The purpose and effect of this proposed amendment is to clarify language in the ABLE Terms and Conditions.

 

STATE BOARD OF ADMINISTRATION

Florida Prepaid College Board

RULE NO.: RULE TITLE:

19B-18.003 Participation Agreement

PURPOSE AND EFFECT: The purpose and effect of this proposed amendment is to clarify language in the ABLE Terms and Conditions.

SUMMARY: This proposed rule amends language in the ABLE Terms and Conditions to clarify recent guidance relating to Section 529A of the Internal Revenue Code and state law pertaining to contribution limits, disposition of expired and unclaimed funds and processing time references.

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: During a discussion of the proposed rule at the Board Meeting, the Board, based upon the expertise and experience of its members and recommendation by Counsel, determined that a SERC was not necessary and that the rules will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact.

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) and 1009.986(10) FS.

LAW IMPLEMENTED: 1009.986 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 32308, [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 PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Brandon Goeke, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL 32308, [phone], [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

19B-18.003 Participation Agreement.

The Participation Agreement, Form No. FPCB 2015-07, [Insert DoS Reference Website Link], is hereby incorporated by reference. The Terms and Conditions, applicable to the Participation Agreement, Form No. FPCB 2016 2015-08(a), [Insert DoS Reference Website Link], is hereby incorporated by reference.

Rulemaking Authority 1009.971(1) and (4) FS; 1009.986(10) FS. Law Implemented 1009.986 FS. History–New 6-23-16, 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: March 24, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: October 11, 2016