Florida Retirement System (FRS) eligible employees may submit their initial election and second plan election by electronic means. Rule 19-11.001 is being amended to provide a definition of “electronic signature,” and to state that an electronic ...  

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    STATE BOARD OF ADMINISTRATION

    RULE NOS.:RULE TITLES:

    19-11.001Definitions

    19-11.004Excessive Trading in the FRS Investment Plan

    19-11.005Florida Retirement Systme (FRS) State Board of Administration Complaint Procedures

    19-11.006Enrollment Procedures for New Hires

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

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

    19-11.011Employer and Employee Contributions and ABO or Present Value Transfer Procedures

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

    PURPOSE AND EFFECT: Florida Retirement System (FRS) eligible employees may submit their initial election and second plan election by electronic means. Rule 19-11.001 is being amended to provide a definition of “electronic signature,” and to state that an electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.004, F.A.C. is being amended to make a few minor editorial revisions. Rule 19-11.005 is being amended to adopt the most recent version of the Request for Intervention and Petition for Hearing forms. Rule 19-11.006 is being amended to adopt the latest versions of the applicable enrollment forms; to update and clarify information concerning incomplete enrollments; and to set forth a statement that a member submitting an enrollment by electronic means is deemed to have agreed that the electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.007, F.A.C. is being amended to adopt the latest versions of the Second Election enrollment forms; to update and clarify information concerning incomplete enrollments; and to set forth a statement that a member submitting an enrollment by electronic means is deemed to have agreed that the electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.009, F.A.C. is being amended to indicate that retired law enforcement officers who are reemployed by an FRS-participating employer as school resource officers may receive both a salary and retirement benefits once such individuals have been retired for 6 months. Rule 19-11.0011 is being amended to reflect the fact that Treasury Regulation 1.415-6(b)(6) no longer is effective and has been replaced by Revenue Procedure 2018-52. Rule 19-11.012, F.A.C. is amended to adopt the latest versions of the rollover forms.

    SUMMARY: To adopt updated forms; to set forth some clarifications and updated information; to add certain provisions regarding electronic signatures. There are no other rules incorporating the proposed amended rules. The proposed amendments will not have an effect on any other rules.

    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: Based on its analysis of the rule amendments and incorporated materials, as well as the fact that it is not a regulatory agency, 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 resulting from the proposed rule amendments.

    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: 121.78(3)(c); 121.4501(3)(c)4., (8) FS.

    LAW IMPLEMENTED: 119.071, 120.569, 120.57, 120.573, 121.021, 121.051, 121.055, 121.035, 121.091, 121.35, 121.4501(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (19), (20), (21), 121.591, 121.5912; 121.71, 121.72, 121.73, 121.74, 121.78, 1012.875(3) 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: Friday, January 11, 2019, 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 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 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 FULL TEXT OF THE PROPOSED RULE IS:

     

    19-11.001 Definitions.

    The following words and terms shall have the following meanings for purposes of Chapters 19-11 and 19-13, F.A.C.:

    (1) through (20) No change.

    (21) “Electronic Signature” is any symbols or other data in digital form attached to an electronically transmitted document as verification of the sender’s intent to sign the document.  By submitting an electronic signature, a member acknowledges that the electronic signature is the same as a handwritten signature for the purposes of validity, enforceability, and admissibility.

    (21) through (49)  are renumbered (22) through (50) No change.

    Rulemaking Authority 121.78(3)(c), 121.4501(8) FS. Law Implemented 121.78, 121.4501 FS. History–New 12-8-02, Amended 3-9-06, 7-12-12, 12-16-12, 6-5-14, 8-18-14, 12-30-15, 4-12-17, 2-12-18,_______________.

     

    19-11.004 Excessive Trading in the FRS Investment Plan.

    (1) No change.

    (2) Limitations.

    (a) No change.

    (b) All authorized investment funds, except for money market funds and funds within the SDBA, are subject to the following controls:

    1. through 6. No change.

    7. If the member submits a transfer request form that is incomplete, the form will not be processed. A form is considered as “incomplete” if it does not contain the name of the member; does not set forth the social security number of the member; is not notarized; is sent by facsimile, email or regular U.S. mail; does not specify what fund(s), dollar amount(s) or percentages(s) are to be transferred; or does not indicate the fund(s) into which the amounts are to be transferred The form also will be considered “incomplete” if there are insufficient assets to execute the transfer(s), or if the requested transfer does not comply with the FRS Investment Plan Excessive Fund Trading Guidelines Policy. Deficiencies are corrected through the resubmission of a transfer request form that is deemed to be complete.

    8. Members who receive direction letters and who are placed on restricted trading within their primary funds, as provided in subparagraphs 2., 3., 4., 5., and 6., of paragraph (2)(b), shall be allowed to make automated trades in, out and within the SDBA. Any such member must meet the requirements of the SDBA as provided in Rule 19-11.013, F.A.C. Such member’s activity within the SDBA is not subject to these guidelines this policy, but will be subject to the applicable excessive trading rules and purchase restrictions of the funds in the SDBA.

    (3) through (4). No change.

    Rulemaking Authority 121.4501(8) FS. Law Implemented 121.4501(13), (14), (15) FS. History–New 10-21-04, Amended 3-9-06, 10-25-07, 12-8-08, 1-7-10, 7-12-12, 6-5-14, 8-18-14, 12-30-15, 4-12-17, 2-12-18,_______________.

     

    19-11.005 Florida Retirement System (FRS) State Board of Administration Complaint Procedures.

    (1) Request for Intervention.

    (a) Any Investment Plan or Pension Plan member who has a complaint regarding the FRS laws, rules, plan provisions or services rendered by an Investment Plan or MyFRS Financial Guidance Program provider or one of the representatives thereof, with the exception of except the Self-Directed Brokerage Account (“SDBA”), may send a written Request for Intervention to the State Board of Administration (SBA). The member may submit the request in writing with personally identifiable information or use the form referenced in paragraph (b), below. The written Request for Intervention shall be sent:

    1. By regular U.S. mail service to:

    Investment Plan Complaint Resolution

    Office of Defined Contribution Programs

    State Board of Administration

    P.O. Box 13300

    Tallahassee, FL 32317-3300

    2. By email: DefinedContributionPrograms@sbafla.com, or

    3. By fax: (850)413-1489.

    (b) The member may use “Florida Retirement System FRS Investment Plan Request for Intervention,” Form SBA-RFI 01/2019 01/2009, contained in the FRS Investment Plan Complaint Procedures package, http://www.flrules.org/Gateway/reference.asp?No=Ref-10206 http://www.flrules.org/Gateway/reference.asp?No=Ref-01128, which is hereby adopted and incorporated by reference. The form may be obtained by calling the toll free number at 1(866) 446-9377, Option 4, (TRS 711), and requesting that the form be mailed to the member or by accessing the MyFRS.com website, clicking on Resources, and then clicking on Forms. By using this form, or any other written request, the member grants permission to the SBA to obtain any personally identifiable information shared with, or generated by, any service provider to the FRS, including the MyFRS Financial Guidance Program. The member must provide all information requested by the form.

    (c) through (f). No change.

    (2) Request for Hearing.

    (a) If the member is not satisfied with the proposed resolution as set forth in the final agency action letter and the member wishes to protest the determination, the member may file a fully-completed Petition for Hearing, Investment Plan Petition for Hearing,” Form SBA-PFH 01/2019  01/2009 contained in the Florida Retirement System FRS Investment Plan Complaint Procedures package, http://www.flrules.org/Gateway/reference.asp?No=Ref-10207 http://www.flrules.org/Gateway/reference.asp?No=Ref-01128, which is hereby adopted and incorporated by reference, with the SBA. The Petition for Hearing is routinely attached to the final agency action letter and may also be obtained by calling the toll free number at 1(866) 446-9377, Option 4, (TRS 711), and requesting that it be sent to the member or by accessing the MyFRS.com website, and clicking on Resources and then clicking on Forms. The Petition for Hearing must be received within 21 days of the member’s receipt of the agency action letter or it will be rejected as untimely and the member will have waived the right to a hearing.

    (b) through (g).  No change.

    Rulemaking Authority 121.4501(8) FS. Law Implemented 120.569, 120.57, 120.573, 121.4501(8)(g) FS. History–New 10-21-04, Amended 3-9-06, 11-26-07, 5-19-09, 7-12-12, 12-16-12, 6-5-14, 12-30-15, 4-12-17, ________________.

     

    19-11.006 Enrollment Procedures for New Hires.

    (1) General Enrollment Procedures.

    (a) through (d). No change.

    (e) Eligible newly-hired employees eligible to enroll in the State Community College System Optional Retirement Program (SCCSORP) or State University System Optional Retirement Program (SUSORP) may only enroll in the Investment Plan by submitting an enrollment form.

    (f) Enrollment forms for eligible newly-hired employees enrolled in the Regular, Special Risk and Special Risk Administrative Support classes are available in the enrollment package which is sent to an employee’s address of record or by accessing MyFRS.com, and clicking on Resources and then on Forms; or by calling toll-free 1(866) 446-9377, Option 2, or for the hearing impaired TRS 711. Enrollment forms for newly hired employees in the EOC, SMSC and newly-hired employees eligible to enroll in the  SCCSORP CCORP are available by accessing MyFRS.com, and clicking on Resources and then on Forms; or by calling toll-free 1(866)446-9377, Option 2, or, for the hearing impaired, TRS 711.

    (2) Specific Enrollment Procedures.

    (a) through (d). No change

    (e) The State Board of Administration (SBA) has designed the forms set forth below for ease of use for employees in the several membership classes of the FRS. As an alternative, an employee not wishing to use the forms may provide the same information requested by the forms available for use for the appropriate membership class in a separate document. Employees may determine their membership class by contacting the agency’s human resources office. The forms available are: an EZ Retirement Plan Enrollment Form, Form ELE-1-EZ, rev. 01/18 08/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-10208  http://www.flrules.org/Gateway/reference.asp?No=Ref-07617, which is only for regular, special risk, and special risk administrative support class employees; a General Retirement Plan Enrollment Form, Form ELE-1, rev. 07/18 07/17http://www.flrules.org/Gateway/reference.asp?No=Ref-10209 http://www.flrules.org/Gateway/reference.asp?No=Ref-08688 for regular, special risk, and special risk administrative support class employees; an Elected Officers’ Class Retirement Plan Form, Form EOC-1, rev. 07/18 07/17,  http://www.flrules.org/Gateway/reference.asp?No=Ref-10210 http://www.flrules.org/Gateway/reference.asp?No=Ref-08689; a State Community College System Optional Retirement Program(SCCSORP) (CCORP) Enrollment Form, Form OCC-1, rev. 07/18 07/17http://www.flrules.org/Gateway/reference.asp?No=Ref-0211 http://www.flrules.org/Gateway/reference.asp?No=Ref-08693; and a Local Senior Management Service Employees Retirement Plan Enrollment Form, Form SMS-3, rev. 07/18 07/17, http://www.flrules.org/Gateway/reference.asp?No=Ref-10212 http://www.flrules.org/Gateway/reference.asp?No=Ref-08694. All of the preceding forms are hereby adopted and incorporated by reference.

    1. All enrollment forms can be obtained at the sources listed in paragraph (1)(f)(g), above.

    2. Members Only members of the Regular, Special Risk, and Special Risk Administrative Support classes of employees may use the EZ form, “EZ Retirement Plan Enrollment Form for Regular, Special Risk and Special Risk Administrative Support Class Employees,” Form ELE-1-EZ. If an employee chooses to use the EZ form, only limited information (i.e., name, plan choice, last four digits of the social security number, date of birth and signature) is required. An age appropriate retirement date fund as provided under the Plan provisions is the initial investment option (although that investment option may be changed by the member once the account is funded). A member’s initial beneficiary designation will be per Florida law, as provided in Section 121.4501(20), F.S. However, a beneficiary designation may be made as set forth in Rule 19-11.002, F.A.C.

    (f)1. No change.

    2. The Plan Choice Administrator shall determine that the employee’s enrollment in the Investment Plan is complete and the employee’s election is clearly indicated. If the Plan Choice Administrator determines that the enrollment is incomplete, the employee will be required to resubmit a completed enrollment. An incomplete enrollment by form is an enrollment a form which is missing the name of the member, sets forth a spelling of the member’s name or reflects a date of birth that does not match the information present in the Plan Choice Administrator’s database, or is missing the last four digits of the member’s social security number, plan selection, signature, or one on which the investment elections total greater than or less than 100%. If the form is incomplete only because the member has made no investment selection, the form will be processed and the member will be defaulted into an age appropriate retirement date fund as provided under the Plan provisions for investing any accumulated benefit obligation and all future contributions. The default selection may be changed by the member at any time once the account is activated. An incomplete enrollment by electronic means is one in which the Plan Choice Administrator has no record of receipt and/or processing of the electronic enrollment.

    3. No change.

    (g) No change.

    (h) A member submitting an enrollment by electronic means with an electronic signature is deemed to have agreed that the electronic signature is equivalent to a handwritten signature for purpose of validity, enforceability, and admissibility.

    (i)(h) Employers shall remit retirement contributions monthly for their employees and those contributions are due to the Division by the 5th working day of the month following the month for which the contributions are made.

    (3) No change. 

    Rulemaking Authority 121.4501(3)(c)4., (8)(a) FS. Law Implemented 121.051, 121.055, 121.35, 121.4501(2), (3), (4), (5), (6), (8), (15), 121.73, 121.74, 121.78, 1012.875(3) FS. History–New 10-21-04, Amended 3-9-06, 10-25-07, 12-8-08, 5-19-09, 2-4-10, 7-12-12, 12-16-12, 1-28-14, 8-18-14, 12-30-15, 4-12-17, 2-12-18,____________.

     

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

    (1) through (2) No change.

    (3) General Procedures.

    (a) All members who wish to change their FRS retirement plan using their 2nd election must submit an election to the Plan Choice Administrator use a 2nd election enrollment form or, if moving from the Pension Plan to the Investment Plan or Investment Plan Hybrid Option, may do so by accessing the Second Election Choice Service at MyFRS.com. This can be done by form, or on MyFRS.com by accessing the online Second Election Choice Service or online “2nd Election EZ Retirement Plan Enrollment Form.” There are two types of enrollment forms. The “2nd Election Retirement Plan Enrollment Form,” Form ELE-2, rev. 07/18 07-17, http://www.flrules.org/Gateway/reference.asp?No=Ref-10214 mhttp://www.flrules.org/Gateway/reference.asp?No=Ref-08686, which is hereby adopted and incorporated by reference. This form allows the member to select different investment fund options if the member is changing from the Pension Plan to either the Investment Plan or the Investment Plan Hybrid Option. Alternatively, the member can complete the “2nd Election EZ Retirement Plan Enrollment Form,” Form ELE-2EZ, rev. 01/18 07-17, http://www.flrules.org/Gateway/reference.asp?No=Ref-10213 http://www.flrules.org/Gateway/reference.asp?No=Ref-08685, which is hereby adopted and incorporated by reference. By completing this form, the member is choosing to have the employer and employee contributions and any transfers from the Pension Plan invested in an age appropriate retirement date fund as provided under the Plan provisions. The member may change the investment selection at any time after the Investment Plan or the Investment Plan Hybrid Option account is activated. Activation occurs when contributions are deposited to the member’s Investment Plan account.

    (b) through (g). No change.

    (h) The Plan Choice Administrator shall determine that the employee’s enrollment in the Investment Plan is complete and the employee’s election is clearly indicated. If the Plan Choice Administrator determines that the enrollment is incomplete, the employee will be required to resubmit a completed enrollment. An incomplete enrollment is an enrollment which is missing the name of the member, sets forth a spelling of the member’s name or reflects a date of birth that does not match the information present in the Plan Choice Administrator’s database, or is missing the last four digits of the member’s social security number, plan selection, signature, or one on which the investment elections total greater than or less than 100%. If the member submits a form that is incomplete, it will not be processed. An incomplete form is a form which is missing the name of the member, last four digits of the Social Security number, plan selection, or signature, or one on which the total investment elections are greater or less than 100%. The member will be required to resubmit a completed 2nd election enrollment form. If the form is incomplete only because the member has made no investment selection, the form will be processed and the member will be defaulted into an age appropriate retirement date fund as provided under the Plan provisions for investing the member’s accumulated benefit obligation and all future contributions. Note that this default selection may be changed by the member at any time once the account is activated.

    (i) The second election will become final at 4:00 p.m. (Eastern Time) on the day it is received by the Plan Choice Administrator. Elections received after 4:00 p.m. (Eastern Time) will be considered as being received on the next business day. Elections received on a Saturday, Sunday or holiday will be considered as being received on the next business day.

    (j) If an enrollment is received by electronic means, using an electronic signature, the member agrees that the electronic signature is the equivalent of a handwritten signature for the purposes of validity, enforceability, and admissibility.

    (k)(j) A member enrolled in the Investment Plan as a renewed member on or after July 1, 2017 is not eligible to use the second election specified in this rule or transfer to the Pension Plan.

    (4) No change.

    Rulemaking Authority 121.4501(8) FS. Law Implemented 121.4501(3), (4), (8), (15)(b), (20) FS. History–New 10-21-04, Amended 3-9-06, 10-25-07, 12-8-08, 5-19-09, 1-7-10, 7-12-12, 12-16-12, 12-28-14, 8-18-14, 12-30-15, 4-12-17, 2-12-18,_________.,

     

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

    (1) Reemployment.

    (a) No change.

    (b) If reemployed on or after July 1, 2010, a member may return to work in any position with an FRS-participating employer after being retired for six (6) calendar months. Six calendar months means six full calendar months following the month the member retired. For example, if a member retires in January, the six full calendar months are February, March, April, May, June, and July. The retiree may return to employment in August. The member must suspend receipt of any remaining retirement benefits until either employment is terminated or the completion of 12 calendar months of retirement. However, a retired law enforcement officer may be reemployed as a school resource officer by an FRS-participating employer and receive both a salary and retirement benefits once six months have elapsed immediately after the officer’s date of retirement. Effective July 1, 2010, there are no excepted positions.

    (c) To prevent hiring an ineligible retiree, the employer should obtain a written statement from each prospective employee as to the employee’s retirement status. The written statement can be set forth on the “Certification Form,” Form CERT, rev. 05/18 08-17  http://www.flrules.org/Gateway/reference.asp?No=Ref-10219 http://www.flrules.org/Gateway/reference.asp?No=Ref-08695, which is hereby adopted and incorporated by reference. The form can be found on the MyFRS.com website. This form should be retained in the employee’s personnel file.

    (d) No change.

    (2) No change.

    Rulemaking Authority 121.4501(8) FS. Law Implemented 121.021(29), (39), 121.091(9)(b), (c), 121.4501(2)(j), 121.591(1)(a)4. FS. History–New 11-26-07, Amended 12-8-08, 8-7-11, 7-12-12, 4-12-17, 2-12-18, ____________..

     

    19-11.011 Employer and Employee Contributions and ABO or Present Value Transfer Procedures.

    (1) through (6) No change.

    (7) Federally Mandated Monitoring of Contributions and Annual Salary.

    (a) through (i) No change. 

    (j) If any excess remains after attribution to such other plans, the amount of any such excess attributable to the allocation of forfeitures, to a reasonable error in estimating a member’s annual compensation or to any other circumstances that the Commissioner of Internal Revenue finds is justified, in accordance with the correction principles set forth in Revenue Procedure 2018-52, released September 28, 2018, Treasury Regulation 1.415-6(b)(6), shall be used to reduce the employer’s contributions for such member under the Investment Plan in the next and succeeding limitation years; provided, however, that if the member is not covered by the Investment Plan at the end of the limitation year, such excess amount will be used to reduce the employer’s contributions to remaining members under the Investment Plan in the next, and succeeding, limitation years.

    (k) If the correction method, above, is not available, other methods of correcting excess annual additions are permitted if in accordance with Revenue Procedure 2018-52 Treasury Regulation 1.415-6(b)(6).

    (8) through (10). No change.

    Rulemaking Authority 121.78(3)(c), 121.4501(8) FS. Law Implemented 121.71, 121.72, 121.78, 121.4501 FS. History–New 7-12-12, Amended 12-16-12, 12-30-15, 4-12-17,____________..

     

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

    (1) through (7) No change.

    (8)(a) No change.

    (b) Current members shall use Form IPRO-1, rev. 07/18 07-17, “Employee Rollover Deposit Instructions and Form,”  http://www.flrules.org/Gateway/reference.asp?No=Ref-10220 http://www.flrules.org/Gateway/reference.asp?No=Ref-08698, which is hereby adopted and incorporated by reference, to effect rollovers described in this rule.

    (c) Current DROP members planning to roll over their DROP accumulation shall use Form IP-DROP-AD-1, “FRS Investment Plan DROP Accumulation Direct Rollover Form for Current DROP Members,” rev. 07/18 07-17 , http://www.flrules.org/Gateway/reference.asp?No=Ref-10221 http://www.flrules.org/Gateway/reference.asp?No=Ref-08696, which hereby is adopted and incorporated by reference, to effect rollovers described in this rule.

    (d) Former DROP members shall use Form IP-DROP-RO-1, “DROP Direct Rollover Form for Former DROP Members,” rev. 07/18  07-17, http://www.flrules.org/Gateway/reference.asp?No=Ref-10222 http://www.flrules.org/Gateway/reference.asp?No=Ref-08697, which hereby is adopted and incorporated by reference, to effect rollovers described in this rule.

    (e) No change.

    (9) through (13) No change.

    Rulemaking Authority 121.4501(8), (5)(e) FS. Law Implemented 121.4501(4)(g)5., (5)(e), (21), 121.591 FS. History–New 7-12-12, Amended 12-16-12, 10-15-13, 1-28-14, 8-18-14, 12-30-15, 4-12-17, 2-12-18, ______________.

     

    NAME OF PERSON ORIGINATING PROPOSED RULE: Daniel Beard, Office of Defined Contribution Programs

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

    DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 04, 2018

    DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: November 8, 2018, Volume 44/219.

Document Information

Comments Open:
12/20/2018
Summary:
To adopt updated forms; to set forth some clarifications and updated information; to add certain provisions regarding electronic signatures. There are no other rules incorporating the proposed amended rules. The proposed amendments will not have an effect on any other rules.
Purpose:
Florida Retirement System (FRS) eligible employees may submit their initial election and second plan election by electronic means. Rule 19-11.001 is being amended to provide a definition of “electronic signature,” and to state that an electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.004, F.A.C. is being amended to make a few minor editorial revisions. Rule 19-11.005 is being amended to adopt the most recent version of the Request for Intervention and ...
Rulemaking Authority:
121.78(3)(c); 121.4501(3)(c)4., (8) FS.
Law:
119.071, 120.569, 120.57, 120.573, 121.021, 121.051, 121.055, 121.035, 121.091, 121.35, 121.4501(1), (2), (3), (4), (5), (6), (7), (8), (9), (10), (11), (12), (13), (14), (15), (19), (20), (21), 121.591, 121.5912; 121.71, 121.72, 121.73, 121.74, 121.78, 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: (8)
19-11.001. Procedures Regarding Employer Contributions
19-11.004. Excessive Trading in the FRS Investment Plan
19-11.005. FRS Investment Plan Complaint Procedures
19-11.006. Enrollment Procedures for New Hires
19-11.007. Second Election Enrollment Procedures for the FRS Retirement Programs
More ...