4482193, 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: 4482193

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
19-11.003	Distributions from FRS Investment Plan Accounts
19-11.004	Excessive Trading in the FRS Investment Plan
19-11.005	Florida Retirement System (FRS) State Board of Administration Complaint Procedures
19-11.006	Enrollment Procedures for New Hires
19-11.007	Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs
19-11.008	Forfeitures
19-11.009	Reemployment with an FRS-Participating Employer after Retirement
19-11.010	FRS Investment Plan: Privacy

PURPOSE:

These rules are promulgated to implement recently adopted policies and to reflect legislative changes.in the FRS Investment Plan.

SUMMARY:

Proposed amended Rule 19-11.002, F.A.C.,  replaces “participant” with “member” and sets out policies to deal with situations in which the member is married but does not name his spouse as a primary beneficiary or the spouse refuses to sign the acknowledgment, as required by Section 121.4501(20), F.S. Amended Rule 19-11.003, F.A.C., provides procedures if a member dies before retirement; provides procedures for distributions to beneficiaries who are not spouses, discussing the IRS’ “required minimum distribution;” provides procedures for distributions to minors; and for “invalid distributions,” those to members who are not entitled to the payout. All information relating to re-employment after retirement is deleted and moved to new Rule 19-11.009, F.A.C.
Amended Rule 19-11.004, F.A.C., adds clarifying information about the new United States Securities and Exchange Commission Rule 22c-2, regarding excessive trading for open-end mutual funds. Amended Rule 19-11.005, F.A.C., deletes the first step of the complaint process because of non-use and combines the notice of proceeding with the initial order of proceedings to simplify the process for members, but leaves everything else the same. Amended Rule 19-11.006, F.A.C., makes editorial changes, primarily to point out that the FRS Investment Plan Hybrid Option is part of the FRS Investment Plan. Amended Rule 19-11.007, F.A.C., makes editorial changes similar to Rule 19-11.006, F.A.C., and adopts a revised version of the 2nd Election form. New Rule 19-11.008, F.A.C., establishes procedures for Investment Plan members who have forfeited their retirement benefits. New Rule 19-11.009, F.A.C., clarifies the provisions regarding reemployment after retirement for Investment Plan members. These provisions were originally part of Rule 19-11.003, F.A.C. New Rule 19-11.010, F.A.C. discusses the scope and the limitations on the FRS Investment Plan’s privacy policy and use of a member’s social security number.

RULEMAKING AUTHORITY:

121.4501(3)(c)4., (8)(a), 215.52 FS.

LAW:

119.071, 120.569, 120.57, 120.573, 121.021(29), (39), 121.051, 121.055, 121.35, 121.091(5), (8), (9)(b)(c), (29),(39), 121.4501(2)(j),(3),(4),(5),(6),(8),(9)(f)3., (13), (14), (15)(b), (19), (20), 121.591(1)(a)4., (3), 121.74, 121.78, 215.44(8)(b), 744.301, 1012.875(3) FS.

PRINT PUBLISH DATE:

8/10/2007 Vol. 33/32

COMMENTS:

From 8/10/2007 To 8/31/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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