Fla. Admin. Code R. 60S-4.009

Current through Reg. 50, No. 217; November 5, 2024

Section 60S-4.009 - Benefits Payable After Termination

(1) An FRS Pension member whose employment is terminated for any reason other than death or retirement shall be eligible for benefits upon proper application to the Division, subject to the following provisions:

(a) If he or she was not vested at the time of his or her termination he or she shall be entitled to a refund of his or her accumulated contributions; or

(b) If he or she was vested at the time of his or her termination he or she may elect to receive:

1. A refund of his or her accumulated contributions; or

2. A deferred monthly benefit which shall commence on his or her normal or early retirement date based on his or her average final compensation and creditable service as of his or her date of termination and computed in accordance with rule 60S-4.004, 60S-4.005, or 60S-4.006, F.A.C., and shall receive benefits in accordance with rule 60S-4.010, F.A.C.

(2) If a retired FRS Pension Plan member has elected to receive the retirement benefit payable to him or her under Option 1 and dies without having received in benefit payments an amount equal to his or her accumulated contributions, his or her designated beneficiary shall be entitled to an amount equal to the excess, if any, of the member's accumulated contributions over the total benefit payments made to the member prior to his or her date of death.

(3) In order to receive a refund of contributions under the Florida Retirement System, an FRS member must terminate all employment relationships with all FRS participating employers for three calendar months as provided in section 121.021(39)(c), F.S., and submit a request for refund on Form FRS-M81, effective 07/16, http://www.flrules.org/Gateway/reference.asp?No=Ref-07339, Florida Retirement System Pension Plan Request for Refund of Employee Contributions, herein adopted by reference, to the division. Form FRS-M81 may be completed and submitted online from the Refund Application page of the member's Online Services account accessible from the Division's website (www.frs.MyFlorida.com) or 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, or if hearing or speech impaired by calling the Division via T.D.D. at the Florida Relay System by dialing 711 or (800)955-8771. The division shall acknowledge the receipt of the FRS-M81 and send the member Form REF-PAYT, effective 12/15, http://www.flrules.org/Gateway/reference.asp?No=Ref-06737, Florida Retirement System (FRS) Pension Plan Refund Payout Selection, herein adopted by reference, which may be obtained by calling the Division Toll Free at (844)377-1888, if calling from outside the Tallahassee calling area, or locally at (850)907-6500, or if hearing or speech impaired by calling the Division via T.D.D. at the Florida Relay System by dialing 711 or (800)922-8771. The member shall complete and return Form REF-PAYT to the division, indicating his or her refund payout selection. By obtaining a refund of contributions a member waives all rights under the Florida Retirement System to the service credit represented by the refunded contributions, except the right to purchase his or her prior service credit in accordance with rule 60S-2.004, F.A.C. No refund of employee contributions shall be made until the employer has reported the employee's termination through the payroll reporting process.

(4) A State and County Officers' and Employees' Retirement System member whose employment is terminated for any reason other than death or retirement shall be eligible for benefits in accordance with chapter 122, F.S., upon proper application to the Division.

(5) A Teachers' Retirement System member whose employment is terminated for any reason other than death or retirement shall be eligible for benefits in accordance with chapter 238, F.S., upon proper application to the Division.

(6) In order to receive a refund of contributions under the Teachers' Retirement System, a Teachers' Retirement System member must terminate all employment relationships with all participating employers for three calendar months as provided in section 121.021(39)(c), F.S., and submit a request for refund on Form FRS-M81, Florida Retirement System Pension Plan Request for Refund of Employee Contributions. Form FRS-M81 may be obtained and completed as referenced in subsection (3). Upon receipt of the FRS-M81, the division will send the member Form REF-PAYT. The member shall complete and return Form REF-PAYT to the division, indicating his or her refund payout selection. By obtaining a refund of contributions, a member waives all rights under the Teachers' Retirement System to the service credit represented by the refunded contributions, except the right to purchase his or her prior service credit in accordance with rule 60S-2.004, F.A.C. No refund of employee contributions shall be made until the employer has reported the employee's termination through the payroll reporting process.

(a) Beginning July 1, 2018, the retirement account balance for Teachers' Retirement System members actively employed and participating in the Teachers' Retirement System will earn 1.3% regular interest compounded annually on each June 30 after June 30, 2018.

(b) Beginning July 1, 2018, Teachers' Retirement System members not actively employed and participating in the Teachers' Retirement System will not earn regular interest on their retirement account balance.

Fla. Admin. Code Ann. R. 60S-4.009

Rulemaking Authority 121.031, 121.052(14), 238.01 FS. Law Implemented 121.021, 121.052(5)(c), 121.055, 121.091, 238.01, 238.05, 238.07, 238.10 FS.

New 1-1-72, Amended 10-10-72, 12-31-74, 1-16-77, 8-26-81, Formerly 22B-4.09, Amended 1-12-87, 2-7-89, 11-14-91, Formerly 22B-4.009, Amended 8-4-94, 2-24-99, 4-5-12, 3-25-13, 12-15-13, Amended by Florida Register Volume 42, Number 081, April 26, 2016 effective 5/12/2016, Amended by Florida Register Volume 42, Number 208, October 25, 2016 effective 11/6/2016, Amended by Florida Register Volume 44, Number 114, June 12, 2018 effective 6/28/2018.