15874455, 19B-16.003 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15874455

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Division:

Florida Prepaid College Board

Chapter:

FLORIDA COLLEGE SAVINGS PROGRAM

Overview

RULE:

19B-16.003	Participation Agreement
19B-16.005	Maximum Account Balance Limit (Repealed)

PURPOSE:

The purpose and effect is to update rules to reflect modifications to the Florida Prepaid College Program.

SUMMARY:

These rules are amended to specify the former federal standard under which an Account Owner may change the Investment Options with a reference to the relevant Internal Revenue Code provision anticipating further revisions to that Code provision;  update Form numbers for the Participation Agreement and Terms and Conditions applicable to this change; rename the Maximum Account Balance to Maximum Account Contribution Limit to reflect the industry standard; and reduce the Maximum Account Contribution Limit from seven (7) times to five (5) times the most expensive annual qualified higher education expense to correspond to the safe harbor provision in the proposed Treasury Regulations.

RULEMAKING AUTHORITY:

1009.971(1), (4), (6). FS.

LAW:

1009.971, 1009.981(1)(c), and 1009.981(2) FS.

PRINT PUBLISH DATE:

4/8/2015 Vol. 41/68

COMMENTS:

From 4/8/2015 To 4/29/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-02640 Participation Agreement, Form No. FPCB 2014-05

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