Mississippi Administrative Code

All requests to transfer ownership of the MPACT Contract to a different Purchaser must be submitted, in writing, to the State Treasurer. The request must contain the signatures of both the current Purchaser and the Purchaser to whom ownership of the Contract is being transferred,…

A Purchaser or Beneficiary of an MPACT Contract may not directly or indirectly direct the investments of their contribution to the Program or any earnings thereon. Notes 38 Miss. Code. R. 2-8.5 Miss. Code Ann. § 37-155-9 (Rev. 2003).

No interest in an MPACT Contract or any portion thereof may be pledged as security for a loan. Notes 38 Miss. Code. R. 2-8.6 Miss. Code Ann. § 37-155-9 (Rev. 2003).

An individual may be named the Beneficiary of an MPACT Contract if such individual meets all of the following requirements: A. The individual is (a) a resident of the State of Mississippi as defined in Rule 6.1 DD; or (b) a nonresident if the Purchaser is a resident of the State …

A Contract Purchaser must execute a statement in the MPACT Application that the Beneficiary is a resident of Mississippi or a nonresident if the Purchaser is a Mississippi resident. Purchasers may be asked to furnish proof of the Beneficiary's residency. Failure to provide proof …

A. The benefits of an MPACT Contract may be transferred to an Eligible Substitute Beneficiary. To qualify as eligible, the Substitute Beneficiary must meet all of the following requirements:1. The individual is (a) a resident of the State of Mississippi as defined in Rule 6.1 DD,…

Once a portion of Contract benefits have been used, Beneficiary substitution may be allowed only if the proposed Substitute Beneficiary meets the requirements for substitution as set out in Rule 9.3, at least fifteen (15) semester hours of tuition benefits remain on the contract,…

The MPACT Trust Fund may receive amounts transferred from an UGMA, UTMA or other account established for the benefit of a minor. It is the responsibility of the Purchaser to comply with all relevant federal or state laws regarding UTMA or UGMA accounts Purchasers should be mindfu…

The Mississippi Prepaid Affordable College Tuition (MPACT) Program was established by the 1996 Mississippi Legislature. The purpose of the Program is to encourage and foster higher education in Mississippi. The Program's statutory authority and purpose are controlled by Sections …

Administrative Fees are either built into Contract pricing or assessed to the MPACT Contract Purchaser upon application for enrollment in the MPACT Program; upon making changes in the ordinary services provided under the MPACT Program; or upon making changes in MPACT Contract inf…

A thirty dollar ($30.00) returned item fee shall automatically be assessed for any returned item including, but not limited to, payment made by check or through ACH (Automatic Clearing House). Such payments include both MPACT Contract payments and Administrative Fee payments that…

Except as provided herein, Purchasers and/or Beneficiaries shall automatically be assessed a ten dollar ($10.00) fee per document (not per page) when requesting more than one copy, or a replacement copy, of any MPACT document including, but not limited to, the MPACT Application, …

A twenty five dollar ($25.00) processing fee will be assessed for a change in payment schedule. Notes 38 Miss. Code. R. 3-10.12 Miss. Code Ann. § 37-155-9 (Rev. 2003).

Administrative Fees and fee schedules will apply to all Purchasers of MPACT Contracts, subject to changes the Board may make over the life of the Contract in the types and/or amounts of such Administrative Fees. Notes 38 Miss. Code. R. 3-10.2 Miss. Code Ann. § 37-155-9 (Rev. 2003…

A sixty dollar ($60.00) Application Processing Fee will be collected for each MPACT Application at the time that the Application is submitted to the State Treasurer. An Application will not be accepted unless the full amount of the Application Processing Fee is submitted along wi…

All MPACT Contract payments include a nonrefundable Account Maintenance Fee. The Account Maintenance Fee is 5% of the specific Contract price being purchased by the Purchaser. The Account Maintenance Fee is utilized to pay the MPACT Program's administrative expenses. Refunds of a…

A. The Purchaser submits a written request. B. The Purchaser fails to make payments pursuant to the Master MPACT and/or the Participation and Payment Schedule. C. The Purchaser fails to make a Contract payment within forty-five (45) days of the first payment due date following th…

An MPACT Contract may be Involuntarily Terminated for any of the following reasons: A. The Purchaser or Beneficiary has made a material misrepresentation of information; B. The Purchaser or Beneficiary has provided false information to the MPACT Program; C. The Purchaser has requ…

A twenty five dollar ($25.00) fee will be assessed to change of the MPACT Contract Purchaser and/or Contingent Purchaser in accordance with the provisions of Rule 6.3 herein. In the event of death or disability of the current Purchaser, this fee may be waived. Notes 38 Miss. Code…

In the event a Qualified Beneficiary elects to attend an Independent/Private In-State Postsecondary or Graduate Institution or an Out-of-State Postsecondary or Graduate Institution, or in the event a Qualified Beneficiary transfers from an In-State Institution of Higher Education…

A late payment fee of twenty dollars ($20.00) shall automatically be assessed on each monthly MPACT Contract payment received more than fifteen (15) days past the payment due date. An Actuarial Assessment of 1% per month will automatically be assessed on each lump-sum payment rec…

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

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. 3-12.1 Miss. Code Ann. § 37-155-9 (Rev. 2003).

The person entitled to cancel an MPACT Contract is the named Contract Purchaser. Notes 38 Miss. Code. R. 3-12.2 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. 3-12.3 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 Cancelling an MPACT Contract. Except as provided herein, refunds shall include the amount paid into the Trust Fund. The Board may impose reasonable…

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 13.5 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 the Qualified Beneficiary achieves a baccalaureate degree in fewer than the maximum number of credit hours guaranteed under an MPACT Contract and/or in fewer than the number of academic terms for which payment of Mandatory Fees is guaranteed under the Contract, the Purchaser m…

Refunds for reasons or circumstances other than those stipulated above in Rules 3.1, 3.2, 3.3, 3.4 and 3.5 may only 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 requ…

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 ca…

Purchasers desiring to transfer money from a MACS Account to an MPACT Contract must contact the MACS Program Manager to request a rollover. Purchasers should also complete, sign and transmit to MPACT the official MPACT Rollover Form. Notes 38 Miss. Code. R. 3-14.2 Miss. Code Ann.…

Purchasers desiring to transfer money from an MPACT Contract to a MACS Account must complete, sign and transmit to MPACT the official Rollover Form. The MACS Account must be already open and a MACS Account Number provided at the time of the request. Notes 38 Miss. Code. R. 3-14.3…

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 the official MPACT Rollover Form as notification to expect the rollover payment. Notes 38 Miss. Code.…

Purchasers desiring to transfer money from their MPACT Contract to a QTP operated by another state must complete, sign and transmit to MPACT the official Rollover Form. The QTP Account must be already opened and an account number and payment address provided at the time of the re…

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 these Rules, Regulations, and Procedures as is necessary for operation of the MPACT Prog…

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. 3-17.1 Miss. Code Ann. § 37-155-9 (Rev. 2003).

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. Contracts opened by Entities, IRS Section 501(c)(3) organizations, trusts and custodians are subject to additional restrictions and may be required to provide documentation evidenci…

If an Entity which purchases an MPACT Contract does not name the Contract Beneficiary at the time the MPACT Application is submitted to the State Treasurer, a Projected College Entrance Date for the unnamed Beneficiary must be specified on the MPACT Application. The age of the un…

If the Beneficiary is named at the time the MPACT Application is submitted to the State Treasurer, the Beneficiary eligibility requirements of Rule 7.1 are applicable. If the Beneficiary is not named, pursuant to the exemption stated in Rule 18.3, when the MPACT Application is su…

Failure to name the Beneficiary within the time frame specified in Rule 18.3 will result in the Cancellation of the MPACT Contract, with the monies refunded from the Trust Fund at the Redemption Value. The Board may impose reasonable charges for such refund. Notes 38 Miss. Code. …

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 feasibility and advisability study the Board elected to not offer a prepaid dormito…