Florida Administrative Code › 60 - DEPARTMENT OF MANAGEMENT SERVICES › 60S - Division of Retirement › Chapter 60S-3 - CONTRIBUTIONS › Section 60S-3.011 - Payment of Contributions

Current through Reg. 50, No. 138; July 16, 2024
(1) All
				retirement contributions for current services rendered by covered employees of
				all state-administered retirement plans shall be paid to the Division of
				Retirement. The required contribution rate shall be the rate in effect at the
				time the member is paid, as determined by his or her class of membership.
				Retirement contributions and accompanying payroll data for each payroll period
				are due and payable each month no later than the 5th working day of the month
				following the month in which covered wages are paid.
(2) Retirement contributions and accompanying
				payroll data not received at the Division on or before the due date shall be
				considered delinquent, unless a waiver is granted pursuant to the following or,
				for participants of the FRS Investment Plan, as provided in Rule
				 19-11.001, F.A.C.
(a) If the contributions required pursuant to
				subsection (1) are delinquent, a fee of 1.0 percent shall be assessed for each
				calendar month or part thereof that said contributions are delinquent. Such
				delinquent assessment shall be billed to the employer by invoice upon
				determination of the contributions due.
(b) Effective January 1, 2000, if the
				delinquent assessment billed to the employer in paragraph (a) above is not
				received at the Division within 30 days following the Division's invoice date,
				an additional delinquent assessment of 1.0 percent on the invoiced amount shall
				be assessed for each calendar month or part thereof that said invoice is
				delinquent.
(c) If, due to a
				calculation or reporting error the amount of contributions reported and
				remitted are less than the amount required, the employer shall owe the
				difference, plus the delinquent fee, if applicable, of 1.0 percent on the
				invoiced amount. If the invoiced amount is not paid within 30 days following
				the invoice date, an additional delinquent assessment of 1.0 percent shall be
				added to the invoiced amount each month or part-month thereafter until full
				payment is submitted. Such delinquent fee paid on behalf of contributions
				reported late on behalf of a participant of the Investment Plan shall be
				transferred to the participant's investment account as provided in Rule
				 19-11.001, F.A.C. Such
				delinquent fee paid on behalf of contributions reported late on behalf of a
				participant of the Pension Plan shall be retained in the Florida Retirement
				System Trust Fund.
(d) In the event
				delinquent employer contributions and accompanying payroll data result in
				market losses to the participants of the Investment Plan, the employer is
				required to reimburse each participant's account for such market losses
				resulting from the late contributions. Additionally, an administrative fee for
				the cost of the third-party administrator's calculation of the participant's
				losses shall be assessed against the employer, as provided in Chapter 121, Part
				III, F.S., and Rule  19-11.001, F.A.C.
(e) Retirement contributions paid for a prior
				period shall be charged a delinquent fee of 1.0 percent for each calendar month
				or part thereof that said contributions should have been paid. This includes
				prior period contributions due to incorrect wages and contributions from an
				earlier report or wages and contributions that should have been reported, but
				were not. This delinquent assessment cannot be waived. If the delinquent
				assessment is not remitted within 30 days following the Division's invoice
				date, an additional delinquent assessment of 1.0 percent on the invoiced amount
				shall be assessed for each calendar month or part thereof that said invoice is
				delinquent.