Code of Maine Rules › 18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES › 553 - BUREAU OF ALCOHOLIC BEVERAGES AND LOTTERY OPERATIONS (BABLO) › Chapter 40 - MEGA MILLIONS RULES › Part II - Mega Millions Game Rules › Section 553-40-II-6.0 - Prize Payment

Current through 2024-29, July 17, 2024
6.1
Grand
				  Prize
6.1.1 The prize money allocated
				  from the current Mega Millions prize pool for the Grand Prize, plus any
				  previous portions of prize money allocated to the Grand Prize category in which
				  no matching MM Plays or JJ Plays were sold will be divided equally among all
				  Grand Prize winning MM Plays and JJ Plays in all Participating Lotteries. The
				  annuity Grand Prize amount will be paid in thirty (30) graduated annual
				  installments. Grand Prizes won shall be funded by the Selling Lotteries in
				  accordance with the formula set by the Mega Millions lotteries. The Mega
				  Millions lotteries may set a minimum guaranteed annuity Grand Prize amount that
				  shall be advertised by the selling lotteries as the starting guaranteed annuity
				  Grand Prize amount.
6.1.2
Rollover.
If, in any Mega Millions drawing there are no MM Plays or
				  JJ Plays that qualify for the Grand Prize category, the portion of the prize
				  fund allocated to such Grand Prize category shall remain in the Grand Prize
				  category and be added to the amount allocated for the Grand Prize category in
				  the next consecutive Mega Millions drawing.
6.1.3 Unless there is a different Party
				  Lottery rule, Grand Prizes shall be paid, at the election of the player made no
				  later than sixty (60) days after the player becomes entitled to the prize, with
				  either a per winner annuity or cash payment. If the payment election is not
				  made by the player within sixty (60) days after the player becomes entitled to
				  the prize, then the prize shall be paid as an annuity prize. The election to
				  take the cash value option may be made within sixty (60) days after the player
				  becomes entitled to the prize. An election made after the winner becomes
				  entitled to the prize is final and cannot be revoked, withdrawn or otherwise
				  changed.
6.1.4 In the event of a
				  prize winner who selects the cash value option, the prize winner's share shall
				  be paid in a single payment upon completion of internal validation procedures.
				  The cash value option shall be determined by the Mega Millions
				  Lotteries.
6.1.5 Graduated annual
				  payment option Grand Prize prizes shall be paid in thirty (30) graduated annual
				  installments upon completion of internal validation procedures. The initial
				  payment shall be paid upon completion of internal validation procedures. The
				  subsequent twenty-nine (29) payments shall be paid graduated annually to
				  coincide with the month of the Federal auction date on which the bonds were
				  purchased to fund the annuity, with graduated annual installments defined in
				  the Mega Millions Lotteries' Finance and Operations Procedures. Payments shall
				  escalate by a factor of five percent (5%) annually, and annual payments shall
				  be rounded down to the nearest even one thousand dollars ($1,000.00) increment.
				  All such payments shall be made within seven (7) days of the anniversary of the
				  annual auction date.
6.1.6 If
				  individual shares of the Grand Prize Pool held to fund an annuity is less than
				  two hundred fifty thousand dollars ($250,000.00), the Product Group, in its
				  sole discretion, may elect to pay the winners their share of the cash held in
				  the Grand Prize pool.
6.1.7 Funds
				  for the initial payment of an annuitized prize or the cash value option prize
				  shall be made available by MUSL for payment by the Party Lottery on a schedule
				  approved by the Product Group. If necessary, when the due date for the payment
				  of a prize occurs before the receipt of funds in the prize pool trust
				  sufficient to pay the prize, the transfer of funds for the payment of the full
				  cash value option amount may be delayed pending receipt of funds from the Party
				  Lotteries or other lotteries participating in the Mega Millions Game. A Party
				  Lottery may elect to make the initial payment from its own funds after
				  validation, with notice to MUSL.
6.1.8 In the event of the death of a lottery
				  winner sold by a Party Lottery during the annuity payment period, unless
				  prohibited by jurisdictional law, MUSL Finance & Audit Committee, in its
				  sole discretion excepting a discretionary review by the Product Group, upon the
				  petition of the estate of the lottery winner (the "Estate") to the lottery of
				  the jurisdiction in which the deceased lottery winner purchased the winning
				  Play, and subject to federal, state, district or territorial applicable laws,
				  may accelerate the payment of all of the remaining lottery proceeds to the
				  Estate. If such a determination is made, then securities and/or cash held to
				  fund the deceased lottery winner's annuitized prize may be distributed to the
				  Estate. The identification of the securities to fund the annuitized prize shall
				  be at the sole discretion of the Finance & Audit Committee or the Product
				  Group.
6.1.9 If a Party Lottery
				  purchases or holds the prize payment annuity for a prize won in that
				  jurisdiction, that Party Lottery's game rules, and any prize payment agreement
				  with the prize winner, shall indicate that the prize winner has no recourse on
				  the MUSL or any other Party Lottery for payment of that prize.