Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article IV - CONTRIBUTIONS AND ALLOCATIONS › Section 27-220-IV-4.6 - EXCESS DEFERRALS COORDINATION OF LIMITS

Current through June 25, 2024
a. If
				a Participant is or has been a participant in one or more other Code Section
				457(b) plans in the same calendar year, then this Plan and all such other plans
				shall be considered as one plan for purposes of applying the limitations of
				this Article IV. For this purpose, the Board shall take into account
				contributions of any other such Code Section 457(b) plan maintained by the
				Employer and, to the extent the Participant provides the Board with sufficient
				information concerning his or her participation, any such other Code Section
				457(b) plans in which the individual participated in the same calendar
				year.
b. For years prior to 2002,
				if a Participant made deferrals to the Plan and deferrals to any other Code
				Section 457(b) plan, or a salary reduction or elective contribution under any
				Code Section 401(k) qualified cash or deferred arrangement, Code Section
				401(h)(1)(B) simplified employee pension (SARSEP), Code Section 403(b) annuity
				contract, and Code Section 408(p) simple retirement account, or under any plan
				for which a deduction is allowed because of a contribution to an organization
				described in section 501(c)(18) of the Code, including plans, arrangements or
				accounts maintained by the Employer or any employer for whom the Participant
				performed services, the total of such contributions may not exceed the
				aggregated limit referred to in Section 457(b)(2) of the Code for that year in
				determining whether an excess deferral has been made.
c. For 2002 and thereafter, any amounts
				contributed by the Participant to a tax-sheltered annuity pursuant to Code
				Section 403(b) or to a 401(k) plan pursuant to Code Section 402(e)(3) shall not
				reduce the maximum Annual Deferral under 4.1, 4.2, 4.3, and 4.4
				above.
d. If the Employer elects to
				make contributions to the Plan on behalf of actively contributing Participants,
				the Employer Contributions shall be deemed made by the Participant as
				additional Annual Deferrals. For purposes of administering Sections
				4.1,
				4.2,
				4.3, and
				4.4 of this Plan, Employer
				Contributions shall be processed as payroll deferrals, shall apply toward the
				maximum deferral limits and in the taxable year that they are made, and must
				comply with any procedure established by the Board.
e. In the event that the limit on deferral
				contributions is exceeded pursuant to Article IV, the Board shall apply the
				proper correction method permissible under applicable law, including
				calculation of any earnings or losses and the proper tax reporting with respect
				to such distributions as soon as administratively practicable after the Board
				determines that the amount is an excess deferral.
f. A Participant who participates in the Plan
				and another 457(b) plan of another employer shall be responsible for complying
				with the deferral limits of this Article IV. In the event an excess amount has
				been deferred, the Participant shall notify the Board so that the excess may be
				distributed as soon as practicable after the Board determines that the amount
				is an excess deferral.