The purpose and effect of this proposed rule is amend the Participation Agreement and Terms and Conditions for the Florida Prepaid College Board's Savings Program to address recent changes to Federal law regarding 529 Plans and to simplify the ...  

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    STATE BOARD OF ADMINISTRATION

    Florida Prepaid College Board

    RULE NO.:RULE TITLE:

    19B-16.003Participation Agreement

    PURPOSE AND EFFECT: The purpose and effect of this proposed rule is amend the Participation Agreement and Terms and Conditions for the Florida Prepaid College Board's Savings Program to address recent changes to Federal law regarding 529 Plans and to simplify the contract for consumers by updating contract provisions.

    SUMMARY: This rule and the incorporating documents are revised to reflect changes to Federal law regarding 529 plans, which this rule governs. The revisions to the incorporating documents are to update the contract provisions to reflect those federal changes, and to include new Florida residency requirements.

    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:

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

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

    IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

    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: Brandon Goeke, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, (850)488-8514, brandon.goeke@myfloridaprepaid.com. 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: Brandon Goeke, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, (850)488-8514, brandon.goeke@myfloridaprepaid.com

     

    THE FULL TEXT OF THE PROPOSED RULE IS:

     

    19B-16.003 Participation Agreement

    The Participation Agreement, Form No. FPCB 2018-05,[Insert DoS Reference Website Link],http://www.flrules.org/Gateway/reference.asp?No=Ref 02640 is hereby incorporated by reference. The Terms and Conditions, applicable to the Participation Agreement, Form No. FPCB 2016-06a,[Insert DoS Reference Website Link], http://www.flrules.org/Gateway/reference.asp?No=Ref 03229 is hereby incorporated by reference.

    Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.981 FS. History–New 11-27-02, Amended 12-28-04, 6-2-05, 7- 13-06, 12-4-07, 5-29-08, 6-3-09, 6-22-10, 10-24-12, 5-8-13, 10-7-13, 6-23-16,2-14-17,_______.

     

    NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Prepaid College Board

    NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Prepaid College Board

    DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 27, 2019

    DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 11, 2018

Document Information

Comments Open:
5/14/2019
Summary:
This rule and the incorporating documents are revised to reflect changes to Federal law regarding 529 plans, which this rule governs. The revisions to the incorporating documents are to update the contract provisions to reflect those federal changes, and to include new Florida residency requirements.
Purpose:
The purpose and effect of this proposed rule is amend the Participation Agreement and Terms and Conditions for the Florida Prepaid College Board's Savings Program to address recent changes to Federal law regarding 529 Plans and to simplify the contract for consumers by updating contract provisions.
Rulemaking Authority:
1009.971(1), (4), (6). FS.
Law:
1009.971, 1009.981(1)(c), and 1009.981(2) FS.
Contact:
Brandon Goeke, 1801 Hermitage Blvd., Suite 210, Tallahassee, FL, (850)488-8514, brandon.goeke@myfloridaprepaid.com
Related Rules: (1)
19B-16.003. Participation Agreement