Notice: 13172520

Notice of Development of Rulemaking

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.002	Beneficiary Designations and Distributions for FRS Investment Plan
19-11.012	Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

PURPOSE:

To amend Rule 19-11.002, F.A.C., to indicate what happens when a beneficiary is “per Florida law” as described in Section 121.4501(2), Florida Statutes and that beneficiary fails to contact the FRS Investment Plan and/or cannot be identified.  To amend Rule 19-11.012, F.A.C., to detail procedures that are to be followed by Investment Plan members electing to transfer to the Pension Plan, having an available balance after paying all buy-in amounts and desiring to purchase service credit with that remaining balance.

SUBJECT:

To expand and clarify information pertaining to beneficiaries that are “per Florida law; and to detail information regarding the purchase of service credits by certain FRS Investment Plan members transferring to the FRS Pension Plan. There are no other rules incorporating any of these proposed rules.

RULEMAKING AUTHORITY:

121.4501(8) FS.

LAW:

121.091, 121.4501 (4), (5), (20), (21), 121.591, 732.802 FS

PRINT PUBLISH DATE:

6/28/2013 Vol. 39/126

RELATED STATUTES
AND LAWS:

121.4501(8) FS., 121.091, 121.4501 (4), (5), (20), (21), 121.591, 732.802 FS

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=19-11.002&PDate=6/28/2013&Section=1

REFERENCE MATERIALS:

No reference(s).

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