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Florida Administrative Code (Last Updated: June 27, 2024) |
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60. Department of Management Services |
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60V. Senior Management Service Optional Annuity Program |
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60V-4. Administration |
1(1) The Division of Retirement, shall administer the Optional Annuity Program.
12(2) An Optional Annuity Program Trust Fund shall be established in the State Treasury and administered by the Division to make payments to the provider companies on behalf of the Optional Annuity Program participants and to transfer the unfunded liability portion of the employer contributions to the Florida Retirement System Trust Fund.
64(3) The Division of Retirement shall sign a contract with each of the Optional Annuity Program provider companies and shall evaluate the performance of the provider companies on a continuing basis. The Division may terminate the services of the provider company for reasons stated in the contract. The Division’s responsibilities in administering the Optional Annuity Program shall include the following:
124(a) Review and approval of all Optional Annuity Program marketing guidelines, and notification of such guidelines to the companies and employers.
145(b) Investigation and resolution of complaints against a provider company by participants or by potential participants.
161(4) Effective July 1, 1997, the State Board of Administration shall review and make recommendations to the Division on the acceptability of all investment products proposed by provider companies of the Optional Annuity Program before they are offered through annuity contracts to the participants. The State Board of Administration may advise the Division of any changes necessary to ensure that the Optional Annuity Program offers an acceptable mix of investment products. The Division shall make the final determination as to whether an investment product will be approved for the program.
251(5) Each employer’s responsibilities in administering the Optional Annuity Program shall include the following:
265(a) Certification to the Division that Optional Annuity Program applicants meet the eligibility criteria as set forth in Section 284121.055, F.S., 286and Rule 28860V-1.004, 289F.A.C.
290(b) Certification that the data contained on the Form SMS-1 for each participant within the agency is accurate prior to forwarding such form to the Division.
316(c) Certification on Forms SMS-1 that each participant within the agency has signed a contract with a provider company.
335(d) Monitoring the marketing policies of the provider companies, reporting violations of marketing guidelines to the Division, and filing unresolved complaints with the Division.
359(e) Remittance of Optional Annuity Program salary deductions in accordance with payroll reporting procedures established by the Division.
377(f) Notification to the Division if the employment status of a participant changes in any manner that would cause the participant to be ineligible to participate in the Optional Annuity Program in accordance with the provisions of Rule 41560V-1.004, 416F.A.C.
417Specific Authority 419121.031(1) FS. 421Law Implemented 423121.055 FS. 425History–New 7-22-87, Formerly 22V-4.002, Amended 2-24-99.
