Florida Regulations 60V-5.001: Definitions
Current as of: 2024 | Check for updates
|
Other versions
Whenever used in these rules, unless otherwise expressly stated, or unless the context or subject matter requires a different meaning, the following words and terms shall have the meaning indicated:
(1) Annuity Contract – means the written agreement between the employee and a provider company.
(2) Benefit – means any lump sum payment or annuity payment from a provider company to a participant, beneficiary or estate.
(3) Division – means the Division of Retirement.
(4) Participant – means any eligible member who has elected to be covered by the Senior Management Service Optional Annuity Program.
(5) Plan Year – means the period of time beginning July 1 and ending on the following June 30, both dates inclusive.
(6) Provider Company – means one of the companies designated by and under contract with the Division to offer annuity products to participants in the Optional Annuity Program.
Specific Authority 121.031(1) FS. Law Implemented Florida Statutes § 121.055. History-New 7-22-87, Amended 5-15-91, 11-14-91, Formerly 22V-5.001.
Terms Used In Florida Regulations 60V-5.001
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
(2) Benefit – means any lump sum payment or annuity payment from a provider company to a participant, beneficiary or estate.
(3) Division – means the Division of Retirement.
(4) Participant – means any eligible member who has elected to be covered by the Senior Management Service Optional Annuity Program.
(5) Plan Year – means the period of time beginning July 1 and ending on the following June 30, both dates inclusive.
(6) Provider Company – means one of the companies designated by and under contract with the Division to offer annuity products to participants in the Optional Annuity Program.
Specific Authority 121.031(1) FS. Law Implemented Florida Statutes § 121.055. History-New 7-22-87, Amended 5-15-91, 11-14-91, Formerly 22V-5.001.