Florida Regulations 60V-1.005: Election to Participate
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Participation in the Optional Annuity Program shall commence only upon election by an eligible employee as follows:
(1) Any employee whose initial employment in an eligible state Senior Management Service Class position is before February 1, 1987 and who elects to participate in the Optional Annuity Program shall make such election on Form SMS-1, adopted in Fl. Admin. Code R. 60V-1.007, and file it with the employer’s personnel office to be forwarded to the Division on or before May 1, 1987. The effective date of participation for such employee shall be February 1, 1987 or the first day of any month during the election period of February 1, 1987 through May 1, 1987, if so specified by the employee. If such employee transfers to the Optional Annuity Program from an existing system as defined in subFlorida Statutes § 121.021(2), the Special Risk Class or the Special Risk Administrative Support Class, that employee shall make such election on Form SMS-1.
(2) Any employee whose initial date of employment in an eligible state Senior Management Service Class position is on or after February 1, 1987, and who elects to participate in the Optional Annuity Program shall, within 90 days of becoming eligible:
(a) Execute an annuity contract with one or more of the approved provider companies;
(b) Make such election on Form SMS-1 and file it with his or her employer’s personnel office to be forwarded to the Division within 90 calendar days after the date of employment in an eligible Senior Management Service Class position; and
(c) Have participation effective on the first day of employment or the first day of any month during the 90-day election period, if so specified by the employee.
(3) Any eligible employee who fails to make an election provided by subsection 60V-1.005(1) or (2) or Fl. Admin. Code R. 60S-1.0057(2)(a), shall be a compulsory member of the Senior Management Service Class of the Florida Retirement System as provided by subsection 60S-1.0057(1), F.A.C.
(4) An employee’s election to participate in the Optional Annuity Program is irrevocable as long as such employee continues to be employed in an eligible position and continues to meet the eligibility requirements set forth in Fl. Admin. Code R. 60V-1.004
(5) If a participant terminates employment for less than 1 calendar month and is reemployed in an eligible position, such participant shall continue to be a participant in the Optional Annuity Program.
Specific Authority 121.031(1) FS. Law Implemented Florida Statutes § 121.055. History-New 7-22-87, Amended 11-14-91, Formerly 22V-1.005, Amended 1-4-93, 2-24-99.
Terms Used In Florida Regulations 60V-1.005
- 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.
- Contract: A legal written agreement that becomes binding when signed.
(2) Any employee whose initial date of employment in an eligible state Senior Management Service Class position is on or after February 1, 1987, and who elects to participate in the Optional Annuity Program shall, within 90 days of becoming eligible:
(a) Execute an annuity contract with one or more of the approved provider companies;
(b) Make such election on Form SMS-1 and file it with his or her employer’s personnel office to be forwarded to the Division within 90 calendar days after the date of employment in an eligible Senior Management Service Class position; and
(c) Have participation effective on the first day of employment or the first day of any month during the 90-day election period, if so specified by the employee.
(3) Any eligible employee who fails to make an election provided by subsection 60V-1.005(1) or (2) or Fl. Admin. Code R. 60S-1.0057(2)(a), shall be a compulsory member of the Senior Management Service Class of the Florida Retirement System as provided by subsection 60S-1.0057(1), F.A.C.
(4) An employee’s election to participate in the Optional Annuity Program is irrevocable as long as such employee continues to be employed in an eligible position and continues to meet the eligibility requirements set forth in Fl. Admin. Code R. 60V-1.004
(5) If a participant terminates employment for less than 1 calendar month and is reemployed in an eligible position, such participant shall continue to be a participant in the Optional Annuity Program.
Specific Authority 121.031(1) FS. Law Implemented Florida Statutes § 121.055. History-New 7-22-87, Amended 11-14-91, Formerly 22V-1.005, Amended 1-4-93, 2-24-99.