Section 218.409(5), Florida Statutes allows, but does not require, the SBA to establish a maximum number of accounts for participants in Florida PRIME. The current rule establishes a maximum of ten (10) accounts. However, the cap is somewhat ...

 

STATE BOARD OF ADMINISTRATION

RULE NO.:RULE TITLE:

19-7.014Number of Accounts

PURPOSE AND EFFECT: Section 218.409(5), Florida Statutes allows, but does not require, the SBA to establish a maximum number of accounts for participants in Florida PRIME. The current rule establishes a maximum of ten (10) accounts. However, the cap is somewhat arbitrary, and the removal of the cap would provide the SBA with greater flexibility to make decisions concerning participant accounts based on specific participant activity and needs.

SUMMARY: To repeal a rule that is not required. There are no other rules incorporating this repealed rule. The proposed repeal does not have an impact on any other rules. Legislative ratification of this rule repeal is not required.

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: Upon review of the proposed changes to the rule as well as any incorporated materials, the State Board of Administration has determined that the rule repeal will not meet the statutory threshold for ratification by the legislature. There will be no impact on economic growth, job creation or employment, private-sector investment, or business competitiveness, and no increase in regulatory costs by the repeal of this rule.

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: 218.405, 218.412 FS

LAW IMPLEMENTED: 218.409(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(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: Friday, December 20, 2013, 9:00 a.m. – 11:00 a.m.

PLACE: Hermitage Room, the Hermitage Centre, 1801 Hermitage Blvd., Tallahassee, Florida 32308

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: Tina Joanos, Agency Clerk, Office of the General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, Florida 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: Ruth A. Smith, Assistant General Counsel, State Board of Administration, 1801 Hermitage Blvd., Tallahassee, Florida 32308, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

19-7.014 Number of Accounts.

The maximum number of accounts allowed each participant shall be ten (10).

Specific Authority 218.405, 218.412 FS. Law Implemented 218.409(5) FS. History–New 8-24-82, Formerly 19-7.14, Amended 12-2-93, 3-26-02. Repealed ________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Michael McCauley

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Trustees of the State Board of Administration

DATE PROPOSED RULE APPROVED BY AGENCY HEAD:

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: N/A