25482208, 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: 25482208

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
19-11.005	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
19-11.011	Employer and Employee Contributions and ABO or Present Value Transfer Procedures
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

PURPOSE:

To amend Rule 19-11.001, F.A.C. to correct some typographical errors and to add definitions that are used for federal SECURE Act purposes as applied to after-death distributions of members’ FRS Investment Plan accounts, as discussed in Rule 19-11.002, F.A.C.. To amend Rule 19-11.002, F.A.C. to incorporate the latest version of the on-line beneficiary designation form; to specify when a beneficiary designation form is considered “incomplete;” and to indicate how distributions of account assets will be made to beneficiaries of members dying after January 1, 2022, the effective date of the federal SECURE Act for governmental retirement plans. To amend Rule 19-11.003, F.A.C. to clarify when a member has terminated all employment for purposes of distributions of benefits; and to adopt the latest version of the Employment Termination form. To amend Rule 19-11.004, F.A.C. to adopt the latest version of the transfer request form that must be filed by excessive fund trading violators. Rule 19-11.005, F.A.C., is being amended to clarify how a member can obtain a blank petition for hearing form. To amend Rule 19-11.006 to adopt the latest versions of the applicable enrollment forms and to make some editorial revisions. To amend Rule 19-11.007, F.A.C. to adopt the latest versions of the Second Election enrollment forms. To amend Rule 19-11.008, F.A.C. to indicate that funds placed in a suspense account will be invested in the FRS Core Plus Bond Fund. To amend Rule 19-11.009 to adopt the latest version of the Certification Form. To amend Rule 19-11.011, F.A.C. to clarify that FRS participating employers are required to file monthly retirement reports instead of monthly payroll files with the Division of Retirement. Rule 19-11.012, F.A.C., is being amended to adopt the latest versions of the rollover forms. Rule 19-11.013, F.A.C. is amended to eliminate the annual administrative fee for FRS members participating in the Self-Directed Brokerage Account

SUMMARY:

To adopt updated forms; to clarify/correct certain information; to update definitions and provisions that are applicable to the federal SECURE Act as applied to after-death distributions to beneficiaries of FRS Investment Plan members dying on or after January 1, 2022; to remove the reference to an annual administrative fee that no longer applies to participants of the Self-Directed Brokerage Account. There are no other rules incorporating these proposed amended rules. The proposed amendments do not have an impact on any other rules.

RULEMAKING AUTHORITY:

121.4501(8) FS

LAW:

119.071, 120.569, 120.57, 120.573, 121.021(29), (39), 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:

1/21/2022 Vol. 48/14

COMMENTS:

From 1/21/2022 To 2/11/2022 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

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