Florida Administrative Code › 60 - DEPARTMENT OF MANAGEMENT SERVICES › 60S - Division of Retirement › Chapter 60S-3 - CONTRIBUTIONS › Section 60S-3.002 - Statements of Policy

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				Administrator shall establish procedures to be followed by all employers and
				employees in making and reporting contributions provided for in this
				chapter.
(2) All employee
				retirement contributions for service credit on which benefits are to be
				calculated must be paid prior to the date of issuance of the first retirement
				benefit payment.
(3) All service
				credit for which the required contributions have been made and remain on
				deposit in the retirement trust fund shall be used in determining the benefits
				for which the member and his or her joint annuitant or surviving spouse are
				eligible.
(4) The required employee
				contributions for all service other than current service, including but not
				limited to prior service, past service, military service, leave of absence
				service, and out-of-state and in-state service, shall be paid by cash, personal
				check, cashier's check, or money order. Direct rollovers from eligible
				retirement plans as described in Section 401(a)(31), Internal Revenue Code,
				will be accepted for the purchase of creditable service, however, such payment
				must be accompanied with a properly executed Form PRO-1 (Rev. 10/07),
http://www.flrules.org/Gateway/reference.asp?No=Ref-00343
,
				Florida Retirement System Pension Plan (401(a)Plan) Pretax Direct Rollover
				Form, herein adopted by reference which may be obtained from the Forms page of
				the Division's website,
www.frs.MyFlorida.com
, or by calling the
				Division Toll Free at (844) 377-1888, if calling from outside the Tallahassee
				calling area, or locally at (850) 907-6500. Individuals with a hearing or
				speech impairment may call the Division via T.D.D. at the Florida Relay System
				by dialing 711 or (800) 955-8771. Such contributions shall be accompanied by a
				statement identifying the service for which payment is made; and shall be made
				in a lump sum for the total amount due or in annual payments of not less than
				$100, except for the final payment if less than $100, unless another method of
				payment is authorized in these rules. Interest will be added annually to any
				unpaid balance not received at the Division on or before June 30 as provided in
				Rule  60S-3.0035, F.A.C.
(5) The required contributions for any
				service that have not been made prior to a member's retirement may not be made
				by any person after the member's retirement. The required contributions for any
				service that have not been made by the member before his or her death prior to
				retirement may be made only by those authorized to purchase such service as
				provided in Rules  60S-2.010 and
				 60S-3.012, F.A.C.
(6) On and after July 1, 1972, all
				remittances (including member contributions, matching contributions and all
				interest thereon) made by a member for the purchase of current service, prior
				service, past service, military service, leave of absence service or
				out-of-state service credit shall be credited to the member's account. A refund
				of a member's retirement contributions at termination, as provided in
				subsection  60S-4.009(3),
				F.A.C., shall include all such remittances made by the member that have been
				credited to his or her account. If requested, a member may receive at the time
				of his or her retirement a refund of any contributions he or she made for the
				purchase of any additional service. A refund of member contributions cancels
				the member's right to any retirement service credit represented by the refunded
				contributions. A member is not entitled to a refund of contributions paid by an
				employer, except as provided in subparagraph
				 60S-3.004(1)(c) 
				4., F.A.C.
(7) The required
				contributions of a member of the Teachers' Retirement System who transfers to
				the Florida Retirement System must be adjusted based on the rate of 6.25% of
				salary earned while a member of the Teachers' Retirement System. As a result of
				this adjustment, any overpayment will be refunded to the member; any amount due
				must be paid by the member, plus annual compound interest, prior to retirement.
				Effective the date of transfer to the Florida Retirement System, contributions
				shall be paid as required by Chapter 121, F.S.
Rulemaking Authority
					 121.031 FS. Law Implemented
					 112.215(13),
					 121.031,
					 121.091(7),
					 121.71
					 FS.
New 1-1-72, Amended 10-20-72, 12-31-74, 1-16-77, 8-26-81,
					 1-19-82, Formerly 22B-3.02, Amended 5-15-91, Formerly 22B-3.002, Amended
					 8-4-94, 8-13-03, 4-5-12.