The purpose of the rule amendment is to amend the State of Florida Employee Deferred Compensation Plan.

 

DEPARTMENT OF FINANCIAL SERVICES
Divison of Treasury

RULE NO: RULE TITLE
69C-6.003: The Plan; Prescribed Forms
PURPOSE AND EFFECT: The purpose of the rule amendment is to amend the State of Florida Employee Deferred Compensation Plan.

SUMMARY: The rule adopts revisions to the State of Florida Employees Deferred Compensation Plan as follows:

A provision is added to allow loans to participants from their deferred compensation accounts under conditions permitted by federal law.

Hardship withdrawal standards are changed as follows:

Foreclosure is narrowed as a basis for a hardship withdrawal by requiring that the foreclosure be upon the participant’s primary residence rather than any real property.

Eviction from a primary residence is added as a basis for hardship withdrawal to conform to a federal regulation on that point.

“Dental or periodontal treatment that is necessary due to a sudden injury” is added as a basis for a hardship withdrawal. “Dental or periodontal treatment which is cosmetic or is necessary due to a chronic or degenerative condition such as periodontitis, decay, bruxism, or malocclusion not due a sudden injury” is added to the list of events for which a hardship withdrawal is not available.

The amount that can be obtained through the simplified hardship withdrawal process in the event of a hurricane emergency is raised from $1,500.00 to $2,500.00.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COST: No Statement of Estimated Regulatory Cost was prepared.

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.

SPECIFIC AUTHORITY: 112.215(12) FS.
LAW IMPLEMENTED: 112.215 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: Tuesday, January 23, 2007, 9:30 a.m.

PLACE: Room 415, Hermitage Centre, Suite 400, 1801 Hermitage Blvd., Tallahassee, Florida

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: Kandi Winters, [phone]. 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 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 [phone]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

69C-6.003 The Plan; Prescribed Forms.

(1) Form DFS-J3-1176 (Eff._______), State of Florida Employees Deferred Compensation Plan, is hereby established and incorporated into this rule by reference as the plan contemplated in Section 112.215, F.S.

(2) through (4) No change.

Specific 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,__________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Kandi Winters, Financial Administrator, Deferred Comp Section, Division of Treasury, Department of Financial Services

NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Bruce Gillander, Division Director, Division of Treasury, Department of Financial Services

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 27, 2006

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: October 13, 2006