Mississippi Administrative Code

Nothing in these Rules, Regulations and Procedures, in the MPACT Contract, or in the Mississippi Prepaid Affordable College Tuition Program Act shall be construed as a promise or guarantee by the State Treasurer, the Board of Trustees, or employees or consultants of the State Tre…

If a Beneficiary under a junior college plan elects to attend a university or senior college, the MPACT Program will convert the community college hours into university hours based on the then current relative costs and pay the tuition. This results in fewer hours on your Contrac…

In general, benefits under an MPACT Contract may be received for up to a ten (10) year period after the Projected College Entrance Date of the Qualified Beneficiary. If the Beneficiary, however, is an accelerated student, the MPACT Contract benefits may be used for up to ten (10)…

At such time as the Qualified Beneficiary intends to begin using the benefits under the MPACT Contract to attend a private or Out-of-State Postsecondary Institution, the Contract Purchaser must submit written notification, including the name of the Postsecondary Institution the B…

To receive benefits under the MPACT Program, a Qualified Beneficiary, whose contract is in good standing, will be issued an identification card prior to their scheduled matriculation date. An identification card may not be issued to a Beneficiary unless the MPACT Contract and any…

New MPACT Contract prices will be established by the Board for each Enrollment Period. Contract prices will be based on actuarial assumptions recommended by the actuary and adopted by the Board regarding tuition rates and other relevant factors. MPACT Contract prices will not inc…

MPACT Contract payments are due in full on the dates specified in the MPACT Contract. Contract payments may be made under the following different Participation and Payment Schedules: A. A lump sum payment due in full on or before the date designated by the State Treasurer. B. Con…

Failure to make any payment within thirty (30) days of the due date shall constitute default by the Purchaser and a suspension of the Qualified Beneficiary's rights under the MPACT Contract. A Purchaser may reinstate his or her good standing provided that all delinquent amounts, …

If within 180 days of default payment is not received, the Contract will be placed in suspended status, unless there is a determination by the Board of an exigent circumstance. To return the account to active status, the Purchaser must either pay the delinquent amounts, including…

Administrative Fees are assessed when a Purchaser submits an Application for an MPACT Contract, when payments are made or when alterations are made in Contract information or in the ordinary services provided under the MPACT Program. The types of fees as well as the amount charge…

The following Administrative Fees and fee schedules will apply to all Purchasers of MPACT Contracts, subject to changes the State Treasurer may make over the life of the Contract in the types and/or amounts of such Administrative Fees: A. Application Processing Fee - A sixty doll…

In the event the Qualified Beneficiary matriculates in an Independent/Private In-state Postsecondary Institution or in an Out-of-State Postsecondary Institution, the Current Tuition Value will be forwarded, each academic term, to the Postsecondary Institution on an academic equiv…

In the event the Qualified Beneficiary with unused Contract benefits attends an In-State or Out-of-State Graduate Institution, the Current Tuition Value will be forwarded, each academic term, to the Graduate Institution on an academic equivalent hourly basis subject to the provis…

Unless otherwise stated herein, Termination or Cancellation of an MPACT Contract shall result in a refund to the Purchaser only after payment of applicable Administrative Fees. Notes 38 Miss. Code. R. 2-14.1 Miss. Code Ann. § 37-155-9 (Rev. 2003).

The person entitled to cancel an MPACT Contract is the Contract Purchaser. Notes 38 Miss. Code. R. 2-14.2 Miss. Code Ann. § 37-155-9 (Rev. 2003).

Unless otherwise stated herein, the individual entitled to receive any refunds which may be due under an MPACT Contract is the named Contract Purchaser. Notes 38 Miss. Code. R. 2-14.3 Miss. Code Ann. § 37-155-9 (Rev. 2003).

Unless otherwise stated herein, refunds will be paid to the Purchaser. Refund amounts will be based on the reason for Terminating or Canceling an MPACT Contract. Except as provided herein, refunds shall include but not be limited to the amount paid in and an additional amount in …

Refunds may exceed the amounts paid into the Trust Fund and the minimum interest as specified in Rule 15.1 in the following circumstances: In the event of death or disability of a Qualified Beneficiary. In any of these circumstances, the Purchaser shall receive a refund equal to …

Some Postsecondary Institutions may charge lower tuition and/or fees to a student who is a child of an employee of the Postsecondary Institution. If an MPACT Contract Beneficiary is eligible for this reduction, the Contract Purchaser may elect to cancel the MPACT Contract and req…

If a Qualified Beneficiary is awarded a Full or Partial Scholarship, the terms of which fully or partially cover the benefits guaranteed in the MPACT Contract, the Contract Purchaser may elect to cancel the MPACT Contract and request a refund under Rule 15.8 herein. The refund wi…

In the event the MPACT Contract Beneficiary matriculates in one of the U.S. Government sanctioned military academies listed below, such that tuition and Mandatory Fees are not charged, the Purchaser will receive a refund equal to the sum of all MPACT Contract payments paid to dat…

If the Beneficiary matriculates in a Postsecondary Institution located outside of the United States, the MPACT Contract Purchaser may receive a refund of the Redemption Value of the Contract. The Cancellation Fee will be waived. The Contract Purchaser must submit a written reques…

If a Qualified Beneficiary completes an undergraduate program and obtains a baccalaureate degree without using all semester hours purchased in their MPACT Contract, the remaining Contract hours may be used for graduate school as described under Rule 13.2. If the Beneficiary will …

Refunds for reasons or circumstances other than those stipulated above in Rule 15.1 through 15.6 may be made to the Purchaser upon written request by the Purchaser after submission of all documentation required by the State Treasurer to substantiate the refund request, and after …

Qualified Rollover Distributions are not subject to taxation or penalty. Rollover Distributions include both: A. Transfers between a QTP operated by one state and a QTP operated by another state; or B. Transfers between separate QTP's operated by the same state. These changes can…

Purchasers desiring to transfer money from a MACS Account to pay for their MPACT Contract must contact the MACS Program Manager to request a rollover. Purchasers should also complete, sign and transmit to MPACT an MPACT Rollover Form. Notes 38 Miss. Code. R. 2-16.2 Miss. Code Ann…

Purchasers desiring to transfer money from their MPACT Contract to a MACS Account may request such a transfer by completing and transmitting a request that the Contract be Cancelled and requesting the refund be sent to their MACS Account. The MACS Account must be already opened a…

It is the responsibility of the Purchaser to notify the other QTP and request that the proper amount be sent to MPACT. Purchasers should also complete, sign and transmit to MPACT an MPACT Rollover Form as notification to expect the rollover payment. Notes 38 Miss. Code. R. 2-16.4…

Purchasers desiring to transfer money from their MPACT Contract to a QTP operated by another state may request such a transfer by completing and transmitting a request that the Contract be Cancelled and requesting the refund be sent to their QTP Account. The QTP Account must be a…

Any individual, corporation, organization, or other Entity desiring to petition for relief from the Rules, Regulations, and/or Procedures dictated herein may do so by filing a written petition with the State Treasurer. The petition shall contain the name and address of the person…

The State Treasurer, on behalf of the Board of Directors, shall promulgate such other Rules, Regulations, and Procedures as are deemed necessary to implement the MPACT Program and shall amend such Rules, Regulations, and Procedures as is necessary for operation of the MPACT Progr…

The State Treasurer may waive portions of these Rules, Regulations, and Procedures to prevent hardship of the Purchaser and/or of the Qualified Beneficiary. Notes 38 Miss. Code. R. 2-19.1 Miss. Code Ann. § 37-155-9 (Rev. 2003).

MPACT's physical office is located on the eleventh (11th) floor of the Woolfolk State Office Building, 501 N. West Street, Jackson, Mississippi, 39201. The mailing address for correspondence and applications is MPACT, P.O. Box 120, Jackson, MS 39205-0120. The mailing address for …

These Rules, Regulations, and Procedures have been established by the Board for Contract Purchasers who are not natural persons. The State Treasurer has determined that entering into MPACT Contracts to be awarded to Beneficiaries who are not immediately known will allow and encou…

The Purchaser of an MPACT Contract may be any Entity approved, in writing, by the State Treasurer. Notes 38 Miss. Code. R. 2-20.2 Miss. Code Ann. § 37-155-9 (Rev. 2003).

An Entity which purchases an MPACT Contract is required to name the Contract Beneficiary at the time the MPACT Application is submitted to the State Treasurer, unless the entity is a state or local government or an organization described in IRC § 501(c)(3). If an exempt Entity, s…

If the Beneficiary is named at the time the MPACT Application is submitted to the State Treasurer, the Beneficiary eligibility requirements of Rule 9.1 are applicable. If the Beneficiary is not named, pursuant to the exemption stated in Rule 20.3, when the MPACT Application is su…

Failure to name the Beneficiary within the time frame specified in Rule 20.3 will result in a Cancellation of the MPACT Contract, and the monies will be refunded from the Trust Fund including but not limited to the amount paid in and an additional amount in the nature of interest…

Should the named Beneficiary elect not to use the MPACT Contract benefits, and the Contract is transferred to an Eligible Substitute Beneficiary, the provisions of Rule 9.3 will apply. The Purchaser may be required to submit documentation evidencing the relationship of the eligib…

For any corporation or trust submitting an MPACT Application, the Application will be considered incomplete, and will not be accepted by the State Treasurer, unless the corporate applicant provides its taxpayer identification number on the Application, and the Application must be…

The MPACT Contract benefits may not be used unless the Purchaser has furnished to the State Treasurer the name, age, and social security number of the Qualified Beneficiary and has complied with all other applicable Rules, Regulations, and Procedures pertaining to Purchasers who …

Pursuant to the statutory authority of the Board of Directors which grants the Board the powers necessary or convenient to carry out the purposes and provisions of this act, upon the completion of a feasibility and advisability study the Board elected to not offer a prepaid dormi…

MPACT is administered as part of the Mississippi Treasury Department under the direction of a Board of Directors. The College Savings Plans of Mississippi Board of Directors is composed of nine (9) voting members. Five (5) board members are appointed by the Governor, one from eac…

The MPACT Trust Fund was established as a separate fund in the State Treasury to receive payments by MPACT Contract Purchasers in accordance with MPACT Contracts, legislative appropriations, as well as contributions, gifts and bequests by businesses or individuals. All monies dep…

An Administrative Fund, separate from the Trust Fund, was established in the State Treasury to provide for the administrative costs of the MPACT Program. The Mississippi Legislature must appropriate an annual transfer from the earnings of the Trust Fund to the Administrative Fund…

In these Rules, Regulations and Procedures of the MPACT Program, the following terms shall be defined as follows: A. "Academic School Year" means three quarters or two semesters of a twelve month school year. B. "Actuarial Assessment" means an additional Contract amount assessed …

These Rules, Regulations, and Procedures apply to Purchasers and Qualified Beneficiaries of MPACT Contracts for the prepayment of tuition and Mandatory Fees, as defined in Rule 11.2, at any of the State's public four year colleges and universities, public junior colleges, public …