Florida Regulations 19-13.002: Roles and Responsibilities of Division of Retirement within the Department of Management Services
Current as of: 2024 | Check for updates
|
Other versions
(1) The Division of Retirement (Division) within the Department of Management Services provides the following administrative services, in accordance with Section 121.4501(8)(a)1., F.S.:
(a) Determine membership eligibility and employer participation eligibility;
(b) Collect and process employer and employee retirement contributions and retirement-related data, including monitoring salary limits imposed by the Internal Revenue Service;
(c) Forward employer and employee retirement contributions and retirement-related data to the Investment Plan Administrator, including date of termination and leave of absence indicators, if available;
(d) Calculate members’ Pension Plan benefits, calculate the accumulated benefit obligation and calculate any buy-back amount for those members who elected the Investment Plan but subsequently elect to return to the Pension Plan;
(e) Maintain and provide access to the Florida Retirement System database;
(f) Provide telephone support regarding employee or employer questions on the Pension Plan and contribution processing, but transfer general retirement plan choice, enrollment and financial planning telephone calls to other education and administration providers;
(g) Administer the disability and in line of duty death benefits for the FRS;
(h) Administer the health insurance subsidy for the FRS;
(i) Determine employee vesting requirements in the FRS, as required by law; and,
(j) Notify the State Board of Administration (SBA) of any employees who may be subject to forfeiture of benefits, in accordance with Sections 112.3173 and 121.091(5), F.S.
Rulemaking Authority Florida Statutes § 121.4501(8). Law Implemented 112.3173, 121.091(5), 121.4501(8), (10) FS. History-New 10-21-04, Amended 10-25-07, 7-12-12, 12-16-12, 1-18-17, 2-12-18, 5-11-22.
Terms Used In Florida Regulations 19-13.002
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) Collect and process employer and employee retirement contributions and retirement-related data, including monitoring salary limits imposed by the Internal Revenue Service;
(c) Forward employer and employee retirement contributions and retirement-related data to the Investment Plan Administrator, including date of termination and leave of absence indicators, if available;
(d) Calculate members’ Pension Plan benefits, calculate the accumulated benefit obligation and calculate any buy-back amount for those members who elected the Investment Plan but subsequently elect to return to the Pension Plan;
(e) Maintain and provide access to the Florida Retirement System database;
(f) Provide telephone support regarding employee or employer questions on the Pension Plan and contribution processing, but transfer general retirement plan choice, enrollment and financial planning telephone calls to other education and administration providers;
(g) Administer the disability and in line of duty death benefits for the FRS;
(h) Administer the health insurance subsidy for the FRS;
(i) Determine employee vesting requirements in the FRS, as required by law; and,
(j) Notify the State Board of Administration (SBA) of any employees who may be subject to forfeiture of benefits, in accordance with Sections 112.3173 and 121.091(5), F.S.
Rulemaking Authority Florida Statutes § 121.4501(8). Law Implemented 112.3173, 121.091(5), 121.4501(8), (10) FS. History-New 10-21-04, Amended 10-25-07, 7-12-12, 12-16-12, 1-18-17, 2-12-18, 5-11-22.