Fla. Admin. Code Ann. R. 60S-4.009 - Benefits Payable After Termination
(1)
An FRS Pension member whose employment is terminated for any reason other than
death or retirement shall be eligible for benefits upon proper application to
the Division, subject to the following provisions:
(a) If he or she was not vested at the time
of his or her termination he or she shall be entitled to a refund of his or her
accumulated contributions; or
(b)
If he or she was vested at the time of his or her termination he or she may
elect to receive:
1. A refund of his or her
accumulated contributions; or
2. A
deferred monthly benefit which shall commence on his or her normal or early
retirement date based on his or her average final compensation and creditable
service as of his or her date of termination and computed in accordance with
rule 60S-4.004,
60S-4.005, or
60S-4.006, F.A.C., and shall
receive benefits in accordance with rule
60S-4.010,
F.A.C.
(2) If a
retired FRS Pension Plan member has elected to receive the retirement benefit
payable to him or her under Option 1 and dies without having received in
benefit payments an amount equal to his or her accumulated contributions, his
or her designated beneficiary shall be entitled to an amount equal to the
excess, if any, of the member's accumulated contributions over the total
benefit payments made to the member prior to his or her date of
death.
(3) In order to receive a
refund of contributions under the Florida Retirement System, an FRS member must
terminate all employment relationships with all FRS participating employers for
three calendar months as provided in section
121.021(39)(c),
F.S., and submit a request for refund on Form FRS-M81, effective 07/16,
http://www.flrules.org/Gateway/reference.asp?No=Ref-07339,
Florida Retirement System Pension Plan Request for Refund of Employee
Contributions, herein adopted by reference, to the division. Form FRS-M81 may
be completed and submitted online from the Refund Application page of the
member's Online Services account accessible from the Division's website (www.frs.MyFlorida.com) or 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, or if hearing or speech
impaired by calling the Division via T.D.D. at the Florida Relay System by
dialing 711 or (800)955-8771. The division shall acknowledge the receipt of the
FRS-M81 and send the member Form REF-PAYT, effective 12/15,
http://www.flrules.org/Gateway/reference.asp?No=Ref-06737,
Florida Retirement System (FRS) Pension Plan Refund Payout Selection, herein
adopted by reference, which may be obtained by calling the Division Toll Free
at (844)377-1888, if calling from outside the Tallahassee calling area, or
locally at (850)907-6500, or if hearing or speech impaired by calling the
Division via T.D.D. at the Florida Relay System by dialing 711 or
(800)922-8771. The member shall complete and return Form REF-PAYT to the
division, indicating his or her refund payout selection. By obtaining a refund
of contributions a member waives all rights under the Florida Retirement System
to the service credit represented by the refunded contributions, except the
right to purchase his or her prior service credit in accordance with rule
60S-2.004, F.A.C. No refund of
employee contributions shall be made until the employer has reported the
employee's termination through the payroll reporting process.
(4) A State and County Officers' and
Employees' Retirement System member whose employment is terminated for any
reason other than death or retirement shall be eligible for benefits in
accordance with chapter 122, F.S., upon proper application to the
Division.
(5) A Teachers'
Retirement System member whose employment is terminated for any reason other
than death or retirement shall be eligible for benefits in accordance with
chapter 238, F.S., upon proper application to the Division.
(6) In order to receive a refund of
contributions under the Teachers' Retirement System, a Teachers' Retirement
System member must terminate all employment relationships with all
participating employers for three calendar months as provided in section
121.021(39)(c),
F.S., and submit a request for refund on Form FRS-M81, Florida Retirement
System Pension Plan Request for Refund of Employee Contributions. Form FRS-M81
may be obtained and completed as referenced in subsection (3). Upon receipt of
the FRS-M81, the division will send the member Form REF-PAYT. The member shall
complete and return Form REF-PAYT to the division, indicating his or her refund
payout selection. By obtaining a refund of contributions, a member waives all
rights under the Teachers' Retirement System to the service credit represented
by the refunded contributions, except the right to purchase his or her prior
service credit in accordance with rule
60S-2.004, F.A.C. No refund of
employee contributions shall be made until the employer has reported the
employee's termination through the payroll reporting process.
(a) Beginning July 1, 2018, the retirement
account balance for Teachers' Retirement System members actively employed and
participating in the Teachers' Retirement System will earn 1.3% regular
interest compounded annually on each June 30 after June 30, 2018.
(b) Beginning July 1, 2018, Teachers'
Retirement System members not actively employed and participating in the
Teachers' Retirement System will not earn regular interest on their retirement
account balance.
Notes
Rulemaking Authority 121.031, 121.052(14), 238.01 FS. Law Implemented 121.021, 121.052(5)(c), 121.055, 121.091, 238.01, 238.05, 238.07, 238.10 FS.
New 1-1-72, Amended 10-10-72, 12-31-74, 1-16-77, 8-26-81, Formerly 22B-4.09, Amended 1-12-87, 2-7-89, 11-14-91, Formerly 22B-4.009, Amended 8-4-94, 2-24-99, 4-5-12, 3-25-13, 12-15-13, 5-12-16, 11-6-16, 6-28-18.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.