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 50-20.120 - Additional Provisions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment permits Roth deferral
				  elections and changes the time at which participant deferral elections may
				  become effective.
(1) The
				following words and terms, when used in this section, have the meaning set
				forth below:
(A) Administrator-The Board of
				Directors of the County Employees' Retirement Fund;
(B) Account Balance-The bookkeeping account
				maintained with respect to each Participant which reflects the value of the
				deferred Compensation credited to the Participant, including the Participant's
				Annual Deferrals, the earnings or loss of the Trust Fund (net of Trust Fund
				expenses) allocable to the Participant, any transfers for the Participant's
				benefit and any distribution made to the Participant or the Participant's
				Beneficiary. The Account Balance includes any account established under section
				(5) for rollover contributions and plan-to-plan transfers made for a
				Participant. In addition, a Participant's Roth deferrals pursuant to paragraph
				(2)(A)2., if any, will be credited to a separate subaccount. The Plan will
				maintain a record of the amount of Roth deferrals in each Participant's Roth
				subaccount. Gains, losses, and other credits or charges must be separately
				allocated on a reasonable and consistent basis to each Participant's Roth
				subaccount and the Participant's other subaccounts under the Plan. No
				contributions other than Roth deferrals and any direct rollovers from a
				designated Roth account and properly attributable earnings will be credited to
				each Participant's Roth subaccount;
(C) Annual Deferral-The amount of
				Compensation deferred in any year;
(D) Beneficiary-The designated person who is
				entitled to receive benefits under the Plan after the death of a
				Participantst;
(E) Code-The
Internal Revenue Code
of 1986, as now in effect or as
				hereafter amended. All citations to sections of the Code are to such sections
				as they may from time-to-time be amended or renumbered;
(F) Compensation-All cash compensation for
				services to the Employer, including salary, wages, fees, commissions, bonuses,
				and overtime pay, that is includible in the Employee's gross income for the
				calendar year, plus amounts that would be cash compensation for services to the
				Employer includible in the Employee's gross income for the calendar year but
				for a compensation reduction election under section 125, 132(f), 401(k),
				403(b), or 457(b) of the Code (including an election to defer compensation
				under section (3)). Effective January 1, 2009, in accordance with section
				414(u)(12) of the Code, Compensation shall include any differential wage
				payment (within the meaning of section 3401(h)(2) of the Code) made by the
				Employer to an individual who does not currently perform services for the
				Employer by reason of qualified military service (within the meaning of section
				414(u)(5) of the Code) to the extent those payments do not exceed the amounts
				the individual would have received if the individual had continued to perform
				services for the Employer. Compensation of each Participantst taken into
				account under this Plan shall in no event exceed the amount specified in
				section 401(a)(17) of the Code as adjusted for any applicable increases in the
				cost of living (two hundred thirty thousand dollars ($230,000) for 2008).
				Compensation shall only include amounts paid during an Employee's employment,
				except as provided in the remainder of this paragraph. To the extent that the
				following amounts are otherwise included in the definition of Compensation and
				are paid no later than the date which is two and one-half (21/2) months after
				termination of employment or, if later, the end of the Plan Year in which such
				termination occurs, such amounts paid after an Employee's termination of
				employment shall be deemed Compensation:
i)
				regular pay, including compensation for services during regular working hours,
				overtime, shift differential, commissions, bonuses, or other similar payments,
				and
ii) payment for unused accrued
				sick, vacation, or other leave, but only if the Employee would have been able
				to use the leave if employment had continued. The exclusions provided for in
				the first sentence of this paragraph with respect to post-employment payments
				shall not apply to payments to an individual who does not currently perform
				services for the Employer by reason of qualified military service, to the
				extent such payments do not exceed the Compensation such individual would have
				received from the Employer if he or she had continued to perform services for
				the Employer;
(G)
				Employee-Shall have the meaning set forth in rule
				16 CSR
				50-20.020(1)(H);
(H) Employer-Shall have the meaning set forth
				in rule
				16 CSR
				50-20.020(1)(I);
(I) Includible Compensation-An Employee's
				actual wages as reported in box 1 of Form W-2 for a year for services to the
				Employer, but subject to a maximum of two hundred thirty thousand dollars
				($230,000) (or such higher maximum as may apply under section 401(a)(17) of the
				Code) and increased (up to the dollar maximum) by any compensation reduction
				election under section 125, 132(f), 401(k), 403(b), or 457(b) of the Code
				(including an election to defer Compensation under section (3)). Effective
				January 1, 2009, in accordance with section 414(u)(12) of the Code,
				Compensation shall include any differential wage payment (within the meaning of
				section 3401(h)(2) of the Code) made by the Employer to an individual who does
				not currently perform services for the Employer by reason of qualified military
				service (within the meaning of section 414(u)(5) of the Code) to the extent
				those payments do not exceed the amounts the individual would have received if
				the individual had continued to perform services for the Employer.
				Notwithstanding the foregoing, Includible Compensation shall only include
				amounts paid during an Employee's employment, except as provided in the
				remainder of this paragraph. To the extent that the following amounts are
				otherwise included in the definition of Includible Compensation and are paid no
				later than the date which is two and one-half (21/2) months after termination
				of employment or, if later, the end of the limitation year in which such
				termination occurs. Such amounts paid after an Employee's termination of
				employment shall be deemed compensation:
i)
				regular pay, including compensation for services during regular working hours,
				overtime, shift differential, commissions, bonuses, or other similar payments,
				and
ii)payment for unused accrued
				sick, vacation, or other leave, but only if the Employee would have been able
				to use the leave if employment had continued. The exclusion described in this
				paragraph with respect to post-employment payments shall not apply to payments
				to an individual who does not currently perform services for the Employer by
				reason of qualified military service, to the extent such payments do not exceed
				the Includible Compensation such individual would have received from the
				Employer if he or she had continued to perform services for the
				Employer;
(J) Normal
				Retirement Age-Age sixty-two (62);
(K) Participantst- An individual who is
				currently deferring Compensation, or who has previously deferred Compensation
				under the Plan by salary reduction and who has not received a distribution of
				his or her entire benefit under the Plan. Only individuals who perform services
				for the Employer as an Employee may defer Compensation under the
				Plan;
(L) Plan-Shall have the
				meaning set forth in rule
				16 CSR
				50-20.020(1)(L);
(M) Severance from Employment-The term
				Severance from Employment means the date that the Employee dies, retires, or
				otherwise has a severance from employment with the Employer, as determined by
				the Administrator (and taking into account guidance issued under the
				Code);
(N) Trust Agreement-The
				written agreement (or declaration) made by and between the Board and the
				Trustee under which the Trust Fund is maintained;
(O) Trust Fund-The Trust Fund created under
				and subject to the Trust Agreement;
(P) Trustee-The Trustee duly appointed and
				currently serving under the Trust Agreement; and
(Q) Valuation Date-Each business
				day.