22927228, 19-11.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 22927228

Notice of Proposed Rule

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
19-11.006	Enrollment Procedures for New Hires
19-11.007	Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs
19-11.009	Reemployment with an FRS-Participating Employer after Retirement
19-11.012	Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

PURPOSE:

Rule 19-11.002, F.A.C. is being amended to reference the most recent versions of the EZ Retirement Plan Enrollment Form for Regular, Special Risk Class and Special Risk Administrative Support Class Employees, and the 2nd Election EZ Retirement Plan Enrollment Form. The rule also is being amended to emphasize that if a married member fails to name his or her spouse as the beneficiary of his or her Investment Plan account, then the member must provide either an Acknowledgement of Beneficiary Designation with the spouse’s signature or a notarized statement reflecting the spouse’s understanding that the spouse is not the beneficiary of the member’s account, in order for the member’s beneficiary designation to become effective. Rule 19-11.006, F.A.C. is being amended to adopt the most recent versions of the enrollment forms. The rule also is being amended to indicate that if a member defaults into the Investment Plan then the member will automatically receive quarterly statements by electronic delivery. Rule 19-11.007, F.A.C.is being amended to adopt the most recent versions of the 2nd Election EZ Retirement Plan Enrollment Form and the 2nd Election Retirement Plan Enrollment Form. Rule 19-11.009, F.A.C. is being amended to adopt the most recent version of the Certification Form that is used by prospective employees to certify their FRS retirement status. Rule 19-11.012, F.A.C. is being amended to adopt the most recent versions of the rollover forms. The proposed rule amendments do not impose any burdens on businesses; do not restrict entry into a profession; do not have an impact on the availability of services to the public; do not have an impact on job retention; do not impose any restrictions on employment seekers; and do not impose any costs.

SUMMARY:

To adopt updated forms and to set forth some clarifications and updated information. There are no other rules incorporating the proposed amended rules. The proposed amendments will not have an effect on any other rules.

RULEMAKING AUTHORITY:

121.4501(8) FS.

LAW:

21.021, 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), (19), 121.591, 121.5912; 744.301, 1012.875(3) FS.

PRINT PUBLISH DATE:

2/14/2020 Vol. 46/31

COMMENTS:

From 2/14/2020 To 3/6/2020 (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.