Florida Regulations 60W-7.002: Actuarial Factors for Calculating Optional Supplemental Benefits
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(1) The actuarial factors adopted in this chapter shall be used in calculating optional forms of supplemental benefits as provided in Fl. Admin. Code R. 60W-4.007 Such factors shall be the factors incorporated by reference in Rule 60S-7.009 F.A.C., and may be obtained by contacting the Division of Retirement, 1317 Winewood Boulevard, Building 8, Tallahassee, Florida 32399-1560.
(2) In the event that actuarial factors are required for certain ages for which there are no actuarial factors provided in this chapter, the Division shall make available the appropriate factors. If the difference in the age of any participant and his/her joint annuitant is greater than 20 years (the extent of the tables herein adopted), the factor applicable in those cases shall be the same factor indicated for a participant of the same age when the difference in the participant’s age and his/her joint annuitant is 20 years.
(3) The appropriate factor shall be determined by the ages of the participant and the joint annuitant the month the supplemental benefit commences or the month the supplemental benefit is calculated due to death as provided in 60W-4.005, F.A.C. Such age shall be determined as follows:
If such month is 6 or fewer months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If such month is 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.
Rulemaking Authority Florida Statutes § 121.40(13). Law Implemented Florida Statutes § 121.40. History-New 2-4-86, Formerly 22Q-7.002.
(2) In the event that actuarial factors are required for certain ages for which there are no actuarial factors provided in this chapter, the Division shall make available the appropriate factors. If the difference in the age of any participant and his/her joint annuitant is greater than 20 years (the extent of the tables herein adopted), the factor applicable in those cases shall be the same factor indicated for a participant of the same age when the difference in the participant’s age and his/her joint annuitant is 20 years.
(3) The appropriate factor shall be determined by the ages of the participant and the joint annuitant the month the supplemental benefit commences or the month the supplemental benefit is calculated due to death as provided in 60W-4.005, F.A.C. Such age shall be determined as follows:
If such month is 6 or fewer months after the birth month, the actuarial factor selected shall be the factor for the age as of the last birthday. If such month is 7 or more months after the birth month, the actuarial factor selected shall be the factor for the age as of the next birthday.
Rulemaking Authority Florida Statutes § 121.40(13). Law Implemented Florida Statutes § 121.40. History-New 2-4-86, Formerly 22Q-7.002.