Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.8 - PARTICIPANT DEATHS AFTER DECEMBER 31, 2021

Current through June 25, 2024
Notwithstanding any contrary provisions, effective for
				  Participant deaths after December 31, 2021, the following distribution
				  provisions shall take effect:
a. Upon
				the death of a Participant before distributions of his or her account begin
				under Section
				7.6, the following distribution
				provisions will take effect; provided, however, that such provisions are
				subject to any regulations or other guidance issued under Code Section
				401(a)(9):
(i) If the Participant has no
				designated Beneficiary within the meaning of Code Section 401 (a)(9)(E)(i), the
				Participant's Account under the Plan will be distributed by December 31 of the
				calendar year containing the tenth anniversary of the Participant's
				death.
(ii) If any portion of the
				Participant's Account is payable to a designated Beneficiary within the meaning
				of Code Section 401(a)(9)(E)(i), the Particiant's Account shall be distributed
				to the designated Beneficiary by December 31 of the calendar year containing
				the tenth anniversary of the Participant's death.
(iii) Notwithstanding paragraph (ii), if any
				portion of the Participant's Account is payable to an Eligible Designated
				Beneficiary, within the meaning of Code § 401(a)(9)(E)(ii) and as set
				forth in paragraph (b), the Eligible Designated Beneficiary may elect for the
				Participant's Account to be distributed (A) by December 31 of the calendar year
				containing the tenth anniversary of the Participant's death, or (B) beginning
				no later than December 31 of the calendar year immediately following the
				calendar year in which the Participant died, over the life of the Eligible
				Designated Beneficiary or over a period not exceeding the life expectancy of
				the Eligible Designated Beneficiary. If the Eligible Designated Beneficiary is
				the surviving spouse, the Eligible Designated Beneficiary may elect to delay
				payment under item (B) until December 31 of the calendar year in which the
				Participant would have reached the applicable age. If the Eligible Designated
				Beneficiary does not elect a method of distribution as provided above, the
				Participant's Account(s) shall be distributed in accordance with item (A).
				Effective for calendar years beginning after December 31, 2023, a surviving
				spouse who is the Participant's sole designated Beneficiary may elect to be
				treated as if the surviving spouse were the Participant as provided under Code
				§ 401(a)(9)(B)(iv).
(iv) Upon
				either (A) the death of an Eligible Designated Beneficiary before distribution
				of the Participant's entire Account or (B) the attainment of the age of
				majority, as defined under the laws of the State of Mississippi, for an
				Eligible Designated Beneficiary who is a minor child of the Participant,
				subparagraph (iii) shall no longer apply, and the remainder of the Account
				shall be distributed under subparagraph (i) or (ii), as applicable.