19587615, 19-11.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 19587615

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM

Overview

RULE:

19-11.001	Definitions
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
19-11.006	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
19-11.012	Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan
19-11.013	FRS Investment Plan Self-Directed Brokerage Account
19-11.014	Benefits Payable for Investment Plan Disability and In-Line-Of-Duty Death Benefits

PURPOSE:

The rule amendments to Rule 19-11.001 serve to indicate that a “member” of the Investment Plan includes an individual who is deemed to be a renewed member pursuant to Section 121.122, Florida Statutes, which has been amended by Chapter 2017-88, Laws of Florida, to provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan. Rule 19-11.002 is being amended to indicate that an Investment Plan member who is killed in the line of duty shall have certain survivorship benefits paid; to indicate the dates that certain enrollment forms and second election enrollment forms have been amended; and update the name of the investment fund used to hold account funds where the beneficiary cannot be located. The amendments to Rule 19-11.003, F.A.C. adopt the latest version of the Employment Termination Form and to make a few minor editorial revisions. Rule 19-11.004, F.A.C. is being amended to adopt the revised Transfer Request Form- Excessive Fund Trading Violators. Rule 19-11.006 is being amended to adopt the latest versions of the applicable enrollment forms; and to update and clarify information concerning specific enrollment procedures. Rule 19-11.007, F.A.C. is being amended to adopt the latest versions of the Second Election enrollment forms; and to indicate that an Investment Plan member that is eligible to be a renewed Investment Plan member on or after July 1, 2017 is not eligible to use the second election to transfer to the Pension Plan. Rule 19-11.008, F.A.C. is being amended to indicate the any unvested Investment Plan account balances will be transferred to a suspense account the funds of which will be invested in the FRS Intermediate Bond Fund. Rule 19-11.009 is being amended to indicate that, as provided by amendments to Section 121.122, Florida Statutes, a retiree of the Investment Plan, Senior Management Service Optional Annuity Program (SMSOAP), State University System Optional Retirement Program (SUSORP) and State Community College System Optional Retirement Program (SCCSORP)   who is reemployed with a FRS-participating employer in a covered position on or after July 1, 2017 will be a mandatory renewed member of the Investment Plan, unless employed in a position eligible for participation in the SUSORP or SCCSORP. Such renewed member will be enrolled in the Regular Class, unless the position meets the requirements to enroll in the Special Risk Class, Elected Officers’ Class or Senior Management Service Class. Rule 19-11.012, F.A.C. is amended to adopt the latest version of the rollover forms. Rule 19-11.013, F.A.C. is amended to set forth how the Self-Directed Brokerage Account enrollment form can be obtained and to make a few clarifications. Rule 19-11.014 is being updated to indicate that the survivorship benefits paid to the surviving children of an Investment Plan member killed in the line-of-duty shall be paid as provided in Section 121.091(7)(d) and (i), Florida Statutes.

SUMMARY:

To adopt updated forms; to set forth some clarifications; to recognize changes enacted by Chapter 2017-88, Laws of Florida, that provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan; to recognize that in-line-of-duty death benefits are available to the spouse and dependent children of any Investment Plan member and not just special risk members. There are no other rules incorporating the proposed amended rules. The proposed amendments will not have an effect on any other rules.

RULEMAKING AUTHORITY:

121.78(3)(c); 121.4501(8 ) FS.

LAW:

119.071, 120.569, 120.57, 120.573, 121.021, 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; 121.71, 121.72, 121.74, 121.77, 121.78, 215.44(8), 732.802, 744.301, 1012.875(3) FS.

PRINT PUBLISH DATE:

10/27/2017 Vol. 43/209

COMMENTS:

From 10/27/2017 To 11/17/2017 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

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