Section 1700-05-03-.07 - AMOUNT OF MINIMUM AND MATCHING CONTRIBUTION(1) For the first Fiscal year that the Matching grant incentive program is in operation, the Minimum contribution for participation in the Matching grant incentive program made by the Purchaser shall be twenty-five dollars ($25.00), and the Matching contribution shall be four (4) times the Minimum contribution, up to a maximum Matching contribution of five hundred dollars ($500.00). The maximum contribution that can be made by a Purchaser in order to receive the maximum Matching contribution shall be one hundred twenty-five dollars ($125.00); however, the Purchaser is not prohibited from contributing more to his or her Eligible college savings plan Account without the expectation of receiving a higher Matching contribution. For each subsequent year or a portion of the year that the Matching grant incentive program is in operation, the Board may either set the Minimum and Matching contribution or delegate the responsibility of establishing the Minimum and Matching contributions to the State Treasurer.The Minimum or Matching contributions may be established or amended at any time, and may be established for any duration of time deemed necessary by either the Board or the State Treasurer. The Matching contribution amount for the Matching grant incentive program shall be determined either by the Board or the State Treasurer based upon the amount appropriated in that year's general appropriations act for the purposes set forth in these Rules, the number of program Participants, and the anticipated level of participation in the program.Tenn. Comp. R. & Regs. 1700-05-03-.07
Original rule filed October 1, 2010; effective March 31, 2011. Repeal and new rule filed April 11, 2014; effective 9/28/2014.Authority: Chapter 359 of the 2013 Public Acts codified in T.C.A. § 49-7-808(d), § 49-7-805 and § 65-5-113(c).