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Florida Administrative Code (Last Updated: July 17, 2024) |
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60. Department of Management Services |
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60W. IFAS Supplemental Benefit Program |
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60W-7. Actuarial Factors |
1(1) The actuarial factors adopted in this chapter shall be used in calculating optional forms of supplemental benefits as provided in Rule 2360W-4.007, 24F.A.C. Such factors shall be the factors incorporated by reference in Rule 3660S-7.009 37F.A.C., and may be obtained by contacting the Division of Retirement, 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560.
56(2) In the event that actuarial factors are required for certain ages for which there are no actuarial factors provided in this chapter, the Division shall make available the appropriate factors. If the difference in the age of any participant and his/her joint annuitant is greater than 20 years (the extent of the tables herein adopted), the factor applicable in those cases shall be the same factor indicated for a participant of the same age when the difference in the participant’s age and his/her joint annuitant is 20 years.
145(3) The appropriate factor shall be determined by the ages of the participant and the joint annuitant the month the supplemental benefit commences or the month the supplemental benefit is calculated due to death as provided in 18260W-4.005, 183F.A.C. Such age shall be determined as follows:
191If such month is 6 or fewer months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If such month is 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.
247Rulemaking Authority 249121.40(13) FS. 251Law Implemented 253121.40 FS. 255History–New 2-4-86, Formerly 22Q-7.002.
