Ref-07617 EZ Retirement Plan Enrollment Form- 08-16

Description:

EZ Enrollment Form for IP Enrollment

Related Rules

• 19-11.006 Enrollment Procedures for New Hires

Related Notices

• 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.
• 18578912.Definitions, Enrollment Procedures for New Hires, Rollovers or Plan to Plan Transfers to or from the FRS Investment Plan
• 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.
• 21280653.Florida Retirement System (FRS) eligible employees may submit their initial election and second plan election by electronic means. Rule 19-11.001 is being amended to provide a definition of “electronic signature,” and to state that an electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.004, F.A.C. is being amended to make a few minor editorial revisions. Rule 19-11.005 is being amended to adopt the most recent version of the Request for Intervention and Petition for Hearing forms. Rule 19-11.006 is being amended to adopt the latest versions of the applicable enrollment forms; to update and clarify information concerning incomplete enrollments; and to set forth a statement that a member submitting an enrollment by electronic means is deemed to have agreed that the electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.007, F.A.C. is being amended to adopt the latest versions of the Second Election enrollment forms; to update and clarify information concerning incomplete enrollments; and to set forth a statement that a member submitting an enrollment by electronic means is deemed to have agreed that the electronic signature is the functional equivalent of a handwritten signature. Rule 19-11.009, F.A.C. is being amended to indicate that retired law enforcement officers who are reemployed by an FRS-participating employer as school resource officers may receive both a salary and retirement benefits once such individuals have been retired for 6 months. Rule 19-11.0011 is being amended to reflect the fact that Treasury Regulation 1.415-6(b)(6) no longer is effective and has been replaced by Revenue Procedure 2018-52. Rule 19-11.012, F.A.C. is amended to adopt the latest versions of the rollover forms.
• 22927228.Rule 19-11.002, F.A.C. is being amended to reference the most recent versions of the EZ Retirement Plan Enrollment Form for Regular, Special Risk Class and Special Risk Administrative Support Class Employees, and the 2nd Election EZ Retirement Plan Enrollment Form. The rule also is being amended to emphasize that if a married member fails to name his or her spouse as the beneficiary of his or her Investment Plan account, then the member must provide either an Acknowledgement of Beneficiary Designation with the spouse’s signature or a notarized statement reflecting the spouse’s understanding that the spouse is not the beneficiary of the member’s account, in order for the member’s beneficiary designation to become effective. Rule 19-11.006, F.A.C. is being amended to adopt the most recent versions of the enrollment forms. The rule also is being amended to indicate that if a member defaults into the Investment Plan then the member will automatically receive quarterly statements by electronic delivery. Rule 19-11.007, F.A.C.is being amended to adopt the most recent versions of the 2nd Election EZ Retirement Plan Enrollment Form and the 2nd Election Retirement Plan Enrollment Form. Rule 19-11.009, F.A.C. is being amended to adopt the most recent version of the Certification Form that is used by prospective employees to certify their FRS retirement status. Rule 19-11.012, F.A.C. is being amended to adopt the most recent versions of the rollover forms. The proposed rule amendments do not impose any burdens on businesses; do not restrict entry into a profession; do not have an impact on the availability of services to the public; do not have an impact on job retention; do not impose any restrictions on employment seekers; and do not impose any costs.