Amendments to the rule include: Updates to the rule due to changes to and clarifications of the Federal deferred compensation regulations. Definitions added or changed in the Plan Document (Form DFS-J3-1176) are as follows: Beneficiaries of the ...

 

DEPARTMENT OF FINANCIAL SERVICES

DIVISION OF TREASURY

RULE:RULE TITLE:

69C-6.003The Plan; Prescribed Forms

PURPOSE AND EFFECT: Amendments to the rule include:

• Updates to the rule due to changes to and clarifications of the Federal deferred compensation regulations.
• Definitions added or changed in the Plan Document (Form DFS-J3-1176) are as follows:

       Beneficiaries of the Plan are now defined,

       “Compensation” was added to clarify language as provided by the IRS,

       “Normal Retirement Age” was amended to provide the definition for members of the Florida Retirement System’s Investment Plan and the Optional Retirement Plan.

       Roth Contribution – if Roth IRA is available,

       Trust Agreement was added to provide language for the protection of the participants and beneficiaries assets,

       Trust Fund was added to clarify the Plan created a Trust as required by the IRS,

       “Trustees of the Plan” definition was added for clarification, and

       “Unforeseeable Emergency” definition was added to the Plan Document to provide specific language to assist in the qualifying of a participant’s in-service distribution.

• Language was added to provide instruction to the Plan Administrator making corrections for excess deferrals.
• Language was added to clarify the Required Minimum Distribution provision.
• Language was added to clarify the requirements necessary for a participant to utilize the Standard catch-up provision.
• Language was added to clarify the approval process for distributions due to unforeseeable emergencies.

• A provision was added to clarify specific beneficiary types for death benefits.
• A provision was added to clarify Deemed IRA’s and Roth IRA’s requirements.
• A provision was added for Qualified Domestic Relations Orders.
• A provision was added for the distribution process for settlement proceeds received from the investment vendors.
• Amendments to existing forms and adding new forms for the State of Florida Employees Deferred Compensation Plan in order to clarify requirements, conform all forms to changes in the Plan Document (Form DFS-J3-1176), and implement minor administrative changes to the Plan.

SUBJECT AREA TO BE ADDRESSED: Deferred Compensation Plan.

RULEMAKING AUTHORITY: 112.215(12) FS.

LAW IMPLEMENTED: 112.215 FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE TIME, DATE, AND PLACE SHOWN BELOW:

DATE AND TIME:  Friday, March 1, 2013, 2:00 p.m.

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

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, 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 PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM CONTACT PERSON LISTED ABOVE.