60S-11.002. Participation  


Effective on Sunday, April 30, 2017
  • 1(1) 2Eligibility 3– A member of the Florida Retirement System Pension Plan, the Teachers’ Retirement System, or the State and County Officers’ and Employees’ Retirement System shall be eligible to participate in the DROP provided:

    36(a) The member attains normal retirement date as provided in paragraph 4760S-4.003(1)(b) 48or (c), F.A.C., for Florida Retirement System Pension Plan members, or normal retirement date as specified in Chapter 238, F.S., for Teachers’ Retirement System members or in Chapter 122, F.S., for State and County Officers” and Employees’ Retirement System members;

    88(b) The member is employed in a regularly established position as defined in Rule 10260S-6.001, 103F.A.C.; and,

    105(c) The member is not 110a renewed member under Section 115121.122, F.S., 117a member of the State Community College System Optional Retirement Program as provided in Section 132121.051, F.S., 134the Senior Management Service Optional Annuity Program as provided in Rule Title 60V, F.A.C., the State University System Optional Retirement Program as provided in Rule Title 60U, F.A.C., or a participant in the Public Employee Optional Retirement Program as provided in Part II of Chapter 121, F.S., more commonly referred to as the FRS Investment plan as defined in Rule 19460S-6.001, 195F.A.C.

    196(2) 197Election to Participate 200– An eligible member must elect to participate in DROP within a 12-month period beginning on the member’s DROP eligibility date as defined in Rule 22560S-11.001, 226F.A.C., subject to one of the following conditions:

    234(a) A member who reaches his or her initial eligibility date based on years of service as follows:

    2521. A member initially enrolled in the FRS prior to July 1, 2011, who reaches his or her intial eligibility date based on years of service before reaching age 57, or age 52 for a Special Risk Class member, and is therefore eligible to defer the DROP election period as defined in subparagraph 30560S-11.001(2)(b)1., 306F.A.C., may defer his or her election to join DROP to anytime during the period from the initial eligibility date through the end of the twelfth month after he or she attains age 57, or age 52 for a Special Risk Class member.

    3492. A member initially enrolled in the FRS on or after July 1, 2011, who reaches his or her initial eligibility date based on years of service before reaching age 60, or age 55 for a Special Risk Class member, and is therefore eligible to defer the DROP election period as defined in subparagraph 40360S-11.001(2)(b)2., 404F.A.C., may defer his or her election to join DROP to anytime during the period from the initial eligibility date through the end of the twelfth month after he or she attains age 60, or age 55 for a Special Risk Class member.

    447(b) A member may elect to include or exclude any optional service credit from the total service used to establish the DROP begin date when determining the DROP eligibility date.

    477(c) A member with dual normal retirement dates, due to an employment history in two different classes of membership with different normal retirement date and age requirements, may elect to participate in DROP within 12 months of attaining normal retirement date in either membership class.

    522(d) An elected officer who reaches his or her DROP eligibility date during a term of office may defer DROP participation until later in that term or during the next term in such office.

    556(e) Effective February 1, 2003, a member who is filling a K-12 instructional personnel position as defined in Section 5751012.01(2), F.S., 577may elect to participate in DROP at any time after reaching the initial eligibility date.

    592(3) 593Application to Participate 596

    597(a) Member’s Responsibility – It shall be the responsibility of the eligible member to make proper application to the Division to participate in DROP. To qualify for DROP, the member shall submit to the Division:

    6321. Form DP-ELE, Florida Retirement System Pension Plan Notice of Election to Participate in the Deferred Retirement Option Program (DROP) and Resignation of Employment, as adopted in subsection 60S66166211.001(8), F.A.C., which shall specify the DROP begin date and the DROP termination and resignation date, shall be acknowledged by the employer. If the member is simultaneously employed by more than one FRS employer, the member must submit a completed DP-ELE form from each employer. Such form shall be received by the Division no later than the end of the last month of the member’s 12-month election period described in subsection 73360S-11.002(2), 734F.A.C., or a later date if authorized in subsection 74360S-11.002(2), 744F.A.C. Such termination and resignation date shall constitute a binding letter of resignation with the employer. Failure to complete and submit Form DP-ELE within the limitations of subsection 77260S-11.002(2), 773F.A.C., will result in the member being ineligible for DROP participation.

    7842. Form DP-11, effective 03/17, 789http://www.flrules.org/Gateway/reference.asp?No=Ref-08092, 790Florida Retirement System Pension Plan Application for Service Retirement and the Deferred Retirement Option Program (DROP); or Form DS-11 (Rev. 07/06) 811http://www.flrules.org/Gateway/reference.asp?No=Ref-00400, 812State and County Officers’ and Employees’ Retirement System Application for Service Retirement and the Deferred Retirement Option Program (DROP); or Form DT-11, effective 08/16, 836http://www.flrules.org/Gateway/reference.asp?No=Ref-07334, 837Teachers’ Retirement System Application for Service Retirement and the Deferred Retirement Option Program (DROP). All such forms are herein adopted by reference and may be obtained from the Forms page of the Division’s website, www.frs.MyFlorida.com, or by calling the Division Toll Free at (844)377-1888, if calling from outside the Tallahassee calling area or locally at (850)607-6500. Individuals with a hearing or speech impairment may call the Division via T.D.D. at the Florida Relay System by dialing 711 or (800)955-8771. Such application will be accepted by the Division up to 6 months in advance of the intended DROP begin date, and shall establish the member’s effective date of retirement and DROP begin date. The effective date of retirement and the DROP begin date shall both be the first day of the month that the member indicates on his or her application as the date he or she wishes his or her DROP participation to begin, provided the Division receives the member’s application no later than the close of business on the last day of the month in which the DROP begin date occurs. If a member fails to apply for DROP by the last day of the month in which his or her intended DROP begin date occurs, the effective date of retirement and the DROP begin date shall be the first day of the month in which the Division receives the member’s application, provided the application is received within the 12-month election as provided in subsection 108360S-11.002(2), 1084F.A.C.

    1085(b) Division’s Responsibility – When the Division receives a member’s application for DROP the Division will:

    11011. Acknowledge receipt of the member’s application and advise him or her of any required information or documents that have not yet been received. Such information may include, but is not limited to, birth date verification as required by subsection 114160S-4.0035(2), 1142F.A.C., beneficiary designation as required by subsection 114960S-11.004(2), 1150F.A.C., option selection as required by Rule 115760S-4.010, 1158F.A.C., spousal acknowledgment if option 1 or 2 is selected as required by subsection 117260S-4.010(9), 1173F.A.C., marriage certificate if option 3 or 4 is selected as required in subsection 118760S-4.0035(3), 1188F.A.C., any payments due the member’s account for purchase of additional service credit or a written statement from the member that the member does not wish to claim such service credit, and certification of final salary and accumulated annual leave payments as defined in Rule 123360S-6.001, 1234F.A.C.

    12352. Establish the DROP begin date as defined in subsection 124560S-11.001(5), 1246F.A.C.

    12473. Send a follow-up notice, reminding the member of any required information or documents that have not yet been received.

    1267(c) Subject to timely submission of all required documents, the effective date of DROP participation shall be the effective date of retirement as defined in subsection 129360S-6.001(25), 1294F.A.C. The DROP participant may not modify or cancel his or her DROP participation after the last day of the month of the DROP begin date as defined in subsection 132460S-11.001(5), 1325F.A.C. The DROP benefit shall be deemed cashed or deposited as required in subsection 133960S-4.002(4), 1340F.A.C., as of the first day of the month following the DROP begin date.

    1354(d) Cancellation of DROP Application – If all the required information and documents have not been received by the Division after 3 follow-up notices have been sent to the member, the Division will send the member a certified letter, advising the member that he or she has 21 days to provide such information or documents without loss of his or her DROP begin date. If the Division has not received all of the required information and documents after the 21 days specified in the certified letter, the Division will send a final agency action letter to the member advising the member that his or her application is canceled and that he or she must reapply to join DROP, if eligible, with a new effective DROP begin date to be established upon application.

    1486Rulemaking Authority 1488121.031, 1489121.091(13) FS. 1491Law Implemented 1493121.021, 1494121.091, 14951012.01 FS. 1497History–New 9-16-03, Amended 4-5-12, 3-25-13, 10-23-16, 4-30-17.

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