60S-7.0041. Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4

(1) In the event that actuarial factors are required for certain ages for which there are no actuarial factors provided in this rule, the Administrator shall make available the appropriate factors.

(2) The actuarial factors used to determine the benefits which are payable to a member who retired with an effective date of July 1, 1983, or before and who elects to receive benefits provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., are incorporated by reference and may be obtained by contacting the Division of Retirement, P.O. Box 9000, Tallahassee, Florida 32315-9000; or by e-mail at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. The appropriate factor is determined by the sex and age of the member at his date of retirement.

(3) The actuarial factors used to determine the benefits that are payable to a member who retires with an effective date of August 1, 1983, through December 1, 2015, and who elects to receive benefits as provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., Option 3 in paragraph 60S-4.010(1)(c), F.A.C., or Option 4 in paragraph 60S-4.010(1)(d), F.A.C., effective January 2017, available at https://www.flrules.org/Gateway/reference.asp?No=Ref-07876, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at P.O. Box 9000, Tallahassee, Florida 32399-9000; or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by email at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (5).

(4) The actuarial factors used to determine the benefits that are payable to a member in a membership class other than the Special Risk Class who retires with an effective date of January 1, 2016, or later, and who elects to receive benefits as provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., Option 3 in paragraph 60S-4.010(1)(c), F.A.C., or Option 4 in paragraph 60S-4.010(1)(d), F.A.C., effective January 2017, available at https://www.flrules.org/Gateway/reference.asp?No=Ref-07877, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at P.O. Box 9000, Tallahassee, Florida 32315-9000; or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by e-mail at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (5).

(5) If the effective date of retirement occurs fewer than 7 months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If the effective date of retirement occurs 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New 10-18-83, Formerly 22B-7.041, 22B-7.0041, Amended 3-2-17.