To combine rules 60S-7.050 and 60S-7.060 into one rule regarding existing systems. To repeal rules 60S-7.002 and 60S-7.060 because these rules are no longer needed.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement

RULE NOS.:RULE TITLES:

60S-7.002Statements of Policy

60S-7.050Actuarial Factors for Calculating Benefits Provided by Options 1, 2, 3 and 4 in the Teachers’ Retirement System on and After August 1, 1983

60S-7.060Actuarial Factors for Calculating Reduced Benefits Provided in the State and County Officers and Employees’ Retirement System on and After August 1, 1983

PURPOSE AND EFFECT: To combine rules 60S-7.050 and 60S-7.060 into one rule regarding existing systems. To repeal rules 60S-7.002 and 60S-7.060 because these rules are no longer needed.

SUMMARY: Rules 60S-7.050 and 60S-7.060 are combined into one rule regarding existing systems. Rules 60S-7.002 and 60S-7.060 are repealed because these rules are no longer needed.

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), 122.08, 238.08, 321.20 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-7.002 Statements of Policy.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New 1-1-72, Repromulgated 12-31-74, Amended 5-11-83, Formerly 22B-7.02, Amended 11-14-91, Formerly 22B-7.002, Repealed      .

 

60S-7.050 Actuarial Factors for Calculating Benefits Provided by Options 1, 2, 3 and 4 in Existing Retirement Systems the Teachers' Retirement System on and After 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 regular or disability benefits that are payable to a member who retires with an effective date of August 1, 1983, or later, and who elects to receive benefits as provided by Option 1, 2, 3 or 4 in Section 238.08, F.S., are incorporated by reference and may be obtained by contacting the Division of Retirement by mail 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).

(3) The actuarial factors used to determine the regular or disability benefits that are payable to a member who retires with an effective date of August 1, 1983, or later, and who elects to receive a reduced regular or disability benefit as provided in Section 122.08, F.S., 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), 238.08, 122.08 FS. History–New 10-18-83, Formerly 22B-7.50, Amended 11-14-91, Formerly 22B-7.050, Amended 8-13-03,                       .

 

60S-7.060 Actuarial Factors for Calculating Reduced Benefits Provided in the State and County Officers and Employees’ Retirement System on and After August 1, 1983.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6), 122.08 FS. History–New 10-18-83, Formerly 22B-7.60, Amended 11-14-91, Formerly 22B-7.060, Amended 8-13-03, 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: 12/30/16

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: 1/3/17