Notice of Development of Rulemaking

STATE BOARD OF ADMINISTRATION
Florida Prepaid College Board
RULE NO.: RULE TITLE:
19B-8.002: Age Limitations
PURPOSE AND EFFECT: To amend the Florida Prepaid College Plan rule providing a clarification of when does the Board determine the need to impose an additional amount on an account when beneficiaries are substituted, and provide a clarification of the age limitation permitting the substitution of beneficiaries.
SUBJECT AREA TO BE ADDRESSED: The Florida Prepaid College Plan’s age limitations allowing for beneficiary substitution.
RULEMAKING 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:
DATE AND TIME: January 9, 2012, 2:00 p.m.
PLACE: Suite 210, Hermitage Building, 1801 Hermitage Boulevard, Tallahassee, Florida
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 (850)488-8514

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:

19B-8.002 Age Limitations.

The transfer to a substitute beneficiary is limited to individuals who are no more than three years, younger or older, from the age of the original younger than the qualified beneficiary, or no more than three years older than the qualified beneficiary, without assessment of an additional advance payment contract price. If transfer to a substitute beneficiary more than three years, younger or older, from the age of the original older than the qualified beneficiary is desired, application must be made to the Board. The Board will may assess an additional amount only if the change results in a negative impact on to ensure the actuarial soundness of the trust fund.

Rulemaking Specific Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.98 FS. History–New 3-29-89, Formerly 4G-8.002, Amended 6-20-96,________.