60U-1.012. Program Administration

The forms referenced in this rule are required by the division to administer the SUSORP and are available from the division’s website at www.frs.myflorida.com; by calling the division toll free [phone] or in the Tallahassee local calling area at [phone]; or, if hearing or speech impaired, by calling the division via T.D.D. at Florida Relay System by dialing 711 or [phone]. Upon receipt of a form required under this rule from an Employee, the Employer shall complete its portion of the form and submit the completed form to the division.

(1) Program Enrollment.

(a) In order to elect to become either a Participant or a Member, an Employee, upon becoming employed in a position listed in Section 121.35(2)(a), F.S., that is not listed in Section 121.051(1)(a)2., F.S., must complete Form ORP-ENROLL-1, “State University System Optional Retirement Program (SUSORP) Retirement Plan Enrollment,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06117, which is incorporated by reference, and must submit this form to his or her EMPLOYER during the SUSORP Election Window.

(b) A Mandatory Participant shall not have the option of membership in the FRS, notwithstanding any prior membership in the FRS. A Mandatory Participant’s enrollment in the SUSORP is effective the first day of eligible employment. A Mandatory Participant shall, during the SUSORP Election Window, file Form ORP-MAND-1, “State University System Optional Retirement Program (SUSORP) Mandatory Participation Form,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06116, which is incorporated by reference, with his or her Employer. Contributions will continue to be held in suspense without earning interest or incurring losses until such time as the Participant completes the required forms.

(2) Contribution Reallocations and Transfers.

(a) In order to redirect future Employer contributions, required Employee contributions, and voluntary Employee contributions to one or more Provider Companies at a time, the Participant must complete Form ORP-CHANGE-1, “State University System Optional Retirement Program (SUSORP) Change Form,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06118, which is incorporated by reference, and submit it to his or her Employer.

(b) After the contributions forwarded from the SUSORP Trust Fund are deposited with the designated Provider Companies, Participants shall use forms from the Provider Companies to transfer funds between investment products with the same Provider Company and between Provider Companies.

(c) Pursuant to Section 121.35(3), F.S., a Participant who became a Participant between July 1, 1984, through December 31, 1992, shall submit Form ORP-2A, “State University Optional Retirement Program (SUSORP) Retirement Conversion Form,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06231, which is incorporated by reference, in order to transfer a sum representing the present value of the accumulated benefit obligation under the Florida Retirement System Pension Plan to the SUSORP.

(3) Program Distributions.

(a) The Participant shall notify the division and the Provider Companies of the date to begin receiving a benefit in accordance with Section 121.35(5), F.S. The Provider Companies must have approval from the division before making the initial distribution to the Participant. Benefits may be deferred until such time as the Participant chooses to make such application. Such distribution is initiated by the Participant completing and submitting to the Employer Form ORP-RETIRE-1, “State University System Optional Retirement Program (SUSORP) Application for Retirement and Retirement Distribution,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06119, which is incorporated by reference, and any forms required by the Provider Company.

(b) Effective July 1, 2012, if a Participant has terminated employment from all Employers for one calendar month and has reached the Normal Retirement Date, the Participant may request a one-time distribution of up to 10 percent (10%) of the account balance. For example, if a Participant terminates employment on May 15, the one calendar month is June. Therefore, the Participant may request a one-time distribution of up to 10% in July.

(c) A Participant who is age 70 ½ or older may not receive a required minimum distribution per Section 121.35(5)(b), F.S., unless the Participant has terminated employment with all Employers. In order to begin receiving a required minimum distribution, the Participant must notify the division by completing and submitting, to the most recent Florida Retirement System partcipating Employer with which the Participant was employed, Form ORP-RMD-1, “State University System Optional Retirement Program (SUSORP) Application for Required Minimum Distribution Authorization,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06121, which is incorporated by reference. The Provider Companies must have approval from the division before making a required minimum distribution to the Participant.

(4) Refund of Voluntary Employee Contributions.

(a) The Participant must be terminated from employment with all Employers for three calendar months to be eligible to receive a refund of voluntary Employee contributions.

(b) The Participant shall notify the division and the Provider Companies of the date and under what provisions the voluntary Employee contributed portion of the account are to be received. The Participant shall submit Form ORP-REFUND-1, “State University System Optional Retirement Program (SUSORP) Application for Refund of Voluntary Employee Contributions Only,” effective November 2015 and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06120, which is incorporated by reference, to the Employer to initiate a refund of voluntary employee contributions. The Provider Companies must have approval from the division before refunding the voluntary Employee contributions to the Participant.

Rulemaking Authority 121.031, 121.35 FS. Law Implemented 121.031, 121.35 FS. History‒New 2-23-16.