reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 1 - Regulation Number 1 › Rule 38-1-1.3 - Permissible Investments

Current through June 25, 2024
Any funds received from the sale of bonds, notes or
				  certificates of indebtedness heretofore or hereafter sold by an Issuer, which
				  are not immediately required for disbursement for the purpose for which issued
				  ("Bond Funds"), may unless otherwise prohibited by law be invested by the
				  proper authorities in the following investments:
A. Certificates of Deposit or other interest
				bearing accounts issued by a qualified depository of the State of Mississippi
				as follows:
1.
Qualified
				Depository of the State of Mississippi
. A qualified depository of
				the State of Mississippi is a financial institution qualified by the State
				Treasurer as a depository in accordance with Section
				27-105-5
				of the Mississippi Code Annotated as amended. A list of qualified depositories
				is available from the State Treasurer.
2.
Maturity
. The
				certificate of deposit must mature or be redeemable by the holder on or prior
				to the date upon which such funds will be required for disbursements.
3.
Interest Rate
.
				Interest rates may be negotiated or determined by competitive bids. The
				interest rate on a certificate of deposit shall bear interest at a rate per
				annum not less than a simple interest rate numerically equal to the highest of:
a. the discount rate of United State Treasury
				obligations of comparable maturity as published in the
Wall Street
				Journal
on the date of investment;
b. the current rate of interest paid on
				certificates of deposit; or
c. the
				bond equivalent yield paid on United States Treasury obligations of comparable
				maturity as published in the
Wall Street Journal
on
				the date of investment.
Provided, however, that the proceeds from the sale of bonds
				  issued pursuant to the joinder of supervisor's districts of adjacent counties
				  in establishing industrial enterprises as set out in 57-1-131 through 57-1-145,
				  Mississippi Code of 1972, or Chapter 3 of Title 57, Mississippi Code of 1972,
				  may be invested in certificates of deposit issued by qualified depositories of
				  the State of Mississippi bearing interest at any rate per annum which may be
				  mutually agreed upon, but in no event shall said rate be less than the discount
				  rate on United States Treasury obligations of comparable maturity.
4.
Security
. Said certificates of deposit shall be
				secured as otherwise required by applicable law.
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 1 - Regulation Number 1 › Rule 38-1-1.4 - Maturities

Current through June 25, 2024
A. Investments in the form of direct United
				State Treasury obligations, United States agency obligations, certificates of
				deposit or repurchase agreements must mature or be redeemable by the holder on
				or prior to the date upon which funds will be required for
				disbursement.
B. Except with
				respect to the investment of the proceeds of refunding bonds and reserves
				established in connection with the issuance of any bonds, the maturity of
				investments shall not exceed 18 months from date of purchase, unless the Issuer
				makes a finding in writing that a longer term investment is in the Issuer's
				best interest. Such finding must be spread upon the official minutes of the
				Issuer and provided to the State Treasurer. Investments in the form or
				repurchase agreements shall not in any event exceed 30 days from the date of
				purchase.
C. To avoid interest rate
				risk exposure, investments should be made with the intent to hold until
				maturity and not for resale on the market.
Miss. Code Ann. §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 1 - Regulation Number 1 › Rule 38-1-1.5 - Purchase and Sale of Securities

Current through June 25, 2024
Direct United State Treasury obligations and United States
				  Government Agency obligations must be purchased from qualified depositories of
				  the State of Mississippi or registered Mississippi investment brokers who are
				  members in good standing of or eligible for membership in the National
				  Association of Securities Dealers (NASD), or from state and national banks
				  qualified to do business in the State of Mississippi. Certificates of deposits
				  must be purchased from qualified depositories of the State of Mississippi. At
				  least eighty percent (80%) of the total dollar amount of all repurchase
				  agreements entered into by any governmental entity investing funds governed by
				  this regulation must be pursuant to contracts with qualified depositories of
				  the State of Mississippi. Any remaining repurchase agreements may be entered
				  into pursuant to contracts with investment brokers licensed by the State of
				  Mississippi who are members in good standing of the National Association of
				  Securities Dealers (NASD), or from state and national banks qualified to do
				  business in the State of Mississippi.
Miss. Code Ann. §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 1 - Regulation Number 1 › Rule 38-1-1.6 - Arbitrage

Current through June 25, 2024
This regulation is subject to, and in no way effects the
				  applicability of Section 148 and other provisions of the Internal Revenue Code
				  of 1986 and regulations promulgated thereunder relating to the investment of
				  funds derived from the sale of bonds, notes or certificates of
				  indebtedness.
Miss. Code Ann. §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 1 - Regulation Number 1 › Rule 38-1-1.7 - Application

Current through June 25, 2024
This regulation shall not be construed to in any way amend
				  or repeal the specific provisions of any general or local and private laws
				  requiring or permitting the investment of funds received from the sale of
				  bonds, notes or certificates of indebtedness of reserve funds related thereto
				  in specific investments provided for in said laws.
Miss. Code Ann. §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 2 - Regulation 2-Selection Process for International Banking Establishment to Handle Foreign Currency Exchange › Rule 38-1-2.1 - Purpose

Current through June 25, 2024
The adoption of rules is necessary for selection of an
				  institution to handle foreign currency acquisition and distribution for the
				  Department of Economic and Community Development. Pursuant to § 25-43-7
				  and § 25-43-9 Mississippi Code of 1972, annotated, the Office of the
				  Treasurer submits proposed rules covering the selection process for an
				  international banking establishment to handle foreign currency exchange and
				  distribution for the following reason:
Losses of 20% in currency exchange transactions have occurred
				  in prior years and such transactions have been significant enough to utilize
				  the services of a large international banking institution to manage the
				  acquisition and distribution of foreign currency. The immediate implementation
				  of this management practice will minimize potential losses by making forward
				  purchases of currency or other contracts aimed at cutting significant monetary
				  losses.
Miss. Code Ann. §
										27-105-33(i)(Rev.
				  1995), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 2 - Regulation 2-Selection Process for International Banking Establishment to Handle Foreign Currency Exchange › Rule 38-1-2.2 - Qualification Requirements for International Banking Institutions

Current through June 25, 2024
The following criteria are required, as a minimum, for a
				  banking institution to qualify as a foreign financial institution selected to
				  support the foreign currency investment requirements allowed under §
									27-105-33(l),
				  Mississippi Code of 1972, annotated:
A.
				Reported assets of not less than $500,000,000.
B. AAA rating or better.
C. Capability of dealing directly in world
				currencies.
D. Operate full service
				branches in all countries in which the State has foreign offices.
E. Capability to transfer and distribute
				currency on required timely basis.
F. Willingness to handle currency acquisition
				and distribution at minimal cost.
G. Maintain a branch office in the State of
				Mississippi or within 500 miles of the State of Mississippi.
Miss. Code Ann. §
										27-105-33(i)(Rev.
				  1995), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 2 - Regulation 2-Selection Process for International Banking Establishment to Handle Foreign Currency Exchange › Rule 38-1-2.3 - Application Process

Current through June 25, 2024
All foreign financial institutions qualifying under the
				  above requirements shall indicate to the State Treasurer at 404 Sillers State
				  Office Building, Jackson, MS 39201 such interest in entering into price
				  contracts for the purchase or exchange of foreign currency and other
				  arrangements for the currency exchange in an amount not to exceed $500,000.
				  Upon review of indication of interest from the financial institutions, the
				  State Treasurer shall select such institution and contract for the necessary
				  foreign currency purchase, exchanges or arrangements as required by the
				  Department of Economic and Community Development.
Miss. Code Ann. §
										27-105-33(i)(Rev.
				  1995), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 2 - Regulation 2-Selection Process for International Banking Establishment to Handle Foreign Currency Exchange › Rule 38-1-2.4 - Proposed Effective Date

Current through June 25, 2024
Pursuant to § 25-43-9, Mississippi Code of 1972,
				  Annotated, the State Treasurer intends to adopt Regulation No. 2 as a permanent
				  rule, effective thirty (30) days after filing.
Miss. Code Ann. §
										27-105-33(i)(Rev.
				  1995), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.1 - Purpose

Current through June 25, 2024
Mississippi Code Ann. Section
				  27-105-6
				  creates a public funds guaranty pool as an alternative means for securing
				  public deposits. The purpose of these rules is to establish requirements for
				  admission, participation and administration of the public funds guaranty pool
				  as required by and consistent with Section
				  27-105-6.
Miss. Code Ann. §
										27-105-6
				  (Rev. 2000), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.2 - Board Membership and Operations

Current through June 25, 2024
Board Membership and Operations.
A. Initial Board Membership
1.
Banking Industry
				Representatives.
Appointment of members in accordance with Section
				27-105-6
				shall be effective at the time such member is notified by the State Treasurer
				of such appointment. The Mississippi Bankers Association shall designate the
				initial terms of the representatives of financial institutions as one (1) year
				or two (2) year terms. The initial representatives of financial institutions
				shall serve the term designated by the Mississippi Bankers Association. All
				subsequent representatives of financial institutions shall serve two (2) year
				terms unless completing the unexpired term of a member due to a vacancy. All
				members shall continue to serve until a successor is appointed.
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.3 - Admission to the Pool

Current through June 25, 2024
A. Application by
				Public Depository.
1.
Applications
				for Participation
. To be considered for admission to the public
				funds guaranty pool, Financial Institutions maintaining a deposit-taking
				facility in this state whose accounts are insured by the Federal Deposit
				Insurance Corporation shall submit a completed Application Package to the
				Board. The Application Package shall include a completed application form and
				required supplemental information and documents.
2.
Application Form
.
				The State Treasurer shall prescribe an appropriate form which solicits from
				applicants the following information:
a. the
				legal name of the financial institution;
b. the address of principal offices of the
				institution;
c. the institution's
				transit routing number;
d. the
				institution's FDIC insurance certificate number;
e. the institution's tax identification
				number;
f. the date the institution
				was chartered;
g. the date the
				institution commenced banking operations in Mississippi;
h. a list of the applicants three (3) senior
				officers, including a resume' of their experience and qualifications;
i. a list of public depositors by account
				held by the applicant at the end of the preceding calendar quarter;
j. for the twelve (12) months preceding the
				date of application, the average monthly balance of public depositors held for
				each month;
k. the legal name and
				address of the principal offices of all trustee custodians proposed to safekeep
				eligible collateral pledged to the pool; and
l. for the eight (8) quarters immediately
				preceding the date of the application, a schedule of financial information to
				be taken from the institution's Report of Condition to the FDIC (call report)
				as determined by the Board.
3.
Supplemental Information and
				Documents Required
. The Application Package shall include the
				following executed documents:
a. copies of the
				Collateral Security Agreement; and
b. copies of the Contingent Liability
				Agreement.
4.
Completion of Application Form
. The application form
				shall be executed by the president or chief executive officer of the applicant
				and the individual responsible for preparing the application and contain all
				the prescribed information to be considered complete. The applicant may
				withdraw the application at any time prior to the Board taking final action on
				the application.
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.4 - Determination of Collateral Pledge Level

Current through June 25, 2024
A.
Collateral Pledge Level
. A qualified public depository
				shall pledge eligible collateral having a market value not less than the
				average daily balance of public deposits held by the qualified public
				depository multiplied by the qualified public depository's collateral pledging
				level. The collateral pledging level for all qualified public depositories
				shall be calculated quarterly according to the following schedule:
75% of average daily balance of funds on deposit in the
				  aggregate by the State of Mississippi or any agency or department of the state
				  or by any county, municipality or governmental unit in excess of the Federal
				  Deposit Insurance Corporation insurance limits.
B.
Minimum Pledged
				Collateral
. Notwithstanding the average daily balance, a qualified
				public depository shall maintain a minimum of pledged eligible collateral whose
				market value is not less than one hundred thousand dollars
				($100,000).
C.
Temporary Increases in Collateral
. A qualified public
				depository which accepts any public deposit that causes its public deposits to
				exceed its average daily balance by twenty-five percent (25%) shall be required
				to pledge additional eligible collateral with the Treasurer within two (2)
				business days of the deposit. The additional eligible collateral shall be equal
				to the difference between the actual public deposits and the average daily
				balance times the applicable collateral pledge level, including any limitations
				thereto.
The additional eligible collateral shall not be required if
				  deposit(s) causing the increase are withdrawn within the two (2) business days
				  and prior to pledging of the additional collateral. Additional pledged
				  collateral shall be included in required collateral and held by the Treasurer
				  until the next regular monthly report is filed.
Miss. Code Ann. §
										27-105-6
				  (Rev. 2000), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.5 - Suspension from Pool

Current through June 25, 2024
A.
Notice of Suspension to Qualified Public Depository
.
				The Board may suspend or disqualify any qualified public depository for
				violation of any of the provisions of the Act or these rules. In the event that
				the State Treasurer becomes aware that a pool member no longer meets the
				requirements for continued participation in the pool, the State Treasurer has
				the authority to require the member financial institution to pledge collateral
				at a level of 105% of the outstanding balances of public funds on deposit, less
				the amount insured by the Federal Deposit Insurance Corporation. The qualified
				public depository shall be notified of the effective date of the suspension
				within ten (10) business days of the action by the State Treasurer or the Board
				and not less than thirty (30) days before the effective date.
B.
Effect of
				Suspension
. A qualified public depository which is suspended from
				participation in the pool shall immediately collateralize all existing public
				funds and deposits secured by the pool at a level of 105% of the outstanding
				balances of such funds less the amount of funds insured by the Federal Deposit
				Insurance Corporation.
Miss. Code Ann. §
										27-105-6
				  (Rev. 2000), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.6 - Reporting by Qualified Public Depository

Current through June 25, 2024
A. Quarterly
				Reports
1.
Report
				Contents
. Every qualified public depository shall file with the
				Treasurer on a quarterly basis reports as required by Section
				27-105-6(7).
				The report shall be filed at the same time the quarterly Report of Condition is
				filed with the Federal Deposit Insurance Corporation, but not later than the
				date that the report is due to be filed with the Federal Deposit Insurance
				Corporation.
2.
Amended
				Reports
. Every qualified public depository shall file with the
				Treasurer an amended report at any time the Report of Condition filed with the
				Federal Deposit Insurance Corporation is amended. Such amended report shall be
				filed at the same time it is filed with the Federal Deposit Insurance
				Corporation.
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.7 - Reports and Procedures for Trustee Custodians

Current through June 25, 2024
A.
Appointment of Trustee Custodians
. Upon being
				designated as a qualified public depository, the qualified public depository
				shall appoint one or more trustee custodians for the deposit of eligible
				collateral by the qualified public depository. The appointment shall be made on
				a form provided by the Treasurer and shall be delivered to the Treasurer and
				accepted by him prior to the deposit of any collateral with the trustee
				custodian.
B.
Notification.
The Treasurer shall notify the qualified
				public depository of the acceptance or denial of an appointment of a trustee
				custodian.
C.
Report
				Contents
. Every trustee custodian shall submit a quarterly report
				to the Treasurer providing a description of eligible collateral securities
				deposited by the qualified public depository, including the par value of the
				eligible collateral, as well as other information requested by the
				Treasurer.
D.
When
				Due
. The trustee custodian shall file the report with the
				Treasurer on a schedule as established by the Treasurer. The report shall
				include information as of the end of the scheduled quarter.
E.
Amended Reports
.
				A trustee custodian shall submit to the Treasurer an amended report at any time
				that it determines the information on any prior report was incomplete or
				inaccurate. The amended report shall be filed not later than ten (10) business
				days after it determines that any prior report was inaccurate or
				incomplete.
Miss. Code Ann. §
										27-105-6
				  (Rev. 2000), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.8 - Withdraw from Collateral Pool Participation

Current through June 25, 2024
A. Voluntary
				Withdrawal
1.
Voluntary
				Withdrawal Generally
. A qualified public depository may withdraw
				from participation in the collateral pool by giving written notice to the State
				Treasurer, and to all public depositors having deposits at the qualified public
				depository. The notice shall provide an effective date of withdrawal which
				shall not be less than one hundred eight (180) calendar days after the date the
				notice is received by the Treasurer.
2.
Contingent Liability of
				Withdrawing Qualified Public Depository
. A qualified public
				depository shall be contingently liable for any loss to the pool as provided in
				the contingent liability agreement for a period of six (6) months following the
				effective date of withdrawal. To assure that an institution can meet its
				contingent liability, an institution shall continue to maintain pledged
				collateral in an amount of 105% of the outstanding balances of public funds
				held less the amount of funds insured by the Federal Deposit Insurance
				Corporation.
Mississippi Administrative Code › Title 38 - Treasurer › Part 1 - Office of the State Treasurer › Chapter 3 - Public Funds Guaranty Pool Rules › Rule 38-1-3.9 - Payment of Losses

Current through June 25, 2024
A.
Priority for Multiple Losses
. In the event a default
				or insolvency occurs to more than one qualified public depository, claims of
				public depositors shall have priority based on the date of the default or
				insolvency. Claims arising from a default or insolvency occurring earliest in
				time shall have priority over claims arising subsequently.
B.
Payment
. The
				Treasurer shall establish the priority of claims arising from multiple defaults
				or insolvencies and pay public depositors based on the priority
				established.
Miss. Code Ann. §
										27-105-6
				  (Rev. 2000), §
										31-19-5
				  (Rev. 2007).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 1 - Program Description › Rule 38-2-1.1 - Program Description

Current through June 25, 2024
The Mississippi Prepaid Affordable College Tuition (MPACT)
				  Program was established as an agency and instrumentality of the State of
				  Mississippi by the 1996 Mississippi Legislature as a Program to assist
				  Mississippians in saving for some of the costs associated with a college
				  education. The purpose of the Program is to encourage and foster higher
				  education in Mississippi and for Mississippians. The Program's statutory
				  authority and purpose are controlled by Mississippi Code §
									37-155-1
				  to
				  37-155-27
				  (Rev 2003).
The prepaid tuition Program, commonly known as MPACT, is
				  administered by the College Savings Plans division of the Mississippi Treasury
				  Department, under the administrative authority of the State Treasurer and with
				  the guidance of a Board of Directors. Through the MPACT Program, parents,
				  grandparents and other interested parties may purchase prepaid tuition
				  Contracts. The MPACT Contract provides for the payment by the MPACT Trust Fund
				  of undergraduate tuition, for a specified number of years or semesters, and for
				  the payment of Mandatory Fees, for a specific number of academic terms, on
				  behalf of a Beneficiary for whom the Contract is purchased.
The cost of an MPACT Contract is based primarily on the
				  average current and projected tuition and Mandatory Fees rates at public senior
				  colleges, universities, junior colleges and community colleges in the State of
				  Mississippi, and on the number of years expected to elapse between the purchase
				  of a Contract and the exercise of the benefits provided in the Contract by the
				  Beneficiary. The Board of Directors established the costs of MPACT Contracts in
				  accordance with actuarial assumptions adopted by the Board at the
				  recommendation of independent actuaries.
Payments by MPACT Contract Purchasers are placed in the MPACT
				  Trust Fund in the State Treasury and are combined and invested by the State
				  Treasurer with the goal of yielding, at a minimum, sufficient income to
				  generate the difference between the prepaid amount and the cost of In-State
				  Tuition and Mandatory Fees at the time of actual enrollment of the Beneficiary.
				  The MPACT Contract Purchaser receives periodic statements reflecting amounts
				  paid into the Trust Fund.
The State of Mississippi also operates another college
				  savings Program, known as the Mississippi Affordable College Savings (MACS)
				  Program. This document is intended to describe and apply to only the MPACT
				  Program. Information on MACS can be obtained by contacting the Office of the
				  State Treasurer.
Miss. Code Ann. §
										37-155-1
				  through
				  37-155-27
				  (Rev. 2003)
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 2 - Location of MPACT Office › Rule 38-2-2.1

Current through June 25, 2024
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 Contract
				  payments is MPACT, P.O. Box 1199, Jackson, MS 39215-1199. Office hours are 8:00
				  A.M. through 5:00 P.M., Monday through Friday, except for legal state holidays.
				  Persons may obtain forms, publications, and documents by writing to, visiting,
				  or calling the MPACT Office at 601-359-5255 or 1-800-987-4450. Information
				  regarding the MPACT Program is also available on the internet at
www.treasury.ms.gov
.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-15.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 3 - Program Administration › Rule 38-2-3.1

Current through June 25, 2024
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 each of the
				  State's congressional districts. The other four (4)
ex-officio
board members are the State Treasurer, the Executive Director of the Department
				  of Finance and Administration, the Commissioner of Higher Education, and the
				  Executive Director of the Community and Junior College Board. There are also
				  four (4) legislative advisors to the Board, two (2) appointed by the Lieutenant
				  Governor and two (2) appointed by the Speaker of the House of
				  Representatives.
The Board, in conjunction with a qualified actuarial firm,
				  has constructed the prices of MPACT Contracts and has developed payment
				  schedules for MPACT Contract Purchasers, in accordance with the actuarial
				  assumptions recommended by the Actuary and adopted by the Board.
The fiscal year of the MPACT Program corresponds to the
				  fiscal year of all other state entities, i.e. July 1st through June 30th. Each
				  fiscal year, the Board will evaluate, or cause to be evaluated, the actuarial
				  soundness of the Trust Fund. The Board will prepare a report on an annual basis
				  setting forth an accounting of the Trust Fund and a description of the
				  financial condition of the Trust Fund.
In carrying out Board Policies, it is the intent of the Board
				  that the objectives are; first to protect the fiscal integrity of the trust
				  fund; and, second to be fair and equitable to the purchaser. Whenever possible,
				  procedures adopted should be a combination of these factors which achieve both
				  objectives. Under the provisions of Mississippi Code Ann.,
§
										37-155-9(ee),
the Board has delegated to the State Treasurer the power to make decisions
				  within the above guidelines on the details of interest, conversion,
				  Administrative Fees, matriculation and refund calculations for the MPACT
				  Program.
Miss. Code Ann. §
										37-155-7,
				  §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 4 - The Trust Fund › Rule 38-2-4.1

Current through June 25, 2024
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
				  deposited into this Trust Fund are invested by the State Treasurer in
				  accordance with statute and the Investment Policy of the
				  Board.
Miss. Code Ann. §
										37-155-15.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 5 - The Administrative Fund › Rule 38-2-5.1

Current through June 25, 2024
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 to
				  provide for the administrative costs of the Program for that fiscal year. In
				  general, Administrative Fees or penalties paid by Contract Purchasers are
				  transferred to the Administrative Fund and are used to defray the
				  administrative costs of the Program.
Miss. Code Ann. §
										37-155-15.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 7 - Mississippi Public Colleges and Universities › Rule 38-2-7.1

Current through June 25, 2024
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 community
				  colleges, public technical colleges, and public senior colleges. These
				  Institutions of Higher Education currently are as follows:
A. Four Year Public Institutions of Higher
				Education:
1. Alcorn State
				University
2. Delta State
				University
3. Jackson State
				University
4. Mississippi State
				University
5. Mississippi
				University for Women
6. Mississippi
				Valley State University
7.
				University of Mississippi
8.
				University of Southern Mississippi
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 8 - Contract Purchaser › Rule 38-2-8.1 - Eligibility of Contract Purchaser

Current through June 25, 2024
The Purchaser must be of legal age and capacity to enter
				  into a legal Contract. If the Qualified Beneficiary is a resident of
				  Mississippi as defined in Rule 6.29, the Purchaser need not be a resident. If
				  the Qualified Beneficiary is not a Resident of Mississippi, the Purchaser must
				  be a Resident of the State as defined in Rule 6.1 DD. Other determinations may
				  be mandated as set forth in Chapter 20.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 8 - Contract Purchaser › Rule 38-2-8.2 - Non-Acceptance of the Purchaser's Application

Current through June 25, 2024
A prospective Contract Purchaser may be denied the right to
				  enter into an MPACT Contract:
A. If the
				Purchaser does not meet the qualifications set forth in Rule 8.1;
B. If the MPACT Contract violates local,
				state, or federal laws;
C. If the
				proposed Beneficiary is not a Qualified Beneficiary in accordance with Chapter
				9;
D. If the Board determines that
				it is advisable to limit the number of MPACT Contracts;
E. If the Contract Purchaser fails to submit
				the MPACT Application during an official MPACT Enrollment Period;
F. If the Contract Purchaser fails to submit
				the Application Processing Fee;
G.
				If the Purchaser has requested or accepted any form of compensation, fee,
				commission, service charge or any other form of payment or remuneration for
				entering into a Contract for the benefit of a nonresident
				Beneficiary;
H. If the Contract
				Purchaser submits an Application with incomplete information; or
I. Such other reasons as may be determined by
				the State Treasurer or the Board.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 8 - Contract Purchaser › Rule 38-2-8.3 - Number of Purchasers Per Contract

Current through June 25, 2024
Only one individual may be named on the MPACT Application
				  and in the MPACT Contract as the MPACT Contract Purchaser. Joint Purchasers are
				  not permitted. However, if a given Application and Contract purchases less than
				  five (5) years of tuition on behalf of a given Qualified Beneficiary, other
				  persons who qualify as Purchasers as defined herein may purchase an additional
				  Contract(s) for the same Qualified Beneficiary, provided that the total number
				  of years of tuition purchased for the Qualified Beneficiary does not exceed
				  five years as defined in Chapter 11. Each year or multiple of years purchased
				  by a different Purchaser for the same Qualified Beneficiary will be treated as
				  a separate Contract. A Purchaser may change, add, or delete the designated
				  Contingent Purchaser on the MPACT Application or after the MPACT Contract is
				  purchased by submitting a request in such form as deemed acceptable by the
				  State Treasurer.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 8 - Contract Purchaser › Rule 38-2-8.4 - Change of MPACT Contract Purchaser and Contingent Purchaser

Current through June 25, 2024
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, unless the
				  Purchaser has died or become disabled and cannot furnish a signature. If the
				  current Purchaser has died or become disabled, proof of death or Disability, in
				  such form as deemed acceptable by the State Treasurer, must accompany the
				  written request for a change in Purchaser in lieu of the current Purchaser's
				  signature. Any request for a change in Purchaser must also contain the MPACT
				  Contract Number as well as the name, address, social security number, and
				  telephone number of the new Purchaser. The request must also be accompanied by
				  the applicable Administrative Fee(s) as described in Rule 12.1 and 12.2 G. See
				  Rule 9.5 for additional restrictions applicable to UTMA/UGMA accounts.
If the current Purchaser has died, the Contingent Purchaser
				  listed on the Contract will be named Purchaser once proof of death is received
				  in such form deemed acceptable by the State Treasurer and the designated
				  Contingent Purchaser acknowledges that he/she accepts the responsibilities of
				  the original Contract Purchaser. In the event the MPACT Contract does not have
				  a Contingent Purchaser listed, proof of death, in such form as deemed
				  acceptable by the State Treasurer, must accompany the written request for a
				  change in Purchaser in lieu of the current Purchaser's signature.
If the current Purchaser has died or becomes disabled, and no
				  Contingent Purchaser is named the request for transfer of Contract ownership
				  should be submitted to the State Treasurer within six (6) months of the death
				  or disability. Failure to submit the request within six months may result in
				  Involuntary Termination of the MPACT Contract. The refund provisions of Chapter
				  15 Rule 15.8 will apply.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 8 - Contract Purchaser › Rule 38-2-8.5 - No Direction of Investments

Current through June 25, 2024
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.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 8 - Contract Purchaser › Rule 38-2-8.6 - No Pledging of Interest as a Security

Current through June 25, 2024
No interest in an MPACT Contract or any portion thereof may
				  be pledged as security for a loan.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 9 - Qualified Beneficiary › Rule 38-2-9.1 - Beneficiary Eligibility

Current through June 25, 2024
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 of Mississippi.
B. The individual is eighteen (18) years of
				age or younger on the first day of the MPACT Enrollment Period in
				question.
C. The individual has
				been born at the time the Application is submitted.
D. The Beneficiary must not have yet enrolled
				at a Postsecondary Institution.
A Beneficiary may be a U.S. citizen, a permanent resident
				  alien, or a dependent of a U.S. citizen or of a permanent resident
				  alien.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 9 - Qualified Beneficiary › Rule 38-2-9.2 - Evidence of Residency

Current through June 25, 2024
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 of the Beneficiary's residency may result
				  in automatic Termination of the MPACT Contract and suspension of the Qualified
				  Beneficiary from the MPACT Program.
Submission of any of the following documents, upon request,
				  will be considered as sufficient to establish the residency status of the
				  Qualified Beneficiary:
A. If the
				Beneficiary is one year old or younger:
1. A
				birth certificate indicating that the Qualified Beneficiary was born in
				Mississippi; or
2. Any other
				documentation that the State Treasurer deems appropriate.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 9 - Qualified Beneficiary › Rule 38-2-9.3 - Beneficiary Substitutions

Current through June 25, 2024
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, or (b) a
				nonresident if the Purchaser is a resident of the State of
				Mississippi;
2. The individual is
				eighteen (18) years of age or younger;
3. The individual has been born at the time
				the Application is submitted;
4.
				The Substitute Beneficiary must be a member of the Immediate Family of the
				original Qualified Beneficiary as defined in Rule 6.1 M.
Requests for transfer of the MPACT Contract benefits to an
				  eligible Substitute Beneficiary must be in writing. All requests for
				  Beneficiary substitutions should be submitted with documentation evidencing the
				  relationship of the Substitute Beneficiary to the Purchaser or the original
				  Qualified Beneficiary.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 9 - Qualified Beneficiary › Rule 38-2-9.4 - Beneficiary Substitution After Contract Benefits Have Been Utilized by the Original Beneficiary

Current through June 25, 2024
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,
				  and the Substitute Beneficiary does not already have an MPACT contract. A
				  request for beneficiary substitution must be made prior to graduation of the
				  original beneficiary.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-21.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 9 - Qualified Beneficiary › Rule 38-2-9.5 - UTMA or UGMA Accounts

Current through June 25, 2024
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 mindful of the
				  following UTMA restrictions:
A. The
				custodian will be required to sign the MPACT Application in the custodian's
				representative capacity as a custodian;
B. The custodian is not allowed to change the
				Beneficiary of a Contract (directly or by means of a rollover
				distribution);
C. The custodian is
				not allowed to change the Purchaser of a Contract from the custodian to anyone
				other than a successor custodian without providing MPACT with a court order
				directing the change;
D. The
				custodian must complete an UTMA/UGMA form in addition to the MPACT
				Application;
E. The custodian is
				required to notify MPACT when the Beneficiary is legally entitled to take
				control of the account. At that time, the Beneficiary would be able to conduct
				the same account transactions as non-UTMA Purchasers; and
F. The custodian is allowed to request a
				refund only in accordance with the UGMA/UTMA rules, which may indicate that any
				funds withdrawn must be used for the benefit of the Beneficiary.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 10 - Application › Rule 38-2-10.1 - MPACT Enrollment Period

Current through June 25, 2024
An MPACT Contract may be purchased during a valid Enrollment
				  Period. The Enrollment Period shall commence and terminate on dates set by the
				  Board.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 10 - Application › Rule 38-2-10.2 - Application

Current through June 25, 2024
Any individual desiring to enter into an MPACT Contract on
				  behalf of a Qualified Beneficiary must submit a completed Application to the
				  State Treasurer. The Application will be considered incomplete and will not be
				  accepted unless it is accompanied by the Application Processing Fee described
				  in Rule 12.2 A. The MPACT Application Form is hereby incorporated by
				  reference.
By completing the Application and submitting the Application
				  Processing Fee, the Purchaser is making application to enter into an MPACT
				  Contract. The MPACT Application will become part of the formal Contract between
				  the MPACT Program, on behalf of the Board, and the Purchaser. After review and
				  acceptance of the Application by the State Treasurer, the Purchaser will be
				  mailed a Participation and Payment Schedule. Both of these documents become
				  part of the formal Contract between MPACT and the Purchaser.
To be complete, an Application must be accompanied by the
				  Application Processing Fee and must contain all of the information that the
				  State Treasurer determines is necessary for proper administration of the
				  enrollment process. The MPACT Contract will be valid at such time as the State
				  Treasurer accepts the Purchaser and Beneficiary into the Program and transmits
				  a Participation and Payment Schedule to the Purchaser.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 10 - Application › Rule 38-2-10.3 - Naming the Qualified Beneficiary

Current through June 25, 2024
Unless specifically exempted by the State Treasurer a
				  Purchaser must name the Qualified Beneficiary in the MPACT Application at the
				  time the Application is submitted. Only one (1) Qualified Beneficiary is
				  allowed per MPACT Contract.
The Purchaser does not have to designate the Postsecondary
				  Institution that the Beneficiary will attend until such time as the Qualified
				  Beneficiary matriculates and in accordance with Rule 11.4. If more than one (1)
				  Purchaser has submitted an Application for the same Beneficiary, the State
				  Treasurer will determine which Application is accepted on behalf of the
				  Qualified Beneficiary.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).