Florida Administrative Code › 19 - STATE BOARD OF ADMINISTRATION › 19 - Departmental › Chapter 19-11 - PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM › Section 19-11.014 - Benefits Payable for Investment Plan Disability and In-Line-Of-Duty Death Benefits

Current through Reg. 50, No. 138; July 16, 2024
(1) An Investment
				Plan member shall be eligible to apply for a disability benefit in accordance
				with Section  121.591(2),
				F.S., and in Rule  60S-4.007, F.A.C.
(a) Disability benefits are payable in lieu
				of benefits otherwise payable under Section
				 121.591(1),
				F.S.
(b) Upon approval for
				Investment Plan disability retirement, the member's entire Investment Plan
				account balance, consisting of vested and non-vested monies, plus earnings,
				shall be transferred to the Division of Retirement (Division) for deposit in
				the disability account of the Florida Retirement System (FRS) Trust Fund.
1. The Investment Plan member will become a
				member of the Pension Plan effective upon his or her disability retirement
				effective date. If the member has a second election remaining, this transfer
				shall not constitute a second election as provided in Section
				 121.4501(4)(f),
				F.S.
2. The member shall receive a
				monthly benefit that is payable on the last business day of the month for his
				or her lifetime and continued disability.
(c) An Investment Plan member approved for
				disability retirement may cancel the application by submitting a cancellation
				request to the Division before a disability warrant has been deposited, cashed
				or received by direct deposit.
1. Upon
				cancellation, the member shall be transferred back to the Investment
				Plan.
2. All monies transferred to
				the disability account of the FRS Trust Fund will be transferred back to the
				member's Investment Plan account.
3. The member may elect to receive benefits
				as provided under Section
				 121.591(1),
				F.S., in lieu of the disability benefits.
(d) If a member recovers sufficiently to
				return to employment from disability, the member shall be returned as an active
				member to the Investment Plan.
1. The member's
				total disability benefits paid shall be subtracted from the amount transferred
				in paragraph (1)(b), above. Any remaining account balance shall be transferred
				to the Investment Plan Administrator for deposit into the member's Investment
				Plan account. The monies will be deposited based on the member's last
				investment elections.
2. Vested and
				non-vested amounts shall be accounted for separately as provided in Section
				 121.4501(6),
				F.S.
3. If the member does not
				return to FRS-covered employment, he or she may elect to receive the remaining
				account balance as provided under Section
				 121.591(1),
				F.S. Any non-vested amounts will be forfeited.
4. If the member does not return to
				employment with an FRS-participating employer and elects not to receive
				benefits as provided in Section
				 121.591(1),
				F.S., any non-vested amount shall be transferred to the suspense account. Such
				amount shall be forfeited if the member does not returned to FRS-covered
				employment within five (5) years of the termination date or request benefits as
				provided under Section
				 121.591(1),
				F.S.