The purpose of the amendments is to make changes to the State of Florida Employees Deferred Compensation Plan’s forms.

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Treasury

RULE NO.:RULE TITLE:

69C-6.003              The Plan; Prescribed Forms

PURPOSE AND EFFECT: The purpose of the amendments is to make changes to the State of Florida Employees Deferred Compensation Plan’s forms.

SUMMARY: The amendments to the State of Florida Employees Deferred Compensation Plan include changes to the definitions section and updates to conform to federal law permitting tax-free distributions by retired public safety officers. Further, several forms were amended  to clarify requirements, conform all forms to changes in the Plan Document (Form DFS-J3-1176), and implement minor administrative changes to the Plan.

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 Bureau of Deferred Compensation conducted an analysis of the proposed rule’s potential economic impact and determined that it did not exceed any of the criteria established in subsection 120.541(1), F.S. and it therefore does not require legislative ratification pursuant to subsection 120.541(3), F.S.

Any person who wishes to provide information regarding the statement of estimated regulatory costs, or to provide a proposal for a lower cost regulatory alternative, must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 112.215(12) FS.

LAW IMPLEMENTED: 112.215 FS.

IF REQUESTED IN WRITING WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE TIME, DATE, AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

TIME AND DATE: Tuesday, December 30, 2014, 3:00 p.m.

PLACE: Suite 440-C, Hermitage Centre, Suite 400, 1801 Hermitage Blvd., Tallahassee, Florida

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Kandi Winters, Chief of Deferred Compensation, Division of Treasury, Bureau of Deferred Compensation, Department of Financial Services, 200 East Gaines Street, Tallahassee, Florida 32399-0346, [phone] or [e-mail]

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this program, please advise the Department at least 5 calendar days before the program by contacting the person listed above.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69C-6.003 The Plan; Prescribed Forms.

(1) Form DFS-J3-1176 (rev.____Eff. 4/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02725, State of Florida Employees Deferred Compensation Plan, is hereby established and incorporated into this rule by reference as the “plan of deferred compensation” contemplated in Section 112.215, F.S. The form can be obtained from the Deferred Compensation Section, Division of State Treasury, 200 East Gaines Street, Tallahassee, Florida 32399-0346.

(2) The forms listed below are incorporated into and made a part of this rule chapter by reference and shall take effect on the effective date of this rule. The forms can be obtained from investment providers servicing the plan. A listing of authorized investment providers and the forms can be obtained from the Deferred Compensation Section, Division of State Treasury, 200 East Gaines Street, Tallahassee, Florida 32399-0346. The State of Florida Employees Deferred Compensation Plan may also be referred to as the “457b Plan.”

(a) Form DFS-J3-1163 (rev. _____01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02711	Participant Action Form – (Used for most participants requests, including enrollment and account changes)
(b) Form DFS-J3-1164 (rev. _____01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02712   (c) through (f) No change.	Enrollment Information Form ‒ (General enrollment form identifying important provisions and restrictions of the 457b Plan)
(g) Form DFS-J3-1171 (rev. ____01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02716	Request for Unforeseeable Emergency Withdrawal ‒ (Used to request a distribution due to an unforeseeable emergency)
(h) Form DFS-J3-1172(GWRS) (rev.____new 01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02721	Request for Distribution ‒ (Used by Great West participants to request a distribution from the Plan after they have left employment)
(i) Form DFS-J3-1172(NRS) (rev.____new 01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02718	Request for Distribution ‒ (Used by Nationwide Retirement Services participants to request a distribution from the Plan after they have left employment)
(j) Form DFS-J3-1172(VAL) (rev.____new 01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02720	Request for Distribution ‒ (Used by Valic participants to request a distribution from the Plan after they have left employment)
(k) Form DFS-J3-1172(ING) (rev.____new 01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02717	Request for Distribution ‒ (Used by ING participants to request a distribution from the Plan after they have left employment)
(l) Form DFS-J3-1172(TRP) (rev. ____01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02719	Request for Distribution ‒ (Used by T. Rowe Price participants to request a distribution from the Plan after they have left employment)
(m) through (o) No change.
(p) Form DFS-J3-1526 (rev. ____01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02727	Rollover Into/Out of Florida Plan ‒ (Used to transfer funds from their State of Florida 457(b) Plan to another tax shelter pension plan)
(q) Form DFS-J3-1541 (rev. _____04/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02728	State of Florida Deferred Compensation Plan Investment Policy for Product Selection and Retention ‒ (Establishes the standards for the State of Florida Government Employees’ Deferred Compensation Plan; adopts criteria for the selection and retention of the Plan’s investment options; and provides a method for the quarterly evaluation and monitoring of the investment options)
(r) through (s) No change.
(t) Form DFS-J3-1956 (rev.____new 01/13) http://www.flrules.org/Gateway/reference.asp?No=Ref-02731	EZ Enrollment Form ‒ (Abbreviated form for participants to enroll in the Deferred Compensation Program via the internet)
(u) No change.

(3) No change.

(4) The following portions of the Internal Revenue Code, Code of Federal Regulations and Act of the United States Congress are also hereby incorporated by reference, and a copy of the Codes, Regulations, and Act may be obtained at www.gpo.gov. The Internal Revenue Procedure is hereby incorporated by reference, and a copy of it may be obtained at http://www.irs.gov/pub/irs-drop/rp-13-12.pdf:

(a) through (r) No change.

(s) Pension Protection Act of 2006, Pub. L. No. 109-280, Sec. 845 (2006)

(t)(s) Worker, Retiree, and Employer Recovery Act of 2008, Pub. L. No. 110-458, Sec. 125 (2008).

Rulemaking Authority 112.215(12) FS. Law Implemented 112.215 FS. History–New 1-1-87, Amended 10-7-87, 2-14-88, 2-19-89, 6-21-89, 8-7-95, 9-21-98, 6-11-02, Formerly 4C-6.003, Amended 8-26-04, 2-21-05, 7-9-06, 4-8-07, 6-26-13,_________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE:  Kandi Winters, Chief of Deferred Compensation, Division of Treasury, Bureau of Deferred Compensation, Department of Financial Services

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE:

Jeff Atwater, Chief Financial Officer, Department of Financial Services

DATE PROPOSED RULE APPROVED BY AGENCY HEAD:  November 18, 2014

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: October 7, 2014

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