The rule amendments to Rule 19-11.001 serve to indicate that a “member” of the Investment Plan includes an individual who is deemed to be a renewed member pursuant to Section 121.122, Florida Statutes, which has been amended by Chapter 2017-88, Laws ...  

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    STATE BOARD OF ADMINISTRATION

    RULE NOS.:RULE TITLES:

    19-11.001Definitions

    19-11.002Beneficiary Designations and Distributions for FRS Investment Plan

    19-11.003Distributions from FRS Investment Plan Accounts

    19-11.004Excessive Trading in the FRS Investment Plan

    19-11.006Enrollment Procedures for New Hires

    19-11.007Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs

    19-11.008Forfeitures

    19-11.009Reemployment with an FRS-Participating Employer after Retirement

    19-11.012Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

    19-11.013FRS Investment Plan Self-Directed Brokerage Account

    19-11.014Benefits Payable for Investment Plan Disability and In-Line-Of-Duty Death Benefits

    PURPOSE AND EFFECT: The rule amendments to Rule 19-11.001, F.A.C. serve to indicate that a “member” of the Investment Plan includes an individual who is deemed to be a renewed member pursuant to Section 121.122, Florida Statutes, which has been amended by Chapter 2017-88, Laws of Florida, to provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan. Rule 19-11.002 is being amended to indicate that an Investment Plan member who is killed in the line of duty shall have certain survivorship benefits paid; to indicate the dates that certain enrollment forms and second election enrollment forms have been amended; and update the name of the investment fund used to hold account funds where the beneficiary cannot be located. The amendments to Rule 19-11.003, F.A.C. adopt the latest version of the Employment Termination Form and to make a few minor editorial revisions. Rule 19-11.004, F.A.C. is being amended to adopt the revised Transfer Request Form- Excessive Fund Trading Violators. Rule 19-11.006 is being amended to adopt the latest versions of the applicable enrollment forms; and to update and clarify information concerning specific enrollment procedures. Rule 19-11.007, F.A.C. is being amended to adopt the latest versions of the Second Election enrollment forms; and to indicate that an Investment Plan member that is eligible to be a renewed Investment Plan member on or after July 1, 2017 is not eligible to use the second election to transfer to the Pension Plan. Rule 19-11.008, F.A.C. is being amended to indicate the any unvested account balances will be transferred to a suspense account which is invested in the FRS Intermediate Bond Fund. Rule 19-11.009, F.A.C. is being amended to indicate that, as provided by amendments to Section 121.122, Florida Statutes, a retiree of the Investment Plan, Senior Management Service Optional Annuity Program (SMSOAP), State University System Optional Retirement Program (SUSORP) and State Community College System Optional Retirement Program (SCCSORP) who is reemployed with a FRS-participating employer in a covered position on or after July 1, 2017 will be a mandatory renewed member of the Investment Plan, unless employed in a position eligible for participation in the SUSORP or SCCSORP. Such renewed member will be enrolled in the Regular Class, unless the position meets the requirements to enroll in the Special Risk Class, Elected Officers’ Class or Senior Management Service Class. Rule 19-11.012, F.A.C. is amended to adopt the latest version of the rollover forms. Rule 19-11.013, F.A.C. is amended to set forth how the Self-Directed Brokerage Account enrollment form can be obtained and to make a few clarifications. Rule 19-11.014, F.A.C. is being updated to indicate that the survivorship benefit s paid to the surviving children of an Investment Plan member killed in the line-of-duty shall be paid as provided in Section 121.091(7)(d) and (i), Florida Statutes. The proposed rule amendments do not impose any burdens on businesses; do not restrict entry into a profession; do not have an impact on the availability of services to the public; do not have an impact on job retention; do not impose any restrictions on employment seekers; and do not impose any costs. No legislative ratification is required.

    SUBJECT AREA TO BE ADDRESSED: To adopt updated forms; to set forth some clarifications; to recognize changes enacted by Chapter 2017-88, Laws of Florida, that provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan; to recognize that in-line-of-duty death benefits are available to the spouse and dependent children of any Investment Plan member and not just special risk members.

    RULEMAKING AUTHORITY: 121.78(3)(c); 121.4501(8 ) FS.

    LAW IMPLEMENTED: 119.071, 120.569, 120.57, 120.573, 121.021, 121.051, 121.055, 121.091, 121.35, 121.4501(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (19), 121.591, 121.5912; 121.71, 121.72, 121.74, 121.77, 121.78, 215.44(8), 732.802, 744.301, 1012.875(3) FS.

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

    DATE AND TIME: Friday, September 15, 2017, 9:00 a.m. – 11:00 a.m.

    PLACE: Room 116 (Hermitage Conference Room), 1801 Hermitage Blvd., Tallahassee, FL 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, FL 32308, (850)413-1197, tina.joanos@sbafla.com. 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 DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Ruth A. Smith, Assistant General Counsel, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, FL 32308, (850)413-1182, ruth.smith@sbafla.com

    THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.

Document Information

Subject:
To adopt updated forms; to set forth some clarifications; to recognize changes enacted by Chapter 2017-88, Laws of Florida, that provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan; to recognize that in-line-of-duty death benefits are available to the spouse and dependent children of any Investment Plan member and not just special risk members.
Purpose:
The rule amendments to Rule 19-11.001 serve to indicate that a “member” of the Investment Plan includes an individual who is deemed to be a renewed member pursuant to Section 121.122, Florida Statutes, which has been amended by Chapter 2017-88, Laws of Florida, to provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan. Rule 19-11.002 is being amended to indicate that an Investment Plan member who is killed in the line of duty ...
Rulemaking Authority:
121.78(3)(c); 121.4501(8 ) FS.
Law:
119.071, 120.569, 120.57, 120.573, 121.021, 121.051, 121.055, 121.091, 121.35, 121.4501(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (19), 121.591, 121.5912; 121.71, 121.72, 121.74, 121.77, 121.78, 215.44(8), 732.802, 744.301, 1012.875(3) FS.
Contact:
Ruth A. Smith, Assistant General Counsel, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, FL 32308, (850)413-1182, ruth.smith@sbafla.com
Related Rules: (11)
19-11.001. Procedures Regarding Employer Contributions
19-11.002. Beneficiary Designation for FRS Investment Plan
19-11.003. Distributions from FRS Investment Plan Accounts and Reemployment with an FRS-covered Employer
19-11.004. Excessive Trading in the FRS Investment Plan
19-11.006. Enrollment Procedures for New Hires
More ...