Fla. Admin. Code Ann. R. 60S-3.002 - Statements of Policy

(1) The Administrator shall establish procedures to be followed by all employers and employees in making and reporting contributions provided for in this chapter.

(2) All employee retirement contributions for service credit on which benefits are to be calculated must be paid prior to the date of issuance of the first retirement benefit payment.

(3) All service credit for which the required contributions have been made and remain on deposit in the retirement trust fund shall be used in determining the benefits for which the member and his or her joint annuitant or surviving spouse are eligible.

(4) The required employee contributions for all service other than current service, including but not limited to prior service, past service, military service, leave of absence service, and out-of-state and in-state service, shall be paid by cash, personal check, cashier's check, or money order. Direct rollovers from eligible retirement plans as described in Section 401(a)(31), Internal Revenue Code, will be accepted for the purchase of creditable service, however, such payment must be accompanied with a properly executed Form PRO-1 (Rev. 10/07), http://www.flrules.org/Gateway/reference.asp?No=Ref-00343, Florida Retirement System Pension Plan (401(a)Plan) Pretax Direct Rollover Form, herein adopted by reference which may be obtained from the Forms page of the Division's website, www.frs.MyFlorida.com, or by calling the Division Toll Free at (844) 377-1888, if calling from outside the Tallahassee calling area, or locally at (850) 907-6500. Individuals with a hearing or speech impairment may call the Division via T.D.D. at the Florida Relay System by dialing 711 or (800) 955-8771. Such contributions shall be accompanied by a statement identifying the service for which payment is made; and shall be made in a lump sum for the total amount due or in annual payments of not less than $100, except for the final payment if less than $100, unless another method of payment is authorized in these rules. Interest will be added annually to any unpaid balance not received at the Division on or before June 30 as provided in Rule 60S-3.0035, F.A.C.

(5) The required contributions for any service that have not been made prior to a member's retirement may not be made by any person after the member's retirement. The required contributions for any service that have not been made by the member before his or her death prior to retirement may be made only by those authorized to purchase such service as provided in Rules 60S-2.010 and 60S-3.012, F.A.C.

(6) On and after July 1, 1972, all remittances (including member contributions, matching contributions and all interest thereon) made by a member for the purchase of current service, prior service, past service, military service, leave of absence service or out-of-state service credit shall be credited to the member's account. A refund of a member's retirement contributions at termination, as provided in subsection 60S-4.009(3), F.A.C., shall include all such remittances made by the member that have been credited to his or her account. If requested, a member may receive at the time of his or her retirement a refund of any contributions he or she made for the purchase of any additional service. A refund of member contributions cancels the member's right to any retirement service credit represented by the refunded contributions. A member is not entitled to a refund of contributions paid by an employer, except as provided in subparagraph 60S-3.004(1)(c) 4., F.A.C.

(7) The required contributions of a member of the Teachers' Retirement System who transfers to the Florida Retirement System must be adjusted based on the rate of 6.25% of salary earned while a member of the Teachers' Retirement System. As a result of this adjustment, any overpayment will be refunded to the member; any amount due must be paid by the member, plus annual compound interest, prior to retirement. Effective the date of transfer to the Florida Retirement System, contributions shall be paid as required by Chapter 121, F.S.

Notes

Fla. Admin. Code Ann. R. 60S-3.002

Rulemaking Authority 121.031 FS. Law Implemented 112.215(13), 121.031, 121.091(7), 121.71 FS.

New 1-1-72, Amended 10-20-72, 12-31-74, 1-16-77, 8-26-81, 1-19-82, Formerly 22B-3.02, Amended 5-15-91, Formerly 22B-3.002, Amended 8-4-94, 8-13-03, 4-5-12.

New 1-1-72, Amended 10-20-72, 12-31-74, 1-16-77, 8-26-81, 1-19-82, Formerly 22B-3.02, Amended 5-15-91, Formerly 22B-3.002, Amended 8-4-94, 8-13-03, 4-5-12.