16978024, 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: 16978024

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

PURPOSE:

The purpose and effect of this rule revision is to reflect modifications to the Participation Agreement and Terms and Conditions for the Florida College Savings Program.

SUMMARY:

This rule is amended to incorporate by reference the revised Florida 529 Savings Plan Participation Agreement and Terms and Conditions, which includes changes to the Participation Agreement relating to investment directions, specifically referencing the federal standard for the number of times per calendar year that an Account Owner may rebalance the Account with the Internal Revenue Code reference for automatic updating. Several items in the Terms and Conditions have been revised, including, inter alia, incorporating “Business Day,” “Parent,” “Request,” and “Trade Date” as defined terms, revisions to the Processing Time and Application Fee sections and incorporating the same changes made in the Participation Agreement.

RULEMAKING AUTHORITY:

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

LAW:

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

PRINT PUBLISH DATE:

1/27/2016 Vol. 42/17

COMMENTS:

From 1/27/2016 To 2/17/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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