Naming the Beneficiary

Naming the Beneficiary. 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.