Put rice and milk in pan and bring to a low simmer, stirring often. Reduce to lowest heat setting. Cook until rice completely absorbs milk, stirring often. This can take about an hour and a half. When milk is absorbed, remove from heat and let cool.
Beat the rest of ingredients with egg beater and add to rice. Pour into two 9" deep dish pie crusts. Bake at 300 degrees for one and a half hours. Then raise heat to 325 and bake for an additional 15 minutes. Before serving, sprinkle with confectioners sugar. Keep covered and refrigerated.
Pie Crust: Cream margarine and sugar. Add eggs and vanilla. Sift dry ingredients and add to creamed mixture. Make into a ball and roll out.