Florida Administrative Code › 19 - STATE BOARD OF ADMINISTRATION › 19 - Departmental › Chapter 19-11 - PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM › Section 19-11.007 - Second Election Enrollment Procedures for the Florida Retirement System Retirement Programs

Current through Reg. 50, No. 138; July 16, 2024
(1) This rule
				includes procedures for members who used their first or initial election enroll
				in the Florida Retirement System (FRS) Investment Plan, Investment Plan Hybrid
				Option or defaulted into the Investment Plan to use their 2nd election to
				transfer to the Pension Plan; and for members who used their first or initial
				election to enroll in the Pension Plan or defaulted into the Pension Plan to
				use their 2nd election to transfer to the Investment Plan or the Investment
				Plan Hybrid Option. This rule also includes procedures for members who elected
				to participate in the State Community College System Optional Retirement
				Program (SCCSORP), in lieu of the FRS membership and want to transfer to the
				FRS Pension Plan or participate prospectively in the FRS Investment
				Plan.
(2) A member may make a valid
				election only if the election is made and processed by the Plan Choice
				Administrator during the month in which the member is actively employed and
				earning salary and service credit in an employer-employee relationship
				consistent with the requirements of Section
				 121.021(17)(b),
				F.S. Members on an unpaid leave of absence or terminated members cannot use
				their election until they return to FRS-covered employment and are earning
				salary and service credit. Employees of an educational institution on summer
				break cannot use their election during the full calendar months of their summer
				break. For example, if the last day of the school term is May 21st and the
				first day of the new school term is August 17th, the employee may not file a
				2nd election in the calendar months of June or July. The beginning of the
				school term is determined by the employer. In general terms, this means that
				the election can only be made and processed during the month in which the
				member is actively working and being paid for that work. An election received
				after a member's date of death will be considered invalid, even if the member
				signed the election form prior to their date of death. It is the responsibility
				of the member to assure that the election is received by the Plan Choice
				Administrator no later than 4:00 p.m. (Eastern Time) on the last business day
				of the month the member is actively employed and earning salary and service
				credit.
(a) The following are examples of
				scenarios that could result in an invalid election. These are only examples and
				are not inclusive of all possible situations. Members and employers are
				encouraged to contact the MyFRS Financial Guidance Line to discuss their
				particular situation.
1. Example 1: A member
				goes on unpaid leave of absence on November 12. On December 4, the Investment
				Plan Administrator receives a 2nd election form from the member electing to
				transfer from the Pension Plan to the Investment Plan. The member returns from
				leave of absence on January 7. The member's 2nd election is not valid because
				the member did not earn salary and service credit in the month of December. The
				member would be required to submit another 2nd election during the month in
				which he or she is actively employed and earning salary and service
				credit.
2. Example 2: A teacher is
				on summer break from June 6 through August 12. On July 21, the Investment Plan
				Administrator receives a 2nd election from the teacher electing to transfer
				from the Investment Plan to the Pension Plan. The teacher's second election is
				not valid because the member did not earn salary and service credit in the
				month of July. The teacher would be required to submit a second election form
				during the month in which he or she is actively employed and earning salary and
				service credit once the member has returned from summer break.
3. Example 3: A member terminates FRS-covered
				employment on March 31. On April 1, the Investment Plan Administrator receives
				a 2nd election from the member electing to transfer from the Pension Plan to
				the Investment Plan. The member's 2nd election is not valid because the second
				election form was received after the member terminated FRS-covered employment.
				The member would be required to return to FRS-covered employment and submit a
				2nd election form during the month in which he or she is actively employed and
				earning salary and service credit.