Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 50 - The County Employees' Retirement Fund › Chapter 10 - County Employees' Defined Contribution Plan › Section 16 CSR 50-10.010 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule provides the definitions needed to
				  describe the terms of the defined contribution plan authorized by sections
				  50.1210
				  to
				  50.1260,
				  RSMo.
(1) Whenever used in
				this Chapter 10, the following terms shall have the meanings as set forth in
				this rule
				16 CSR 50-10.010
				unless a different meaning is clearly required by the context:
(A) Account means the individual bookkeeping
				account maintained for each Participantst that represents his or her total
				proportionate interest in the Trust Fund and shall include the following
				subaccounts of the Participantst: seed account, Board matching account,
				Employer matching account, and rollover account.
(B) Beneficiary means the person, persons, or
				legal entity entitled to receive benefits under this Plan which become payable
				in the event of the Participantst's death.
(C) Board means the Board of Directors of the
				County Employees' Retirement Fund.
(D) Code means the
Internal Revenue
				Code
of 1986, as amended, and includes any regulations
				thereunder.
(E) Compensation means
				all salary and other compensation paid by an Employer to a county employee for
				personal services rendered as a county employee, as shown on the Employee's
				Form W-2, plus amounts paid by an Employer but excluded from W-2 compensation
				by reason of Code sections 125, 402(g)(3), 414(h)(2), or 457, but not including
				travel and mileage reimbursement, and not including compensation in excess of
				the limit imposed by section 401(a)(17) of the Code. Effective January 1, 2009,
				in accordance with section 414(u)(12) of the Code, compensation shall include
				any differential wage payment (within the meaning of section 3401(h)(2) of the
				Code) made by the Employer to an individual who does not currently perform
				services for the Employer by reason of qualified military service (within the
				meaning of section 414(u)(5) of the Code) to the extent those payments do not
				exceed the amounts the individual would have received if the individual had
				continued to perform services for the Employer. Notwithstanding the foregoing,
				compensation shall only include amounts paid during an employee's employment,
				except as provided in the remainder of this paragraph. To the extent that the
				following amounts are otherwise included in the definition of compensation and
				are paid no later than the date which is two and one-half (2 1/2) months after
				termination of employment, or, if later, the end of the plan year in which such
				termination occurs, such amounts paid after an employee's termination of
				employment shall be deemed compensation: regular pay, including compensation
				for services during regular working hours, overtime, shift differential,
				commissions, bonuses, or other similar payments; and payment for unused accrued
				sick, vacation, or other leave, but only if the employee would have been able
				to use the leave if employment had continued. The exclusions provided for in
				the first sentence of this paragraph with respect to post-employment payments
				shall not apply to payments to an individual who does not currently perform
				services for the Employer by reason of qualified military service, to the
				extent such payments do not exceed the compensation such individual would have
				received from the Employer if he or she had continued to perform services for
				the Employer.
(F) Employee means
				any person, an elective or appointive county official, or employee regularly
				employed by a county who is under the direct control and supervision of a
				county or an elected or appointed county official and who is subject to
				continued employment, promotion, salary review or termination by a county or an
				elected or appointed county official and who is compensated directly from
				county funds and whose position requires the actual performance of duties
				during not less than one thousand (1,000) hours per calendar year, except
				county prosecuting attorneys covered under sections 56.800-56.840, RSMo,
				circuit clerks and deputy circuit clerks covered under the Missouri State
				Retirement System, and county sheriffs covered under sections 57.949-57.997,
				RSMo, and employees who received some compensation from the county but who are
				subject to hiring, supervision, promotion, or termination by an entity other
				than the county such as an extension council or the circuit court.
(G) Employer means each county in the state,
				except any city not within a county and counties of the first classification
				with a charter form of government.
(H) 457 Plan means the County Employees'
				Deferred Compensation Plan described in
				16 CSR
				50-20.010 et seq.
(I) Hardship means an immediate and heavy
				financial need of the Participantst resulting from-
1. Expenses for medical care described in
				Code section 213(d), previously incurred by the Participantst, the
				Participantst's spouse, or any dependents of the Participantst (as defined in
				Code section 152) or necessary for these persons to obtain medical care
				described in Code section 213(d));
2. Costs directly related to the purchase of
				a principal residence for the Participantst (excluding mortgage
				payments);
3. Payment of tuition
				and related educational fees for the next twelve (12) months of postsecondary
				education for the Participantst, or the Participantst's spouse, children, or
				dependents (as described in Code section 152); or
4. Payments necessary to prevent the eviction
				of the Participantst from the Participantst's principal residence or
				foreclosure on the mortgage on that residence. Payment may not be made in the
				event that the Hardship is or may be relieved through reimbursement or
				compensation by insurance or otherwise, by liquidation of the Participantst's
				assets, to the extent the liquidation of such assets would not itself cause
				severe financial hardship, or by cessation of deferrals under the 457
				Plan.
(J) Hour of
				Service means each hour for which an Employee is paid, or entitled to payment,
				for the performance of duties for the Employer, or each hour for which an
				Employee is otherwise credited during an absence for sickness and injury of
				less than twelve (12) months to the extent so certified on a form provided by
				the board or its designee to be on an approved leave of absence for medical
				reasons under the written policies of an Employer, or as required by the Family
				and Medical Leave Act of 1993, by the Uniformed Services Employment and
				Reemployment Rights Act of 1994, or other applicable law.
(K) Investment Manager means any individual
				or entity described in
				16 CSR
				50-10.080 who is designated by the Board as having the
				power to manage, acquire, or dispose of any asset of the Plan in accordance
				with the provisions of the Plan.
(L) Investment Option means one (1) of the
				options established by the Board, in which amounts contributed to a
				Participantst's Account may be invested at the Participantst's discretion.
				There is no limit on the type of investment that the Board may designate as an
				option.
(M) LAGERS means the Local
				Government Employees' Retirement System presently codified at sections
				70.600 to
				70.755,
				RSMo.
(N) Participantst means an
				Employee or former Employee who has joined the Plan in accordance with rule
				16 CSR 50-10.020
				and who retains his or her Account under the Plan.
(O) Plan means the County Employees' Defined
				Contribution Plan as set forth in this Chapter 10 and sections
				50.1210
				to
				50.1260,
				RSMo.
(P) Plan Year means the
				calendar year.
(Q) Separation from
				Service means the severance of a Participantst's employment with an Employer
				for any reason, including retirement or disability.
(R) Trust Fund means the County Employees'
				Retirement Fund.
(S) Trustee means
				the entity, or individuals, or committee that is responsible for holding and
				managing the Trust Fund.
(T) Year
				of Service means the amount of an Employee's employment as a county employee
				used to determine the Employee's vested interest in his or her Board matching
				account and Employer matching account as described in
				16 CSR
				50-10.070.