To amend the flexibility with which advance payment contract beneficiaries may use their benefits, to include the restriction on the new tuition differential fee plan and to update terminology.

 

STATE BOARD OF ADMINISTRATION
Florida Prepaid Postsecondary Education Expense Board

RULE NO: RULE TITLE
19B-9.001: Flexibility
PURPOSE AND EFFECT: To amend the flexibility with which advance payment contract beneficiaries may use their benefits, to include the restriction on the new tuition differential fee plan and to update terminology.
SUMMARY: This rule change amends the Florida Prepaid College Plan flexibility with which advance payment contract beneficiaries may use their benefits, to include the restriction on the new tuition differential fee 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 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: November 19, 2007, 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-9.001 Flexibility.

The benefits of advance payment contracts are plan is designed to be flexible in order to allow beneficiaries to attend the postsecondary institutions of their choice regardless of the type of plans included in the advance payment contracts purchased.

(1) Plan benefits will be automatically converted upon receipt of a valid postsecondary institution invoice based upon the respective tuition rate at the time of the qualified beneficiaries’ actual matriculation dates. For example, if the community college tuition rate is two-thirds (2/3) of the university rate at the time of matriculation, three community college credit hours will be used to pay for two (2) university credit hours.

(2) A dormitory plan may not be transferred to a community college plan.

(3) A tuition differential fee plan may not be transferred to a community college plan.

(4)(3) For the purchaser to convert plan benefits and receive a refund, pursuant to Rule 19B-11.002, F.A.C., a written conversion/ refund request must be received from the purchaser no earlier than one (1) year and before April 1 of the year of matriculation of the qualified beneficiary.

Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.98(3) FS. History–New 3-29-89, Amended 3-19-92, Formerly 4G-9.001, Amended 6-20-96, 8-18-97,________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Prepaid College Board
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Florida Prepaid College Board
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 05, 2007
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 28, 2007