Rule 19-11.002 is being amended to reference the most recent versions of the EZ Retirement Plan Enrollment Form for Regular, Special Risk Class and Special Risk Administrative Support Class Employees, and the 2nd Election EZ Retirement Plan ...

 

STATE BOARD OF ADMINISTRATION

RULE NOS.:RULE TITLES:

19-11.002Beneficiary Designations and Distributions for FRS Investment Plan

19-11.006Enrollment Procedures for New Hires

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

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

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

PURPOSE AND EFFECT: Rule 19-11.002, F.A.C. is being amended to reference the most recent versions of the EZ Retirement Plan Enrollment Form for Regular, Special Risk Class and Special Risk Administrative Support Class Employees, and the 2nd Election EZ Retirement Plan Enrollment Form. The rule also is being amended to emphasize that if a married member fails to name his or her spouse as the beneficiary of his or her Investment Plan account, then the member must provide either an Acknowledgement of Beneficiary Designation with the spouse’s signature or a notarized statement reflecting the spouse’s understanding that the spouse is not the beneficiary of the member’s account, in order for the member’s beneficiary designation to become effective. Rule 19-11.006, F.A.C. is being amended to adopt the most recent versions of the enrollment forms. The rule also is being amended to indicate that if a member defaults into the Investment Plan then the member will automatically receive quarterly statements by electronic delivery. Rule 19-11.007, F.A.C.is being amended to adopt the most recent versions of the 2nd Election EZ Retirement Plan Enrollment Form and the 2nd Election Retirement Plan Enrollment Form. Rule 19-11.009, F.A.C. is being amended to adopt the most recent version of the Certification Form that is used by prospective employees to certify their FRS retirement status. Rule 19-11.012, F.A.C. is being amended to adopt the most recent versions of the rollover forms. The proposed rule amendments do not impose any burdens on businesses; do not restrict entry into a profession; do not have an impact on the availability of services to the public; do not have an impact on job retention; do not impose any restrictions on employment seekers; and do not impose any costs. No legislative ratification is required.

SUBJECT AREA TO BE ADDRESSED: To adopt updated forms; and to set forth some clarifications and updated information.

RULEMAKING AUTHORITY: 121.78(3)(c); 121.4501(3)(c)4., (8 ) FS.

LAW IMPLEMENTED: 121.021(29), (39), 121.051, 121.055, 121.091(5)(j), (8), (9)(b), 121.35, 121.4501(2), (3), (4), (5), (6), (8), (15), (20), (21), 121.591(1), (3), 121.73, 121.74, 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: Friday, December 6, 2019, 9:00 a.m. – 11:00 a.m.

PLACE: Room 116 (Hermitage 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 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, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, FL 32308, [phone], [e-mail].

 

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