To repeal rules identified during the comprehensive rule review described in Executive Order 11-01 as being duplicative or no longer necessary. Any provisions of the rules that are not duplicative will be moved to rules in Chapter 19-11, F.A.C. that ...

 

STATE BOARD OF ADMINISTRATION

RULE NO.: RULE TITLE:
19-12.001: Definitions
19-12.002: Purpose
19-12.003: Limitation on Contributions
19-12.004: Annual Additions in Excess of Limitation
19-12.005: The Exclusive Benefit Rule of the Code and Forfeitures
19-12.006: Distribution of Benefits
19-12.007: Acceptance of Rollovers

PURPOSE AND EFFECT: To repeal rules identified during the comprehensive rule review described in Executive Order 11-01 as being duplicative or no longer necessary. Any provisions of the rules that are not duplicative will be moved to rules in Chapter 19-11, F.A.C., that cover the same subject matter.

SUMMARY: There rules are being deleted as they no longer are necessary. There are no other rules incorporating any of these proposed rules.

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: There is no adverse impact on economic growth, private-sector job creating or employment, or private sector investment from the repeal of these rules. Further, there is no adverse impact on business competitiveness or innovation and no regulatory costs resulting from the repeal of these rules. There is no cost to other states, local governmental entities, small counties or small cities and no impact on state or local revenues from the repeal of these rules.

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: 121.4501 FS.
LAW IMPLEMENTED: 121.4501(1), (7)(a), (13), 121.591 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: Monday, June 4, 2012, 9:00 a.m. – 11:00 a.m.

PLACE: Hermitage Room, the Hermitage Centre, 1801 Hermitage Blvd., Tallahassee, Florida 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, Florida 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 RULES IS: Ruth A. Smith, Assistant General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, Florida 32308, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULES IS:

19-12.001 Definitions.

Rulemaking Specific Authority 121.4501(5)(c), (13)(a) FS. Law Implemented 121.4501(1), (7)(a), (13) FS. History–New 11-20-01, Repealed________.

 

19-12.002 Purpose.

Rulemaking Specific Authority 121.4501(13)(a) FS. Law Implemented 121.4501(1), (7)(a), (13) FS. History–New 11-20-01, Repealed________.

 

19-12.003 Limitation on Contributions.

Rulemaking Specific Authority 121.4501(13)(a) FS. Law Implemented 121.4501(13) FS. History–New 11-20-01, Repealed________.

 

19-12.004 Annual Additions in Excess of Limitation.

Rulemaking Specific Authority 121.4501(13)(a) FS. Law Implemented 121.4501(13) FS. History–New 11-20-01, Repealed________.

 

19-12.005 The Exclusive Benefit Rule of the Code and Forfeitures.

Rulemaking Specific Authority 121.4501(13)(a) FS. Law Implemented 121.4501(13) FS. History–New 11-20-01, Amended 3-9-06, Repealed________.

 

19-12.006 Distribution of Benefits.

Rulemaking Specific Authority 121.4501(13)(a) FS. Law Implemented 121.4501(1), (7)(a), (13), 121.591 FS. History–New 11-20-01, Amended 12-8-02, Repealed________.

 

19-12.007 Acceptance of Rollovers.

Rulemaking Specific Authority 121.4501(5)(c) FS. Law Implemented 121.4501(5)(c), (21) FS. History–New 12-8-02, Amended 10-21-04, 3-9-06, Repealed________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Ron Poppell, Senior Officer, Defined Contributions Programs

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Trustees of the State Board of Administration

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: April 24, 2012