Mississippi Administrative Code › Title 27 - STATE PERSONNEL BOARD › Part 220 - PERS, Deferred Compensation Plan And Trust › INTRODUCTION

Current through June 25, 2024
Deferred Compensation Plan and Trust for Public Employees
				of the State and Its Political Subdivisions as Amended
Whereas,
pursuant to the H.B. 530, Chapter 399,
				Laws of 1973, the Government Employees' Deferred Compensation Plan Act was
				enacted by the Legislature;
Whereas,
pursuant to H.B. 1279, Chapter 549, Laws
				of 1974, administration of the Mississippi Government Employees' Deferred
				Compensation Plan was transferred to the Board of Trustees of the Public
				Employees' Retirement System;
Whereas,
pursuant to Title 25, Chapter 14 of the
				Mississippi Code Annotated, and Section 457 of the Internal Revenue Code of
				1986, as amended, the plan document was adopted and subsequently amended and
				restated to comply with the Code;
Whereas,
there have been certain changes in the
				governing Mississippi statutes, as well as additional federal law changes and
				guidance, particularly issuance of final and proposed Treasury regulations and
				model language;
Whereas,
effective March 1, 2007, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas
, effective August 1, 2011, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas,
effective July 1, 2012, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas,
effective October 1, 2014, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas
, effective October 1, 2015, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas
, effective August 1, 2016, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Pland and Trust.
Whereas
, effective April 1, 2017, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas
, effective January 1, 2021, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas
, effective April 1, 2022, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Whereas
, effective July 1, 2023, the Board on
				behalf of the State of Mississippi did amend and completely restate the
				Mississippi Government Employees' Deferred Compensation Plan and Trust.
Therefore
, effective December 1, 2023, the Board
				on behalf of the State of Mississippi hereby amends and completely restates the
				Mississippi Government Employees' Deferred Compensation Plan and Trust. The
				Plan consists of the provisions set forth in this document as amended and
				restated.
The Plan is established pursuant to applicable state law and is
				intended to comply with the provisions of Section 457(b) of the Internal
				Revenue Code of 1986, as amended, regulations there under and applicable law.
				The Plan is effective with respect to each Eligible Individual on the date the
				Plan is effective or on the date the Eligible Individual becomes a Participant
				by executing a Participation Agreement, whichever is later. The plan document
				is effective December 1, 2023, except as otherwise noted, as approved by the
				Board of Trustees, and supersedes all previous plan
				documents.