reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article III - EMPLOYER PARTICIPATION › Section 27-220-III-3.3 - PLAN TERMINATION BY A POLITICAL SUBDIVISION

Current through June 25, 2024
a. A
				political subdivision that becomes a Participating Employer may terminate its
				participation in the Plan if it takes the following actions:
(i) The governing body of the political
				subdivision must adopt a resolution terminating their participation in the
				Plan.
(ii) The resolution must
				specify when the right to participate in the Plan shall end.
(iii) The Joinder Agreement may be terminated
				by executing a Termination Agreement form as prescribed by the Board.
The Board shall determine whether the resolution complies
				  with this section and all applicable federal and state laws, shall determine an
				  appropriate effective date and shall provide the appropriate forms to the
				  Participating Employer and the Participants to terminate ongoing
				  participation.
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-4.1 - BASIC ANNUAL DEFERRALS

Current through June 25, 2024
Except as provided in Sections
				  4.3 and
				  4.4 and subject to any applicable
				  law, the maximum amount which may be deferred by a Participant in any taxable
				  year shall not exceed the lesser of (i) the applicable dollar amount provided
				  under Code Section 457(b)(2) (adjusted for cost of living under Section
				  457(e)(15)(B) of the Code) or (ii) 100% of the Participant's Includible
				  Compensation for the calendar year.
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-4.2 - EMPLOYER CONTRIBUTIONS

Current through June 25, 2024
a. If allowed by
				state law, the Employer may elect to make contributions to the Plan by
				executing an Employer Contribution Agreement Form. Such Employer contributions
				when combined with Participant contributions may not exceed the basic annual
				deferral limitations set forth in Section
				4.1. Each Employer Contribution
				Agreement Form shall expressly provide the following:
(i) That the Employer has the budgetary and
				statutory authority to make Employer Contributions to the Plan on behalf of
				actively contributing Participants who are Employees of the Employer;
(ii) That, if an election is made, the
				Employer Contributions will be available to all such actively contributing
				Participants who are Employees of the Employer on a uniform basis subject to
				the basic annual deferral limitations;
(iii) The basis for making Employer
				Contributions,
i.e.
, whether Employer Contributions will be
				based on a specific dollar amount or a percentage of Compensation, etc.;
				and
(iv) That the Employer
				Contributions will be transferred as part of the regular payroll, included with
				the Employee's contribution.
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-4.3 - SPECIAL 457 RETIREMENT CATCH-UP CONTRIBUTIONS

Current through June 25, 2024
a. In
				any one or more of a Participant's last three calendar years ending before the
				year in which the Participant attains Normal Retirement Age, as defined in
				Section 1.16, and the
				amount determined under this Section
				4.3 exceeds the amount computed under
				Sections 4.1 and
				4.2, then the Participant may elect
				to defer an amount not exceeding the lesser of:
(i) twice the dollar amount permitted as a
				general deferral under Section
				4.1 for the current calendar year,
				or
(ii) the sum of the maximum
				deferral permitted under Section
				4.1 for the current calendar year and
				as much of the applicable deferral limit under Code Section 457(b)(2) in prior
				years before the current calendar year that had not previously been used
				("underutilized amount").
For purposes of this section, a prior year shall be taken
				  into account only if such year began on or after January 1, 1979, and the
				  Participant was eligible to participate in the Plan during all or a portion of
				  the prior year. A Participant may only make this election under this subsection
				  (a) once with respect to any Code Section 457(b) deferred compensation plan of
				  the Employer.
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-4.4 - AGE 50 PLUS CATCH-UP CONTRIBUTIONS

Current through June 25, 2024
A Participant who will attain age 50 before the close of the
				  calendar year may elect Age 50 Plus Catch-up Contributions and commence making
				  such contributions to his Participant Deferral Account. Such contributions are
				  not subject to the limitations of Code Section 457(b) of the Code, but instead
				  are subject to other limitations of Code Section 457(b) of the Code. The
				  maximum dollar amount of the Age 50 Plus Catch-up Contributions for a calendar
				  year is adjusted for cost of living under Section 414(v)(2)(C) of the Code. The
				  Board shall have the authority, in its sole discretion, if determined necessary
				  to comply with applicable law, to suspend the right to make elective deferrals
				  under this paragraph for 2024 or any subsequent calendar year. Any suspension
				  under this subsection shall apply to any new or existing Participation
				  Agreement in effect for such year or years.
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-4.5 - MAXIMUM AMOUNT OF CATCH-UP CONTRIBUTIONS

Current through June 25, 2024
Any catch-up contributions made by a Participant pursuant to
				  Section 4.3 or Section
				  4.4 may not exceed the greater of (i)
				  the amount that the Participant is eligible to defer under Section
				  4.3 or (ii) the
				  amount that the Participant is eligible to defer under Section
				  4.4.
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-4.7 - MINIMUM DEFERRAL

Current through June 25, 2024
The Board may establish a minimum Annual Deferral and/or
				  minimum deposit amount, and may change such minimums from time to time. The
				  current minimum deferral is $300 per year or $25.00 per
				  month.
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-4.8 - EFFECT OF LEAVE OF ABSENCE ON CONTRIBUTIONS

Current through June 25, 2024
a. If
				a Participant is on an approved leave of absence from the Employer, with
				Compensation, his participation in this Plan will continue unless he
				discontinues such participation in writing to the Third Party
				Administrator.
b. If a Participant
				is on an approved leave of absence without Compensation, said Participant
				thereby achieves an inactive status under this Plan. A Participant with
				inactive status is one for whom no deferrals are currently being made.
				Severance from Employment does not occur when a Participant achieves inactive
				status.
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-4.9 - DEFERRALS AFTER SEVERANCE FROM EMPLOYMENT, INCLUDING SICK, VACATION AND BACK PAY UNDER AN ELIGIBLE PLAN

Current through June 25, 2024
A Participant who has not had a Severance From Employment may
				  elect to defer accumulated sick pay, accumulated vacation pay, and back pay if
				  the requirements of Code Section 457(b) are satisfied. These amounts may be
				  deferred for any calendar month only if an agreement providing for the deferral
				  is entered into before the beginning of the month in which the amount would
				  otherwise be paid or made available and the Participant is an Employee on the
				  date the amounts would otherwise be paid or made available. Compensation that
				  would otherwise be paid for a payroll period that begins before Severance from
				  Employment is treated as an amount that would otherwise be paid or made
				  available before an Employee has a Severance from Employment. In addition,
				  deferrals may be made for former Employees with respect to Compensation
				  described in Section
				  1.6 of the Plan provided that such
				  amounts are payable within the later of 2½ months after the
				  Participant's Severance from Employment or the end of the calendar year that
				  includes the date of the Participant's Severance from
				  Employment.
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-4.10 - VOLUNTARY AUTO-ESCALATION OF CONTRIBUTIONS

Current through June 25, 2024
A Participant may elect to participate in a voluntary
				  auto-escalation feature and may schedule automatic annual increases in
				  contribution amounts so long as the increased contributions do not exceed the
				  basic annual deferral limitations set forth in Section
				  4.1.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article V - ACCOUNTS AND REPORTS › Section 27-220-V-5.1 - PARTICIPANT ACCOUNT

Current through June 25, 2024
The Third Party Administrator shall maintain a Participant
				  Account with respect to each Participant, and that account shall be credited
				  with the Participant's annual deferral for each pay period. The balance of such
				  account shall be adjusted daily to reflect any distribution to the Participant
				  and all interest, dividends, account charges and changes of market value
				  resulting from the investment of the Participant's contributions. All Plan
				  records, including individual information, that are maintained by the Third
				  Party Administrator shall be the exclusive property of the Board. Participant
				  Account includes any account established under Article VIII for plan-to-plan
				  transfers made for a Participant and Article IX for Rollover
				  Contributions.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article V - ACCOUNTS AND REPORTS › Section 27-220-V-5.2 - STATEMENT OF ACCOUNT TO PARTICIPANTS

Current through June 25, 2024
A written report of the status of each Participant's Account
				  shall be furnished by the Third Party Administrator within twenty (20) days
				  after the end of each Plan quarter. All reports to Participants shall be based
				  on the fair market value of investments credited to their Accounts as of the
				  reporting dates. Participant reports shall be deemed to have been accepted by
				  the Participant as correct unless written notice to the contrary is received by
				  the Third Party Administrator within thirty (30) days after the mailing or
				  distribution of a report to the Participant.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article V - ACCOUNTS AND REPORTS › Section 27-220-V-5.3 - VALUATION

Current through June 25, 2024
The Third Party Administrator and/or the managers of each
				  investment Provider shall value the investments in their Fund each business day
				  based on acceptable industry practices. All daily transactions shall be based
				  on that day's closing market values. The Third Party Administrator shall apply
				  such values, including earnings and losses, to appropriate Participant
				  Accounts.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article V - ACCOUNTS AND REPORTS › Section 27-220-V-5.4 - DEPOSITS

Current through June 25, 2024
In all cases, deposits of deferrals shall be treated as
				  actually made only as of the date the funds are accepted as in good order by
				  the Third Party Administrator. Such deposits received by the Third Party
				  Administrator before 3:00 p.m. Central Time will be processed on the next
				  business day the New York Stock Exchange is open.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article V - ACCOUNTS AND REPORTS › Section 27-220-V-5.5 - RECORDS AND REPORTS

Current through June 25, 2024
The Third Party Administrator shall keep a record of all
				  actions taken and shall keep all other books of account, records, and other
				  data that may be necessary for proper administration of the Plan and shall be
				  responsible for supplying all information and reports to the Internal Revenue
				  Service, Participants, Beneficiaries and others as required by
				  law.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VI - INVESTMENT OF CONTRIBUTIONS › Section 27-220-VI-6.2 - DIRECTION BY PARTICIPANT

Current through June 25, 2024
Amounts deferred under the Plan shall be invested in an
				  Investment Options. Participants will direct the investment of their
				  Participant Accounts among the Investment Options offered under the Plan. The
				  Employer, Board of Trustees, and the Third Party Administrator shall be under
				  no duty to question any investment direction of a Participant or to make
				  suggestions to the Participant regarding such investment, nor shall they be
				  held responsible in any manner for investment loss or depreciation in asset
				  value of any such investment.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VI - INVESTMENT OF CONTRIBUTIONS › Section 27-220-VI-6.3 - REMITTANCE OF DEFERRALS

Current through June 25, 2024
All amounts of Compensation deferred under the Plan shall be
				  transferred by the Employers to the Trust following the effective date of the
				  deferral under Section
				  2.4. Compensation deferred under the
				  Plan shall be transferred by the Employer to the Plan no later than seven (7)
				  business days after the effective date of the deferral.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VI - INVESTMENT OF CONTRIBUTIONS › Section 27-220-VI-6.4 - INVESTMENT DEFAULT

Current through June 25, 2024
All deferrals will be returned to the Employer if a
				  Participant does not have a valid form specifying the manner in which deferrals
				  are to be invested. No funds shall be invested unless such investment direction
				  is on file.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VI - INVESTMENT OF CONTRIBUTIONS › Section 27-220-VI-6.6 - EXCESSIVE TRADING

Current through June 25, 2024
The Third Party Administrator shall administer any excessive
				  trading policy, and restrictions on such excessive trading, that is applicable
				  to each Provider of an Investment Option offered by the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VI - INVESTMENT OF CONTRIBUTIONS › Section 27-220-VI-6.7 - DISCONTINUANCE OF INVESTMENT OPTIONS

Current through June 25, 2024
If an Investment Option ceases to be eligible to receive
				  deferrals under the Plan, the Board may direct that both existing amounts under
				  Participant Accounts that were invested with such Investment Option and any
				  future contributions be transferred to the remaining Investment Options that
				  are approved to receive deferrals under the Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.1 - WHEN BENEFITS ARE PAYABLE

Current through June 25, 2024
a. A Participant
				Deferral Account may not be paid to a Participant (or, if applicable, the
				Beneficiary) until one of the following events has occurred:
(i) upon the Participant's Severance from
				Employment or death;
(ii) an
				Unforeseeable Emergency, within the meaning of and subject to Section
				7.11;
(iii) the election of a voluntary in-service
				distribution within the meaning of and subject to Section
				7.12;
(iv) the election of a small account
				distribution within the meaning of and subject to Section
				7.13;
(v) the election of a qualified birth or
				adoption distribution within the meaning of and subject to Section
				7.14; or
(vi) the election of a coronavirus-related
				distribution within the meaning of and subject to Section
				7.15;
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.2 - BENEFIT PAYMENTS

Current through June 25, 2024
Benefits shall be paid from the Trust Fund in accordance with
				  this Article following one of the events noted in Section
				  7.1. Benefits payable to a
				  Participant or a Beneficiary shall be based upon the value of the Participant's
				  Account.
Payment of benefits under this Plan and Trust shall be made
				  only to the extent of amounts that are available under the Plan as measured by
				  the elections made by the Participant pursuant to the Participation Agreement,
				  and no responsibility is assumed for the investments or performance results
				  thereof. The value of any benefit shall be determined by the actual value of
				  the Participant's account at the time of benefit payment unaffected by an
				  independent or arbitrary standard of calculation with respect
				  thereto.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.3 - APPLICATION FOR BENEFITS

Current through June 25, 2024
Upon a Participant's application for benefits, the Third
				  Party Administrator shall direct the distribution of a Participant Account in
				  accordance with this Article VII. Benefit payments to a Participant or
				  Beneficiary, if applicable, shall be made according to the manner and method of
				  payments as elected in the Participant Systematic Distribution Form or Lump
				  Sum/Partial Lump Sum Form. Such an election, with the exception of an annuity
				  elected under Section
				  7.4, may be changed by a Participant
				  as appropriate and as allowed by the Plan pursuant to Code Section 457. The
				  election will be effective only if made on the aforementioned forms and
				  received in the office designated by the Board in accordance with such
				  procedures as the Board may establish.
For purposes of interpreting the provisions of the Plan,
				  except as otherwise provided, the Board shall only consider the Participant
				  Systematic Distribution Form or Lump Sum/Partial Lump Sum Form signed by the
				  Participant or Beneficiary, as appropriate, and submitted to the Third Party
				  Administrator.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.4 - PAYMENT OPTIONS

Current through June 25, 2024
A Participant or Beneficiary may choose from the following
				  benefit distribution options subject to the requirements of Code Section 457
				  and 401(a)(9).
a. Lump Sum
				Payment
b. Partial Lump Sum
				Payment
c. Systematic Withdrawal
				Option
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.7 - PAYMENTS TO BENEFICIARY

Current through June 25, 2024
a. Upon the death
				of a Participant the Board shall direct that the deceased Participant's
				Participant Account be distributed to the Beneficiary in accordance with the
				provisions of this Section
				7.7.
b. The designation of a Beneficiary shall be
				made on a form satisfactory to the Board and must be received in the office of
				the Third Party Administrator prior to the Participant's death. A Participant,
				or after the death of the Participant, a Beneficiary may at any time revoke his
				designation of a Beneficiary or change his Beneficiary by filing written notice
				of such revocation or change with the Board. In the event no valid designation
				of Beneficiary exists at the time of the Participant's, or surviving
				Beneficiary's death, the death benefit shall be payable to the Participant's or
				Beneficiary's estate.
c. The Board
				may require such proper proof of death and such evidence of the right of any
				person to receive payment of the value of the Participant Account of a deceased
				Participant, or Beneficiary, as the Board may deem appropriate. The Board's
				determination of death and of the right of any person to receive payment shall
				be conclusive.
d. Death benefits
				payable to a Beneficiary shall be made in a form as selected by the Beneficiary
				in accordance with the available options as indicated in Section
				7.4. In the event a Beneficiary fails
				to make an election as to a benefit distribution option, any benefit payable to
				such Beneficiary shall be distributed in a lump sum payment in accordance with
				Code Section 401(a)(9). The terms of any annuity contract purchased and
				distributed by the Plan to a Beneficiary shall comply with the requirements of
				the Plan.
e. Notwithstanding any
				provision in the Plan to the contrary, distributions upon the death of a
				Participant, shall be made in accordance with the following requirements and
				shall otherwise comply with Code Section 401(a)(9) and the Regulations there
				under.
f. In accordance with the
				Beneficiary's election, if minimum payments under Code Section 401(a)(9) have
				not begun upon the death of a Participant and the designated Beneficiary is not
				the Participant's surviving spouse, death benefit payments must:
(i) begin to be distributed to the designated
				Beneficiary no later than the December 31 of the calendar year immediately
				following the calendar year of the Participant's death payable over a period
				not to exceed the life expectancy of the Beneficiary; or
(ii) be distributed no later than the
				December 31 of the calendar year containing the fifth anniversary of the
				Participant's death.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.9 - DISTRIBUTION FOR INCOMPETENT OR MINOR BENEFICIARY

Current through June 25, 2024
In the event a distribution is to be made to a minor
				  Beneficiary, then the Board may direct that such distribution be paid to the
				  legal guardian, or if none, to a custodial parent of such Beneficiary, or to
				  the legal custodian for such Beneficiary. Such a payment to the legal guardian,
				  parent or guardian of a minor Beneficiary shall fully discharge the Provider,
				  any other providers of the Plan, Board, Employer, and Plan from further
				  liability on account thereof.
In the event a distribution is to be made to an incompetent
				  as declared by a physician, then the Board may direct that such distribution be
				  paid to the court appointed and currently acting conservator of the incompetent
				  or to other such individual who is legally responsible for the incompetent as
				  permitted by the laws of the state in which the incompetent resides. Such a
				  payment to the conservator or other such individual who is legally responsible
				  for the incompetent shall fully discharge the Provider, any other providers of
				  the Plan, Board, Employer, and Plan from further liability on account
				  thereof.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.10 - LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN

Current through June 25, 2024
In the event that all, or any portion, of the distribution
				  payable to a Participant, or Beneficiary hereunder shall remain unpaid solely
				  by reason of the inability of the Third Party Administrator, after sending a
				  registered letter, return receipt requested, to the last known address, and
				  after further diligent effort, to ascertain the whereabouts of such Participant
				  or Beneficiary the amount so distributable shall be held within the Plan's
				  Uncashed Check Account. Distributions will be reissued at the request of
				  Participant or Beneficiary, or after the Third Party Administrator confirms the
				  location of the recipient.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.11 - UNFORESEEABLE EMERGENCY WITHDRAWALS

Current through June 25, 2024
a. A
				Participant may request a lump sum distribution in the form of an Unforeseeable
				Emergency withdrawal subject to the following requirements:
(i) The request for an Unforeseeable
				Emergency withdrawal will be subject to review and approval based on the
				Participant's relevant facts and circumstances.
(ii) The request for an Unforeseeable
				Emergency may be made only to the extent that such emergency is or may not be
				relieved through:
* reimbursement or compensation from insurance or
				  otherwise;
* liquidation of the Participant's assets, to the extent the
				  liquidation of such assets would not itself cause severe financial hardship;
				  or
* cessation of the Participant's deferrals under the
				  Plan.
(iii) Distributions
				due to an Unforeseeable Emergency must be limited to the amount reasonably
				necessary to satisfy the emergency need (which may include any amounts
				necessary to pay any federal, state, or local income taxes or penalties
				reasonably anticipated to result from the distribution).
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.12 - VOLUNTARY IN-SERVICE DISTRIBUTION

Current through June 25, 2024
Upon proper written request, a Participant who has attained
				  the age of 59 ½ or older may elect to receive an in-service distribution
				  provided that the Participant cancels all deferrals of compensation into the
				  Plan before receiving such distribution. Participants, who meet the conditions
				  of Article II, may later resume deferrals of compensation upon receipt by the
				  Plan Administrator of a new Participation Agreement as set forth under Section
				  2.4.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.13 - VOLUNTARY IN-SERVICE SMALL ACCOUNT DISTRIBUTION

Current through June 25, 2024
Upon proper written request, a Participant who has not yet
				  attained the age of 59 ½ may elect to receive a small account
				  distribution payable in a lump sum if the following requirements as described
				  in Code Section 457(e)(9) are met:
a.
				the Participant Deferral Account value does not exceed $5,000.00 (or the dollar
				limit under section 411(a)(11) of the Code, if greater);
b. the Participant has not previously
				received an in-service distribution of the Deferral Account under Code Section
				457(e)(9)(A); and
c. no amount has
				been deferred under the Plan with respect to the Participant during the
				two-year period ending on the date of the in-service distribution.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.14 - QUALIFIED BIRTH OR ADOPTION DISTRIBUTIONS

Current through June 25, 2024
Upon proper written request on the Plan's approved forms, if
				  a Participant experiences a qualified birth or adoption as described under Code
				  Section 72(t)(H), the Participant may elect to receive a distribution payable
				  in a lump sum up to $5,000 within one year from the date of a qualified birth
				  or finalized qualified adoption (excluding the adoption of the child of the
				  Participant's spouse). The Board may rely on the individual's written
				  certification that the distribution qualifies under this standard. The
				  Participant may elect to recontribute all or part of the amount of a qualified
				  birth or adoption distribution to the Plan within three years after the date
				  the distribution was received.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.15 - CORONAVIRUS-RELATED DISTRIBUTIONS

Current through June 25, 2024
From January 1, 2020, to December 30, 2020, upon proper
				  written request, a qualified Participant may receive a coronavirus-related
				  distribution ("Coronavirus Distribution") up to One Hundred Thousand Dollars
				  ($100,000) from this Plan and all other plans maintained by a related employer
				  if the Participant certifies any of the following requirements, as described in
				  the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), are
				  met:
a. Participant is diagnosed with
				the virus SARS-CoV-2 or with COVID-19 by a test approved by the Centers for
				Disease Control and Prevention;
b.
				Participant's spouse or dependent (as defined in Code section 152) is diagnosed
				with SARS-CoV-2 or with COVID-19 by a test approved by the Centers for Disease
				Control and Prevention;
c.
				Participant experiences adverse financial consequences as a result of:
(i) the Participant, the Participant's
				spouse, or a member of the Participant's household (1) being quarantined, (2)
				being furloughed or laid off, or having work hours reduced, (3) being unable to
				work due to lack of child care, (4) having a reduction in pay (or
				self-employment income), or (5) having a job offer rescinded or start date for
				a job delayed, due to SARS-CoV-2 or COVID-19; or
(ii) closing or reducing of hours of a
				business owned or operated by the Participant, the Participant's spouse, or a
				member of the Participant's household due to SARS-CoV-2 or COVID-19.
The Participant may elect to recontribute all or part of the
				  amount of a coronavirus-related distribution to the Plan within three years
				  after the date the distribution was received.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VII - BENEFITS › Section 27-220-VII-7.16 - DISASTER RELIEF

Current through June 25, 2024
Notwithstanding any other provision of the Plan, a
				  Participant may receive a qualified disaster recovery distribution from the
				  Plan. For these purposes, a qualified disaster is any disaster for which a
				  major disaster has been declared under Section 401 of the Robert T. Stafford
				  Disaster Relief and Emergency Assistance Act after December 27, 2020 and a
				  qualified disaster area of a qualified disaster is the area for which such a
				  disaster was declared. A qualified disaster recovery distribution is any
				  distribution made within 180 days after the first day of the incident period or
				  the date of the applicable disaster declaration to an individual (i) whose
				  principal place of abode at any time during the incident period of the
				  qualified disaster is located in the qualified disaster area of the qualified
				  disaster and (ii) who has sustained an economic loss by reason of the qualified
				  disaster. The aggregate distributions for a qualified disaster for all taxable
				  years cannot exceed $22,000.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VIII - PLAN TO PLAN TRANSFERS › Section 27-220-VIII-8.1 - TRANSFERS FROM OTHER CODE SECTION 457(b) PLANS

Current through June 25, 2024
a. If
				an Employer adopts the Mississippi Government Employees' Deferred Compensation
				Plan and Trust offered by the Board, as an amendment and restatement to its
				"eligible" 457 plan, the Plan will accept transfers of amounts previously
				deferred under another Code Section 457(b) plan maintained by another Employer
				under the following conditions:
(i) The
				transfer is from an eligible governmental plan to another eligible governmental
				plan of the same employer;
(ii) The
				transferring plan provides for the transfer of such amounts;
(iii) The value of the Participant's account
				immediately after the transfer is at least equal to the value of the
				Participant's account immediately before the transfer.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article VIII - PLAN TO PLAN TRANSFERS › Section 27-220-VIII-8.2 - TRANSFERS TO OTHER CODE SECTION 457(b) PLANS UPON SEVERANCE FROM EMPLOYMENT

Current through June 25, 2024
a. Upon a
				Participant's Severance from Employment, a Participant, or at the death of the
				Participant, a spousal Beneficiary, may elect to have all or a portion of the
				Participant Account transferred to the Code Section 457(b) plan of their
				employer. Such amounts shall be transferred at the Participant's or spousal
				Beneficiary's election, provided:
(i) The Code
				Section 457(b) plan to which the Participant's or spousal Beneficiary's benefit
				is being transferred provides for the acceptance of such amounts;
(ii) The value of the Participant's or
				spousal Beneficiary's account immediately after the transfer is at least equal
				to the value of the Participant's account immediately before the transfer;
				and
(iii) In the case of a transfer
				made on behalf of a Participant, such individual has had a Severance from
				Employment with the Employer and is performing services for the Employer
				maintaining the receiving plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article IX - ROLLOVERS TO AND FROM THE PLAN › Section 27-220-IX-9.1 - ROLLOVERS TO THIS PLAN

Current through June 25, 2024
a. Amounts that are
				considered Eligible Rollover Distributions as defined in Code Section 402(c)(4)
				may be rolled over by a Participant, from an Eligible Retirement Plan, as
				defined in subsection (b) below. A Participant who is a surviving spouse
				beneficiary of another Eligible Retirement Plan (as defined in subsection (b)
				below) may roll over Eligible Rollover Distributions as defined in Code Section
				402(c)(4) from such Eligible Retirement Plan. The amounts rolled over from an
				Eligible Retirement Plan other than a Code Section 457(b) plan maintained by an
				Employer shall be allocated to the Participant Non-457 Rollover Account. The
				amounts rolled over from another Code Section 457(b) plan maintained by an
				Employer shall be allocated to the Participant 457 Rollover Account. Amounts in
				the Participant Non-457 Rollover Account shall be accounted for separately from
				amounts in the Participant 457 Rollover Account.
b. For purposes of this Section, the term
				"Eligible Retirement Plan" means any other Code Section 457(b) plan maintained
				by an Employer, a Code Section 403(b) program, a Code Section 401(a) plan, an
				individual retirement account as described in Code Section 408(a), and an
				individual retirement annuity as described in Code Section 408(b). For purposes
				of this Section
				9.1, the term "amounts rolled over
				from an Eligible Retirement Plan" means:
(i)
				amounts rolled to the Plan directly from another Eligible Retirement Plan on
				behalf of a Participant;
(ii)
				Eligible Rollover Distributions received by a Participant from another Eligible
				Retirement Plan that are rolled over by the Participant to the Plan within
				sixty (60) days, following his receipt thereof;
(iii) a Coronavirus Distribution, provided a
				Participant makes the contribution within 36 months from the date of the
				Coronavirus Distribution;
(iv) a
				Qualified Birth or Adoption Distribution, provided a Participant makes the
				contribution within 36 months from the date of the distribution;
(v) a Qualified Disaster Recovery
				Distribution, provided a Participant makes the contribution within 36 months
				from the date of the distribution; and
(vi) an RMD distribution from the Plan
				received in 2020.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article IX - ROLLOVERS TO AND FROM THE PLAN › Section 27-220-IX-9.2 - ROLLOVERS FROM THIS PLAN

Current through June 25, 2024
a. Notwithstanding
				any provision of the Plan to the contrary, a Participant shall be permitted to
				elect to have any Eligible Rollover Distribution as defined in Code Section
				402(c)(4) paid directly to an Eligible Retirement Plan (as defined in Section
				9.1(b)) specified by
				the Participant. The Participant shall, in the time and manner prescribed by
				the Board, specify the amount to be rolled over and the Eligible Retirement
				Plan to receive such rollover.
b.
				The election described in subsection (a) also applies to the surviving spouse
				who is the designated Beneficiary of the Participant, provided that such spouse
				directs the transfer of an Eligible Rollover Distribution [as defined in
				Section 9.1(a) into an
				Eligible Retirement Plan (as defined in Section
				9.1(b)] in which
				such spouse is a participant.
c. To
				the extent allowed by law, a distribution from this Plan payable to a
				non-spouse Beneficiary may be rolled over via a trust-to-trustee transfer to an
				individual retirement account or individual retirement annuity established for
				the purpose of receiving such distribution, provided the distribution is an
				eligible rollover distribution. Any amount rolled over to such accounts will be
				treated as an inherited individual retirement account or annuity, subject to
				applicable minimum distribution rules.
d. An Eligible Rollover Distribution made
				after December 31, 2007, can be rolled over directly to a Roth IRA as provided
				by IRC Section 408A(e), as amended by the Pension Protection Act of 2006. Such
				direct rollover is subject to the rules that apply to rollovers from a
				traditional IRA to a Roth IRA. Effective for an Eligible Rollover Distribution
				made after December 18, 2015, it may be rolled over directly to a SIMPLE IRA as
				described in Code Section 408(p), provided that the rollover contribution is
				made after the two-year period beginning on the date the distributee first
				participated in any qualified salary reduction arrangement maintained by the
				distributee's employer under Code Section 408(p)(2), as described in Code
				Section 72(t)(6).
e. For tax years
				beginning prior to January 1, 2010, restrictions imposed on rollovers as
				provided under IRC Section 408A(d)(3), as amended by the Pension Protection Act
				of 2006, shall apply.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article IX - ROLLOVERS TO AND FROM THE PLAN › Section 27-220-IX-9.3 - PURCHASING SERVICE CREDITS UNDER A STATE OR LOCAL RETIREMENT SYSTEM

Current through June 25, 2024
A Participant may direct the Board to transfer amounts under
				  his Participant Account tax-free under the Plan in accordance with Code Section
				  457(e)(17) to the fiduciary of a state or local retirement system in order to
				  enable the Participant to purchase years of service credits under the system or
				  repay amounts previously cashed out under the system even if the Participant is
				  not eligible for a distribution under Section
				  7.1. The Board shall take such
				  reasonable measures as required to ensure that the intended recipient plan will
				  accept such transferred amounts.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article X - ADMINISTRATION › Section 27-220-X-10.1 - POWERS AND RESPONSIBILITIES OF THE BOARD

Current through June 25, 2024
a.
				This Plan will be administered by the Board for the benefit of the Participants
				and their Beneficiaries, subject to the specific terms of the Plan. The Board
				shall represent the Employer in all matters concerning the administration of
				this Plan. Board vacancies will be filled in accordance with Section
				25-11-15 of the Mississippi Code
				of 1972, as amended. By way of illustration and not limitation, the Board is
				empowered and authorized:
(1) The Board shall
				have full power and authority to adopt rules and regulations for the
				administration of the Plan, and interpret and construe the Plan in a manner
				consistent with its terms and provisions and with Code Section 457, including
				Regulations there under and to establish practices and procedures conforming to
				those provisions;
(2) to alter,
				amend or revoke any rules and regulations so adopted;
(3) to enter into contracts on behalf of the
				Employer with respect to this Plan;
(4) to make discretionary decisions under
				this Plan;
(5) to contract with a
				Provider to issue an Investment Options(s) or other investment
				services;
(6) to contract with a
				third party administrator to provide services under the Plan including, but not
				limited to, the enrollment of eligible individuals as Participants, the
				maintenance of individual or other accounts and other records, the making of
				periodic reports and the disbursements of benefits to Participants and
				Beneficiaries;
(7) to appoint or
				employ such agents, attorneys, actuaries, accountants, auditors, investment
				counsel, and clerical assistants, and other persons as the Board deems
				necessary or desirable in connection with the administration of this
				Plan.
(8) and to perform any and
				all administrative duties under this Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article X - ADMINISTRATION › Section 27-220-X-10.2 - RELIANCE ON INFORMATION FROM EMPLOYER

Current through June 25, 2024
To enable the Board or its designee to perform their
				  functions, the Employer shall supply the necessary information to the Board on
				  a timely basis regarding the Participants under the plan, including but not
				  limited to Compensation, date of hire, date of death, Severance from
				  Employment, and such other pertinent facts and data as the Board may require.
				  The Board may rely upon such information as is supplied by the Employer and
				  shall have no duty or responsibility to verify such
				  information.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XI - TRUST › Section 27-220-XI-11.1 - TRUST STATUS

Current through June 25, 2024
All assets held in connection with the Plan, including all
				  amounts of Compensation deferred pursuant to the Plan, all property and rights
				  acquired or purchased with such amounts, and all income attributable to such
				  amounts, property or rights shall be held and invested in trust for the
				  exclusive benefit of Participants and their Beneficiaries under the Plan. No
				  part of the assets and income of the Plan shall be used for, or diverted to
				  purposes other than for the exclusive benefit of the Participants and their
				  Beneficiaries and for defraying reasonable expenses of the
				  Plan.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XI - TRUST › Section 27-220-XI-11.2 - TRUST FUND

Current through June 25, 2024
Effective December 1, 1998, to the extent required by Section
				  457(g) of the Code, all amounts of Compensation deferred pursuant to the Plan,
				  all property and rights acquired or purchased with such amounts, and all income
				  attributable to such amounts, property or rights held as part of the Plan,
				  shall be held, managed, invested and distributed as part of the Trust Fund in
				  accordance with the provisions of the Plan. All contributions to the Plan must
				  be transferred by the Employers to the Trust pursuant to Section
				  6.3. All benefits under the Plan
				  shall be distributed solely from the Trust Fund pursuant to Article
				  VII.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XII - NONASSIGNABILITY/ANTI-ALIENATION › Section 27-220-XII-12.1 - NONASSIGNMENT

Current through June 25, 2024
a. Subject to
				applicable state law (and Code Section 401(g) if the Investment Options
				consists of an annuity contract) no benefit which shall be payable to any
				person (including a Participant or his Beneficiary) shall be subject in any
				manner to anticipation, alienation, sale, transfer, assignment, pledge,
				encumbrance, or charge, and any attempt to anticipate, alienate, sell,
				transfer, assign, pledge, encumber, or charge the same shall be void; and no
				such benefit shall in any manner be liable for, or subject to, the debts,
				contracts, liabilities, engagements, or torts of any such person, nor shall be
				subject to attachment or legal process for or against such person.
b. Notwithstanding Section
				12.1(a), the Third
				Party Administrator may, upon the Participant's or Beneficiary's being eligible
				for a distribution from the Plan, pay from a Participant's or Beneficiary's
				Deferral Account the amount that the Third Party Administrator finds is
				lawfully demanded under a levy issued by the Internal Revenue Service with
				respect to that Participant or Beneficiary or is sought to be collected by the
				United States Government under a judgment resulting from an unpaid tax
				assessment against the Participant or Beneficiary.
Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › Article XIII - MILITARY SERVICE › Section 27-220-XIII-13.1 - GENERAL USERRA COMPLIANCE

Current through June 25, 2024
Notwithstanding any provisions of this Plan to the contrary,
				  contributions, benefits, and service credit with respect to qualified military
				  service shall be provided in accordance with the Uniformed Services Employment
				  and Reemployment Rights Act of 1994 ("USERRA") (as codified at Chapter 43,
				  Title 38, of the United States Code); Code Section 414(u); and, effective
				  January 1, 2007, Code Section 401(a)(37), as amended from time to time. For
				  purposes of this section, "qualified military service" means any service in the
				  uniformed services as defined in USERRA by any individual if such individual is
				  entitled to reemployment rights under USERRA with respect to such
				  service.