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 50-20.020 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule provides the definitions needed to
				  describe the terms of the 457 Plan authorized by section
				  50.1300,
				  RSMo.
(1) Whenever used in
				this Chapter 20, the following terms shall have the meanings as set forth in
				this rule
				16 CSR 50-20.020
				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. A Participantst is fully vested in
				his or her Account at all times.
(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) Intentionally
				omitted.
(F) Deferral means the
				amount of Compensation that a Participantst elects to defer pursuant to a
				properly executed Deferral Agreement.
(G) Deferral Agreement means the agreement
				between a Participantst and an Employer to defer receipt of Compensation not
				yet earned.
(H) 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 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.
(I) 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.
(J) Investment Option means one 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.
(K) Participantst means an
				Employee or former Employee who has been enrolled in this Plan and who retains
				his or her Account under the Plan.
(L) Plan means the County Employees' Deferred
				Compensation Plan as set forth in this Chapter 16 CSR 50-20 and as it may be
				amended from time to time.
(M) Plan
				Year means the calendar year.
(N)
				Prior Plan means any deferred compensation plan that is an eligible deferred
				compensation plan (as defined in section 457 of the Code), which has been
				consolidated with this Plan as permitted by section
				50.1300,
				RSMo.
(O) Separation from Service
				means the severance of a Participantst's employment with an Employer for any
				reason, including retirement or disability.
(P) Transfer Amounts means amounts
				transferred to a Participantst's Account in accordance with
				16 CSR
				50-20.030(6) or
				16 CSR
				50-20.100.
(Q) Trust Agreement means an agreement
				entered into by the Board and one or more Trustees to govern the Trust Fund.
				The Trust Agreement shall be established pursuant to a written agreement that
				constitutes a valid trust under the law of the state of Missouri.
(R) Trust Fund means the sum of the
				contributions made to the Plan and held by the Trustee or Trustees in a trust,
				increased by any profits or income thereon and decreased by any losses or
				expenses incurred in the administration of the Trust Fund and any payments made
				therefrom.
(S) Trustee means the
				entity, or individual, or committee that is responsible for holding and
				managing the Trust Fund.
(T)
				Unforeseeable Emergency means a severe financial hardship to the Participantst
				resulting from a sudden and unexpected illness or accident of the Participantst
				or of a dependent of the Participantst, loss of the Participantst's property
				due to casualty, or other similar extraordinary and unforeseeable circumstances
				arising as a result of events beyond the control of the Participantst. The need
				to send a Participantst's child to college or the desire to purchase a home
				shall not be an Unforeseeable Emergency. Payment may not be made in the event
				that such hardship is or may be relieved-
1.
				Through reimbursement or compensation by insurance or otherwise;
2. By liquidation of the Participantst's
				assets, to the extent the liquidation of such assets would not itself cause
				severe financial hardship; or
3. By
				cessation of Deferrals under the Plan.