The purpose and effect of this rule development is to amend language specifying the former federal standard under which an Account Owner may change the Investment Options with a reference to the relevant Internal Revenue Code provision anticipating ...

 

STATE BOARD OF ADMINISTRATION

Florida Prepaid College Board

RULE NOS.:RULE TITLES:

19B-16.003Participation Agreement

19B-16.005Maximum Account Balance Limit

PURPOSE AND EFFECT: The purpose and effect of this rule development is to amend language specifying the former federal standard under which an Account Owner may change the Investment Options with a reference to the relevant Internal Revenue Code provision anticipating further revisions to that Code provision; update Form numbers for the Participation Agreement and Terms and Conditions applicable to this change; rename the Maximum Account Balance to Maximum Account Contribution Limit to reflect the industry standard; and reduce the Maximum Account Contribution Limit from seven (7) times to five (5) times the most expensive annual qualified higher education expense to correspond to the safe harbor provision in the proposed Treasury Regulations.

SUBJECT AREA TO BE ADDRESSED: Administration of the Florida College Savings Program

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

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

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

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 hours before the workshop/meeting by contacting: Michael Frick, [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 DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Michael Frick, Director of Operations, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL 32308, [phone]; [e-mail]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS NOT AVAILABLE.