To adopt updated forms; to clarify/correct certain information; to update definitions and provisions that are applicable to the federal SECURE Act as applied to after-death distributions to beneficiaries of FRS Investment ....

 

STATE BOARD OF ADMINISTRATION

RULE NOS.:RULE TITLES:

19-11.001Definitions

19-11.002Beneficiary Designations and Distributions for FRS Investment Plan

19-11.003Distributions from FRS Investment Plan Accounts

19-11.004Excessive Trading in the FRS Investment Plan

19-11.005Florida Retirement System (FRS) State Board of Administration Complaint Procedures

19-11.006Enrollment Procedures for New Hires

19-11.007Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs

19-11.008Forfeitures

19-11.009Reemployment with an FRS-Participating Employer after Retirement

19-11.011Employer and Employee Contributions and ABO or Present Value Transfer Procedures

19-11.012Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

19-11.013FRS Investment Plan Self-Directed Brokerage Account

PURPOSE AND EFFECT: To adopt updated forms; to clarify/correct certain information; to update definitions and provisions that are applicable to the federal SECURE Act as applied to after-death distributions to beneficiaries of FRS Investment Plan members dying on or after January 1, 2022; to remove the reference to an annual administrative fee that no longer applies to participants of the Self-Directed Brokerage Account. There are no other rules incorporating these proposed amended rules. The proposed amendments do not have an impact on any other rules. Legislative ratification of the rule amendments is not required.

SUBJECT AREA TO BE ADDRESSED: To amend Rule 19-11.001, F.A.C. to correct some typographical errors and to add definitions that are used for federal SECURE Act purposes as applied to after-death distributions of members’ FRS Investment Plan accounts. To amend Rule 19-11.002, F.A.C. to incorporate the latest version of the on-line beneficiary designation form; to specify when a beneficiary designation form is considered “incomplete;” and to indicate how distributions of account assets will be made to beneficiaries of members dying after January 1, 2022, the effective date of the federal SECURE Act for governmental retirement plans. To amend Rule 19-11.003, F.A.C. to clarify when a member has terminated all employment for purposes of distributions of benefits; and to adopt the latest version of the Employment Termination form. To amend Rule 19-11.004, F.A.C. to adopt the latest version of the transfer request form that must be filed by excessive fund trading violators. Rule 19-11.005, F.A.C., is being amended to clarify how a member can obtain a blank petition for hearing form. To amend Rule 19-11.006 to adopt the latest versions of the applicable enrollment forms and to make some editorial revisions. To amend Rule 19-11.007, F.A.C. to adopt the latest versions of the Second Election enrollment forms. To amend Rule 19-11.008, F.A.C. to indicate that funds placed in a suspense account will be invested in the FRS Core Plus Bond Fund. To amend Rule 19-11.009 to adopt the latest version of the Certification Form. To amend Rule 19-11.011, F.A.C. to clarify that FRS participating employers are required to file monthly retirement reports instead of monthly payroll files with the Division of Retirement. Rule 19-11.012, F.A.C., is being amended to adopt the latest versions of the rollover forms. Rule 19-11.013, F.A.C. is amended to eliminate the annual administrative fee for FRS members participating in the Self-Directed Brokerage Account.

RULEMAKING AUTHORITY: 121.4501(8), FS.

LAW IMPLEMENTED: 119.07(4)(d), 120.569, 120.57, 120.573, 121.021(29), (39), 121.051, 121.055, 121.091(5)(j), (8), 121.35, 121.4501(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), 121.591(3), 121.77, 121.78. 732.802 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, December 6, 2021, 9:00 a.m. - 11:00 a.m.

PLACE: Room 116 (Hermitage Center Conference Room), 1801 Hermitage Blvd., Tallahassee, FL 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, FL 32303; [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, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, FL 32303; [phone]; [e-mail]

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