Fla. Admin. Code Ann. R. 60S-7.050 - Actuarial Factors for Calculating Benefits Provided by Options 1, 2, 3 and 4 in Existing Retirement Systems

(1) In the event that actuarial factors are required for certain ages for which there are no actuarial factors provided in this rule, the Administrator shall make available the appropriate factors.

(2) The actuarial factors used to determine the regular or disability benefits that are payable to a member who retires with an effective date of August 1, 1983, or later, and who elects to receive benefits as provided by Option 1, 2, 3 or 4 in Section 238.08, F.S., are incorporated by reference and may be obtained by contacting the Division of Retirement by mail or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by e-mail at retirement@dms.myflorida.com; or by telephone toll-free at (844)377-1888 or locally at (850)907-6500. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as in subsection (4).

(3) The actuarial factors used to determine the regular or disability benefits that are payable to a member who retires with an effective date of August 1, 1983, or later, and who elects to receive a reduced regular or disability benefit as provided in Section 122.08, F.S., effective January 2017, available at https://www.flrules.org/Gateway/reference.asp?No=Ref-07908, are incorporated by reference and may be obtained by contacting the Division of Retirement by mail at P.O. Box 9000, Tallahassee, FL 32315-9000 or in person at 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560; or by email at retirement@dms.myflorida.com; or by telephone toll-free at (844)377-1888 or locally at (850)907-6500. For the purpose of selecting the appropriate actuarial factor, the age of the member and the joint annuitant shall be determined as described in subsection (4).

(2) If the effective date of retirement occurs fewer than 7 months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If the effective date of retirement occurs 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.

Notes

Fla. Admin. Code Ann. R. 60S-7.050

Rulemaking Authority 121.031 FS. Law Implemented 121.091(6), 122.08, 238.08 FS.

New 10-18-83, Formerly 22B-7.50, Amended 11-14-91, Formerly 22B-7.050, Amended 8-13-03, Amended by Florida Register Volume 43, Number 030, February 14, 2017 effective 3/2/2017.

New 10-18-83, Formerly 22B-7.50, Amended 11-14-91, Formerly 22B-7.050, Amended 8-13-03, 3-2-17.