Ref-04398 Employee Rollover Deposit Instructions and Form- IPRO-1

Description:

Updated form- 19-11.012

Related Rules

• 19-11.012 Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan

Related Notices

• 14751874.To amend Rule 19-11.001, F.A.C., to add a definition of “Retirement Date Fund,” and make a technical correction. To amend Rule 19-11.004, F.A.C., to indicate that members having a Self-Directed Brokerage Account (“SDBA”) are not subject to the excessive trading policy discussed in the rule with respect to that account, but rather are subject to the applicable rules and restrictions of the funds contained within the SDBA. To amend Rule 19-11.006, F.A.C., to adopt the latest versions of the enrollment forms, and to indicate that the default investment fund is an age appropriate retirement date fund. To amend Rule 19-11.007, F.A.C., to adopt the updated Second Election forms. To amend Rule 19-11.008, F.A.C., to indicate that un-vested account benefits placed in a suspense account will be invested in the Pyramis Intermediate Duration Pool Fund. To amend Rule 19-11.012, F.A.C., to adopt the latest versions of the rollover forms.
• 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.