Beneficiary Designation for FRS Investment Plan, Distributions from FRS Investment Plan Accounts and Reemployment with an FRS-covered Employer, FRS Investment Plan Complaint Procedures, Forfeitures, Reemployment with an FRS-covered Employer after ...

 

STATE BOARD OF ADMINISTRATION

RULE NO: RULE TITLE
19-11.002: Beneficiary Designation for FRS Investment Plan
19-11.003: Distributions from FRS Investment Plan Accounts and Reemployment with an FRS-covered Employer
19-11.005: FRS Investment Plan Complaint Procedures
19-11.008: Forfeitures
19-11.009: Reemployment with an FRS-covered Employer after Retirement
19-11.010: FRS Investment Plan: Privacy

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rules in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 33, No. 32, August 10, 2007 issue of the Florida Administrative Weekly. All of these changes are in response to comments by the Joint Administrative Procedure Committee.

(1) In subsection 19-11.002(5), the following underlined language will be deleted: Beginning with “Alternatively, the member may provide” through to “beneficiary designation form.”

(2) In Rule 19-11.003, the following citation shall be added to the history note after “Law Implemented:” 121.77.

(3) In subparagraph 19-11.003(7)(b)3.: the first sentence shall now read: “If the member fails to repay the invalid distribution, the SBA will declare the member a ‘retiree’ and will pursue repayment of the invalid distribution.”

(4) In subparagraph 19-11.005(3)(a)2., the form number shall be Form SBA-RFI 08-2007.

(5) In paragraph 19-11.008(2)(a): the last sentence will now read: “If the member never returns to work for an FRS employer or if the member returns to FRS covered employment 5 years or more after the date of termination, the member will forfeit the unvested account balance and the associated service credit.”

(6) In paragraph 19-11.008(3)(b): the following will be added to the sentence: “When the SBA, on behalf of the FRS Investment Plan, becomes aware of any accusation of criminal wrongdoing which might result in a forfeiture, the SBA will put a hold on the member’s account to preclude the member from removing his or her money from the account, until a determination is made on whether charges have been filed.”

(7) In paragraph 19-11.009(2)(a): the second sentence will now read: “As a retiree, the former member shall not be reemployed with an FRS-covered employer until he has been retired for 12 months, without suspending his benefits.”

(8) In subsection 19-11.010(2): the second sentence will now read: “The section does permit the SBA to use this information in an administrative or legal proceeding as necessary.”

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULES IS: Cindy Gokel, Assistant General Counsel, State Board of Administration, 1801 Hermitage Centre, Suite 100, Tallahassee, Florida 32308