12783647, 19B-16.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 12783647

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Division:

Florida Prepaid College Board

Chapter:

FLORIDA COLLEGE SAVINGS PROGRAM

Overview

RULE:

19B-16.001	Application of Rule Chapter; Definitions
19B-16.002	Application for Participation in the Program
19B-16.003	Participation Agreement
19B-16.004	Payment and Minimum Contributions (Repealed)
19B-16.005	Maximum Account Balance Limit (Repealed)
19B-16.006	Change of Benefactor (Repealed)
19B-16.007	Change of Designated Beneficiary (Repealed)
19B-16.008	Contingent Benefactor (Repealed)
19B-16.009	Rollover Distributions (Repealed)
19B-16.010	Termination and Withdrawal; Distributions (Repealed)
19B-16.011	Unclaimed Refunds (Repealed)
19B-16.012	Administration Fee

PURPOSE:

The purpose and effect of this rule development is to update and consolidate rules to reflect modifications to the Florida College Savings Program.

SUMMARY:

The proposed rules provide for the incorporation of a new Application for Participation, Participation Agreement and Terms and Conditions. The primary purposes of updating the rules and incorporated documents is to reflect new Investment Options under the Florida College Savings Program; to recognize a minimum threshold for refunds of fifty dollars ($50.00) before sending notices one year prior to escheatment; to set forth a right of survivorship for beneficiaries; to set forth factors the Florida Prepaid Board may consider in setting the Administration Fee for the 529 Savings Plan; and to reduce redundancy.

RULEMAKING AUTHORITY:

1009.971(1), (4), (6). F.S.

LAW:

1009.971(4), 1009.98, 1009.981, F.S.

PRINT PUBLISH DATE:

3/20/2013 Vol. 39/55

COMMENTS:

From 3/20/2013 To 4/10/2013 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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