19B-9.001: Flexibility
PURPOSE AND EFFECT: This rule is amended to: a) update references to the fees included in the contract benefits for the types of prepaid plans offered in the Florida Prepaid College Plan; b) update the example used to explain how plan benefits are converted for use at a different type of Florida state postsecondary education institution; c) specify that a Dormitory Plan may not be used at a Florida College and may not be an addendum to a 4-Year Florida College Plan, 2-Year Florida College Plan or 2-Yr FL College Tuition Plan; d) specify that a Tuition Differential Fee Plan may not be used at a Florida College and may not be an addendum to a 2-Yr FL College Tuition Plan; and e) revise references to the community college plan to the 2-Yr College FL Tuition Plan.
SUMMARY: This rule amendment updates this rule to reflect the addition of the 4-Year Florida University Plan, 2 + 2 Florida Plan, 4-Year Florida College Plan and 2-Year Florida College Plan to the Florida Prepaid College 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: 1009.971, 1009.98(3), (5) 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:
DATE AND TIME: September 20, 2010, 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 (850)488-8514
THE FULL TEXT OF THE PROPOSED RULE IS:
19B-9.001 Flexibility.
The benefits of advance payment contracts are 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 contract contracts purchased.
(1) Plan benefits will be automatically converted upon receipt of a valid postsecondary institution invoice based upon the respective rates of tuition and/or fees included among the contract benefits for the plan or plans included in the qualified beneficiarys advance payment contract tuition rate at the time of the qualified beneficiaries actual matriculation dates. For example, if the qualified beneficiary has a 2-YR FL College Tuition Plan and if the Florida College Registration Fees (the benefits provided by a 2-YR FL College Tuition Plan) are community college tuition rate is two-thirds (2/3) of the State University Registration Fees university rate at the time of matriculation, three Florida College community college credit hours will be used to pay for two (2) State University university credit hours.
(2) A Dormitory Plan may not be used at a Florida College except as provided in Rule 19B-9.004, F.A.C. and dormitory plan may not be an addendum transferred to a 4-Year Florida College Plan, 2-Year Florida College Plan or 2-Yr FL College Tuition Plan community college plan.
(3) A Tuition Differential Fee Plan may not be used at a Florida College and tuition differential fee plan may not be an addendum transferred to a 2-Yr FL College Tuition Plan community college plan.
(4) 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.
Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.98(3) FS. HistoryNew 3-29-89, Amended 3-19-92, Formerly 4G-9.001, Amended 6-20-96, 8-18-97, 12-17-07,_________.
