To incorporate by reference an amended Florida Retirement System Pension Plan Option Selection form.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement

RULE NO.:RULE TITLE:

60S-4.010Retirement Benefit Payment Options

PURPOSE AND EFFECT: To incorporate by reference an amended Florida Retirement System Pension Plan Option Selection form.

SUMMARY: Incorporate by reference an amended Option Selection Form.

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:

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, 121.052(14) FS.

LAW IMPLEMENTED: 121.021, 121.031(2), 121.052, 121.055, 121.091(6), 121.091(11) 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: December 7, 2015, 10:00 a.m.

PLACE: 2450 Shumard Oak Blvd., Bldg. 1, Tallahassee, FL 32311

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Garry Green, Operations and Management Consultant Manager, Department of Management Services, Division of Retirement, 2450 Shumard Oak Blvd., Bldg. 2, Tallahassee FL 32311, [phone]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

60S-4.010 Retirement Benefit Payment Options

(1) Prior to the receipt of his or her first monthly benefit payment, an FRS Pension Plan member who is eligible for a retirement benefit computed in accordance with Rule 60S-4.004, 60S-4.005, or 60S-4.006, F.A.C., shall select one of the four optional forms of payment of such benefits, as provided in paragraphs (a), (b), (c), or (d), on Form FRS-11o, effective         (Rev 12/14), http://www.flrules.org/Gateway/reference.asp?No=Ref-  __________      http://www.flrules.org/Gateway/reference.asp?No=Ref-00357, “Florida Retirement System Pension Plan Option Selection for FRS Members”, herein adopted and incorporated by reference, which also requires such member to attest to his or her marital status on Form SA-1 (Rev. 01/10), http://www.flrules.org/Gateway/reference.asp?No=Ref-00368, Florida Retirement System Spousal Acknowledgment Form, herein adopted by reference. Both these forms may be obtained from the Forms page of the Division’s website, www.frs.MyFlorida.com, or by calling the Division Toll Free at [phone], if calling from outside the Tallahassee calling area or locally at [phone]. Individuals with a hearing or speech impairment may call the Division via T.D.D. at the Florida Relay System by dialing 711 or [phone]. A married member who selects option 1 under paragraph (a) or option 2 under paragraph (b) shall notify his or her spouse of such option selection, and the spouse shall acknowledge any such option selection in accordance with subsection 60S-4.010(9), F.A.C. The four options are as follows:

(a) through (e) No change.

(2) through (11) No change.

Rulemaking Authority 121.031, 121.052(14) FS. Law Implemented 121.021, 121.031(2), 121.052, 121.055, 121.091(6), (11) FS. History–New 1-1-72, Amended 12-31-74, 7-1-79, 5-18-80, 8-26-81, 1-18-83, 11-6-84, 4-17-85, Formerly 22B-4.10, Amended 3-11-87, 9-5-90, 5-15-91, 9-8-92, Formerly 22B-4.010, Amended 3-12-96, 12-12-96, 2-24-99, 8-13-03, 4-5-12, __________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Dan Drake, Director

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Chad Poppell, Secretary

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 1, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: April 3, 2015