Ref-05797 Investment Plan Beneficiary Designation Form
Related Notices
- 16465573.To amend Rule 19-11.001, F.A.C. to clarify some definitions. To amend Rule 19-11.002, F.A.C. to incorporate the latest version of the beneficiary designation form and to reference the latest versions of the enrollment forms; to indicate what documents must be supplied by a beneficiary who receives account proceeds per Florida law; and to indicate the name of the fund to which account proceeds are held until a beneficiary can be located. To amend Rule 19-11.003, F.A.C. to indicate that monies from a DROP rollover are available for immediate distribution; to adopt the latest version of the Employment Termination Form; and to indicate that if a member or beneficiary requests documentation of a distribution made prior to January 1, 2010, there will be a special service charge imposed due the extensive resources required. To amend Rule 19-11.004, F.A.C. to indicate what constitutes an incomplete transfer request form. Rule 19-11.005, F.A.C., is being amended to make an editorial revision. To amend Rule 19-11.006 to adopt the latest versions of the applicable enrollment forms; to indicate that a member has the responsibility for ensuring the appropriate enrollment form is timely received; and to indicate that if a member terminates before making a plan choice, the member will have another opportunity to make a plan choice if rehired by an FRS-participating employer. To amend Rule 19-11.007, F.A.C. to adopt the latest versions of the Second Election enrollment forms; to indicate that a member has the responsibility for ensuring the Second Election enrollment form is timely received; and to indicate the default fund if the member fails to make an investment selection. To amend Rule 19-11.008, F.A.C. to state that if a member terminates employment before vesting, the member will be entitled only to a return of the member's own required contributions. To amend Rule 19-11.011, F.A.C. to state that market loss calculations will be applied to benefit transfers that re late due to employer errors or corrections; and to indicate that an age-appropriate retirement date fund will be the default fund if a member fails to select an investment option when the member's ABO or present value of the member's FRS Pension Plan benefits are transferred to the member's FRS Investment Plan account. Rule 19-11.012, F.A.C. is amended to adopt the latest version of the rollover forms. Rule 19-11.013, F.A.C. is amended to set forth how the Self-Directed Brokerage Account enrollment form can be accessed on line.
- 17828423.To set forth proposed amendments to Rule 19-11.002 which serve to adopt the latest version of the beneficiary designation form. Further, the rule is being amended to indicate that if a Special Risk Class Investment Plan member is killed in the line of duty, such member’s family will be entitled to a monthly survivor benefit as outlined in detail by new Rile 19-11.014. The rule also is being amended to make reference to the latest versions of the applicable enrollment forms. The rule amendments further indicate that an incomplete beneficiary designation form will not be processed. Finally, the rule amendments state that if a member designates the same person/entity as both a primary and a contingent beneficiary, the person or entity designated will be deemed to be only a primary beneficiary. Rule 19-11.014 is being created to provide information to Investment Plan members regarding two potential benefit options. First, information is set forth in the new rule regarding the fact that an Investment Plan member is entitled, if eligible, to apply for disability benefits which are in lieu of benefits otherwise payable to the member under Section 121.591(1) Florida Statutes. If the member’s disability benefit application is approved, the member becomes a member of the FRS Pension Plan and the member’s entire Investment Plan balance is transferred to the Pension Plan. Second, special “In Line of Duty” death benefits may be paid to the families of those Special Risk Class Investment Plan members who are killed in the line of duty. In lieu of receiving the member’s vested Investment Plan account balance, the spouse and unmarried children of each such Special Risk class member may receive monthly survivor benefits equal to 100% of the member’s salary at the time of death. Monthly benefits payable will be paid to the surviving spouse for his or her lifetime, and upon his or her death, to any surviving children where each such child is either under age 18 or under age 25 if each such child is a full-time student and unmarried. This Special Risk Class In Line of Duty Death Benefit was recently enacted during the 2016 Legislative Session.