Current through Reg. 50, No. 187; September 24, 2024
(1) A member
may designate a beneficiary, as provided in subsection
60S-4.011(4) or
(5), F.A.C., to receive the benefits which
may be payable pursuant to these rules in the event of the member's death. No
designation of beneficiary shall be effective unless it has been filed with the
Division. The most recent designation of beneficiary filed with the Division
shall replace any previous designation whether made before or after the
member's retirement.
(2) As
provided in Section 121.091(8),
F.S., if no beneficiary is designated or if no designated beneficiary survives
the member, the beneficiary shall be determined in the following order: the
spouse of the deceased member; or if the spouse is not living, the living
children of the deceased member, or on their behalf if under 18 years of age;
or if no children survive, the deceased member's father and/or mother, if
living; otherwise, the legal representative of the deceased member's
estate.
(3) If a member has
transferred from an existing system, any person whom the member had designated
as his or her beneficiary under that existing system shall remain the member's
designated beneficiary and shall receive the benefits, if any, which may be
payable pursuant to these rules in the event of the member's death, unless the
member changes his or her designation of beneficiary on the proper form
provided by the Division.
(4) A
member may designate a beneficiary or beneficiaries at any time prior to
retirement, as follows:
(a) A member may
designate one or more beneficiaries, to receive benefits sequentially, or
jointly.
(b) A member may designate
as beneficiary any person, organization, trust, or his or her estate; or he or
she may designate that benefits be paid according to law as provided in
subsection 60S-4.011(2),
F.A.C., and Section 121.091(8),
F.S.
(c) Such beneficiary
designation shall be made on the Form BEN-001, effective 07/16,
http://www.flrules.org/Gateway/reference.asp?No=Ref-07348,
Florida Retirement System Pension Plan Active Member Beneficiary Designation
Form, herein adopted by reference, which 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. Individuals with a hearing or speech
impairment may call the Division via T.D.D. at the Florida Relay System by
dialing 711 or (800)955-8771.
(d) A
member may change his or her designation of a beneficiary at any time prior to
retirement on the Form BEN-001.
(e)
Notwithstanding any other provisions in this section to the contrary, effective
January 1, 1999, if a member dies before his or her effective date of
retirement, the member's spouse at the time of death shall be the member's
beneficiary unless the deceased member had designated a different beneficiary
after his or her most recent marriage, as provided herein:
1. If the member was not married at the time
of his or her death, the beneficiary shall be the member's most recently
designated beneficiary as provided in this section. To establish entitlement to
a survivor's benefit, the designated beneficiary must provide to the Division a
notarized statement that the member had no spouse at the time of
death.
2. If the member was married
at the time of his or her death, but the spouse is not the member's designated
beneficiary, to establish entitlement to a survivor's benefit the spouse must
provide a copy of the marriage certificate verifying that the marriage occurred
after the most recent beneficiary designation.
(5) Upon application for retirement, a member
shall be required to complete a new designation of beneficiary on the
appropriate application form as provided in subsection
60S-4.0035(1),
F.A.C., as follows:
(a) A member who selects
option 1 or 2, as provided in paragraph
60S-4.010(1)(a) or
(b), F.A.C., may:
1. Designate as beneficiary any person,
organization, trust, or his or her estate; or designate that benefits be paid
according to law as provided in subsection
60S-4.011(2),
F.A.C., and Section 121.091(8),
F.S.
2. Designate one or more
beneficiaries to receive benefits jointly or sequentially.
3. Change his or her designation of
beneficiary at any time on Form FST-12, effective 07/16,
http://www.flrules.org/Gateway/reference.asp?No=Ref-07349,
Florida Retirement System Pension Plan Retired Member and DROP Participant
Beneficiary Designation Form, herein adopted by reference, which 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. Individuals with a
hearing or speech impairment may call the Division via T.D.D. at the Florida
Relay System by dialing 711 or (800)955-8771.
(b) Effective July 1, 1992, a member who
selects Option 2, as provided in paragraph
60S-4.010(1)(b),
F.A.C., shall, upon application for retirement, designate a beneficiary or
beneficiaries as follows:
1. The member shall
designate one or more primary beneficiaries to receive any benefits remaining
upon the death of the member. If more than one primary beneficiary is
designated, they shall be joint primary beneficiaries and shall receive equal
portions of the remaining benefit unless the member specifies different
proportions.
2. The member may also
designate one or more contingent beneficiaries to receive any benefits
remaining upon the death of all the primary beneficiaries, whether such deaths
occur before or after the member's death. The member may designate such
contingent beneficiaries to receive benefits jointly, sequentially, or to
receive the benefit portion of a deceased primary beneficiary.
3. Upon the death of a joint primary
beneficiary, such deceased beneficiary's portion of the benefit shall be paid
to the remaining joint primary beneficiaries in proportion to their share of
the benefit, unless specified by the member that such portion shall be paid to
a contingent beneficiary. Upon the death of all joint primary beneficiaries,
any remaining benefits shall be paid to any contingent beneficiaries designated
by the member as provided in subparagraph
60S-4.011(5)(b)
2., F.A.C.
4. Any benefits
remaining upon the death of the last remaining beneficiary designated by the
member, whether primary or contingent, shall be paid to the estate of such
beneficiary.
(c) A member
who elects to retire under Option 3 or 4, as provided in paragraph
60S-4.010(1)(c) or
(d), F.A.C., shall designate a beneficiary
who qualifies as a joint annuitant. The joint annuitant must meet the
definition of joint annuitant in Rule
60S-6.001, F.A.C. Proof of
financial dependency or of physical or mental incapacity for self-support shall
be required and may include the following documents, as determined by the
Division based on the circumstances of the joint annuitant:
1. Copy of member's Federal income tax
return(s) obtained from the Internal Revenue Service claiming the dependent as
an exemption.
2. Copy of member's
and joint annuitant's (if any) Federal income tax return(s) obtained from the
Internal Revenue Service showing that one-half or more of the joint annuitant's
support is provided by the member.
3. Additional documentation such as medical
or institutional cost statements.
4. Medical or financial records or documents
proving that a child is physically or mentally incapable of
self-support.
5. Other proof as
required by the Division based on individual
circumstances.
(6) An active or retired member may designate
a trust as beneficiary or may designate a beneficiary whose benefits are to be
paid through a trust, subject to the following:
(a) If a member who dies prior to his or her
effective date of retirement has designated a trust as his or her beneficiary,
such trust shall be entitled only to a refund of the member's contributions as
provided in subsection
60S-4.008(1) or
(2)(a), F.A.C.
(b) If a member who dies prior to his or her
effective date of retirement has designated a beneficiary to receive benefits
through a trust, such beneficiary shall be entitled to the same benefits, in
accordance with Rule 60S-4.008, F.A.C., as if the
member had designated such beneficiary without specifying that benefits be paid
through a trust.
(c) Under option 3
or 4 a member may not designate a trust as beneficiary, but may designate a
natural person whose benefits are to be paid through a trust, provided:
1. Such beneficiary is a minor or is legally
incompetent; and,
2. The designated
natural person qualifies as a joint annuitant as defined in Rule
60S-6.001, F.A.C., and in
accordance with paragraph
60S-4.011(5)(c),
F.A.C., as of the member's effective date of retirement or at the time of the
change of beneficiary designation after retirement as provided in subsection
60S-4.010(8),
F.A.C., as applicable.
(d) When a member makes a beneficiary
designation involving a trust, either upon application for retirement or after
retirement, he or she shall file with the Division:
1. A copy of the trust instrument;
and,
2. A copy of the acceptance of
the trusteeship by the trustee; and,
3. If applicable, a clear identification of
the natural person or persons named as beneficiary to whom benefits are to be
paid through a trust.
(e)
Notwithstanding the member's designation of benefits to be paid through a trust
to a beneficiary that is a natural person, and notwithstanding the provisions
of the trust, the Division shall pay benefits directly to the beneficiary if
such person is no longer a minor or legally incompetent.
(f) The trustee of a trust designated as
beneficiary or through which benefits are to be paid to a named beneficiary
shall have the right to make all applicable decisions and actions regarding
benefits payable to or through such trust (including, but not limited to,
requesting a lump-sum settlement when a trust is the named beneficiary under
option 2, completing forms, and designating subsequent beneficiaries), unless
the trustee and the legal guardian of a beneficiary receiving benefits through
the trust are not one and the same, in which case only the legal guardian may
act on behalf of the beneficiary.
Rulemaking Authority
121.031 FS. Law Implemented
121.021,
121.091(6), (8)
FS.
New 1-1-72, Amended 12-31-74, 1-19-82, 9-9-82, Formerly
22B-4.11, Amended 2-7-89, 9-5-90, 5-15-91, 11-14-91, 9-8-92, Formerly
22B-4.011, Amended 3-12-96, 2-24-99, 8-13-03, 4-5-12, 5-1-14,
11-6-16.
