This rule revises the requirements and the rights of a contingent benefactor’s authorization to request rollover distributions of a Florida College Investment Plan.

STATE BOARD OF ADMINISTRATION
Florida Prepaid Postsecondary Education Expense Board

RULE NO: RULE TITLE
19B-16.009: Rollover Distributions
PURPOSE AND EFFECT: This rule revises the requirements and the rights of a contingent benefactor’s authorization to request rollover distributions of a Florida College Investment Plan.
SUMMARY: Requires that contingent benefactors also authorize requests for rollover distributions from Investment Plan accounts that are established on or after February 1, 2009. Conforms this rule to the changes to Rule 19B-16.008, F.A.C.
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 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: October 31, 2008, 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 [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

19B-16.009 Rollover Distributions.

Except when functioning in a custodial capacity, a benefactor may make a transfer of funds into an account in the Program or from an account in the Program to the extent permitted by s. 529 of the Internal Revenue Code by submitting a notarized, written request to the Board. For accounts established on or after February 1, 2009, such transfers from an account also must include the notarized signature of the contingent benefactor.

Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.981(3) FS. History–New 5-30-02, Amended_________.

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: June 4, 2008
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 12, 2008