Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 50 - The County Employees' Retirement Fund › Chapter 20 - County Employees' Deferred Compensation Plan › Section 16 CSR 50-20.030 - Participation in the Plan

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule provides the 457
				  Plan's
eligibility requirements and the rules governing
				  deferral elections to the 457 Plan.
(1) Eligibility. Effective January 1, 2000,
				each Employee who is employed by an Employer and is a member of the pension
				fund described in 50.100-50.1200, RSMo may become a Participantst in this Plan.
				Participation shall commence when enrollment becomes effective pursuant to
				section (2).
(2) Enrollment.
				Employees may enroll in the Plan by completing a Deferral Agreement and
				submitting it to their Employer. The Employer shall be responsible for
				submitting the Deferral Agreement to the Board (or its designee) and ensuring
				that contributions are forwarded to the Trustee selected by the Board.
				Enrollment shall be effective as soon as administratively practicable following
				the date the Deferral Agreement is properly completed by the Employee and
				received by the Employer.
(3)
				Modifications to Amount Deferred. A Participantst may change Deferrals with
				respect to Compensation not yet earned by submitting a new properly executed
				Deferral Agreement to his or her Employer. The change shall take effect as soon
				as administratively practicable but not earlier than the first day of the pay
				period beginning in the calendar year quarter following receipt of the properly
				completed Deferral Agreement by the Employer.
(4) Revocation of Deferral. Any Participantst
				may revoke his or her election to have Compensation deferred by notifying the
				Employer in writing. This revocation shall take effect as soon as
				administratively practicable, but no earlier than the first pay period
				following receipt of written notice of such revocation by the Employer. A
				Participantst who revoked his or her Deferral may not enter into a new Deferral
				Agreement that is effective prior to the first day of the calendar year quarter
				following the revocation. Deferrals shall be revoked automatically for any
				month in which there are insufficient monies to make the entire Deferral agreed
				upon, and automatically reinstated in the next pay period that Compensation is
				sufficient to make the agreed upon Deferral.
(5) Transmittal of Contributions.
				Notwithstanding any contrary provision of the Plan, in accordance with section
				457(g) of the Code, all Deferrals, all property and rights purchased with such
				Deferrals, and all income attributable to such amounts, property or rights
				shall be held in trust for the exclusive benefit of Participantsts and
				Beneficiaries under the Plan. All amounts of compensation deferred under the
				Plan shall be transferred to the Trust Fund within a period that is not longer
				than is reasonable for the proper administration of the Accounts of
				Participantsts.
(6) Acceptance of
				Transfers. A Participantst who participated in any eligible deferred
				compensation plan described in section 457(b) of the Code may transfer his or
				her account in such a plan or, effective January 1, 2002, an eligible rollover
				distribution described in section 457(e)(16) of the Code to his or her Account
				in this Plan.
(7) Minimum Deferral.
				The minimum deferral permitted under the Plan shall be $10 per month.
*Original authority: 50.1300, RSMo
					 1999.