(1) The State Board of Administration of Florida (“”SBA””) is responsible for establishing, implementing, and administering the defined contribution program, known as the “”Florida Retirement System Investment Plan”” or “”Investment Plan,”” in accordance with Florida Statutes § 121.4501(1) The SBA is the Plan Sponsor. The plan documents consist of the Florida Statutes and Administrative Rules adopted thereunder and the Summary Plan Description (SPD). The SPD is a summary of the plan for the convenience of members and can be changed by the SBA at any time without prior notice to Florida Retirement System (FRS) members. The SBA’s primary responsibilities are set out in paragraphs (1)(a) through (1)(n), below. Each of these major responsibilities involves additional decisions which then in turn need to be implemented. Those decisions, to the extent they are not solely on a case-by-case basis, are adopted by rule. The SBA must ensure that all of the following individual responsibilities are carried out:
    (a) Hiring general and specialized consultants to assist in the implementation and on-going operation of the Investment Plan. Their roles and responsibilities are found in Fl. Admin. Code R. 19-13.004
    (b) Hiring a third party administrator (“”Administrator””), educational service providers, investment option providers, and contracting with the Division of Retirement (“”Division””) within the Department of Management Services to provide certain administrative services. Their roles and responsibilities are found, respectively, in Rules 19-13.004 and 19-13.002, F.A.C.
    (c) Adhering to and enforcing the fiduciary standards and responsibilities required by certain sections of the Employee Retirement Income Security Act of 1974, which are incorporated in Florida law in Florida Statutes § 121.4501(15)
    (d) Coordinating with the Division in providing the education component described in Sections 121.4501(10)(c) and (d), F.S., and a communication component to provide information to employers as described in Section 121.4501(10)(f), F.S.
    (e) Providing information to Investment Plan members on a quarterly basis, pursuant to Florida Statutes § 121.4501(11)
    (f) Obtaining and maintaining the tax qualified status of the Investment Plan and for compliance with the federal Internal Revenue Code.
    (g) Directing and monitoring the activities of all service providers to the Investment Plan. These service providers include, but are not limited to, the third party administrator, the education service providers, and the investment product providers.
    (h) Directing and monitoring the services provided by the Division with which the SBA has an interagency agreement.
    (i) Movement of assets from the Pension Plan to the Investment Plan upon the election of a member to transfer and making such adjustments to plan accounts and member accounts as are necessary to process election reversals and prior period corrections to contributions and accompanying payroll data.
    (j) Developing an investment policy statement for the program.
    (k) Choosing, monitoring, and terminating investment options in the Investment Plan; mapping account balances of members in the event of investment option termination; distributing all data regarding these investment options to member; and rebalancing and reconstituting multiple manager investment options and also the Target Date Funds (“”TDF””) options provided in the investment policy statement utilizing information from a registered investment advisor and fiduciary to the Florida Retirement System.
    (l) Implementing the confidentiality provisions in Florida Statutes § 121.4501(19)
    (m) Developing all contracts used in the Investment Plan; and,
    (n) All rulemaking for the Investment Plan.
Rulemaking Authority Florida Statutes § 121.4501(8). Law Implemented 121.4501(1), (4), (8), (9), (10), (14), (15), (19) FS. History-New 10-21-04, Amended 7-12-12, 12-16-12, 12-30-15, 1-18-17, 2-12-18.