Florida Regulations 60T-1.002: Definitions
Current as of: 2024 | Check for updates
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The words and phrases in this chapter shall be construed according to their plain meaning, in light of the context and subject matter, unless expressly defined otherwise in this rule, this chapter or in Florida Statutes § 112.625
(1) “”Actuarial Impact Statement”” means a statement setting forth the actuarial liabilities and contribution requirements of a proposed change in the provisions of a local retirement system certified by an enrolled actuary or prepared by the plan administrator or plan sponsor.
(2) “”Actuarial Report”” means a report prepared and certified by an enrolled actuary based on actuarial evaluation of a local retirement system or plan.
(3) “”Division”” means the Division of Retirement, Bureau of Local Retirement Systems.
(4) “”Local Retirement System or Plan”” means any employee pension benefit plan supported in whole or in part by public funds which is not specifically exempt by Florida Statutes § 112.625(8)
(5) “”Significant Plan Amendment”” means any change or changes in the retirement plan or system the net effect of which would require a current or potential increase in the contribution rate.
Rulemaking Authority Florida Statutes § 112.665(1). Law Implemented 112.63, 112.64, 112.661, 112.664, 112.665 FS. History-New 5-6-81, Amended 9-19-83, Formerly 22D-1.02, Amended 11-14-91, Formerly 22D-1.002, Amended 7-16-15, 12-25-23.
Terms Used In Florida Regulations 60T-1.002
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) “”Actuarial Report”” means a report prepared and certified by an enrolled actuary based on actuarial evaluation of a local retirement system or plan.
(3) “”Division”” means the Division of Retirement, Bureau of Local Retirement Systems.
(4) “”Local Retirement System or Plan”” means any employee pension benefit plan supported in whole or in part by public funds which is not specifically exempt by Florida Statutes § 112.625(8)
(5) “”Significant Plan Amendment”” means any change or changes in the retirement plan or system the net effect of which would require a current or potential increase in the contribution rate.
Rulemaking Authority Florida Statutes § 112.665(1). Law Implemented 112.63, 112.64, 112.661, 112.664, 112.665 FS. History-New 5-6-81, Amended 9-19-83, Formerly 22D-1.02, Amended 11-14-91, Formerly 22D-1.002, Amended 7-16-15, 12-25-23.