Statements of Policy, Retirement Contributions for Regular, Special Risk, Elected Officer, Special Risk Administrative Support and Senior Management Service Classes of the Pension and Investment Plans of the Florida Retirement System; Contributions ...

DEPARTMENT OF MANAGEMENT SERVICES
Division of Retirement

RULE NO.: RULE TITLE:
60S-3.002: Statements of Policy
60S-3.003: Retirement Contributions for Regular, Special Risk, Elected Officer, Special Risk Administrative Support and Senior Management Service Classes of the Pension and Investment Plans of the Florida Retirement System; Contributions for the Retiree Health Insurance Subsidy; and Contributions for the Deferred Retirement Option Program
60S-3.010: Contributions for Social Security
60S-3.013: Retirement Contributions for Upgraded Previous Service Credit

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 37 No. 47, November 23, 2011 issue of the Florida Administrative Weekly.

60S-3.002 Statements of Policy.

(4) The required employee contributions for all service other than current service, including but not limited to prior service, past service, military service, leave of absence service, and out-of-state and in-state service, shall be paid by cash, personal check, cashier’s check, or money order. Direct rollovers from eligible retirement plans as described in Section 401(a)(31), Internal Revenue Code, will be accepted for the purchase of creditable service, however, such payment must be accompanied with a properly executed Form PRO-1 (Rev. 10/07), Florida Retirement System Pension Plan (401(a)Plan) Pretax Direct Rollover Form, herein adopted by reference which may be obtained from the Forms page of the Division’s website, http://frs.MyFlorida.com, or by calling the Division’s Bureau of Retirement Calculations Toll Free at 1(888)738-2252, if calling from outside the Tallahassee calling area, or locally at [phone]. Individuals with a hearing or speech impairment may call the Division via T.D.D. at the Florida Relay System by dialing 711 or 1(800)955-8771. Such contributions shall be accompanied by a statement identifying the service for which payment is made; and shall be made in a lump sum for the total amount due or in annual payments of not less than $100, except for the final payment if less than $100, unless another method of payment is authorized in these rules. Interest will be added annually to any unpaid balance not received at the Division on or before June 30 as provided in Rule 60S-3.0035, F.A.C.

(8) In the case of a State University System faculty member who receives compensation from faculty practice funds or other sources that do not contribute to the FRS, and who receives a salary increase from sources that do contribute to the FRS that are greater than twice the appropriated average State University System faculty salary percentage increase for that year (where such increase is determined by the Division to have significant fiscal impact upon the FRS), an assessment payable to the FRS may be required of the State University.

60S-3.003 Retirement Contributions for Regular, Special Risk, Elected Officer, Special Risk Administrative Support and Senior Management Service Classes of the Pension and Investment Plans of the Florida Retirement System; Contributions for the Retiree Health Insurance Subsidy; and Contributions for the Deferred Retirement Option Program.

(6) (a) through (b) No change.

(c) On and after July 1, 2010, any retiree of a state administered retirement system who is initially reemployed in a regularly established position shall not be eligible for renewed membership and the retirement contributions for such reemployed retirees shall be equal to the unfunded actuarial accrued liability portion of the employer contribution required for other active members of the FRS.

60S-3.010 Contributions for Social Security.

(1) Social Security contributions shall be required of each member of the Florida Retirement System and each reemployed retired member who renews membership as provided in Rules 60S-1.0045 and subsection 60S-1.0055(4), F.A.C., as well as for any reemployed retiree who is initially initally reemployed in a regularly established position on or after July 1, 2010. Contributions shall be withheld from the member’s salary each pay period in the amount required for Social Security coverage as provided by the Federal Social Security Act.

60S-3.013 Retirement Contributions for Upgraded Previous Service Credit.

(6) The required contributions for a member of the Special Risk Class to claim retirement credit in such class for previous service in a forensic discipline within the purview of the Class as specified in subsection 60S-2.013(8), F.A.C., shall be an amount representing the actuarial accrued liability liablity for the difference in the accrual value during the affected period of service as provided in Section 121.0515(10)(c) 121.052(9)(c), F.S. Local government employers may purchase the upgraded service on behalf of the member if that member has been employed by that employer for at least three years.