Ref-01127 Transfer Request Form- Excessive Trading- EFTPV-1

Description:

Rule 19-11.004

Related Rules

• 19-11.004 Excessive Trading in the FRS Investment Plan

Related Notices

• 11483653.To amend Rule 19-11.001, F.A.C., to include all pertinent definitions contained in Rule Chapters 19-11, 19-12 and 19-13, F.A.C., and to update such information. To amend Rule 19-11.002, F.A.C., to set forth information on distributions to beneficiaries currently set forth in Rule 19-11.003, F.A.C., to clarify, update, and detail such information; to set forth the requirements for distributions to minors when the amount will be in excess of $15,000, and to discuss disclaimers made by beneficiaries. To amend Rule 19-11.003, F.A.C. to update information on invalid distributions, and to remove information on distributions to beneficiaries that is more appropriately set forth in Rule 19-11.002, F.A.C. To amend Rule 19-11.004, F.A.C. to update information concerning excessive trading and to adopt the latest version of the paper trading form. To amend Rule 19-11.005, F.A.C. to update information concerning complaint procedures. To amend Rules 19-11.006, F.A.C. and Rule 19-11.007, F.A.C., to adopt the latest versions of the enrollment forms and second election enrollment forms and to remove unnecessary provisions in the rules, as such information is fully set forth in the adopted applicable forms. To amend Rule 19-11.008, F.A.C., to clarify information concerning forfeitures and to add information to indicate that a beneficiary who unlawfully and intentionally kills or procures the death of a member forfeits all rights to the member’s benefits. To amend Rule 19-11.009, F.A.C., to clarify information on reemployment with an FRS-covered employer. Rule 19-11.011 is being created to consolidate contributions provisions currently in Rules 19-11.001, 19-12.003 and 19-12.004, F.A.C., and add information pertaining to employee contributions. Rule 19-11.012, F.A.C. is being created to set forth information about rollovers currently set forth in Rule 19-12.007, F.A.C., in anticipation of the repeal of Chapter 19-12, F.A.C., to update and clarify such information, and to adopt forms for members to use when rolling qualified funds into the Investment Plan.
• 13881881.For Rules 19-11.001, 19-11.004 and 19-11.005, F.A.C., amendments are being made to reflect the fact that a self-directed brokerage account (“SDBA”) is being made available as an additional investment option to members of the Florida Retirement System (“FRS”) Investment Plan. Rule 19-11.001 sets forth a definition for a SDBA and emphasizes that the SDBA is different from the primary funds available under the FRS Investment Plan. Rule 19-11.004 is being amended to state that the excessive trading policies applicable to the FRS Investment Plan primary funds are not applicable to funds that a member has in a SDBA, and to emphasize that funds in the SDBA may be subject to their own excessive trading policies. Rule 19-11.005 is amended to reflect that fact that the complaint procedures applicable to the FRS Investment plan primary funds do not apply to funds placed in the SDBA. New Rule 19-11.013, F.A.C., is being added to detail information applicable to the SDBA, including, but not limited to, participation requirements, enrollment procedures, the responsibilities of participants in the SDBA, the types of available investments, applicable fees, the types of statements that will be issued, and complaint procedures available to SDBA participants.
• 14194706.For Rules 19-11.001, 19-11.004 and 19-11.005, F.A.C., amendments are being made to reflect the fact that a self-directed brokerage account (“SDBA”) is being made available as an additional investment option to members of the Florida Retirement System (“FRS”) Investment Plan. Rule 19-11.001 sets forth a definition for a SDBA and emphasizes that the SDBA is different from the primary funds available under the FRS Investment Plan. Rule 19-11.004 is being amended to state that the excessive trading policies applicable to the FRS Investment Plan primary funds are not applicable to funds that a member has in a SDBA, and to emphasize that funds in the SDBA may be subject to their own excessive trading policies. Rule 19-11.005 is amended to reflect the fact that the complaint procedures applicable to the FRS Investment plan primary funds do not apply to funds placed in the SDBA. New Rule 19-11.013, F.A.C., is being added to detail information applicable to the SDBA, including, but not limited to, participation requirements, enrollment procedure, the responsibilities of participants in the SDBA, the types of available investments, applicable fees, the types of statements that will be issued, and complaint procedures available to SDBA participants.
• 18299067.To amend Rule 19-11.001, F.A.C. to add new definitions for “death in the line of duty” and “special risk member;” to clarify other definitions; and to correct some typographical errors. To amend Rule 19-11.003, F.A.C. to clarify certain information regarding Required Minimum Distributions (RMDs); to add new information concerning pending distributions; and to clarify certain information. To amend Rule 19-11.004, F.A.C. to clarify certain information. To amend Rule 19-11.005, F.A.C. to clarify information and to indicate how copies of issued Final Orders can be obtained. To amend Rule 19-11.006 to adopt the latest versions of the applicable enrollment forms; and to indicate that an employee who terminates employment prior to making a retirement plan choice will be given another opportunity to make a plan choice if the employee returns to FRS-covered employment in the future. To amend Rule 19-11.007, F.A.C. to adopt the latest versions of the Second Election enrollment forms; to clarify information set forth regarding a member who is on unpaid leave of absence or summer break to indicate that a second election form can only be submitted by such member during the month that the member is actively working and earning salary and service credit; and to indicate that any person that transfers to the Investment Plan and provides a cell phone number or email address will be deemed to have consented to electronic delivery of documents through the MyFRS.com website. To amend Rule 19-11.008, F.A.C. to indicate the any unvested account balances will be transferred to a suspense account which is invested in the FIAM Intermediate Duration Pool Fund. To amend Rule 19-11.009 to indicate that if a member receives an invalid distribution, the member may elect to terminate employment rather than to pay back the invalid distribution. Rule 19-11.010 is being amended to state that a power of attorney may be submitted by electronic means or by hard copy. To amend Rule 19-11.011, F.A.C. to indicate how employer errors and corrections will be made and resolved; and to indicate that the Division of Retirement is responsible for monitoring the federally-mandated annual salary that may be applied towards retirement. 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 obtained and to make a few clarifications.
• 19587615.The rule amendments to Rule 19-11.001 serve to indicate that a “member” of the Investment Plan includes an individual who is deemed to be a renewed member pursuant to Section 121.122, Florida Statutes, which has been amended by Chapter 2017-88, Laws of Florida, to provide that certain retirees who are reemployed on or after July 1, 2017, may be renewed members of the Investment Plan. Rule 19-11.002 is being amended to indicate that an Investment Plan member who is killed in the line of duty shall have certain survivorship benefits paid; to indicate the dates that certain enrollment forms and second election enrollment forms have been amended; and update the name of the investment fund used to hold account funds where the beneficiary cannot be located. The amendments to Rule 19-11.003, F.A.C. adopt the latest version of the Employment Termination Form and to make a few minor editorial revisions. Rule 19-11.004, F.A.C. is being amended to adopt the revised Transfer Request Form- Excessive Fund Trading Violators. Rule 19-11.006 is being amended to adopt the latest versions of the applicable enrollment forms; and to update and clarify information concerning specific enrollment procedures. Rule 19-11.007, F.A.C. is being amended to adopt the latest versions of the Second Election enrollment forms; and to indicate that an Investment Plan member that is eligible to be a renewed Investment Plan member on or after July 1, 2017 is not eligible to use the second election to transfer to the Pension Plan. Rule 19-11.008, F.A.C. is being amended to indicate the any unvested Investment Plan account balances will be transferred to a suspense account the funds of which will be invested in the FRS Intermediate Bond Fund. Rule 19-11.009 is being amended to indicate that, as provided by amendments to Section 121.122, Florida Statutes, a retiree of the Investment Plan, Senior Management Service Optional Annuity Program (SMSOAP), State University System Optional Retirement Program (SUSORP) and State Community College System Optional Retirement Program (SCCSORP) who is reemployed with a FRS-participating employer in a covered position on or after July 1, 2017 will be a mandatory renewed member of the Investment Plan, unless employed in a position eligible for participation in the SUSORP or SCCSORP. Such renewed member will be enrolled in the Regular Class, unless the position meets the requirements to enroll in the Special Risk Class, Elected Officers’ Class or Senior Management Service Class. 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 obtained and to make a few clarifications. Rule 19-11.014 is being updated to indicate that the survivorship benefits paid to the surviving children of an Investment Plan member killed in the line-of-duty shall be paid as provided in Section 121.091(7)(d) and (i), Florida Statutes.