reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.1 - 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 6.1 U, will be
				  incorporated into the MPACT Contract.
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 11 - The MPACT Contract › Rule 38-2-11.2 - Contract Benefits › Rule 38-2-11.2.1 - 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 Summer Term immediately preceding the Projected College Entrance
					 Date 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, including utilization of the benefits during the Summer
					 term immediately preceding the Projected College Entrance Date as well as
					 utilization of the benefits by an accelerated Beneficiary.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.3 - Contract Term

Current through June 25, 2024
In general, benefits under an MPACT Contract may be received
				  for up to a ten (10) year period after the Projected College Entrance Date of
				  the Qualified Beneficiary. If the Beneficiary, however, is an accelerated
				  student, the MPACT Contract benefits may be used for up to ten (10) years after
				  the actual college entrance date of the Qualified Beneficiary who is an
				  accelerated student.
Prior to the expiration of the ten (10) year limit, as long
				  as an MPACT Contract has not been Terminated or Canceled and is not in default,
				  a Purchaser may request an extension of the time allowed to exercise rights
				  under the Contract. The Purchaser must submit a written request at least one
				  hundred and eighty (180) days prior to the expiration of the ten (10) year
				  limit, the Contract must have thirty two (32) semester hours remaining in
				  benefits, and must pay a nonrefundable 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 year from the Contract expiration date.
If an MPACT Contract has not been Canceled or Terminated, and
				  if the Qualified Beneficiary's rights under the Contract have not been fully
				  exercised within ten (10) 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.4 - 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 the assessment of a fee in accordance with the provisions of Rule
				  12.2 C as well as 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.5 - Identification Cards for Qualified Beneficiaries

Current through June 25, 2024
To receive benefits under the MPACT Program, a Qualified
				  Beneficiary, whose contract is in good standing, will be issued an
				  identification card prior to their scheduled matriculation date. An
				  identification card may not be issued to a Beneficiary unless the MPACT
				  Contract and any outstanding Administrative Fees have been paid in full. An
				  identification card shall also not be issued unless the Qualified Beneficiary
				  submits a valid social security number. The postsecondary institution in which
				  the Qualified Beneficiary has entered should not invoice the MPACT Trust Fund
				  on behalf of the Beneficiary unless the Beneficiary presents a valid
				  identification card to the appropriate person and office at the college or
				  university in which the Qualified Beneficiary has entered or the Beneficiary's
				  name appears on MPACT's Eligibility list as provided to the postsecondary
				  institution.
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 11 - The MPACT Contract › Rule 38-2-11.6 - 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 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 12.2.3.
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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.7 - 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 different Participation and Payment Schedules:
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 immediately preceding the Projected College Entrance
				Date 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 College Entrance Date 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.8 - Default

Current through June 25, 2024
Failure to make any payment within thirty (30) days of the
				  due date shall constitute default by the Purchaser and a suspension of the
				  Qualified Beneficiary's rights under the MPACT Contract. A Purchaser may
				  reinstate his or her good standing provided that all delinquent amounts,
				  including an Actuarial Assessment, and all Administrative Fees, including late
				  payment fees, have been paid.
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 11 - The MPACT Contract › Rule 38-2-11.9 - Reinstatement

Current through June 25, 2024
If within 180 days of default payment is not received, the
				  Contract will be placed in suspended status, unless there is a determination by
				  the Board of an exigent circumstance. To return the account to active status,
				  the Purchaser must either pay the delinquent amounts, including Assessments and
				  Fees, or agree to change the Contract or payment terms (see Rule 11.10 through
				  11.13 ) in order to convert the account to some arrangement where they will not
				  be delinquent. The Purchaser may also elect to voluntarily cancel the Contract
				  as described in Chapter 14 and Rule 15.7.
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 11 - The MPACT Contract › Rule 38-2-11.10 - 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.11 - 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 10th 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, including at the time of a
				  Beneficiary substitution, 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. In such cases, the Purchaser can obtain a payoff amount by calling
				  1-800-987-4450.
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 11 - The MPACT Contract › Rule 38-2-11.12 - Contract Payment Methods

Current through June 25, 2024
Any one of a variety of payment methods is available to an
				  MPACT Contract Purchaser. These may include payment by coupon book, automatic
				  deduction from a bank account (automatic clearinghouse checks), 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.13 - 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. Requests for modifications, may include, but
				  are not limited to, a change in Contract Purchaser or transfer of the Contract
				  benefits to an eligible Substitute 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 11 - The MPACT Contract › Rule 38-2-11.14 - 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 13.2.
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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 11 - The MPACT Contract › Rule 38-2-11.15 - 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 your
				  Contract but enables the Program to pay 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 12 - Administrative Fees › Rule 38-2-12.1 - Administrative Fees

Current through June 25, 2024
Administrative Fees are assessed when a Purchaser submits an
				  Application for an MPACT Contract, when payments are made or when alterations
				  are made in Contract information or in the ordinary services provided under the
				  MPACT Program. The types of fees as well as the amount 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 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 12 - Administrative Fees › Rule 38-2-12.2 - Fees Assessed and Fee Schedules

Current through June 25, 2024
The following Administrative Fees and fee schedules will
				  apply to all Purchasers of MPACT Contracts, subject to changes the State
				  Treasurer may make over the life of the Contract in the types and/or amounts of
				  such Administrative Fees:
A.
				Application Processing Fee - A sixty dollar ($60.00) Application Processing Fee
				will be collected for EACH MPACT Application at the time that the Application
				is submitted to the State Treasurer. An Application will not be accepted unless
				the full amount of the Application Processing Fee is submitted along with the
				Application.
B. In general, the
				Application Processing Fee is nonrefundable. The Application Processing Fee
				will only be refunded if the MPACT Application is rejected and the Purchaser is
				denied participation in the MPACT Program through no fault of the
				Purchaser.
C. Account Maintenance
				Fee - All MPACT Contract payments include a nonrefundable account maintenance
				fee. The account maintenance fee for monthly payment Contracts is two dollars
				($2.00) per month. The account maintenance fee for lump-sum payment Contracts
				is three dollars ($3.00) per year till matriculation of the Qualified
				Beneficiary.
D. Cancellation Fee -
				An MPACT Contract may be canceled for any of the following:
1. The Purchaser submits a written
				request;
2. The Purchaser fails to
				make payments pursuant to the Master MPACT and/or the Participation and Payment
				Schedule;
3. The Purchaser fails to
				make a Contract payment within forty-five (45) days of the first payment due
				date following the close of the MPACT Enrollment period during which the MPACT
				Application was submitted.
Fifty percent (50%) of the amount paid into the Trust Fund,
				  up to a maximum of one hundred fifty dollars ($150.00), excluding
				  Administrative Fees, will be assessed upon the Cancellation of an MPACT
				  Contract. The Cancellation Fee will be waived in the event of death or
				  disability of the Qualified Beneficiary or with proof of scholarship. Effective
				  for cancellations between January 1, 2002, and September 30, 2014, the
				  cancellation fee will be fifty percent (50%) of the amount paid into the Trust
				  Fund, up to a maximum of twenty five dollars ($25.00), excluding Administrative
				  Fees. Effective for cancellations on or after October 1, 2014, the Cancellation
				  Fee will be fifty percent (50%) of the amount paid into the Trust Fund, up to a
				  maximum of one hundred fifty dollars ($150.00), excluding Administrative
				  Fees.
In the event of death or disability of the Qualified
				  Beneficiary, the Purchaser must submit acceptable documentation along with a
				  written request at the time of application for a refund.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 13 - Attendance at an Independent/Private In-state or Out-of State Postsecondary Institution › Rule 38-2-13.1 - Utilization of MPACT Contract Benefits at an Independent/Private Postsecondary Institution or at an Out-of-State Postsecondary Institution

Current through June 25, 2024
In the event the Qualified Beneficiary matriculates in an
				  Independent/Private In-state Postsecondary Institution or in an Out-of-State
				  Postsecondary Institution, the Current Tuition Value will be forwarded, each
				  academic term, to the Postsecondary Institution on an academic equivalent
				  hourly basis subject to the provisions of the MPACT Contract described in Rule
				  11.2. In no case will the amount forwarded ever exceed the cost of
				  undergraduate tuition plus Mandatory Fees of the Postsecondary Institution to
				  which the money is forwarded for the particular academic hours and term in
				  question.
Forwarding of MPACT Contract benefits under this Chapter will
				  be made only when all of the following have occurred:
A. The Purchaser has submitted a written
				request and all applicable Administrative Fees to the State Treasurer for
				transfer of the MPACT Contract benefits. The request should be submitted not
				less than sixty (60) days in advance of the first academic term for which the
				MPACT Contract benefits are to be paid;
B. The Purchaser has paid the applicable
				Administrative Fee(s) in accordance with Rule 12.2;
C. The State Treasurer has received a valid
				invoice from the Beneficiary's college or university after the end of the
				Institution's official drop/add period for each academic term for which MPACT
				Contract benefits are to be paid.
Failure to comply with the sixty (60) day requirements in
				  this Chapter may result in the delay or unavailability of the MPACT Contract
				  benefits until the following academic term.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-11.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 13 - Attendance at an Independent/Private In-state or Out-of State Postsecondary Institution › Rule 38-2-13.2 - Utilization of MPACT Contract Benefits at an In-State or Out-Of-State Graduate Institution

Current through June 25, 2024
In the event the Qualified Beneficiary with unused Contract
				  benefits attends an In-State or Out-of-State Graduate Institution, the Current
				  Tuition Value will be forwarded, each academic term, to the Graduate
				  Institution on an academic equivalent hourly basis subject to the provisions of
				  the MPACT Contract described in Rule 11.2. In no case will the amount forwarded
				  ever exceed the cost of tuition plus Mandatory Fees of the Graduate Institution
				  to which the money is forwarded for the particular academic hours and term in
				  question.
Forwarding of MPACT Contract benefits under this Chapter will
				  be made only when all of the following have occurred:
A. The Purchaser has submitted a written
				request and all applicable Administrative Fees to the State Treasurer for
				transfer of the MPACT Contract benefits. The request should be submitted not
				less than sixty (60) days in advance of the first academic term for which the
				MPACT Contract benefits are to be paid;
B. The Purchaser has paid the applicable
				Administrative Fee(s) in accordance with Rule 12.2;
C. The State Treasurer has received a valid
				invoice from the Beneficiary's Graduate Institution after the end of the
				Institution's official drop/add period for each academic term for which MPACT
				Contract benefits are to be paid.
Failure to comply with the sixty (60) day requirements in
				  this Chapter may result in the delay or unavailability of the MPACT Contract
				  benefits until the following academic term.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003), §
										37-155-11.
Mississippi Administrative Code › Title 38 - Treasurer › Part 2 - Mississippi Prepaid Affordable College Tuition Program (Legacy Contracts) › Chapter 14 - Termination or Cancellation of MPACT Contract › Rule 38-2-14.1 - General

Current through June 25, 2024
Unless otherwise stated herein, Termination or Cancellation
				  of an MPACT Contract shall result in a refund to the Purchaser only after
				  payment of applicable Administrative Fees.
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 14 - Termination or Cancellation of MPACT Contract › Rule 38-2-14.2 - Individual Entitled to Cancel an MPACT Contract

Current through June 25, 2024
The person entitled to cancel an MPACT Contract is the
				  Contract 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 14 - Termination or Cancellation of MPACT Contract › Rule 38-2-14.3 - Individual Entitled to Receive Refunds

Current through June 25, 2024
Unless otherwise stated herein, the individual entitled to
				  receive any refunds which may be due under an MPACT Contract is the named
				  Contract 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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.1 - General

Current through June 25, 2024
Unless otherwise stated herein, refunds will be paid to the
				  Purchaser. Refund amounts will be based on the reason for Terminating or
				  Canceling an MPACT Contract. Except as provided herein, refunds shall include
				  but not be limited to the amount paid in and an additional amount in 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. The Board
				  may impose reasonable charges for such withdrawal or refund. Termination of
				  student status after the official drop/add period eliminates the refund option
				  for that academic term.
If a Qualified Beneficiary does not receive course credit for
				  credit hours paid under an MPACT Contract, a refund will not be available for
				  these credit hours. Furthermore, once the Trust Fund has paid a Postsecondary
				  Institution for credit hour(s) on behalf of a Qualified Beneficiary, the
				  hour(s) paid to the Postsecondary Institution reduce the total number of credit
				  hours available for calculation of any refund amount that may be due to the
				  Purchaser.
If the Qualified Beneficiary achieves a baccalaureate degree
				  in fewer than the maximum number of credit hours guaranteed under an MPACT
				  Contract and/or in fewer than the number of academic terms for which payment of
				  Mandatory Fees is guaranteed under the Contract, a refund will not be
				  available. As soon as a Qualified Beneficiary attains a baccalaureate degree,
				  and/or utilizes the total number of credit hours guaranteed under the Contract,
				  all services under the MPACT Contract will be Terminated. Any refund made to
				  the Purchaser will occur only after the Purchaser has paid any outstanding
				  Administrative Fees.
Unless otherwise specified herein, refunds may be paid in
				  installments as determined by the State Treasurer. The amount of the refund
				  installments will be calculated by the State Treasurer at the time the written
				  request for a refund is approved. Unless otherwise stated herein, the refund
				  installments will be paid to the Purchaser. The State Treasurer is not
				  responsible for any refunds that may be payable by the Postsecondary
				  Institutions.
A Purchaser who voluntarily cancels their Contract will be
				  allowed to reinstate up to the point where a refund check is issued. If the
				  Purchaser changes their mind regarding Cancellation after issuance of a refund
				  check, they must purchase a new Contract during the next Enrollment Period at
				  that Enrollment Period's prices.
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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.2 - Refund in the Event of Death or Disability of the Qualified Beneficiary

Current through June 25, 2024
Refunds may exceed the amounts paid into the Trust Fund and
				  the minimum interest as specified in Rule 15.1 in the following circumstances:
				  In the event of death or disability of a Qualified Beneficiary. In any of these
				  circumstances, the Purchaser shall receive a refund equal to the sum of all
				  MPACT Contract payments paid to date, excluding all Administrative Fees, minus
				  any amount paid by the Trust Fund to Postsecondary Institutions on behalf of
				  the Qualified Beneficiary, with such net amounts adjusted to reflect the
				  increase in Current Tuition Value over the period from the purchase of the
				  MPACT Contract to the date the refund calculation is made.
For the refund provisions stated herein to apply, the
				  Purchaser must submit a written request for Cancellation of the MPACT Contract.
				  The written request should be submitted within one hundred eighty (180) days of
				  the death or disability of the Qualified Beneficiary. Furthermore, proof of
				  death, disability, or qualification must be submitted in such form as is deemed
				  acceptable by the State Treasurer. If the written request and required
				  documentation are not submitted within the one hundred eighty (180) day
				  deadline, the refund provisions of Rule 15.8 may 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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.3 - Refund in the Event of a Reduction in Tuition and/or Fees for a Child of an Employee of a Postsecondary Institution

Current through June 25, 2024
Some Postsecondary Institutions may charge lower tuition
				  and/or fees to a student who is a child of an employee of the Postsecondary
				  Institution. If an MPACT Contract Beneficiary is eligible for this reduction,
				  the Contract Purchaser may elect to cancel the MPACT Contract and request a
				  refund under Rule 15.7 herein. The refund will be equal to the Redemption Value
				  of the Contract. If the Purchaser does not cancel the MPACT Contract, MPACT
				  will pay the college or university based on the invoice submitted by the
				  Postsecondary Institution and subject to the provisions of MPACT stated in
				  these Rules, Regulations, and Procedures. If the Beneficiary receives a tuition
				  reduction from the college or university and the Trust Fund pays, based on the
				  invoice from the Institution, the full amount of the MPACT Contract to the
				  college or university attended by the Beneficiary, it shall be the
				  responsibility of the Purchaser to request a refund of the overpayment of
				  tuition and fees from the college or university. If the college or university
				  invoices the Trust Fund for a reduced amount of tuition and Mandatory Fees,
				  i.e., an amount less than that contracted for by the Purchaser in the MPACT
				  Contract, then the Purchaser shall request a refund from the Trust Fund of the
				  difference between the invoiced amount and the amount for which the Purchaser
				  contracted, and the refund will be made by the Trust Fund directly to the
				  Purchaser, based on the appropriate documentation.
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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.4 - Refund in the Event of Receipt of a Full or Partial Scholarship by a Qualified Beneficiary

Current through June 25, 2024
If a Qualified Beneficiary is awarded a Full or Partial
				  Scholarship, the terms of which fully or partially cover the benefits
				  guaranteed in the MPACT Contract, the Contract Purchaser may elect to cancel
				  the MPACT Contract and request a refund under Rule 15.8 herein. The refund will
				  be equal to the Redemption Value of the Contract. If the Purchaser does not
				  cancel the MPACT Contract, MPACT will pay the college or university based on
				  the invoice submitted by the Postsecondary Institution and subject to the
				  provisions of MPACT stated in these Rules, Regulations, and Procedures. If a
				  Qualified Beneficiary is awarded a Full or Partial Scholarship, the terms of
				  which fully or partially cover the benefits guaranteed in the MPACT Contract
				  and the Trust Fund pays, based on the invoice from the institution, the full
				  amount of the MPACT Contract to the college or university attended by the
				  Beneficiary, it shall be the responsibility of the Purchaser to request a
				  refund of the overpayment of tuition and fees from the college or university.
				  If the college or university invoices the Trust Fund for a reduced amount of
				  tuition and Mandatory Fees, i.e., an amount less than that contracted for by
				  the Purchaser in the MPACT Contract, then the Purchaser shall request a refund
				  from the Trust Fund of the difference between the invoiced amount and the
				  amount for which the Purchaser contracted, and the refund will be made by the
				  Trust Fund directly to the Purchaser, based on the appropriate
				  documentation.
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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.5 - Refund if the Beneficiary Matriculates in a Military College or University

Current through June 25, 2024
In the event the MPACT Contract Beneficiary matriculates in
				  one of the U.S. Government sanctioned military academies listed below, such
				  that tuition and Mandatory Fees are not charged, the Purchaser will receive a
				  refund equal to the sum of all MPACT Contract payments paid to date, excluding
				  all Administrative Fees, minus any amount paid by the Trust Fund to
				  Postsecondary Institutions on behalf of the Qualified Beneficiary, with such
				  net amounts adjusted to reflect the increase in Current Tuition Value over the
				  period from the purchase of the MPACT Contract to the date the refund
				  calculation is made.. A Request for a refund should be submitted within sixty
				  (60) days of the Beneficiary's enrollment in the military college or university
				  and must be accompanied by written documentation, deemed acceptable by the
				  State Treasurer, evidencing enrollment. Otherwise, the refund provisions of
				  Rule 15.8 may apply. The provisions herein apply to attendance at any one of
				  the following military academies: The United States Air Force Academy in
				  Colorado Springs, Colorado; The United States Naval Academy in Annapolis,
				  Maryland; The United States Military Academy at West Point, New York; The
				  United States Merchant Marine Academy at Kings Point, New York; or, The United
				  States Coast Guard Academy in New London, Connecticut
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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.6 - Refund if the Beneficiary Matriculates in a Postsecondary Institution Located Outside of the United States

Current through June 25, 2024
If the Beneficiary matriculates in a Postsecondary
				  Institution located outside of the United States, the MPACT Contract Purchaser
				  may receive a refund of the Redemption Value of the Contract. The Cancellation
				  Fee will be waived. The Contract Purchaser must submit a written request for a
				  refund and must furnish written documentation, acceptable to the State
				  Treasurer, substantiating the Beneficiary's attendance at a Postsecondary
				  Institution located outside of the United States.
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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.7 - Refund in the Event Qualified Beneficiary Graduates With Unused Contract Hours

Current through June 25, 2024
If a Qualified Beneficiary completes an undergraduate
				  program and obtains a baccalaureate degree without using all semester hours
				  purchased in their MPACT Contract, the remaining Contract hours may be used for
				  graduate school as described under Rule 13.2. If the Beneficiary will not be
				  attending graduate school, the Purchaser may request at refund to be based on
				  the cost of the number of remaining hours in their Contract adjusted to reflect
				  the increase in Current Tuition Value over the period from the purchase of the
				  MPACT Contract to the date the refund calculation is made. Such requests must
				  be in writing and include appropriate written documentation, acceptable to the
				  State Treasurer, that the Beneficiary has received a baccalaureate degree. If
				  the Beneficiary has not earned an undergraduate degree, the refund provisions
				  of 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 15 - Refunds of Amounts Paid Into the Trust Fund › Rule 38-2-15.8 - Other Refunds

Current through June 25, 2024
Refunds for reasons or circumstances other than those
				  stipulated above in Rule 15.1 through 15.6 may be made to the Purchaser upon
				  written request by the Purchaser after submission of all documentation required
				  by the State Treasurer to substantiate the refund request, and after payment of
				  the required Administrative Fee(s).
The Purchaser will be entitled to a refund equal to the
				  Redemption Value of the Contract. A refund under this Rule will not include
				  credit hours or Mandatory Fees paid by the Trust Fund on behalf of the
				  Qualified Beneficiary prior to the time of refund. A Cancellation Fee will also
				  be charged.
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 16 - Rollovers › Rule 38-2-16.1 - General

Current through June 25, 2024
Qualified Rollover Distributions are not subject to taxation
				  or penalty. Rollover Distributions include both:
A. Transfers between a QTP operated by one
				state and a QTP operated by another state; or
B. Transfers between separate QTP's operated
				by the same state.
These changes can be made as a non-taxable event without
				  penalty or additional tax if there is a change of Beneficiary and the new
				  Beneficiary is a "member of the family" of the previous Beneficiary. Account
				  Owners may also rollover from one QTP to another for the same Beneficiary once
				  every twelve (12) months without incurring State or federal income tax, any
				  penalty or the additional tax, so long as the transfer occurs within sixty (60)
				  days of the original withdrawal.
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 16 - Rollovers › Rule 38-2-16.2 - Rollovers from MACS to MPACT

Current through June 25, 2024
Purchasers desiring to transfer money from a MACS Account to
				  pay for their MPACT Contract must contact the MACS Program Manager to request a
				  rollover. Purchasers should also complete, sign and transmit to MPACT an MPACT
				  Rollover Form.
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 16 - Rollovers › Rule 38-2-16.3 - Rollovers from MPACT to MACS

Current through June 25, 2024
Purchasers desiring to transfer money from their MPACT
				  Contract to a MACS Account may request such a transfer by completing and
				  transmitting a request that the Contract be Cancelled and requesting the refund
				  be sent to their MACS Account. The MACS Account must be already opened and a
				  MACS Account Number provided at the time of the request.
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 16 - Rollovers › Rule 38-2-16.4 - Rollovers from QTP 's (529 Plans) Operated by Other States to MPACT

Current through June 25, 2024
It is the responsibility of the Purchaser to notify the
				  other QTP and request that the proper amount be sent to MPACT. Purchasers
				  should also complete, sign and transmit to MPACT an MPACT Rollover Form as
				  notification to expect the rollover payment.
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 16 - Rollovers › Rule 38-2-16.5 - Rollovers from MPACT to a QTP (529 Plan) Operated by Other States

Current through June 25, 2024
Purchasers desiring to transfer money from their MPACT
				  Contract to a QTP operated by another state may request such a transfer by
				  completing and transmitting a request that the Contract be Cancelled and
				  requesting the refund be sent to their QTP Account. The QTP Account must be
				  already opened and an Account Number and payment address provided at the time
				  of the request. MPACT will provide the other QTP with a breakdown between
				  interest and return of principal along with the rollover
				  payment.
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 17 - Special Petition › Rule 38-2-17.1 - General

Current through June 25, 2024
Any individual, corporation, organization, or other Entity
				  desiring to petition for relief from the Rules, Regulations, and/or Procedures
				  dictated herein may do so by filing a written petition with the State
				  Treasurer. The petition shall contain the name and address of the person
				  requesting relief; the specific nature of the relief requested; the name and
				  address of any Purchaser or Beneficiary on any disputed MPACT Contract; the
				  MPACT Contract account number(s) of the Contract(s) in question; the Rule,
				  Regulation, and/or Procedure from which the Petitioner is requesting relief;
				  the date of request; the social security number or tax identification number of
				  the Beneficiary and of the Purchaser; and the sworn signature of the
				  petitioner. The response to the petition will be in writing and will be made
				  within forty-five (45) days of receipt of the petition from the individual
				  requesting relief. The State Treasurer, or his/her designee, has the authority
				  to respond to the petition on behalf of the Board of Directors.
Any individual or Entity as described above may appeal to the
				  Board of Directors an adverse ruling by the Treasurer, or the Treasurer and
				  MPACT Director may decide at their discretion that an appeal by any Entity as
				  described above should be considered by the MPACT Board of Directors. In such
				  cases, the written statement of the petitioner shall be forwarded to the
				  appropriate committee of the Board, and the matter placed on the agenda for the
				  next meeting of that committee. The committee shall consider the appeal and
				  make a recommendation as to the appeal to the entire Board. The person making
				  such an appeal may request or be requested to appear in person at a meeting of
				  a committee or the Board, at the discretion of the committee or Board.
				  Decisions by the Committee or the Board shall be communicated in writing to the
				  person making the appeal. All such decisions by the Board are
				  final.
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 18 - Miscellaneous Provisions › Rule 38-2-18.1 - Promulgation and Amendment of these Rules, Regulations, and Procedures

Current through June 25, 2024
The State Treasurer, on behalf of the Board of Directors,
				  shall promulgate such other Rules, Regulations, and Procedures as are deemed
				  necessary to implement the MPACT Program and shall amend such Rules,
				  Regulations, and Procedures as is necessary for operation of the MPACT
				  Program.
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 19 - Waiver of Rules, Regulations, and Procedures › Rule 38-2-19.1 - General

Current through June 25, 2024
The State Treasurer may waive portions of these Rules,
				  Regulations, and Procedures to prevent hardship of the Purchaser and/or of the
				  Qualified Beneficiary.
Miss. Code Ann. §
										37-155-9
				  (Rev. 2003).