D.C. Mun. Regs. tit. 30, r. 30-606

Current through Register Vol. 71, No. 44, November 1, 2024

Rule 30-606 - ANNUITIZED PRIZES

606.1

Unless annuitized payments are authorized by this title, prizes shall be paid in a single cash payment.

606.2

The Agency may elect to fund annuitized prize payments directly, through purchase of annuities or by other means.

606.3

Except as otherwise provide in Chapters 6 or 9 of this title, annuitized prizes shall be paid annually in thirty (30) payments with the initial payment being made in cash or check, to be followed by twenty-nine (29) payments funded by the annuity. All annuitized prizes shall be paid annually in thirty (30) graduated payments (increasing each year) by a rate as determined by the Executive Director. Prize payments may be rounded down to the nearest one thousand dollars ($ 1,000).

606.4

In the event of a MEGA MILLIONS® prize winner 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.

606.5

The MEGA MILLIONS® annuitized prize shall be paid in thirty (30) graduated annual installments upon completion of internal va lidation 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 at 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 dollar ($1,000.00) increment. All such payments shall be made be within seven (7) days of the anniversary of the annual auction date.

606.6

If individual shares of the cash held to fund an annuity is less than two hundred fifty-thousand dollars ($250,000.00) the Mega Millions Product Group, in its sole discretion, may elect to pay the winners their share of the cash held in the Grand Prize Pool.

606.7 - 606.10

Reserved

D.C. Mun. Regs. tit. 30, r. 30-606

Final Rulemaking published at 29 DCR 2202, 2211 (May 28, 1982); as amended by Final Rulemaking published at 39 DCR 7439, 7447 (October 2, 1992); as amended by Final Rulemaking published at 40 DCR 6959, 6960 (October 1, 1993); as amended by Final Rulemaking published at 44 DCR 6248 (October 31, 1997); as amended by Final Rulemaking published at 45 DCR 1438 (March 13, 1998); as amended by Final Rulemaking published at 50 DCR 1526 (February 14, 2003); as corrected by Errata Notice published at 50 DCR 10654 (December 12, 2003); as amended by Final Rulemaking published at 52 DCR 7224 (August 5, 2005); as amended by Final Rulemaking published at 56 DCR 73 (January 2, 2009); as amended by Final Rulemaking published at 57 DCR 974 (January 22, 2010); as amended by Final Rulemaking published at 60 DCR 14816 (October 18, 2013); as amended by Final Rulemaking published at 61 DCR 10266 (October 3, 2014); amended by Final Rulemaking published at 64 DCR 10543 (10/20/2017)

Authority: D.C. Official Code § 3-1306, District of Columbia Financial Responsibility and Management Assistance Authority Order issued September 21, 1996, and Office of the Chief Financial Officer Financial Management Control Order No. 96-22 issued November 18, 1996.