Florida Administrative Code › 19 - STATE BOARD OF ADMINISTRATION › 19 - Departmental › Chapter 19-13 - ROLES AND RESPONSIBILITIES FOR THE PUBLIC MPLOYEE OPTIONAL RETIREMENT PROGRAM › Section 19-13.001 - Roles and Responsibilities of the State Board of Administration of Florida

Current through Reg. 50, No. 138; July 16, 2024
(1) The State
				Board of Administration of Florida ("SBA") is responsible for establishing,
				implementing, and administering the defined contribution program, known as the
				"Florida Retirement System Investment Plan" or "Investment Plan, " in
				accordance with Section
				 121.4501(1),
				F.S. The SBA is the Plan Sponsor. The plan documents consist of the Florida
				Statutes and Administrative Rules adopted thereunder and the Summary Plan
				Description (SPD). The SPD is a summary of the plan for the convenience of
				members and can be changed by the SBA at any time without prior notice to
				Florida Retirement System (FRS) members. The SBA's primary responsibilities are
				set out in paragraphs (1)(a) through (1)(n), below. Each of these major
				responsibilities involves additional decisions which then in turn need to be
				implemented. Those decisions, to the extent they are not solely on a
				case-by-case basis, are adopted by rule. The SBA must ensure that all of the
				following individual responsibilities are carried out:
(a) Hiring general and specialized
				consultants to assist in the implementation and on-going operation of the
				Investment Plan. Their roles and responsibilities are found in Rule
				 19-13.004, F.A.C.
(b) Hiring a third party administrator
				("Administrator"), educational service providers, investment option providers,
				and contracting with the Division of Retirement ("Division") within the
				Department of Management Services to provide certain administrative services.
				Their roles and responsibilities are found, respectively, in Rules
				 19-13.004 and
				 19-13.002, F.A.C.
(c) Adhering to and enforcing the fiduciary
				standards and responsibilities required by certain sections of the Employee
				Retirement Income Security Act of 1974, which are incorporated in Florida law
				in Section  121.4501(15),
				F.S.
(d) Coordinating with the
				Division in providing the education component described in Sections
				 121.4501(10)(c) and
				(d), F.S., and a communication component to
				provide information to employers as described in Section
				 121.4501(10)(f),
				F.S.
(e) Providing information to
				Investment Plan members on a quarterly basis, pursuant to Section
				 121.4501(11),
				F.S.
(f) Obtaining and maintaining
				the tax qualified status of the Investment Plan and for compliance with the
				federal Internal Revenue Code.
(g)
				Directing and monitoring the activities of all service providers to the
				Investment Plan. These service providers include, but are not limited to, the
				third party administrator, the education service providers, and the investment
				product providers.
(h) Directing
				and monitoring the services provided by the Division with which the SBA has an
				interagency agreement.
(i) Movement
				of assets from the Pension Plan to the Investment Plan upon the election of a
				member to transfer and making such adjustments to plan accounts and member
				accounts as are necessary to process election reversals and prior period
				corrections to contributions and accompanying payroll data.
(j) Developing an investment policy statement
				for the program.
(k) Choosing,
				monitoring, and terminating investment options in the Investment Plan; mapping
				account balances of members in the event of investment option termination;
				distributing all data regarding these investment options to member; and
				rebalancing and reconstituting multiple manager investment options and also the
				Target Date Funds ("TDF") options provided in the investment policy statement
				utilizing information from a registered investment advisor and fiduciary to the
				Florida Retirement System.
(l)
				Implementing the confidentiality provisions in Section
				 121.4501(19),
				F.S.
(m) Developing all contracts
				used in the Investment Plan; and,
(n) All rulemaking for the Investment
				Plan.