Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 411 - MAINE PUBLIC EMPLOYEES RETIREMENT SYSTEM (MAINEPERS) › Chapter 803 - PARTICIPATING LOCAL DISTRICT CONSOLIDATED RETIREMENT PLAN › Section 411-803-13 - DEFINED CONTRIBUTION/DEFERRED COMPENSATION PLANS

Current through 2024-29, July 17, 2024
1.
Defined Contribution/Deferred
				Compensation Plans
. A participating local district may provide for the
				participation of its employees in a defined contribution and/or deferred
				compensation plan or plans for which the System is The Plan Sponsor. To provide
				for its employees' participation, the participating local district employer
				must comply with the procedure for adoption set out in paragraph 6.
2.
District is Employer
. For all
				purposes related to such a plan or plans, the participating local district is
				the employer of its employees who participate in the plan or plans.
3.
Federal Law Requirements
. The
				plan or plans for which the System is Plan Sponsor must meet all applicable
				federal law requirements.
4.
Terms and Requirements of Plan
. The rights, obligations,
				conditions and terms of each plan or plans for which the System is Plan Sponsor
				are those provided in the relevant Plan Document, as revised or amended from
				time to time.
5.
Plan under 5
				MRSA Section
				18252-B
. Adoption of a
				plan or plans under this section does not by itself satisfy the requirements of
				5 M.R.S. §
									18252-B. A participating local
				district that intends a plan or plans that it adopts under this section to
				comply with 5 M.R.S. §
									18252-B must also meet that
				section's requirements.
6.
Procedure for Adoption
A.
Adoption Agreement
. A participating local district that acts to
				adopt a plan or plans under this section must complete the relevant Adoption
				Agreement or Agreements in a form provided or authorized by the System. An
				Adoption Agreement constitutes documentation of the participating local
				district's decision to adopt the plan to which the Agreement applies and
				signifies its understanding and acceptance of the provisions of the plan as set
				out in The Plan Document.
B.
401(a) Plan: Contribution Rates
. In the case of a plan established
				in accordance with the requirements of Section
				401(a) of the
				United States Internal Revenue Code of 1986, as amended,
(1) the Adoption Agreement must specify the
				required employee contribution as established by the participating local
				district employer and the employer contribution, if any; and
(2) the participating local district may
				change the amount of the required employee contribution annually, effective
				July 1 immediately following its decision to change the amount. The
				participating local district must document the change by amending its Adoption
				Agreement to state the new required employee contribution amount. An employee
				already participating in the district's 401(a) plan at the time the required
				employee contribution amount is changed has the right to continue his/her
				employee contribution in the amount previously required or to change to the new
				required contribution amount.