The purpose and effect of the proposed rule amendment will be to repeal this rule as it is no longer necessary.

DEPARTMENT OF MANAGEMENT SERVICES
IFAS Supplemental Benefit Program

RULE NO.: RULE TITLE:
60W-5.001: Scope and Purpose
60W-5.002: Statements of Policy
60W-5.003: Receipts
60W-5.004: Investment of Funds
60W-5.005: Disbursements
PURPOSE AND EFFECT: The purpose and effect of the proposed rule amendment will be to repeal this rule as it is no longer necessary.
SUMMARY: The assets and liabilities of the Institute of Food and Agricultural Sciences Supplemental Retirement Program were consolidated into the Florida Retirement System as provided in Section 121.047, F.S., making this rule obsolete and unnecessary.
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:
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: 121.40(13) FS.
LAW IMPLEMENTED: 112.61, 121.40, 121.40(13) 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: August 10, 2012, 10:00 a.m.
PLACE: Division of Retirement, 1317 Winewood Blvd., Bldg 8., Suite 208, Tallahassee, Florida 32399-1560
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 2 days before the workshop/meeting by contacting: Richard Clifford, Senior Benefits Analyst, Division of Retirement, Department of Management Services at [phone] or via e-mail at [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: Garry Green

THE FULL TEXT OF THE PROPOSED RULE IS:

60W-5.001 Scope and Purpose.

This chapter establishes the procedures for the management of the Institute of Food and Agricultural Sciences Supplemental Retirement Trust Fund and administration of the Institute of Food and Agricultural Sciences Supplemental Benefit Program, pursuant to Section 121.40, Florida Statutes.

Rulemaking Specific Authority 121.40(13)(14) FS. Law Implemented 121.40 FS. History–New 2-4-86, Formerly 22Q-5.001, Repealed_________.

 

60W-5.002 Statements of Policy.

(1) It shall be the responsibility of the Administrator to administer the Institute’s Supplemental Benefit Program in accordance with applicable laws and sound actuarial principles.

(2) The use of any procedure, methodology, or assumptions the effect of which would be to transfer to future taxpayers any portion of the costs which may reasonably have been expected to be paid by the current taxpayers shall be prohibited.

Rulemaking Specific Authority 121.40(13)(14) FS. Law Implemented 112.61, 121.40 FS. History–New 2-4-86, Formerly 22Q-5.002, Repealed_________.

 

60W-5.003 Receipts.

(1) The Administrator shall insure that all receipts are promptly deposited in the State Treasury.

(2) The Administrator shall maintain accurate records of the contributions of each participant made each pay period.

Rulemaking Specific Authority 121.40(13)(14) FS. Law Implemented 121.40(13)(14) FS. History–New 2-4-86, Formerly 22Q-5.003, Repealed_________.

 

60W-5.004 Investment of Funds.

The State Board of Administration shall be responsible for investing the funds of the trust fund in accordance with the provisions of Sections 215.44-.53, F.S.

Rulemaking Specific Authority 121.40(13)(14) FS. Law Implemented 121.40(13) FS. History–New 2-4-86, Formerly 22Q-5.004, Repealed_________.

 

60W-5.005 Disbursements.

(1) The Administrator shall be responsible for authorizing disbursements from the trust fund and accounts in accordance with applicable laws and these rules.

(2) Expenses of the Division for administering the Institute’s Supplemental Benefit Program, and administrative expenses of the State Board of Administration for investing the funds of the trust fund, shall be paid from interest earned on investments of the trust fund.

Rulemaking Specific Authority 121.40(13)(14) FS. Law Implemented 121.40(13)(14) FS. History–New 2-4-86, Formerly 22Q-5.005, Repealed_________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Garry Green, Operations & Management Consultant Manager, Research & Education Section, Division of Retirement, Department of Management Services. Office, tel.: [phone], E-mail: [e-mail]
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Scott Stewart, Interim Secretary of the Department of Management Services
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 19, 2012