Tenn. Comp. R. & Regs. 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.
Notes
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).
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