Amend DP-11, Application for Service Retirement and DROP.

 

DEPARTMENT OF MANAGEMENT SERVICES

Division of Retirement

RULE NO.:RULE TITLE:

60S-11.002Participation

PURPOSE AND EFFECT: Amend DP-11, Application for Service Retirement and DROP.

SUMMARY: To amend form DP-11 to correct instructions for making a beneficiary designation.

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, 121.091(13) FS.

LAW IMPLEMENTED: 121.091, 1012.01 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:

 

60S-11.002 Participation.

(1) through (2) No change.

(3) Application to Participate –

(a) Member’s Responsibility – It shall be the responsibility of the eligible member to make proper application to the Division to participate in DROP. To qualify for DROP, the member shall submit to the Division:

1. No change.

2. Form DP-11, effective 04/17 08/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-_____________ http://www.flrules.org/Gateway/reference.asp?No=Ref-07335, Florida Retirement System Pension Plan Application for Service Retirement and the Deferred Retirement Option Program (DROP); or Form DS-11 (Rev. 07/06) http://www.flrules.org/Gateway/reference.asp?No=Ref-00400, State and County Officers’ and Employees’ Retirement System Application for Service Retirement and the Deferred Retirement Option Program (DROP); or Form DT-11, effective 08/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07334, Teachers’ Retirement System Application for Service Retirement and the Deferred Retirement Option Program (DROP). All such forms are herein adopted by reference and 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]. Individuals with a hearing or speech impairment may call the Division via T.D.D. at the Florida Relay System by dialing 711 or [phone]. Such application will be accepted by the Division up to 6 months in advance of the intended DROP begin date, and shall establish the member’s effective date of retirement and DROP begin date. The effective date of retirement and the DROP begin date shall both be the first day of the month that the member indicates on his or her application as the date he or she wishes his or her DROP participation to begin, provided the Division receives the member’s application no later than the close of business on the last day of the month in which the DROP begin date occurs. If a member fails to apply for DROP by the last day of the month in which his or her intended DROP begin date occurs, the effective date of retirement and the DROP begin date shall be the first day of the month in which the Division receives the member’s application, provided the application is received within the 12-month election as provided in subsection 60S-11.002(2), F.A.C.

(b) through (d) No change.

Rulemaking Authority 121.031, 121.091(13) FS. Law Implemented 121.021, 121.091, 1012.01 FS. History–New 9-16-03, Amended 4-5-12, 3-25-13, 10-23-16,                             .

 

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: February 24, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: February 9, 2017