19B-8.002: Age Limitations
PURPOSE AND EFFECT: To amend the Florida Prepaid College Plan rule providing a clarification of when does the Board determine the need to impose an additional amount on an account when beneficiaries are substituted, and provide a clarification of the age limitation permitting the substitution of beneficiaries.
SUMMARY: This rule change amending to provide clarification of when additional amount on an account is required when substituting beneficiaries.
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.
1) no requirement for SERC was triggered under Section 120.541(1), F.S., and 2) based on past experiences with rules of this nature, the adverse impact or regulatory cost, if any, do not exceed nor would be expected to exceed any one of the economic analysis criteria set forth in Section 120.541(2)(a), F.S.
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: The Agency has determined that the proposed rule will not require legislative ratification pursuant to Section 120.541(3), F.S., or other applicable statutes.
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: 1009.98 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(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
DATE AND TIME: February 17, 2012, 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 request to: Kevin Thompson, Interim Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida. Facsimile (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 IS: Kevin Thompson, Interim Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308
THE FULL TEXT OF THE PROPOSED RULE IS:
19B-8.002 Age Limitations.
The transfer to a substitute beneficiary is limited to individuals who are no more than three years, younger or older, from the age of the original younger than the qualified beneficiary, or no more than three years older than the qualified beneficiary, without assessment of an additional advance payment contract price. If transfer to a substitute beneficiary more than three years, younger or older, from the age of the original older than the qualified beneficiary is desired, application must be made to the Board. The Board will may assess an additional amount only if the change results in a negative impact on to ensure the actuarial soundness of the trust fund.
Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.98 FS. HistoryNew 3-29-89, Formerly 4G-8.002, Amended 6-20-96,_________.
