To adopt the revised Investment Policy Statement for the Florida Retirement System Defined Benefit Plan, approved by the Trustees on December 9, 2014 and effective January 1, 2015.

 

STATE BOARD OF ADMINISTRATION

RULE NO.:RULE TITLE:

19-4.0035Florida Retirement System Defined Benefit Plan Investment Policy Statement

PURPOSE AND EFFECT: To adopt the revised Investment Policy Statement for the Florida Retirement System Defined Benefit Plan, approved by the Trustees on December 9, 2014 and effective January 1, 2015.

SUMMARY: To adopt the most recent version of the Investment Policy Statement for the Florida Retirement System Defined Benefit Plan. There are no other rules incorporating this proposed rule. The proposed amendments do not have an impact on any other rules. Legislative ratification of these rule amendments is not required.

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: Upon review of the proposed changes to the rules as well as all incorporated materials, the State Board of Administration has determined that the rules do not meet the statutory threshold for ratification by the legislature. There will be no impact on economic growth, job creation or employment, private-sector investment, or business competitiveness, and no increase in regulatory costs.

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: 215.52 FS.

LAW IMPLEMENTED: 215.475 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: Tuesday, November 24, 2014, 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 hours 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 RULE IS: Ruth A. Smith, Assistant General Counsel, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, FL 32308, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

19-4.0035 Florida Retirement System Defined Benefit Plan Investment Policy Statement.

The Florida Retirement System Defined Benefit Plan Investment Policy Statement, as approved by the Trustees of the State Board of Administration on December 9, February 6, 2014, and effective January March 1, 2015 2014, http://www.flrules.org/Gateway/reference.asp?No=Ref-05859 https://www.flrules.org/gateway/reference.asp?NO=Ref-02420, hereby is adopted and incorporated by reference. The Investment Policy Statement may be obtained by contacting: State Board of Administration, 1801 Hermitage Blvd., Suite 100, Tallahassee, Florida 32308, or by accessing the sbafla.com website.

Rulemaking Authority 212.52 FS. Law Implemented 215.475 FS. History–New 6-8-14, Amended __________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Lamar Taylor, Deputy Executive Director

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 29, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 3, 2015, Volume 41/172