To amend Rule 19-11.001, F.A.C., to provide that a “distributee” may include a non-spouse beneficiary; that an eligible retirement plan may include a Roth IRA or annuity; and that distributions consisting of after-tax employee contributions not ...

 

STATE BOARD OF ADMINISTRATION

RULE NO.: RULE TITLE:
19-11.001: Definitions
19-11.002: Beneficiary Designations and Distributions for FRS Investment Plan
19-11.003: Distributions from FRS Investment Plan Accounts
19-11.005: FRS Investment Plan Complaint Procedures
19-11.006: Enrollment Procedures for New Hires
19-11.007: Second Election Enrollment Procedures for the FRS Retirement Programs
19-11.011: Employer and Employee Contributions and ABO or Present Value Transfer Procedures
19-11.012: Acceptance of Rollovers by the FRS Investment Plan
PURPOSE AND EFFECT: To amend Rule 19-11.001, F.A.C., to provide that a “distributee” may include a non-spouse beneficiary; that an eligible retirement plan may include a Roth IRA or annuity; and that distributions consisting of after-tax employee contributions not includible in gross income may be transferred only to certain specified accounts or annuities. The rule also is being revised to include updated statutory citations. To amend Rule 19-11.002, F.A.C., to indicate the latest revisions of the enrollment and second election forms, and to make some minor technical revisions. To amend Rule 19-11.003, F.A.C., to provide that a distributee may elect to have any portion of an eligible rollover distribution directly paid to an eligible retirement plan. To amend Rule 19-11.005, F.A.C. to make a minor technical revision. To amend Rules 19-11.006, F.A.C., to provide that eligible State and Local Senior Managers that are eligible to enroll in the Senior Manager Service Annuity Program may enroll in the FRS Investment Plan by submitting an enrollment form; and to adopt the latest versions of the enrollment forms. To amend Rule 19-11.007, F.A.C., to adopt the latest versions of the second election enrollment forms. To amend Rule 19-11.011, F.A.C., to make some technical revisions. To amend Rule 19-11.012, F.A.C., to adopt the latest versions of the rollover forms; and to make some minor technical revisions
SUBJECT AREA TO BE ADDRESSED: To update and clarify information pertaining to rollovers; to make minor technical revisions; and to adopt updated forms. There are no other rules incorporating any of these proposed rules.
RULEMAKING AUTHORITY: 121.78; 121.4501(8) FS.
LAW IMPLEMENTED: 119.071, 120.569, 121.055, 121.021, 121.055, 121.091, 121.35, 121.4501(2), (3), (4), (5), (6), (8), (9), (10), (13),(14), (15), (20), 121.591, 121.71, 121.72, 121.74, 121.77, 121.78, 732.802, 1012.875(3) FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: Monday, October 22, 9:00 a.m. – 11:00 a.m
PLACE: Hermitage Room, the Hermitage Centre, 1801 Hermitage Blvd., Tallahassee, Florida 32308
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: Tina Joanos, Agency Clerk, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, Florida 32308, [phone], [e-mail]. 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 DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Ruth A. Smith, Assistant General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, Florida 32308, [phone], [e-mail].

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.