$500 A WEEK FOR LIFE

Notice of Emergency Rule

 

DEPARTMENT OF THE LOTTERY

RULE NO.:RULE TITLE:

53ER15-32Instant Game Number 1276, $500 A WEEK FOR LIFE

SUMMARY: This emergency rule describes Instant Game Number 1276, “$500 A WEEK FOR LIFE," for which the Department of the Lottery will start selling tickets on a date to be determined by the Secretary of the Department. The rule sets forth the specifics of the game; determination of prizewinners; estimated odds of winning, value and number of prizes in the game.

THE PERSON TO BE CONTACTED REGARDING THE EMERGENCY RULE IS: Diane D. Schmidt, Legal Analyst, Department of the Lottery, 250 Marriott Drive, Tallahassee, Florida 32399-4011

 

THE FULL TEXT OF THE EMERGENCY RULE IS:

 

53ER15-32 Instant Game Number 1276, $500 A WEEK FOR LIFE.

(1) Name of Game. Instant Game Number 1276, “$500 A WEEK FOR LIFE.”

(2) Price. $500 A WEEK FOR LIFE lottery tickets sell for $1.00 per ticket.

(3) $500 A WEEK FOR LIFE lottery tickets shall have a series of numbers in machine readable code (or bar code) on the back of the ticket, along with a validation number under the latex area on the ticket. To be a valid winning $500 A WEEK FOR LIFE lottery ticket, the ticket must meet the applicable requirements of Rule 53ER15-31, Florida Administrative Code.

(4) The “YOUR NUMBERS” play symbols and play symbol captions are as follows:

(5) The “WINNING NUMBER” play symbols and play symbol captions are as follows:

(6) The prize symbols and prize symbol captions are as follows:

(7) The legends are as follows:

(8) Determination of Prizewinners.

(a) A ticket having a play symbol and corresponding play symbol caption in the “YOUR NUMBERS” play area that matches the play symbol and corresponding play symbol caption in the “WINNING  NUMBER” play area shall entitle the claimant to the corresponding prize shown for that symbol. A ticket having a “” symbol in the “YOUR NUMBERS” play area shall entitle the claimant to double the prize shown for that symbol.

(b) The prizes are: $1.00, $2.00, $4.00, $5.00, $10.00, $20.00, $40.00, $100, $1,000 and .

(9) $500 A WEEK FOR LIFE Prize Payment Options.

(a) A winner of a $500 A WEEK FOR LIFE prize may choose one of three payment options for receiving his or her prize. Payment options are “cash option,” “weekly payment” or “annual payment.” At the time the $500 A WEEK FOR LIFE prize is claimed, the terminal will produce a top prize player claim instructions ticket. The winner has sixty (60) days from the date the player claim instructions ticket is produced to file a claim choosing the cash option. If a winner does not choose the cash option within such time, the winner will be required to choose between the weekly payment option and the annual payment option. Once the winner files a claim and exercises the winner’s chosen option, the election of that option shall be final.

(b) Cash option prizes will be paid in a single cash payment equal to the amount of cash required to purchase U.S. Government Securities that would fund the applicable prize amount of $500 a week for a twenty year period, less applicable federal withholding taxes. This figure will be determined during the week following the date on which the $500 A WEEK FOR LIFE prize is claimed using published financial data (Bloomberg Quote).

(c) Weekly payment prizes claimed by an individual will be paid in equal weekly installments of $500, less applicable federal withholding taxes, for the life of the winner, with a minimum of twenty years, which equals $520,000. Weekly payment prizes claimed by a trust, corporation or other legal entity shall be paid in equal weekly installments of $500 for a period not greater than twenty years, less applicable federal withholding taxes.

(d) Annual payment prizes claimed by an individual will be paid in annual installments of $26,000, less applicable tax withholding taxes, for the life of the winner, with a minimum of twenty years, which equals $520,000.

(e) Following the end of the guaranteed twenty year payment period, weekly payment prizes will be converted to annual payments.

(f)  At the end of the guaranteed twenty year payment period, winners receiving weekly payments or annual payments will be required to provide evidence to the Lottery that they are still living. Thereafter, winners will be required to provide such evidence on an annual basis prior to receipt of their next scheduled payment.

(g) Any interest or earnings accruing on a $500 A WEEK FOR LIFE prize prior to the prize payment or purchase of securities, under either the cash option or the weekly or annual payment option, shall accrue to the State of Florida and not to the winner.

(10) The estimated odds of winning, value, and number of prizes in Instant Game Number 1276 are as follows:

 

			NUMBER OF WINNERS IN
		ESTIMATED	150 POOLS OF
		ODDS OF	240,000 TICKETS
GAME PLAY	WIN	1 IN	PER POOL
$1	$1	10.71	3,360,000
$1 (STAR)	$2	37.50	960,000
$1 x 2	$2	60.00	600,000
$2	$2	37.50	960,000
$1 x 4	$4	300.00	120,000
$1 (STAR) + $2	$4	300.00	120,000
$2 (STAR)	$4	300.00	120,000
$2 x 2	$4	300.00	120,000
$4	$4	300.00	120,000
$1 x 5	$5	500.00	72,000
$1 + $2 (STAR)	$5	500.00	72,000
$1 + ($2 x 2)	$5	500.00	72,000
$1 + $4	$5	500.00	72,000
$5	$5	500.00	72,000
$2 + $4 (STAR)	$10	750.00	48,000
$2 x 5	$10	750.00	48,000
$5 (STAR)	$10	750.00	48,000
$5 x 2	$10	750.00	48,000
$10	$10	750.00	48,000
$5 (STAR) + $10	$20	1,500.00	24,000
$4 x 5	$20	1,500.00	24,000
$10 (STAR)	$20	1,500.00	24,000
($5 x 2) + $10	$20	1,500.00	24,000
$20	$20	1,500.00	24,000
$10 (STAR) + $20	$40	5,333.33	6,750
($5 x 2) + ($10 x 3)	$40	5,333.33	6,750
$20 (STAR)	$40	5,333.33	6,750
($10 x 2) + $20	$40	5,333.33	6,750
$40	$40	5,333.33	6,750
($20 x 3) + $20 (STAR)	$100	24,000.00	1,500
($5 x 2) + $10 + ($40 x 2)	$100	24,000.00	1,500
$20 + ($40 x 2)	$100	24,000.00	1,500
$20 x 5	$100	26,666.67	1,350
$100	$100	30,000.00	1,200
$1,000	$1,000	80,000.00	450
$500/WK/LIFE	Top Prize	6,000,000.00	6

 

(11) The estimated overall odds of winning some prize in Instant Game Number 1276 are 1 in 4.97.  Prizes, including the top prizes, are subject to availability at the time of ticket purchase. Prizes may be unavailable due to prior sale or other causes occurring in the normal course of business including, but not limited to, ticket damage, defect, theft, or loss.

(12) For reorders of Instant Game Number 1276, the estimated odds of winning, value, and number of prizes shall be proportionate to the number of tickets reordered.

(13) Payment of prizes for $500 A WEEK FOR LIFE lottery tickets shall be made in accordance with the rule of the Florida Lottery governing payment of prizes. A copy of the current rule can be obtained from the Florida Lottery, Office of the General Counsel, 250 Marriott Drive, Tallahassee, Florida 32399-4011.

Rulemaking Authority 24.105(9)(a), (b), (c), 24.109(1), 24.115(1) FS. Law Implemented 24.105(9)(a), (b), (c), 24.115(1) FS. History—New 6-11-15.

 

THIS RULE TAKES EFFECT UPON BEING FILED WITH THE DEPARTMENT OF STATE UNLESS A LATER TIME AND DATE IS SPECIFIED IN THE RULE.

EFFECTIVE DATE: June 11, 2015