Fla. Admin. Code Ann. R. 60V-1.005 - Election to Participate

Participation in the Optional Annuity Program shall commence only upon election by an eligible employee as follows:

(1) Any employee whose initial employment in an eligible state Senior Management Service Class position is before February 1, 1987 and who elects to participate in the Optional Annuity Program shall make such election on Form SMS-1, adopted in Rule 60V-1.007, F.A.C., and file it with the employer's personnel office to be forwarded to the Division on or before May 1, 1987. The effective date of participation for such employee shall be February 1, 1987 or the first day of any month during the election period of February 1, 1987 through May 1, 1987, if so specified by the employee. If such employee transfers to the Optional Annuity Program from an existing system as defined in subsection 121.021(2), F.S., the Special Risk Class or the Special Risk Administrative Support Class, that employee shall make such election on Form SMS-1.

(2) Any employee whose initial date of employment in an eligible state Senior Management Service Class position is on or after February 1, 1987, and who elects to participate in the Optional Annuity Program shall, within 90 days of becoming eligible:

(a) Execute an annuity contract with one or more of the approved provider companies;

(b) Make such election on Form SMS-1 and file it with his or her employer's personnel office to be forwarded to the Division within 90 calendar days after the date of employment in an eligible Senior Management Service Class position; and

(c) Have participation effective on the first day of employment or the first day of any month during the 90-day election period, if so specified by the employee.

(3) Any eligible employee who fails to make an election provided by subsection 60V-1.005(1) or (2) or paragraph 60S-1.0057(2)(a), F.A.C., shall be a compulsory member of the Senior Management Service Class of the Florida Retirement System as provided by subsection 60S-1.0057(1), F.A.C.

(4) An employee's election to participate in the Optional Annuity Program is irrevocable as long as such employee continues to be employed in an eligible position and continues to meet the eligibility requirements set forth in Rule 60V-1.004, F.A.C.

(5) If a participant terminates employment for less than 1 calendar month and is reemployed in an eligible position, such participant shall continue to be a participant in the Optional Annuity Program.

Notes

Fla. Admin. Code Ann. R. 60V-1.005

Specific Authority 121.031(1) FS. Law Implemented 121.055 FS.

New 7-22-87, Amended 11-14-91, Formerly 22V-1.005, Amended 1-4-93, 2-24-99.

New 7-22-87, Amended 11-14-91, Formerly 22V-1.005, Amended 1-4-93, 2-24-99.