reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.1 - General

Current through June 25, 2024
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 encourage
				  corporations, trusts, charitable organizations, foundations, civic groups and
				  other interested parties, who are not natural persons, to enter into MPACT
				  Contracts. This type of Contract will also provide educational benefits to
				  Beneficiaries who might otherwise not be able to afford postsecondary
				  education. For the purpose of these Rules, Regulations, and Procedures, the
				  term "Entity" shall mean any corporation, trust, charitable organization, or
				  any other business or organization which is not a natural person and which is
				  approved by the State Treasurer for the purchase of an MPACT Contract. Unless
				  specifically exempted herein, all Rules, Regulations, and Procedures pertaining
				  to MPACT Contract Purchasers who are natural persons also apply to any
				  Purchaser that is an Entity.
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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.2 - Eligibility of the Purchaser

Current through June 25, 2024
The Purchaser of an MPACT Contract may be any Entity
				  approved, in writing, 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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.3 - Naming the Beneficiary

Current through June 25, 2024
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, such as a
				  state or local government or an organization described in IRC § 501(c)(3),
				  submits an MPACT Application for an unnamed Beneficiary, a Projected College
				  Entrance Date for the unnamed Beneficiary must be specified on the MPACT
				  Application. The age of the unnamed Beneficiary on the MPACT Application will
				  be the normal age for a Beneficiary expected to enter college in the academic
				  school year corresponding to the Projected College Entrance Date. The
				  Beneficiary should be named not less than six (6) months prior to the Projected
				  College Entrance Date specified by the entity on the MPACT
				  Application.
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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.4 - Beneficiary Eligibility

Current through June 25, 2024
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
				  submitted to the State Treasurer, at such time as the Beneficiary is named, the
				  named Beneficiary must meet all of the following requirements:
A. The Beneficiary must be a resident of the
				State of Mississippi, or a nonresident provided that the Purchaser is a
				resident of the State.
B. The
				Beneficiary must be eighteen (18) years of age or younger.
C. The Beneficiary must have a college
				enrollment year which is the same year as the Projected College Entrance Date
				provided in the MPACT Application by the Entity.
D. The Beneficiary must be born and have a
				valid birth certificate.
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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.5 - Failure to Name the Beneficiary

Current through June 25, 2024
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 at a rate
				  that corresponds to the prevailing interest rates for savings accounts provided
				  by banks and savings and loan associations and the Board may impose reasonable
				  charges for such refund.
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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.6 - Beneficiary Substitutions

Current through June 25, 2024
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 eligible
				  Substitute Beneficiary to the first 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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.7 - Application

Current through June 25, 2024
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
				  complete in all other respects as described in Rule 10.2 and Rule
				  20.3.
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 20 - MPACT Rules, Regulations and Procedures for Corporations, Trusts, Charitable Organizations, and Other Qualified Entities › Rule 38-2-20.8 - Utilization of the MPACT Contract Benefits

Current through June 25, 2024
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 are
				  natural persons.
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 21 - Dormitory Residence Plan › Rule 38-2-21.1 - Dormitory Residence Plans

Current through June 25, 2024
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
				  dormitory plan.
The Mississippi Affordable College Savings (MACS) Plan
				  provides a savings vehicle which can be used for books, room and board,
				  graduate school, and other higher education expenses.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-13.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 1 - Introduction › Rule 38-3-1.1 - Introduction

Current through June 25, 2024
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
				  37-155-1
				  to
				  37-155-27
				  of the Mississippi Code (As Amended).
MPACT is administered by College Savings Mississippi, a
				  division of the Office of the State Treasurer, under the administrative
				  authority of the State Treasurer and with the guidance of a Board of Directors.
				  The MPACT Contract provides for the payment of undergraduate tuition, for a
				  specified number of semester hours, 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, community colleges in the State of Mississippi, and on
				  the number of years between the purchase of a Contract and the utilization of
				  Contract benefits. The Board of Directors establishes the costs of MPACT
				  Contracts in accordance with actuarial assumptions adopted by the Board at the
				  recommendation of independent actuaries.
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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 2 - Administration › Rule 38-3-2.1 - Administration

Current through June 25, 2024
MPACT is administered by the Office of the State Treasurer
				  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 (1) from each of the State's
				  original 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 powers of the Board are outlined in Sections
				  37-155-1
				  to
				  37-155-27
				  of the Mississippi Code (As Amended).
Miss. Code Ann. §
										37-155-7,
				  §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 3 - Trust Fund › Rule 38-3-3.1 - Trust Fund

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 Office of the State
				  Treasurer in accordance with statute and the Investment Policy of the Board,
				  with the goal of yielding 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.
Miss. Code Ann. §
										37-155-15.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 4 - Administrative Fund › Rule 38-3-4.1 - Administrative Fund

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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 5 - Definitions › Rule 38-3-5.1

Current through June 25, 2024
A. Academic School Year - Three (3) quarters
				or two (2) semesters of a twelve (12) month school year.
B. Actuarial Assessment - An additional
				Contract amount assessed by MPACT to preserve the actuarial soundness of the
				Trust Fund.
C. Administrative Fees
				- Fees, listed in Chapter 10, which are either build 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 information provided to
				the State Treasurer. Administrative Fees include any other fees designated as
				administrative by the State Treasurer. Administrative Fees are nonrefundable
				and are deducted from Contract payments before calculation of the Redemption
				Value.
D. Application - A request
				for enrollment in the MPACT Program, made on the official Application form or
				made by completing the online Application accessible on the MPACT
				website.
E. Application Processing
				Fee - Fee, specified in Chapter 10.02, paid by the MPACT Contract Purchaser
				upon Application for enrollment in the MPACT Program.
F. Cancellation - Voluntary discontinuation
				of the Purchaser's Contract and voluntary discontinuation of the Qualified
				Beneficiary's right to receive benefits under an MPACT Contract, when requested
				by the Purchaser, so long as the Purchaser has provided at least thirty (30)
				days written notice to the MPACT Program and has submitted all applicable
				Administrative Fees.
An MPACT Contract may also be Involuntarily Cancelled for any
				  of the following:
1. Purchaser fails
				to make payments pursuant to the Master Contract and/or the Participation and
				Payment Schedule; Purchaser fails to make a Contract payment within forty-five
				(45) days of the first Contract payment due date.
2. Contingent Purchaser - Person who is named
				by the Contract Purchaser on the MPACT Application or subsequent request, who
				will assume all duties and responsibilities of the Contract Purchaser in the
				event of the Contract Purchaser's death. The Contingent Purchaser must meet the
				same eligibility requirements as the Contract Purchaser.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 6 - Contract Purchaser › Rule 38-3-6.1 - 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 5.1 BB, 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 18.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 6 - Contract Purchaser › Rule 38-3-6.2 - Nonacceptance 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 Chapter;
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
				7;
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 Contract Purchaser submits an Application with incomplete information;
				or
H. 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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 6 - Contract Purchaser › Rule 38-3-6.3 - Number of Purchasers Per Contract

Current through June 25, 2024
Only one (1) individual may be named on the MPACT
				  Application and on the MPACT Contract as the MPACT Contract Purchaser. Joint
				  Purchasers are not permitted. However, if a given application and current
				  Contract purchases equals 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 (5) years as defined in Chapter
				  9. 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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 6 - Contract Purchaser › Rule 38-3-6.4 - Change of 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, 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 Purchaser has not designated a Contingent Purchaser,
				  becomes disabled and cannot furnish a signature, proof of 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.
The request must be accompanied by the applicable
				  Administrative Fee(s) as described in Rule 10.1 and Rule 10.7. See Rule 7.3 for
				  additional restrictions applicable to UTMA/UGMA accounts.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 6 - Contract Purchaser › Rule 38-3-6.5 - 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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 6 - Contract Purchaser › Rule 38-3-6.6 - 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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 7 - Qualified Beneficiary › Rule 38-3-7.1 - 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 Resident of the State
				of Mississippi as defined in Rule 5.1 BB; 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 individual 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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 7 - Qualified Beneficiary › Rule 38-3-7.2 - 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, if the
				  Beneficiary is a nonresident, that 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; .
2. Or any other
				documentation that the State Treasurer deems appropriate.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 7 - Qualified Beneficiary › Rule 38-3-7.3 - 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 Form 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
				Form;
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/UGMA Purchasers;
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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 8 - Application › Rule 38-3-8.1 - 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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 8 - Application › Rule 38-3-8.2 - 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 10.3.
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 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 8 - Application › Rule 38-3-8.3 - 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 9.6. 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).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.1 - General

Current through June 25, 2024
The MPACT Contract shall consist of the completed
				  Application, the Master MPACT Contract, and the Participation and Payment
				  Schedule. Additional documents, as described in Rule 5.15 S, will be
				  incorporated into the MPACT Contract.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.3 - Earliest Availability of Contract Benefits

Current through June 25, 2024
In general, the earliest a Qualified Beneficiary may receive
				  benefits under an MPACT Contract purchased during any Enrollment Period will be
				  the Projected Enrollment Year of the Qualified Beneficiary as provided in the
				  MPACT Contract, unless the Beneficiary is an accelerated student. In the event
				  that the Beneficiary is an accelerated student, the MPACT Contract may be used,
				  with no penalty or additional Contract cost, within three (3) years in advance
				  of the Projected College Entrance Date of the Qualified Beneficiary. Proof that
				  the Beneficiary is an accelerated student must be provided in such form and
				  detail as required by the State Treasurer.
The MPACT Contract and any outstanding Actuarial Assessments
				  and Administrative Fees should be paid in full to advance utilization of the
				  Contract benefits prior to the Beneficiary's Projected College Entrance Date.
				  However, utilization of the Contract benefits prior to the Beneficiary's
				  Projected Enrollment Year will not be available unless such early utilization
				  is deemed actuarially feasible.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.4 - Beneficiary's Projected Enrollment Year

Current through June 25, 2024
At the time of Application, the Projected Enrollment Year is
				  calculated based on information provided by the Purchaser on the MPACT
				  Application.
If the Beneficiary is held back or advances after the MPACT
				  Contract is purchased and an account has been established, there will be no
				  adjustment in the Qualified Beneficiary's Projected Enrollment
				  Year.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.5 - Contract Term

Current through June 25, 2024
In general, benefits under an MPACT Contract may be received
				  for up to an eight (8) 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 eight (8) years
				  after the actual college entrance date of the Qualified Beneficiary who is an
				  accelerated student.
Prior to the expiration of the eight (8) year benefit period,
				  as long as an MPACT Contract has not been Terminated or Cancelled and is not in
				  default, a Purchaser may request an extension of the time allowed to exercise
				  rights under the Contract only if the Beneficiary has not been able to fully
				  utilize benefits due to active service in a branch of the United States
				  Military. If approved, the extension of benefits will not exceed the number of
				  years of military service. The Purchaser must submit a written request at least
				  one hundred and eighty (180) days prior to the expiration of the eight (8) year
				  benefit period, the Contract must have thirty two (32) semester hours remaining
				  in benefits, and the Purchaser must pay a non-refundable renewal fee equal to
				  5% of the original Contract price, assessed at the time of request for
				  extension of the Contract term. If the request is granted, an Actuarial
				  Assessment may be assessed to protect the actuarial soundness of the Trust
				  Fund. The Contract extension will be valid for one (1) year from the Contract
				  expiration date.
If an MPACT Contract has not been Cancelled or Terminated,
				  and if the Qualified Beneficiary's rights under the Contract have not been
				  fully exercised within eight (8) years from the Projected College Date of the
				  Qualified Beneficiary, or from the actual college entrance date of an
				  accelerated student, all Contract rights are Terminated, and no refunds are
				  available. The money will revert to the Trust Fund.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.6 - Notification of Intent to Receive Educational Benefits

Current through June 25, 2024
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
				  Beneficiary will attend, not less than sixty (60) days prior to the projected
				  commencement date for utilization of Contract benefits by the Qualified
				  Beneficiary. Failure to provide at least sixty (60) days advance notice may
				  result in a delay in the availability of the MPACT Contract benefits until the
				  academic term immediately following the term in which the projected
				  commencement date for utilization of the MPACT Contract benefits
				  falls.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.7 - Identification Cards for Qualified Beneficiaries

Current through June 25, 2024
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 outstanding Administrative Fees have been paid in full.
				  An identification card shall not be issued unless the Qualified Beneficiary
				  submits a valid social security number. The Postsecondary Institution in which
				  the Qualified Beneficiary has enrolled may request that the Beneficiary present
				  an identification card to verify the student has an MPACT
				  account.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.8 - MPACT Contract Prices

Current through June 25, 2024
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 Program's retained actuary and adopted by the
				  Board regarding Tuition rates and other relevant factors. MPACT Contract prices
				  will not include the Application Processing Fee. The Contract price may include
				  a non-refundable Account Maintenance Fee in accordance with Rule 10.4.
After a Purchaser has entered into an MPACT Contract, the
				  Contract price will not change, unless otherwise specified herein.
				  Establishment of new prices for future MPACT Enrollment Periods will not affect
				  or change the pricing of MPACT Contracts purchased during previous Enrollment
				  Periods.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.9 - MPACT Contract Payments

Current through June 25, 2024
MPACT Contract payments are due in full on the dates
				  specified in the MPACT Contract. Contract payments may be made under the
				  following payment options, chosen by the Purchaser at the time of application
				  into the MPACT Program:
A. A lump sum
				payment due in full on or before the date designated by the State
				Treasurer.
B. Continuous monthly
				payments beginning on a date specified by the State Treasurer and continuing on
				a monthly basis until no later than the summer of the Projected Enrollment Year
				of the Qualified Beneficiary.
C. A
				down payment (partial lump sum) followed by continuous monthly payments
				beginning on a date specified by the State Treasurer and continuing on a
				monthly basis until no later than the summer immediately preceding the
				Projected Enrollment Year of the Qualified Beneficiary.
D. A series of annual payments beginning on a
				date specified by the State Treasurer and continuing on an annual
				basis.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.10 - Involuntary Cancellation After Payment Delinquency of 180 Days

Current through June 25, 2024
If a Contract is delinquent for 210 days, the Contract will
				  be Involuntarily Cancelled and the Purchaser will receive a refund as per
				  provisions in Rule 10.5.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.11 - Reinstatement

Current through June 25, 2024
If after 180 days of default payment is not received, the
				  Contract will be placed in suspended status. After being placed in suspended
				  status, the account will then be involuntarily discontinued in accordance with
				  Rule 9.10. To return the account to active status, the Purchaser must either
				  pay the delinquent amounts, including Assessments and Fees, or agree to change
				  the Contract or payment terms (see Rules 9.12 through 9.15 ) in order to
				  convert the account to some arrangement where they will not be delinquent. All
				  delinquent amounts must be paid before the involuntary Cancellation refund is
				  issued. The Purchaser may also elect to voluntarily cancel the Contract as
				  described in Chapter 12.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.12 - MPACT Contract Modifications

Current through June 25, 2024
All requests by Contract Purchasers for a modification of the
				  Contract provisions must be submitted in writing and must be accompanied by any
				  written documentation which the State Treasurer may reasonably request and deem
				  sufficient, along with all applicable Administrative Fees.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.13 - Changes in Payment Schedule

Current through June 25, 2024
An MPACT Contract Purchaser may request a change in payment
				  schedule any time during the MPACT Enrollment Period in which the Purchaser
				  enters the MPACT Program and extending through the tenth day of the month in
				  which the first payment is due for monthly Purchasers, or in which the onetime,
				  lump sum payment is due for lump sum Purchasers. A request for a change in
				  payment schedule must be submitted, in writing, to the State Treasurer and must
				  be received by the State Treasurer within the time frame specified herein. A
				  change in payment schedule at any other time may require the MPACT Contract
				  Purchaser to cancel their existing MPACT Contract and to purchase a new
				  Contract during a subsequent MPACT Enrollment Period. Purchasers electing a
				  monthly payment plan may pay off the plan early.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.14 - MPACT Contract Payment Methods

Current through June 25, 2024
Any one of a variety of payment methods is available to an
				  MPACT Contract Purchaser. These methods may include, but are not limited to,
				  coupon book, ACH (Automatic Clearing House), or payroll deduction. A Purchaser
				  may change payment method after submitting a written request to the State
				  Treasurer.
Automatic payroll deduction may be provided for State
				  employees. Any other employer desiring to establish automatic payroll deduction
				  for MPACT Contract Purchasers may do so as long as the payroll deduction is
				  administered in accordance with specifications provided by the State
				  Treasurer.
Contract Purchasers electing payment by coupon book will be
				  responsible for making all payments on time, even if the Purchaser has not
				  received a coupon book. Similarly, a Purchaser will be responsible for making
				  all payments on time, prior to implementation of payroll deduction or automatic
				  deduction from a checking or savings account. Any Purchaser who delays payment
				  beyond the payment due date until a coupon book has been issued or until
				  payroll deduction or automatic bank deduction has been implemented may be
				  assessed late payment fees and an Actuarial Assessment.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.15 - Contract Modifications Other Than Changes in Payment Schedule

Current through June 25, 2024
All requests for modification(s) in the MPACT Contract must
				  be made, in writing, to the State Treasurer and must be submitted along with
				  any applicable Administrative Fees and any supporting written documentation
				  required by the State Treasurer.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.16 - Contract Exclusions

Current through June 25, 2024
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
				  Treasurer and/or the Board of Trustees, of any of the following:
A. Admission of the Qualified Beneficiary to
				a Postsecondary Institution;
B.
				Admission of the Qualified Beneficiary to a particular Postsecondary
				Institution;
C. Authorization to
				the Qualified Beneficiary to continue enrollment at a Postsecondary Institution
				after admission;
D. Graduation of
				the Qualified Beneficiary from a Postsecondary Institution.
No continuing education course, graduate program, first
				  professional program, or adult education program is available under the MPACT
				  Program except as described under Rule 11.1.
Tuition and Mandatory Fees paid under an MPACT Contract will
				  be In-State Tuition and In State Mandatory Fee charges only. The State
				  Treasurer, the MPACT Program, and the Trust Fund are not responsible for
				  payment of the difference between In-State and Out-of-State tuition and fee
				  rates. MPACT will not pay Tuition charges or Mandatory Fee charges at a rate in
				  excess of the rate charged to students who are eligible for In-State Tuition
				  and Mandatory Fee rates. All MPACT Beneficiaries are considered Mississippi
				  Residents for purposes of Tuition payments regardless of the Beneficiary's
				  residence on the date of college enrollment.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 9 - The MPACT Contract › Rule 38-3-9.17 - Transfers Between Senior and Junior College Plans

Current through June 25, 2024
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 the Contract
				  but enables the Program to pay university Tuition until benefits are
				  exhausted.
If a Beneficiary under a university or senior college plan
				  elects to attend a junior or community college, the Purchaser may request a
				  refund of the difference between the amount actually paid by MPACT to the
				  junior or community college and the weighted average Tuition and Mandatory Fees
				  at Mississippi's public universities in that year.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-11.
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.1 - Administrative Fees

Current through June 25, 2024
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 information
				  provided to the State Treasurer. Administrative Fees include any other fees
				  designated as administrative by the State Treasurer. Administrative Fees are
				  nonrefundable and are deducted from Contract payments before calculation of the
				  Redemption Value. The types of fees as well as the amount charged for each are
				  subject to change during the life of any MPACT Contract.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).
Mississippi Administrative Code › Title 38 - Treasurer › Part 3 - Mississippi Prepaid Affordable College Tuition Program (Horizon Contracts) › Chapter 10 - Administrative Fees › Rule 38-3-10.2 - Fees Assessed and Fee Schedules

Current through June 25, 2024
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.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).