Fla. Admin. Code Ann. R. 60V-4.002 - Statements of Policy
(1) The Division of
Retirement, shall administer the Optional Annuity Program.
(2) An Optional Annuity Program Trust Fund
shall be established in the State Treasury and administered by the Division to
make payments to the provider companies on behalf of the Optional Annuity
Program participants and to transfer the unfunded liability portion of the
employer contributions to the Florida Retirement System Trust Fund.
(3) The Division of Retirement shall sign a
contract with each of the Optional Annuity Program provider companies and shall
evaluate the performance of the provider companies on a continuing basis. The
Division may terminate the services of the provider company for reasons stated
in the contract. The Division's responsibilities in administering the Optional
Annuity Program shall include the following:
(a) Review and approval of all Optional
Annuity Program marketing guidelines, and notification of such guidelines to
the companies and employers.
(b)
Investigation and resolution of complaints against a provider company by
participants or by potential participants.
(4) Effective July 1, 1997, the State Board
of Administration shall review and make recommendations to the Division on the
acceptability of all investment products proposed by provider companies of the
Optional Annuity Program before they are offered through annuity contracts to
the participants. The State Board of Administration may advise the Division of
any changes necessary to ensure that the Optional Annuity Program offers an
acceptable mix of investment products. The Division shall make the final
determination as to whether an investment product will be approved for the
program.
(5) Each employer's
responsibilities in administering the Optional Annuity Program shall include
the following:
(a) Certification to the
Division that Optional Annuity Program applicants meet the eligibility criteria
as set forth in Section
121.055, F.S., and Rule
60V-1.004, F.A.C.
(b) Certification that the data contained on
the Form SMS-1 for each participant within the agency is accurate prior to
forwarding such form to the Division.
(c) Certification on Forms SMS-1 that each
participant within the agency has signed a contract with a provider
company.
(d) Monitoring the
marketing policies of the provider companies, reporting violations of marketing
guidelines to the Division, and filing unresolved complaints with the
Division.
(e) Remittance of
Optional Annuity Program salary deductions in accordance with payroll reporting
procedures established by the Division.
(f) Notification to the Division if the
employment status of a participant changes in any manner that would cause the
participant to be ineligible to participate in the Optional Annuity Program in
accordance with the provisions of Rule
60V-1.004,
F.A.C.
Notes
Specific Authority 121.031(1) FS. Law Implemented 121.055 FS.
New 7-22-87, Formerly 22V-4.002, Amended 2-24-99.
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