The purpose and effect of this proposed rule is amend the Participation Agreement and Terms and Conditions for the Florida Prepaid College Board's Savings Program to address recent changes to Federal law regarding 529 Plans and to simplify the ...

 

STATE BOARD OF ADMINISTRATION

Florida Prepaid College Board

RULE NO.:RULE TITLE:

19B-16.003Participation Agreement

PURPOSE AND EFFECT: The purpose and effect of this proposed rule is amend the Participation Agreement and Terms and Conditions for the Florida Prepaid College Board's Savings Program to address recent changes to Federal law regarding 529 Plans and to simplify the contract for consumers by updating contract provisions.

SUMMARY: This rule and the incorporating documents are revised to reflect changes to Federal law regarding 529 plans, which this rule governs. The revisions to the incorporating documents are to update the contract provisions to reflect those federal changes.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: These changes are made only to modify the customer terms and conditions as a result of the Federal Tax Cuts and Jobs Act of 2017, and do not change the operations of or the costs incurred by the Board in administering its programs, as the revisions to the rule do not change any of the operations or costs of the program. The Board, based upon the procedural revisions and no operational or substantive changes, determined that there was no SERC required.

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.

RULEMAKING AUTHORITY: 1009.971(1), (4), (6). FS.

LAW IMPLEMENTED: 1009.971, 1009.981(1)(c), and 1009.981(2) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

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: Brandon Goeke, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, [phone], [e-mail]. 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).. 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 IS: Brandon Goeke, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, [phone], [e-mail].. 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 FULL TEXT OF THE PROPOSED RULE IS:

 

19B-16.003 Participation Agreement

The Participation Agreement, Form No. FPCB 2018-05,[Insert DoS Reference Website Link],http://www.flrules.org/Gateway/reference.asp?No=Ref 02640 is hereby incorporated by reference. The Terms and Conditions, applicable to the Participation Agreement, Form No. FPCB 2016-06a,[Insert DoS Reference Website Link], http://www.flrules.org/Gateway/reference.asp?No=Ref 03229 is hereby incorporated by reference.

Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.981 FS. History–New 11-27-02, Amended 12-28-04, 6-2-05, 7- 13-06, 12-4-07, 5-29-08, 6-3-09, 6-22-10, 10-24-12, 5-8-13, 10-7-13, 6-23-16,2-14-17,_______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Prepaid College Board

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Prepaid College Board

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 5, 2018

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 11, 2018