The purpose of the rule amendment is to amend the Deferred Compensation Plan and to adopt the Deferred Compensation Investment Policy and Product Selection and Retention Policy.  


  • RULE NO: RULE TITLE
    69C-6.003: The Plan; Prescribed Forms
    PURPOSE AND EFFECT: The purpose of the rule amendment is to amend the Deferred Compensation Plan and to adopt the Deferred Compensation Investment Policy and Product Selection and Retention Policy.
    SUMMARY: This rule amendment revises the Deferred Compensation Plan document and adopts a revised Deferred Compensation Investment Policy and Product Selection and Retention Policy. The changes to the Plan are as follows:
    (1) The definition of UNREDUCED BENEFITS is changed to fit the ORP and PEORP which do not have a defined benefit calculation.
    (2) Section 3.06 is amended to reflect the IRS policy that employment with another employer cannot be used to calculate a catch-up contribution.
    (3) Section 3.08 is added to provide for the payment of excess contributions to the participant.
    (4) Section 5.08 is added to explicitly allow investment providers to impose reasonable limitations to limit frequent trading of mutual funds.
    (5) Foreclosure upon real property is added as an unforeseeable emergency to conform to federal regulation.
    (6) Separation is added to divorce or dissolution of marriage as not constituting an unforeseeable emergency.
    (7) A simplified process for an unforeseeable emergency withdrawal for up to $1500 for damage due to a disaster such as a hurricane is provided.
    (8) Several other minor edits and clarifications are made that do not have a significant substantial effect.
    The Deferred Compensation Investment Policy and Product Selection and Retention Policy is changed with regard to the standards for the retention of mutual funds in the program.
    The rule is also revised to incorporate up to date versions of applicable federal law.
    SUMMARY OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
    Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
    SPECIFIC AUTHORITY: 112.215(11)
    LAW IMPLEMENTED: 18.125(4)(c) and 112.215
    IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE TIME, DATE AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
    TIME AND DATE: Wednesday, May 31, 2006 @ 9:00 A.M.
    PLACE: Room 415, Hermitage Centre, Suite 400, 1801 Hermitage Blvd., Tallahassee, Florida.
    Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Kandi Winters, Chief of Deferred Compensation, Division of Treasury, Bureau of Deferred Compensation, Department of Financial Services, 200 East Gaines Street, Tallahassee, Florida 32399-0346, phone 850-413-3162. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
    THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Kandi Winters, Chief of Deferred Compensation, Division of Treasury, Bureau of Deferred Compensation, Department of Financial Services, 200 East Gaines Street, Tallahassee, Florida 32399-0346, phone 850-413-3162.

    THE FULL TEXT OF THE PROPOSED RULE IS:

    69C-6.003  The Plan; Prescribed Forms.

    (1) Form DFS-J3-1176 (rev. 11/05 4/04), State of Florida Employees Deferred Compensation Plan, is hereby established and incorporated into this rule by reference as the plan contemplated in Section 112.215, F.S.

    (2) The forms listed below are incorporated into and made a part of this rule chapter by reference and shall take effect on the effective date of this rule. The forms can be obtained from investment providers servicing the plan. A listing of authorized investment providers can be obtained from the Deferred Compensation Section, Division of State Treasury, 200 East Gaines Street,

    Tallahassee, Florida 32399-0346.

    (a) Form DFS-J3-1163 (rev. 8/03) Participant Action Form

    (b) Form DFS-J3-1164 (rev. 8/03) Enrollment Information Form

    (c) Form DFS-J3-1165 (rev. 7/03) Company to Company Transfer and/or Replacement Authorization

    (d) Form DI4-1166 (rev. 1/02) Company to Company Transfer Invoice

    (e) Form DI4-1169 (rev. 1/02) Plan to Plan Transfer Invoice

    (f) Form DI4-1152 (rev. 1/02) Application to Participate in the Standard Catch-Up Provision

    (g) Form DI4-1171 (rev. 1/02) Request for Unforeseeable Emergency Withdrawal

    (h) Form DI4-1172 (rev. 1/02) Request for Distribution

    (i) Form DI4-1174 (rev. 1/02) Commonly Asked Questions with Answers

    (j) Form DI4-1175 (rev. 1/02) Forms Procedures

    (k) Form DI4-1525 (rev. 1/02) Purchase of Prior Service Credits

    (l) Form DI4-1526 (rev. 1/02) Rollover Form

    (m) Form DFS-J3-1541 (rev. 10/05 06/04) Investment Policy and Product Selection and Retention Policy

    (3) The State of Florida Employees Deferred Compensation Plan shall be construed to conform to the requirements of 26 USC 457 (2005 2001 USCA Cumulative Annual Pocket Part Supplementary Pamphlet as modified by the USCA September 2001 Pamphlet Number 1), which is hereby incorporated by reference into this rule.

    (4) The following portions of the Internal Revenue Code and Code of Federal Regulations are also hereby incorporated by reference;

    (a) 26 USCA 401 (2001 Supplementary Pamphlet as modified by the USCA September 2001 Pamphlet Number 1);

    (b) 26 USCA 403(b) (2001 USCA Cumulative Annual Pocket Part Supplementary Pamphlet as modified by the USCA September 2001 Pamphlet Number 1);

    (c) 26 USCA 911 (2002 2001 Supplementary Pamphlet);

    (d) 26 CFR 1.457-2 (August 27, 2003 April 1, 2001).

    Specific Authority 112.215(11) FS. Law Implemented 18.125(4)(c), 112.215 FS. History–New 1-1-87, Amended 10-7-87, 2-14-88, 2-19-89,

    6-21-89, 8-7-95, 9-21-98, 6-11-02, Formerly 4C-6.003, Amended 8-26-04, _________________.


    NAME OF PERSON ORIGINATING PROPOSED RULE: Kandi Winters, Financial Administrator, Deferred Comp Section, Division of Treasury, Department of Financial Services.
    NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Bruce Gillander, Division Director, Division of Treasury, Department of Financial Services.
    DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 16, 2006
    DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: March 31, 2006

Document Information

Comments Open:
4/28/2006
Summary:
This rule amendment revises the Deferred Compensation Plan document and adopts a revised Deferred Compensation Investment Policy and Product Selection and Retention Policy. The changes to the Plan are as follows: (1) The definition of UNREDUCED BENEFITS is changed to fit the ORP and PEORP which do not have a defined benefit calculation. (2) Section 3.06 is amended to reflect the IRS policy that employment with another employer cannot be used to calculate a catch-up contribution. (3) ...
Purpose:
The purpose of the rule amendment is to amend the Deferred Compensation Plan and to adopt the Deferred Compensation Investment Policy and Product Selection and Retention Policy.
Rulemaking Authority:
112.215(11), F.S.
Law:
18.125(4)(c) and 112.215, F.S.
Contact:
Kandi Winters, Chief of Deferred Compensation, Division of Treasury, Bureau of Deferred Compensation, Department of Financial Services, 200 East Gaines Street, Tallahassee, Florida 32399-0346, phone 850-413-3162.
Related Rules: (1)
69C-6.003. The Plan; Prescribed Forms