Definitions, Enrollment Procedures for New Hires, Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan
RULE NOS.:RULE TITLES:
19-11.001Definitions
19-11.006Enrollment Procedures for New Hires
19-11.012Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 42 No. 228, November 23, 2016 issue of the Florida Administrative Register.
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 (9) No change.
(10) “Death in line of duty” means a death occurring as described in Section 121.021(14), F.S.
(11) through (16) No change.
(17) “Effective date of enrollment” or “effective enrollment in the Investment Plan” means the employee completed the enrollment into the Plan by filing the appropriate enrollment form, or by electronic means, in the applicable membership class or by filing a separate document for the applicable membership class with the Administrator; the Administrator has entered the employee into its recordkeeping system; and the Administrator has informed the Division of the employee’s effective date of enrollment in either the Pension Plan or the Investment Plan. For purposes of this rule, the term “enrollment form” or “form” shall also refer to the separate document described in Rules 19-11.006(2)(d) and 19-11.007(3)(a), F.A.C.
(18) through (24) No change.
(25) “FRS Investment Plan”, “Florida Retirement System Investment Plan,” or “Investment Plan” means the defined contribution retirement program of the Florida Retirement System, established in Parts II and III of Chapter 121, F.S. Although the Investment Plan is established in Parts II (Public Employees Optional Retirement Program) and Part III (Florida Retirement System Contribution Rates), certain provisions parts of Part I (Florida Retirement System General Provisions) of Chapter 121, F.S., also apply to the Investment Plan, whenever the provisions of Parts II and III fail to address a specific area or topic covered by the provisions of Part I. The Investment Plan refers to both the FRS Investment Plan and the FRS Investment Plan Hybrid Option, also known as the Hybrid Option.
(26) through (49) No change
Rulemaking Authority 121.78(3)(c), 121.4501(8) FS. Law Implemented 121.78, 121.450 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,___________.
19-11.006 Enrollment Procedures for New Hires.
(1) No Change
(2) Specific Enrollment Procedures
(a) through (c) No change.
(d) 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. 08/16, 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. 10/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07618 for regular, special risk, and special risk administrative support class employees; an Elected Officers’ Class Retirement Plan Form, Form EOC-1, rev. 10/16 , http://www.flrules.org/Gateway/reference.asp?No=Ref-07621; a Community College Optional Retirement Program (CCORP) Enrollment Form, Form OCC-1, rev. 10/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07622; a State Senior Management Service Employees Retirement Plan Enrollment Form, Form SMS-1, Rev. 10/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07623; and a Local Senior Management Service Employees Retirement Plan Enrollment Form, Form SMS-3, rev. 10/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07624. All of the preceding forms are hereby adopted and incorporated by this reference.
1. All enrollment forms can be obtained at the sources listed in subsection (1)(g), above.
2. 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.
(e) through (g) No change.
(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, 215.44(8)(b), 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,_________.
19-11.012 Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan.
(1) through (7) No change.
(8)(a) through (b) No change.
(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. 07/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07626, which hereby is adopted and incorporated by reference, to effect rollovers described in this rule.
(d) No change.
(e) Current or former DROP members who roll money into the Investment Plan who provide a personal e-mail address or cell phone number, have has consented to electronic delivery of documents through the MyFRS.com website, including but not limited to prospectuses, quarterly account statements, account transaction confirmation statements, privacy notices, annual fee disclosure statement, and other documents. When one of these documents is available, an e-mail notice will be sent to the e-mail address or a text message to the cell phone number provided by the member notifying the member of the document’s availability. The member will need to log in to the MyFRS.com website to view and print any of these documents. Receipt of documents through MyFRS.com will continue until the member calls the MyFRS Financial Guidance Line at 1-866-446-9377, Option 4 and revokes the member’s consent.
(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,__________.
