Florida Regulations 60T-1.006: Defined Contribution Plans
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(1) Each plan sponsor of a local retirement system or plan defined as other than those requiring actuarial reports shall provide, on an annual basis, that information necessary to gather, catalog and maintain complete information to the Division.
(2) The disclosure of information may be prepared as of the plan anniversary date or as of the plan sponsor’s fiscal year ending date and shall minimally contain the following:
(a) Plan Description (initial report only)
1. Contribution formula
a. Plan sponsor
b. Member
2. Vesting schedule
3. Normal retirement date
4. Member eligibility
5. Beginning date of plan year – annually
6. Plan sponsor
7. Plan administrator
8. A copy of the Internal Revenue Service letter approving the plan as tax qualified, and all changes thereto. The specific Internal Revenue Code sections under which the plan operates.
9. Copy of plan document, ordinances, contracts and any enactment or other legal statement regarding funding and administration.
(b) Source of funds
1. Plan sponsor
2. Members
3. Other
(c) A statement describing each change and/or amendment, if any, to the plan, since the last report, including a copy of all applicable legal instruments and IRS approval letters.
(d) A signed and dated statement of the plan administrator verifying the completeness and accuracy of the report, including a statement that there has been no change since the last report, if applicable.
Rulemaking Authority Florida Statutes § 112.665(1). Law Implemented Florida Statutes § 112.665. History-New 8-15-84, Formerly 22D-1.06, 22D-1.006, Amended 2-23-95.
Terms Used In Florida Regulations 60T-1.006
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) Plan Description (initial report only)
1. Contribution formula
a. Plan sponsor
b. Member
2. Vesting schedule
3. Normal retirement date
4. Member eligibility
5. Beginning date of plan year – annually
6. Plan sponsor
7. Plan administrator
8. A copy of the Internal Revenue Service letter approving the plan as tax qualified, and all changes thereto. The specific Internal Revenue Code sections under which the plan operates.
9. Copy of plan document, ordinances, contracts and any enactment or other legal statement regarding funding and administration.
(b) Source of funds
1. Plan sponsor
2. Members
3. Other
(c) A statement describing each change and/or amendment, if any, to the plan, since the last report, including a copy of all applicable legal instruments and IRS approval letters.
(d) A signed and dated statement of the plan administrator verifying the completeness and accuracy of the report, including a statement that there has been no change since the last report, if applicable.
Rulemaking Authority Florida Statutes § 112.665(1). Law Implemented Florida Statutes § 112.665. History-New 8-15-84, Formerly 22D-1.06, 22D-1.006, Amended 2-23-95.