To revise actuarial factors used in the calculation of early and optional retirement benefits.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement

RULE NOS.:RULE TITLES:

60S-7.009Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 on and After August 1, 1983

60S-7.0091Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 on and After January 1, 2016

60S-7.010Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 on and After August 1, 1983

60S-7.011Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 On or After January 1, 2016

PURPOSE AND EFFECT: To revise actuarial factors used in the calculation of early and optional retirement benefits.

SUMMARY: Actuarial factors use in the calculation of early and optional retirement benefits will be revised.

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 economic review conducted by the agency.

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 FS.

LAW IMPLEMENTED: 121.091(6) 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:

DATE AND TIME: December 22, 2015, 10:00 a.m.

PLACE: Division of Retirement of the Department of Management Services, 2450 Shumard Oak Blvd., Bldg. 2, Tallahassee, Florida 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-7.009 Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 on and After August 1, 1983 through December 31, 2015.

(1) The actuarial factors used to determine the benefits that are payable to a member who retires with an effective date of August 1, 1983, or later through December 1, 2015, and who elects to receive benefits as provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., Option 3 in paragraph 60S-4.010(1)(c), F.A.C., or Option 4 in paragraph 60S-4.010(1)(d), F.A.C., effective January 2016, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-__________, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at PO Box 9000, Tallahassee, Florida 32315-9000; or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by e-mail at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (2).follows:

(2) If the effective date of retirement occurs fewer than 7 months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If the effective date of retirement occurs 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New 10-18-83, Formerly 22B-7.09, Amended 11-14-91, Formerly 22B-7.009, Amended 8-13-03,          .

 

60S-7.0091 Actuarial Factors for Calculating Benefits Provided by Options 2, 3, and 4 on and After January 1, 2016.

(1) The actuarial factors used to determine the benefits that are payable to a member in a membership class other than the Special Risk Class who retires with an effective date of January 1, 2016, or later, and who elects to receive benefits as provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., Option 3 in paragraph 60S-4.010(1)(c), F.A.C., or Option 4 in paragraph 60S-4.010(1)(d), F.A.C., effective January 2016, effective January 2016, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-_________, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at PO Box 9000, Tallahassee, Florida 32315-9000; or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by e-mail at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (2).

(2) If the effective date of retirement occurs fewer than 7 months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If the effective date of retirement occurs 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History – New           .

 

60S-7.010 Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 on and After August 1, 1983 through December 31, 2015.

(1) The actuarial factors used to determine the disability benefits as provided in Section 121.091(4), F.S., that are payable to a member who retires with an effective date of August 1, 1983, or laterthrough December 1, 2015, and who elects to receive benefits as provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., Option 3 in paragraph 60S-4.010(1)(c), F.A.C., or Option 4 in paragraph 60S-4.010(1)(d), F.A.C., effective January 2016,  available at http://www.flrules.org/Gateway/reference.asp?No=Ref-__________, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at PO Box 9000, Tallahassee, Florida 32315-9000; or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by e-mail at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (2).follows:

(2) If the effective date of retirement occurs fewer than 7 months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If the effective date of retirement occurs 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6)(b) FS. History–New 10-18-83, Formerly 22B-7.10, Amended 11-14-91, Formerly 22B-7.010, Amended 8-13-03,          .

 

60S-7.011 Actuarial Factors for Calculating Disability Benefits Provided by Options 2, 3 and 4 On or After January 1, 2016.

(1) The actuarial factors used to determine the disability benefits as provided in Section 121.091(4), F.S., that are payable to a member who retires with an effective date of January 1, 2016, or later, and who elects to receive benefits as provided by Option 2 in paragraph 60S-4.010(1)(b), F.A.C., Option 3 in paragraph 60S-4.010(1)(c), F.A.C., or Option 4 in paragraph 60S-4.010(1)(d), F.A.C., effective January 2016, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-__________, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at PO Box 9000, Tallahassee, or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by email at [e-mail]; or by telephone toll-free at [phone] or locally at [phone]. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (2).

(2) If the effective date of retirement occurs fewer than 7 months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If the effective date of retirement occurs 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6) FS. History–New            .

 

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: November 9, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 22, 2015