Amend form FST-11G, Application of Beneficiary for Benefit Payment, and form REF-PAYT, Refund Payout Selection to require an account number and rollover information to custodian.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement

RULE NOS.:RULE TITLES:

60S-4.008Benefits Payable Upon Death

60S-4.009Benefits Payable After Termination

PURPOSE AND EFFECT: Amend form FST-11G, Application of Beneficiary for Benefit Payment, and form REF-PAYT, Refund Payout Selection to require an account number and rollover information to custodian.

SUMMARY: The amendments of form FST-11G, Application of Beneficiary for Benefit Payment, and form REF-PAYT, Refund Payout Selection, to require an account number and add a section on page two which clearly indicates the rollover amount to the custodian.

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, 121.052(14) FS.

LAW IMPLEMENTED: 61.1301, 112.18, 112.181, 121.021, 121.052(5), 121.055, 121.091 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:

DATE AND TIME: April 7, 2016, 10:00 a.m.

PLACE: 2450 Shumard Oak Blvd., Bldg. 1, Tallahassee FL 32311

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Garry Green, Chief, Bureau of Research and Member Communications, 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:

 

60S-4.008 Benefits Payable Upon Death.

(1)(a) If the death of an FRS Pension Plan member occurs, other than in-line-of-duty, prior to the member becoming vested, the member’s designated beneficiary shall receive a refund of the member’s accumulated contributions, except as provided in subsection 60S-2.010(4), F.A.C., and shall make application to the Division for such refund on Form FST-11g, effective 12/15 (Rev. 03/10), http://www.flrules.org/Gateway/reference.asp?No=Ref-        http://www.flrules.org/Gateway/reference.asp?No=Ref-00360, Florida Retirement System Pension Plan Application of Beneficiary for Benefit Payment, herein adopted by reference, which may be obtained by calling the Division Toll Free at [phone], if calling from outside the Tallahassee calling area, or locally at [phone], or if hearing or speech impaired by calling the Division via T.D.D. at the Florida Relay System by dialing 711 or [phone].

(b) through (c) No change.

(2) through (9) No change.

Rulemaking Authority 121.031 FS. Law Implemented 61.1301, 112.18, 112.181, 121.021(14), 121.052(5), 121.055, 121.091(7) FS. History–New 1-1-72, Amended 10-20-72, 12-31-74, 7-21-75, 8-26-81, Formerly 22B-4.08, Amended 2-6-84, 1-12-87, 2-7-89, 9-5-90, 5-15-91, 11-14-91, Formerly 22B-4.008, Amended 3-18-93, 1-25-94, 8-4-94, 12-12-96, 5-10-99, 8-13-03, 4-5-12, 1-20-14, Amended         .

 

60S-4.009 Benefits Payable After Termination.

(1) through (2) No change.

(3) In order to receive a refund of contributions under the Florida Retirement System, an FRS member must terminate all employment relationships with all FRS participating employers for three calendar months as provided in Section 121.021(39)(c), F.S., and submit a request for refund on Form FRS-M81 (Rev. 05/11), http://www.flrules.org/Gateway/reference.asp?No=Ref-00358, Florida Retirement System Pension Plan Request for Refund, herein adopted by reference, to the division. Form FRS-M81 may be completed and submitted online from the Refund Application page of the member’s Online Services account accessible from the Division’s website (www.frs.MyFlorida.com) or may be obtained from the Forms page of the Division’s website, www.frs.MyFlorida.com, or by calling the Division Toll Free at [phone], if calling from outside the Tallahassee calling area, or locally at [phone], or if hearing or speech impaired by calling the Division via T.D.D. at the Florida Relay System by dialing 711 or [phone]. The division shall acknowledge the receipt of the FRS-M81 and send the member Form REF-PAYT, effective 12/15, (Rev. 10/12) http://www.flrules.org/Gateway/reference.asp?No=Ref-_________         http://www.flrules.org/Gateway/reference.asp?No=Ref-02452, Florida Retirement System (FRS) Pension Plan Refund Payout Selection, herein adopted by reference, which may be obtained by calling the Division Toll Free at [phone], if calling from outside the Tallahassee calling area, or locally at [phone], or if hearing or speech impaired by calling the Division via T.D.D. at the Florida Relay System by dialing 711 or [phone]. The member shall complete and return Form REF-PAYT to the division, indicating his or her refund payout selection. By obtaining a refund of contributions a member waives all rights under the Florida Retirement System to the service credit represented by the refunded contributions, except the right to purchase his or her prior service credit in accordance with Rule 60S-2.004, F.A.C. No refund of employee contributions shall be made until the employer has reported the employee’s termination through the payroll reporting process.

(4) through (5) No change.

Rulemaking Authority 121.031, 121.052(14) FS. Law Implemented 121.021, 121.052(5)(c), 121.055, 121.091 FS. History–New 1-1-72, Amended 10-10-72, 12-31-74, 1-16-77, 8-26-81, Formerly 22B-4.09, Amended 1-12-87, 2-7-89, 11-14-91, Formerly 22B-4.009, Amended 8-4-94, 2-24-99, 4-5-12, 3-25-13, 12-15-13, Amended          .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Dan Drake, Director

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: February 23, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: January 27, 2016