19B-4.005: Maximum Account Balance Limit
PURPOSE AND EFFECT: The rule is being amended to specify how the maximum account balance for the Florida Prepaid College Plan and the Florida College Investment Plan will apply with respect to the 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan, and 2-Year Florida College Plan and to revise how the maximum account balance will apply with respect to Tuition Plans, Local Fee Plans, Tuition Differential Fee Plans and Dormitory Plans.
SUMMARY: The amended rule specifies how the maximum account balance for the Florida Prepaid College Plan and Florida College Investment Plan will apply with respect to each of the plans offered through the Florida Prepaid College Plan.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98, 1009.981 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: September 20, 2010, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone (850)488-8514
THE FULL TEXT OF THE PROPOSED RULE IS:
19B-4.005 Maximum Account Balance Limit.
(1) No change.
(2) For purposes of the maximum account balance limit, the redemption value of an advance payment contract for:
(a) The 4-Year Florida University Plan shall be the most expensive lump-sum contract price for the 4-Year Florida University Plan, as determined annually by the Board’s actuary.
(b) A 2 + 2 Florida Plan shall be the most expensive lump-sum contract price for the 2 + 2 Florida Plan, as determined annually by the Board’s actuary.
(c) A 4-Year Florida College Plan shall be the most expensive lump-sum contract price for the 4-Year Florida College Plan, as determined annually by the Board’s actuary.
(d) A 2-Year Florida College Plan shall be the most expensive lump-sum contract price for the 2-Year Florida College Plan, as determined annually by the Board’s actuary.
(e) A Tuition Plan shall be the most expensive lump-sum price for a 4-Year University Tuition Plan, as determined by the Board’s actuary in the actuarial report prepared by the Board’s actuary dated August 19, 2009.
(f) A Local Fee Plan shall be the most expensive lump-sum contract price for a 4-Year University Local Fee Plan, as determined annually by the Board’s actuary.
(g) A Tuition Differential Fee Plan shall be the most expensive lump-sum contract price for a 4-Year University Tuition Differential Fee Plan, as determined annually by the Board’s actuary.
Tuition, local fee, and tuition differential fee plans shall be the most expensive lump sum contract price for the university tuition, university local fee and university tuition differential fee plans, as determined annually by the Board’s actuary.
(h)(b) A Dormitory Plan plans shall be the most expensive lump-sum four (4) year dormitory contract price (8 semesters), as determined annually by the Board’s actuary.
(3) No change.
Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98, 1009.981 FS. History–New 11-27-02, Amended 12-28-03, 7-13-06, 12-17-07, 7-9-08,________.