Fla. Admin. Code Ann. R. 19-11.014 - Benefits Payable for Investment Plan Disability and In-Line-Of-Duty Death Benefits
(1) An Investment
Plan member shall be eligible to apply for a disability benefit in accordance
with Section 121.591(2),
F.S., and in Rule 60S-4.007, F.A.C.
(a) Disability benefits are payable in lieu
of benefits otherwise payable under Section
121.591(1),
F.S.
(b) Upon approval for
Investment Plan disability retirement, the member's entire Investment Plan
account balance, consisting of vested and non-vested monies, plus earnings,
shall be transferred to the Division of Retirement (Division) for deposit in
the disability account of the Florida Retirement System (FRS) Trust Fund.
1. The Investment Plan member will become a
member of the Pension Plan effective upon his or her disability retirement
effective date. If the member has a second election remaining, this transfer
shall not constitute a second election as provided in Section
121.4501(4)(f),
F.S.
2. The member shall receive a
monthly benefit that is payable on the last business day of the month for his
or her lifetime and continued disability.
(c) An Investment Plan member approved for
disability retirement may cancel the application by submitting a cancellation
request to the Division before a disability warrant has been deposited, cashed
or received by direct deposit.
1. Upon
cancellation, the member shall be transferred back to the Investment
Plan.
2. All monies transferred to
the disability account of the FRS Trust Fund will be transferred back to the
member's Investment Plan account.
3. The member may elect to receive benefits
as provided under Section
121.591(1),
F.S., in lieu of the disability benefits.
(d) If a member recovers sufficiently to
return to employment from disability, the member shall be returned as an active
member to the Investment Plan.
1. The member's
total disability benefits paid shall be subtracted from the amount transferred
in paragraph (1)(b), above. Any remaining account balance shall be transferred
to the Investment Plan Administrator for deposit into the member's Investment
Plan account. The monies will be deposited based on the member's last
investment elections.
2. Vested and
non-vested amounts shall be accounted for separately as provided in Section
121.4501(6),
F.S.
3. If the member does not
return to FRS-covered employment, he or she may elect to receive the remaining
account balance as provided under Section
121.591(1),
F.S. Any non-vested amounts will be forfeited.
4. If the member does not return to
employment with an FRS-participating employer and elects not to receive
benefits as provided in Section
121.591(1),
F.S., any non-vested amount shall be transferred to the suspense account. Such
amount shall be forfeited if the member does not returned to FRS-covered
employment within five (5) years of the termination date or request benefits as
provided under Section
121.591(1),
F.S.
(2) In
Line of Duty death benefits:
(a) In lieu of
receiving the member's vested account balance as provided in Section
121.591(3),
F.S., the spouse and/or unmarried child(ren) of Investment Plan members killed
in the line of duty on or after July 1, 2002, may receive monthly survivor
benefits, if the Division determines that the member's death occurred in the
line of duty, in accordance with Section
121.591(4),
F.S.
(b) Monthly survivor benefits
provided by this subsection shall supersede any other distribution or
beneficiary that may have been provided by the member's designation of
beneficiary.
(c) A hold will be
placed on the member's Investment Plan account if notification is received that
the member may have been killed in the line of duty or died due to a a
specified disease that occurred in the line of duty. If it is determined that
the member's death was not in the line of duty, the hold will be
removed.
(d) The SBA, Division or
Investment Plan Administrator will send a letter to the surviving spouse or
unmarried children. The letter will include the member's current Investment
Plan account balance, estimated monthly salary at time of death, Florida
Retirement System Pension Plan Application of Investment Plan Beneficiary for
In-Line-of-Duty Death Benefits, Form FST-11B-IP, incorporated by reference in
Rule 60S-4.008, F.A.C., and items to
submit with the completed application.
(e) The surviving spouse or unmarried
children may cancel the application by submitting a notarized statement to the
Division affirmatively declining the in line of duty death benefits. Once the
statement is received, the hold placed pursuant to paragraph (2)(c), above,
will be removed. The benefits will be distributed according to the member's
beneficiary designation. If the member did not designate a beneficiary(ies),
then the member's beneficiary(ies) will be those specified by Section
121.4501(20),
F.S.
(f) Upon approval for in line
of duty death benefits, the member's entire Investment Plan account balance,
including the balance of monies that may have been transferred to an account in
the name of the surviving spouse or child(ren), will be transferred to the
Division for deposit in the survivor benefit account of the FRS Trust Fund
before monthly benefits can begin.
1. The
monthly benefit payment will be actuarially reduced if the surviving spouse or
child(ren) has taken any payments from the Investment Plan as a beneficiary of
the member.
2. Monthly benefits
will be paid to the surviving spouse for his or her lifetime or upon his or her
death, to the surviving children as provided in Section
121.091(7)(d) and
(i), F.S.
Notes
Rulemaking Authority 121.4501(8), (5)(e), 121.5912 FS. Law Implemented 121.4501(8), (9), (10), (11), (12), (13), (14), (15), 121.591(4) FS.
New 2-9-17, Amended 2-12-18, 4-22-24.
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