38 Miss. Code. R. 2-3.1
MPACT is administered as part of the Mississippi Treasury Department under the direction of a Board of Directors. The College Savings Plans of Mississippi Board of Directors is composed of nine (9) voting members. Five (5) board members are appointed by the Governor, one from each of the State's congressional districts. The other four (4) ex-officio board members are the State Treasurer, the Executive Director of the Department of Finance and Administration, the Commissioner of Higher Education, and the Executive Director of the Community and Junior College Board. There are also four (4) legislative advisors to the Board, two (2) appointed by the Lieutenant Governor and two (2) appointed by the Speaker of the House of Representatives.
The Board, in conjunction with a qualified actuarial firm, has constructed the prices of MPACT Contracts and has developed payment schedules for MPACT Contract Purchasers, in accordance with the actuarial assumptions recommended by the Actuary and adopted by the Board.
The fiscal year of the MPACT Program corresponds to the fiscal year of all other state entities, i.e. July 1st through June 30th. Each fiscal year, the Board will evaluate, or cause to be evaluated, the actuarial soundness of the Trust Fund. The Board will prepare a report on an annual basis setting forth an accounting of the Trust Fund and a description of the financial condition of the Trust Fund.
In carrying out Board Policies, it is the intent of the Board that the objectives are; first to protect the fiscal integrity of the trust fund; and, second to be fair and equitable to the purchaser. Whenever possible, procedures adopted should be a combination of these factors which achieve both objectives. Under the provisions of Mississippi Code Ann., § 37-155-9(ee), the Board has delegated to the State Treasurer the power to make decisions within the above guidelines on the details of interest, conversion, Administrative Fees, matriculation and refund calculations for the MPACT Program.
38 Miss. Code. R. 2-3.1