: To amend Rules 60S-7.0041 and 69S-7.010, F.A.C., to incorporate the content of Rules 60S-7.009, 60S-7.0091, and 60S-7.011, F.A.C., which are repealed.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement

RULE NOS.:RULE TITLES:

60S-7.0041Actuarial Factors for Calculating Benefits Provided by Option 2 Prior to August 1, 1983

60S-7.009Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 August 1, 1983 through December 31, 2015

60S-7.0091Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 on and After January 1, 2016

60S-7.010Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 August 1, 1983 through December 31, 2015

60S-7.011Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 On or After January 1, 2016

PURPOSE AND EFFECT: To amend Rules 60S-7.0041 and 69S-7.010, F.A.C., to incorporate the content of Rules 60S-7.009, 60S-7.0091, and 60S-7.011, F.A.C., which are repealed.

SUMMARY: Rules 60S-7.0041 and 69S-7.010, F.A.C. are proposed to be amended and Rules 60S-7.009, 60S-7.0091, and 60S-7.011, F.A.C. are proposed to be repealed.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The economic review conducted by the agency.

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.

RULEMAKING AUTHORITY: 121.031 FS.

LAW IMPLEMENTED: 121.091(6) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE,TIME AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: Thursday, January 26, 2017, 2:00 p.m. until completed but no later than 5:00 p.m.

PLACE: 4050 Esplanade Way, Tallahassee, Florida, Room 101

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: Michael A. Greif, Department of Management Services, 4050 Esplanade Way, Tallahassee, FL 32399, [phone]. 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: Garry Green, Bureau Chief, Department of Management Services, Division of Retirement, 2450 Shumard Oak Blvd., Bldg. 2, Tallahassee, FL, [phone]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

60S-7.0041 Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 Prior to August 1, 1983.

(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 32399-9000; 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 http://www.flrules.org/Gateway/reference.asp?No=Ref-____ 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 http://www.flrules.org/Gateway/reference.asp?No=Ref-___, 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)(b) FS. History–New 10-18-83, Formerly 22B-7.041, 22B-7.0041, Amended        .

 

60S-7.009 Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 through December 31, 2015.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New 10-18-83, Formerly 22B-7.09, Amended 11-14-91, Formerly 22B-7.009, Amended 8-13-03, 1-20-16, Repealed            ..

 

60S-7.0091 Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 on and After January 1, 2016.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New 1-20-16, Repealed           .

 

60S-7.010 Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 August 1, 1983 the December 31, 2015.

(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)(1) The actuarial factors used to determine the disability benefits as provided in Section 121.091(4), F.S., 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 2016, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-06289, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail 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 (4). (2):

(3) The actuarial factors used to determine the disability benefits as provided in Section 121.091(4), F.S., that are payable to a member 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 http://www.flrules.org/Gateway/reference.asp?No=Ref-____, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at P. O. Box 9000, Tallahassee, 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 (4).

(4) 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)(b) FS. History–New 10-18-83, Formerly 22B-7.10, Amended 11-14-91, Formerly 22B-7.010, Amended 8-13-03, 1-20-16,                     .

 

60S-7.011 Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 On or After January 1, 2016.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New 1-20-16, Repealed                   .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Elizabeth Stevens, Director, Division of Retirement

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Chad Poppell, Secretary, Department of Management Services

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: 12/29/2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: 1/3/16