1605.01 Grand Prize
1605.01A 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 tickets were sold will be divided equally among all jackpot prize
winners in all participating lotteries. The annuity Grand Prize will be paid in
26 annual installments. If a Mega Millions Lottery law or rule requires that
the official advertised annuity prize amount shall be the basis or a factor for
determining the amount to be awarded for the Mega Millions Grand Prize, then it
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, which shall be advertised by the selling
lotteries as the starting guaranteed annuity Grand Prize amount.
1605.01B If in any Mega Millions drawing
there are no Mega Millions plays which qualify for the Grand Prize category,
the portion of the prize fund allocated to such Grand Prize category shall
remain in the jackpot prize category and be added to the amount allocated for
the Grand Prize category in the next consecutive Mega Millions
drawing.
1605.01C Unless there is a
different Party Lottery rule, Grand prizes shall be paid, at the election of
the player made no later than 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 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 payment may be made within 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entitled to the prize is final and cannot be revoked, withdrawn or otherwise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.
1605.01D In the event of a
prize winner who selects the cash value option, the prize winner's share will
be paid in a single payment upon completion of internal validation procedures.
The cash option amount shall be determined by the Product Group.
1605.01E Annual payment option jackpot prizes
shall be paid in 26 annual installments upon completion of internal validation
procedures. The initial payment shall be paid upon completion of internal
validation procedures. The subsequent 25 payments shall be paid annually at a
time established by the Product Group.
1605.01F If individual shares of the cash
held to fund an annuity is less than $250,000 or another amount if set by the
Game Rules, the Product Group, in its sole discretion, may elect to pay the
winners their share of the cash held in the Grand Prize pool. All annuitized
prizes shall be paid annually in twenty-six (26) payments with the initial
payment being made in cash, to be followed by twenty-five (25) payments funded
by the annuity. Prize payments may be rounded down to the nearest one thousand
dollars ($1,000).
1605.01G Funds
for the initial payment of an annuitized prize or the lump sum cash 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
lump sum cash 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.
1605.01H In the event of the death of a
lottery winner sold by a Party Lottery during the annuity payment period, the
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 ticket, 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.
1605.02 Low-Tier
Cash Prize Payments
All low-tier cash prizes (all prizes except the Grand Prize)
shall be paid in cash through the Party Lottery which sold the winning
ticket(s). A Party Lottery may begin paying low-tier cash prizes after
receiving authorization to pay from the MUSL central office.
1605.03 Prizes Rounded
Annuitized payments of the Grand Prize or a share of the
Grand Prize may be rounded to facilitate the purchase of an appropriate funding
mechanism. Breakage on an annuitized Grand Prize win shall be added to the
first cash payment to the winner or winners. Prizes other than the Grand Prize,
which, under the Game Rules, may become single-payment, pari-mutuel prizes, may
be rounded down so that prizes can be paid in multiples of whole dollars.
Breakage resulting from rounding these prizes shall be carried forward to the
prize pool for the next drawing.
1605.04 Rollover
If the Grand Prize is not won in a drawing, the prize money
allocated for the Grand Prize shall roll over and be added to the Grand Prize
pool for the following drawing.
1605.05 Limited to Highest Prize Won
The holder of a winning ticket may win only one prize per
board in connection with the winning numbers drawn, and shall be entitled only
to the prize won by those numbers in the highest matching prize
category.
1605.06 Prize
Claim Period
Prize claims shall be submitted within 180 days after the
drawing date.
