Florida Administrative Code › 19 - STATE BOARD OF ADMINISTRATION › 19 - Departmental › Chapter 19-11 - PROCEDURES FOR THE PUBLIC EMPLOYEE OPTIONAL RETIREMENT PROGRAM › Section 19-11.003 - Distributions from FRS Investment Plan Accounts

Current through Reg. 50, No. 138; July 16, 2024
(1) Distributions from Investment Plan
				accounts are made after the member terminates all employment from all Florida
				Retirement System (FRS) employers and meets distribution eligibility
				requirements as set out below in subsection (2), or after the member's death.
				Monies that are rolled over from the Pension Plan Deferred Retirement Option
				Program (DROP) are available for immediate distribution.
(2) Distributions are available after the
				member terminates all employment with all FRS employers.
(a) An Investment Plan member is not entitled
				to an account distribution until the member has terminated and no longer
				providing services, in paid or unpaid arrangements, with all FRS employers for
				three (3) full calendar months following the month of termination, except as
				provided in paragraph (d), below. This includes but not limited to, employment
				in any regularly established position, full-time or part-time employment,
				temporary employment, employment through third-parties providing services to an
				FRS employer, Other Personal Services (OPS), election poll employment, or
				substitute or adjunct teaching. Example: If a member terminates on May 15, the
				three full calendar months are June, July, and August. Therefore, the member
				cannot request a distribution until September.
(b) If the member's termination date has not
				been submitted by the employer on the monthly retirement report within the
				three (3) calendar months, the employer can complete and return the "Employment
				Termination Form," Form ETF-2, rev. 06-19,
http://www.flrules.org/Gateway/reference.asp?No=Ref-14010
,
				which is hereby adopted and incorporated by this reference. The termination
				form can be obtained by accessing the website MyFRS.com and then clicking on
				Forms or by calling the MyFRS Financial Guidance Line at 1(866)446-9377, Option
				4 or, for members who are deaf, hard of hearing, or speech impaired, TRS 711.
				This form has instructions and a section for the employer to provide the
				member's date of termination. Alternatively, the employer can log onto the
				employer page at MyFRS.com and go to FRS Online for Employer Services and
				submit the termination date electronically.
(c) Upon the expiration of the three (3)
				calendar months after termination of all employment from all FRS-participating
				employers, the member may request a distribution from the Investment Plan
				Administrator, by calling the toll free MyFRS Financial Guidance Line at
				1(866)446-9377, Option 4 (TRS 711), or by logging on to the MyFRS.com website,
				accessing his or her personal account information, and then requesting the
				distribution through the online services.
(d) A member who has reached his or her
				normal retirement date, as provided in Section
				 121.021(29),
				F.S., and has terminated all employment from all FRS employers for one (1)
				calendar month may request a one-time distribution of up to 10 percent (10%) of
				the vested account balance. For example, if such a member terminates on May 15,
				the one calendar month is June. The member can request a one-time distribution
				of up to 10 percent (10%) in July.
(e) A member who transfers to the Pension
				Plan from the Investment Plan and leaves a balance in the member's Investment
				Plan account is a member of the Pension Plan and, as such, the member cannot
				take a distribution of the surplus Investment Plan funds until the member
				begins receiving their monthly Pension Plan benefit.