This rule is amended to specify the redemption rates for the 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan and 2-Year Florida College Plan and to clarify the redemption rate for Tuition Plans, Local Fee Plans ...

STATE BOARD OF ADMINISTRATION
Florida Prepaid College Board

Rule No.: RULE TITLE
19B-9.002: Use of Benefits at In-State Private Colleges or Universities, Out-of-State Colleges and Universities and Vocational-Technical Schools
PURPOSE AND EFFECT: This rule is amended to specify the redemption rates for the 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan and 2-Year Florida College Plan and to clarify the redemption rate for Tuition Plans, Local Fee Plans Tuition Differential Fee Plans and Dormitory Plan, which will apply when the benefits of one of those plans is used at an eligible educational institution, as defined in s. 529 of the Internal Revenue Code.
SUBJECT AREA TO BE ADDRESSED: The redemption rates payable under the prepaid plans offered through the Florida Prepaid College Plans, when the contract benefits of a prepaid plan are used at an eligible educational institution as defined in s. 529 of the Internal Revenue Code.
SPECIFIC AUTHORITY: 1009.971(1), (4), (6) FS.
LAW IMPLEMENTED: 1009.98 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
TIME AND DATE: September 7, 2010, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
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: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone [phone]. 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: Thomas J. Wallace, Executive Director, 1801 Hermitage Boulevard, Suite 210, Tallahassee, Florida 32308, telephone [phone]

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

19B-9.002 Use of Benefits at In-State Private Colleges or Universities, Out-of-State Colleges and Universities and Vocational-Technical Schools.

(1) In the event the beneficiary matriculates to any eligible education institution, as defined in s. 529 of the Internal Revenue Code, (other than a State University in Florida or a Florida College), the redemption value will be forwarded to the institution.

(2) For purposes of the transfer of 4-Year Florida University Plans, the redemption value shall be the sum of the average amounts payable to State Universities for Registration Fees, Local Fees and Tuition Differential Fees under the beneficiary’s plan, at the time of matriculation.

(3) For purposes of the transfer of 2 + 2 Florida Plans, the redemption value shall be the sum of the average amounts payable to State Universities for Registration Fees, Local Fees and Tuition Differential Fees under the beneficiary’s plan, at the time of matriculation, and the sum of the average amounts payable to Florida Colleges for Registration Fees and Local Fees under the beneficiary’s plan, at the time of matriculation.

(4) For purposes of the transfer of 4-Year Florida College Plans, the redemption value shall be the sum of the average amounts payable to Florida Colleges for Registration Fees and Local Fees under the beneficiary’s plan, at the time of matriculation.

(5) For purposes of the transfer of 2-Year Florida College Plans, the redemption value shall be the sum of the average amounts payable to Florida Colleges for Registration Fees and Local Fees under the beneficiary’s plan, at the time of matriculation.

(6) For purposes of such transfers of Tuition Plans, Local Fee Plans and Tuition Differential Fee Plans the tuition, local fee and tuition differential fee plans, the redemption value shall be the average amount payable to State Universities for Registration Fees, Local Fees and Tuition Differential Fees of tuition, local fees and tuition differential fees, respectively, under the beneficiary’s plan or plans to a state university or the average amount payable to Florida Colleges for Registration Fees and Local Fees, respectively, under the beneficiary’s plan or plans community college, at the time of matriculation.

(7) For purposes of such transfers of the Dormitory Plan dormitory plan, the redemption value shall be the average of the State University state university dormitory fees payable under the beneficiary’s plan to a State University state university or Florida College community college, at the time of matriculation for the number of semesters reflected in each beneficiary’s Dormitory Plan dormitory plan.

Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.98 FS. History–New 3-29-89, Formerly 4G-9.002, Amended 2-6-90, 12-5-93, 6-20-96, 10-20-96, 2-18-99, 10-9-01, 12-17-07, 11-30-09,________.