Ref-01184 FRS Pension Plan (401(a) Plan) Pretax Direct Rollover Form

Description:

Rule 19-11.012

Related Rules

• 19-11.012 Acceptance of Rollovers by the FRS Investment Plan
• 19-11.012 Rollovers or Plan to Plan Transfers to or from 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.
• 12189134.To amend Rule 19-11.001, F.A.C., to provide that a “distributee” may include a non-spouse beneficiary; that an eligible retirement plan may include a Roth IRA or annuity; and that distributions consisting of after-tax employee contributions not includible in gross income may be transferred only to certain specified accounts or annuities. The definitions are being updated in response to a recently-issued Internal Revenue Service determination letter for the FRS Investment Plan. The rule also is being revised to include updated statutory citations. To amend Rule 19-11.002, F.A.C., to indicate the latest revisions of the enrollment and second election forms, and to make some minor technical revisions. To amend Rule 19-11.003, F.A.C., to provide that a distributee may elect to have any portion of an eligible rollover distribution directly paid to an eligible retirement plan. The rule as is being amended to update the dates set forth in the examples regarding invalid distributions and to indicate that documentation of a distribution made prior to August 30, 2007 will be produced for a special service charge where retrieval is possible. To amend Rule 19-11.005, F.A.C. to make a minor technical revision. To amend Rules 19-11.006, F.A.C., to provide that eligible State and Local Senior Managers that are eligible to enroll in the Senior Manager Service Annuity Program may enroll in the FRS Investment Plan by submitting an enrollment form; and to adopt the latest versions of the enrollment forms. To amend Rule 19-11.007, F.A.C., to adopt the latest versions of the second election enrollment forms. To amend Rule 19-11.011, F.A.C., to make some technical revisions for clarification. To amend Rule 19-11.012, F.A.C., to adopt the latest versions of the rollover forms; and to make some minor technical revisions.
• 13400373.To amend Rule 19-11.002, F.A.C., to indicate what happens when a beneficiary is “per Florida law” as described in Section 121.4501(2), Florida Statutes and that beneficiary fails to contact the FRS Investment Plan and/or cannot be identified. To amend Rule 19-11.012, F.A.C., to detail procedures that are to be followed by Investment Plan members electing to transfer to the Pension Plan, having an available balance after paying all buy-in amounts and desiring to purchase service credit with that remaining balance.
• 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.
• 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.