This rulemaking adopts new forms to implement the Roth 457b payroll contribution option to the State of Florida Employees Deferred Compensation Plan (Plan) participants and to clarify and simplify the Plan’s investment policy ....

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Treasury

RULE NO.:RULE TITLE:

69C-6.003The Plan; Prescribed Forms

PURPOSE AND EFFECT: This rulemaking adopts new forms to implement the Roth 457b payroll contribution option to the State of Florida Employees Deferred Compensation Plan (Plan) participants and to clarify and simplify the Plan’s investment policy for product selection and retention in Form DFS-J3-1541.

SUMMARY: The State of Florida Employees Deferred Compensation Plan will offer a Roth 457b payroll contribution option as well as amend certain policies and procedures to streamline the Deferred Compensation Plan.

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 Department’s economic analysis of the potential impact of the proposed rule amendments determined that there will be no adverse economic impact or increased regulatory costs that would require legislative ratification.

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: 112.215, F.S.

LAW IMPLEMENTED: 112.215, F.S.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Rosemary Isham, Chief of Deferred Compensation, which can be emailed at [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69C-6.003 The Plan; Prescribed Forms

(1) No change.

(2) The forms listed below are incorporated into and made a part of this rule chapter by reference and shall take effect on the effective date of this rule. The forms can be obtained from investment providers servicing the plan. A listing of authorized investment providers and the forms can be obtained from the Deferred Compensation Section, Division of Treasury, 200 East Gaines Street, Tallahassee, Florida 32399-0346. The State of Florida Employees Deferred Compensation Plan may also be referred to as the “457b Plan.”

(a) through (p) No change.

(q) Form DFS-J3-1541 (effective MM/YY) (rev. 02/16) http://www.flrules.org/Gateway/reference.asp?No=Ref_____ http://www.flrules.org/Gateway/reference.asp?No=Ref-06523

State of Florida Employees Deferred Compensation Plan Investment Policy for Product Selection and Retention ‒ (Establishes the standards for the State of Florida Employees Deferred Compensation Plan; adopts criteria for the selection and retention of the Plan’s investment options; and provides a method for the quarterly evaluation and monitoring of the investment options)

(r) through (u) No change.

(v) Form DFS-J3-1256 (effective MM/YY) http://www.flrules.org/Gateway/reference.asp?No=Ref_____	Roth EZ Enrollment Form ‒ for participants to enroll in the Deferred Compensation Program
(w) Form DFS-J3-1263 (effective MM/YY) http://www.flrules.org/Gateway/reference.asp?No=Ref_____	Roth Participant Action Form – used for most participant requests, including enrollment and account changes
(x) Form DFS-J3-1265 (effective MM/YY) http://www.flrules.org/Gateway/reference.asp?No=Ref_____	Roth Company to Company Transfer ‒ used when a participant wants to transfer funds between Investment Providers
(y) Form DFS-J3-1273 (effective MM/YY) http://www.flrules.org/Gateway/reference.asp?No=Ref_____	Roth Deferrals from Supplemental Pay ‒ used for a participant to defer special supplemental pay (accrued annual/sick leave) to the Plan
(z) Form DFS-J3-1289 (effective MM/YY) http://www.flrules.org/Gateway/reference.asp?No=Ref_____	Roth Conversion – used to for the conversion from pretax to Roth

(3) through (4) No change.

Rulemaking 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, 4-8-07, 6-26-13, 3-24-15, 3-20-16, _____.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Rosemary Isham, Chief of Deferred Compensation

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Jimmy Patronis, Chief Financial Officer

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: May 23, 2024

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: April 23, 2024