19B-9.002: Transfer to In-State Independent College or University
PURPOSE AND EFFECT: To reflect the amendment enacted during the 2009 regular session of the Legislature to Section 1009.98(3), F.S., which revised and expanded the types of postsecondary educational institutions at which the benefits from Prepaid College Plans may be used. Under this law, Prepaid Plans may be used at “any eligible educational institution as defined in s. 529 of the Internal Revenue Code.” The rule is also amended to revise the amount which will be paid under a Prepaid Plan to such institutions to be the average amount of the tuition, local fees, tuition differential fees, respectively, payable under the beneficiary’s plan or plans. This later change is needed due to the enactment by the 2009 regular session of the Legislature of Section 1009.98(10), F.S., which specifies the amounts which the Board is required to pay state universities on behalf of beneficiaries of Prepaid College Plans.
SUBJECT AREA TO BE ADDRESSED: The transfer of the benefits of advance payment contracts to any eligible educational institution, as defined in s. 529 of the Internal Revenue Code.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
TIME AND DATE: October 5, 2009, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: fax a written request for same to: Thomas J. Wallace, Executive Director, Florida Prepaid College Board, at (850)488-3555. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone (850)488-8514
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
19B-9.002 Use of Benefits at Transfers to In-State Private Colleges Independent College or Universities University, Out-of-State Colleges and Universities and Vocational-Technical Schools.
In the event the beneficiary matriculates to any eligible education institution, as defined in s. 529 of the Internal Revenue Code in an independent college or university in Florida, the redemption value will be forwarded to the institution. For purposes of such transfers of the tuition, local fee and tuition differential fee plans, the redemption value shall be the average amount of tuition, local fees and tuition differential fees, respectively, payable under the beneficiary’s plan or plans to a state university or community college, charged by the state universities or community colleges at the time of matriculation. For purposes of such transfers of the dormitory plan, the redemption value shall be the average of the state university dormitory fees payable under the beneficiary’s plan to a state university or community college, charged at the time of matriculation for the number of semesters reflected in each beneficiary’s dormitory plan purchaser’s advance payment contract.
Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98 FS. History–New 3-29-89, Formerly 4G-9.002, Amended 2-6-90, 12-5-93, 6-20-96, 10-20-96, 2-18-99, 10-9-01, 12-17-07,_________.