6240997, 19B-16.008 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6240997

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Division:

Florida Prepaid College Board

Chapter:

FLORIDA COLLEGE SAVINGS PROGRAM

Overview

RULE:

19B-16.008

Contingent Benefactor (Repealed)

PURPOSE:

This rule revises the requirements, rights and responsibilities of a contingent benefactor of a Florida College Investment Plan.

SUMMARY:

Revises requirements for Investment Plan accounts established on or after February 1, 2009, to: a) provide that the benefactor and contingent benefactor each enjoy a survivorship right; and b) require the benefactor’s and the contingent benefactor’s authorization for requests to change the benefactor, contingent benefactor and designated beneficiary, to voluntarily terminate an Investment Plan account and to obtain refunds associated with the termination of an Investment Plan account. Allows benefactors and contingent benefactors to revise the requirements for Investment Plan accounts established prior to February 1, 2009, to include those requirements.
The changes made by this rule for the Investment Plan will apply to Investment Plans established on or after February 1, 2009, because that is the date similar rule changes for the Prepaid Plan will become effective. The changes being made for the Prepaid Plan will apply to applications for the Prepaid Plan received on or after February 1, 2009, the first day the Board will begin receiving Prepaid Plan applications for the 2009-2010 Open Enrollment. That is the earliest practical date the changes for the Prepaid Plan can be made effective. Making the changes to both plans effective on the same day will simplify administration and avoid customer confusion.

RULEMAKING AUTHORITY:

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

LAW:

1009.981 FS.

PRINT PUBLISH DATE:

10/10/2008 Vol. 34/41

COMMENTS:

From 10/10/2008 To 10/31/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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