274042, 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: 274042

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 Deferred Compensation Plan and to adopt the Deferred Compensation Investment Policy and Product Selection and Retention Policy.

SUMMARY:

This rule amendment revises the Deferred Compensation Plan document and adopts a revised Deferred Compensation Investment Policy and Product Selection and Retention Policy.  The changes to the Plan are as follows:
	(1)	The definition of UNREDUCED BENEFITS is changed to fit the ORP and PEORP which do not have a defined benefit calculation.
	(2)	Section 3.06 is amended to reflect the IRS policy that employment with another employer cannot be used to calculate a catch-up contribution.
	(3)	Section 3.08 is added to provide for the payment of excess contributions to the participant.
	(4)	Section 5.08 is added to explicitly allow investment providers to impose reasonable limitations to limit frequent trading of mutual funds.
	(5)	Foreclosure upon real property is added as an unforeseeable emergency to conform to federal regulation.
	(6)	Separation is added to divorce or dissolution of marriage as not constituting an unforeseeable emergency.
	(7)	A simplified process for an unforeseeable emergency withdrawal for up to $1500 for damage due to a disaster such as a hurricane is provided.
	(8)	Several other minor edits and clarifications are made that do not have a significant substantial effect.
The Deferred Compensation Investment Policy and Product Selection and Retention Policy is changed with regard to the standards for the retention of mutual funds in the program.
The rule is also revised to incorporate up to date versions of applicable federal law.

RULEMAKING AUTHORITY:

112.215(11), F.S.

LAW:

18.125(4)(c) and 112.215, F.S.

PRINT PUBLISH DATE:

4/28/2006 Vol. 32/17

COMMENTS:

From 4/28/2006 To 5/19/2006 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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