Title: Stanley G. Tate Florida Prepaid College Program

Summary: Revises definition of term "tuition differential"; beginning in specified academic year, revising which advanced contracts certain provisions apply to; revises certain purchase date requirements for advance placement contracts for specified purposes within program.

Full Text:
An act relating to the Stanley G. Tate Florida Prepaid College Program; amending s. 1009.98, F.S.; revising the definition of the term "tuition differential"; revising provisions relating to payments the board must pay to state universities on behalf beneficiaries of specified contracts; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Paragraphs (a) thr ough (f) of subsection (10) of section 1009.98, Florida Statutes, are amended to read: 1009.98 Stanley G. Tate Florida Prepaid College Program.-(10) PAYMENTS ON BEHALF OF QUALIFIED BENEFICIARIES.-(a) As used in this subsection, the term: 1. "Actu arial reserve" means the amount by which the expected value of the assets exceeds the expected value of the liabilities of the trust fund. 2. "Dormitory fees" means the fees included under advance payment contracts pursuant to paragraph (2)(d). 3. "Fis cal year" means the fiscal year of the state pursuant to s. 215.01. 4. "Local fees" means the fees covered by an advance payment contract provided pursuant to subparagraph (2)(b)2. 5. "Tuition differential" means the fee covered by advance CS/HB 1151 2024 payment cont racts sold pursuant to subparagraph (2)(b)3. The base rate for the tuition differential fee for the 2012-2013 fiscal year is established at $37.03 per credit hour. The base rate for the tuition differential in subsequent years is the amount assessed for th etuition differential for the preceding year adjusted pursuant to subparagraph (b)2. (b) Effective with the 2022-2023 2009-2010 academic year and thereafter, and notwithstanding s. 1009.24, the amount paid by the board to any state university on behalf of a qualified beneficiary of an advance payment contract whose contract was purchased before July 1, 2034 2024, shall be: 1. As to registration fees, if the actuarial reserve is less than percent of the expected liabilities of the trust fund, the boar dshall pay the state universities 5.5 percent above the amount assessed for registration fees in the preceding fiscal year. If the actuarial reserve is between percent and 41 percent of the expected liabilities of the trust fund, the board shall pay the state universities percent above the amount assessed for registration fees in the preceding fiscal year. If the actuarial reserve is between percent and 7.5 percent of the expected liabilities of the trust fund, the board shall pay the state universiti es 6.5 percent above the amount assessed for registration fees in the preceding fiscal year. If the actuarial reserve is equal to or greater than 7.5 percent of the expected liabilities of the trust fund, the board shall pay the state CS/HB 1151 2024 universities percen tabove the amount assessed for registration fees in the preceding fiscal year, whichever is greater. 2. As to the tuition differential, if the actuarial reserve is less than percent of the expected liabilities of the trust fund, the board shall pay th estate universities 5.5 percent above the amount assessed base rate for the tuition differential fee in the preceding fiscal year. If the actuarial reserve is between percent and percent of the expected liabilities of the trust fund, the board shall pay the state universities percent above the amount assessed base rate for the tuition differential fee in the preceding fiscal year. If the actuarial reserve is between percent and 7.5 percent of the expected liabilities of the trust fund, the board sh all pay the state universities 6.5 percent above the amount assessed base rate for the tuition differential fee in the preceding fiscal year. If the actuarial reserve is equal to or greater than 7.5 percent of the expected liabilities of the trust fund, the board shall pay the state universities percent above the amount assessed base rate for the tuition differential fee in the preceding fiscal year. 3. As to local fees, the board shall pay the state universities percent above the amount assessed for local fees in the preceding fiscal year. 4. As to dormitory fees, the board shall pay the state CS/HB 1151 2024 universities percent above the amount assessed for dormitory fees in the preceding fiscal year. 5. Qualified beneficiaries of advance payment contracts purchased before July 1, 2007, are exempt from paying any tuition differential fee. (c) Notwithstanding the amount assessed for registration fees, the tuition differential, or local fees, the amount paid by the board to any state university on behalf of a qualified beneficiary of an advance payment contract purchased before July 1, 2034 July 1, 2024,may not exceed percent of the amount charged by the state university for the aggregate sum of those fees. (d) Notwithstanding the amount assessed for dormitory fees, the amount paid by the board to any state university on behalf of a qualified beneficiary of an advance payment contract purchased before July 1, 2034 July 1, 2024,may not exceed 91 percent of the amount charged by the state university for dormitory fees. (e) Notwithstanding the number of credit hours used by a state university to assess the amount for registration fees, tuition, tuition differential, or local fees, the amount paid by the board to any state university on behalf of a quali fied beneficiary of an advance payment contract purchased before July 1, 2034 July 1, 2024,may not exceed the number of credit hours taken by that qualified beneficiary at the state university. CS/HB 1151 2024 (f) The board shall pay state universities the actual amount assessed in accordance with law for registration fees, the tuition differential, local fees, and dormitory fees for advance payment contracts purchased on or after July 1, 2034 July 1, 2024.Section 2. This act shall take effect July 1, 2024.