Amend ORP-RMD form.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement - Optional Retirement Program

RULE NO.: RULE TITLE:

60U-1.012   Program Administration

PURPOSE AND EFFECT: Amend ORP-RMD form.

SUMMARY: Amend ORP-RMD form to correct distribution options for those applying for a required minimum distribution.

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 economic review conducted by the agency.

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: 121.031, 121.35 FS.

LAW IMPLEMENTED: 121.031, 121.35 FS.

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: Garry Green, Chief, Bureau of Research and Education, Department of Management Services, Division of Retirement, 2450 Shumard Oak Blvd., Bldg. 2, Tallahassee FL 32311, [phone].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

60U-1.012 Program Administration.

The forms referenced in this rule are required by the division to administer the SUSORP and are available from the division’s website at www.frs.myflorida.com; by calling the division toll free [phone] or in the Tallahassee local calling area at [phone]; or, if hearing or speech impaired, by calling the division via T.D.D. at Florida Relay System by dialing 711 or [phone]. Upon receipt of a form required under this rule from an Employee, the Employer shall complete its portion of the form and submit the completed form to the division.

(1) through (2) No change.

(3) Program Distributions.

(a) through (b) No change.

(c) A Participant who is age 70 ½ or older may not receive a required minimum distribution per Section 121.35(5)(b), F.S., unless the Participant has terminated employment with all Employers. In order to begin receiving a required minimum distribution, the Participant must notify the division by completing and submitting, to the most recent Florida Retirement System participating Employer with which the Participant was employed, Form ORP-RMD-1, “State University System Optional Retirement Program (SUSORP) Application for Required Minimum Distribution Authorization,” effective 01/2017  November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-_____, https://www.flrules.org/Gateway/reference.asp?No=Ref-06121 which is incorporated by reference. The Provider Companies must have approval from the division before making a required minimum distribution to the Participant.

(4) No change.

Rulemaking Authority 121.031, 121.35 FS. Law Implemented 121.031, 121.35 FS. History‒New 2-23-16, Amended                  .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Elizabeth Stevens, Director

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Chad Poppell, Secretary

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 12, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: November 30, 2016