Summary
The rule adopts revisions to the State of Florida Employees Deferred Compensation Plan as follows:
A provision is added to allow loans to participants from their deferred compensation accounts under conditions permitted by federal law.
Hardship withdrawal standards are changed as follows:
Foreclosure is narrowed as a basis for a hardship withdrawal by requiring that the foreclosure be upon the participant’s primary residence rather than any real property.
Eviction from a primary residence is added as a basis for hardship withdrawal to conform to a federal regulation on that point.
“Dental or periodontal treatment that is necessary due to a sudden injury” is added as a basis for a hardship withdrawal. “Dental or periodontal treatment which is cosmetic or is necessary due to a chronic or degenerative condition such as periodontitis, decay, bruxism, or malocclusion not due a sudden injury” is added to the list of events for which a hardship withdrawal is not available.
The amount that can be obtained through the simplified hardship withdrawal process in the event of a hurricane emergency is raised from $1,500.00 to $2,500.00.