Missouri Code of State Regulations › Title 16 - RETIREMENT SYSTEMS › Division 50 - The County Employees' Retirement Fund › Chapter 2 - Membership and Benefits › Section 16 CSR 50-2.080 - Source of Pension Funds

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule describes the source of funds
				  available to the plan.
(1)
				The source of contributions to this plan (if required) for a plan year shall be
				the funds described in sections
				50.1020,
				50.1190,
				50.1200
				and 150.150, RSMo that have been accumulated during the plan year. Such funds
				shall be held in a separate account until the board determines, in accordance
				with the advice of the actuary, the amount of such funds that must be
				contributed to this plan for a plan year to maintain its actuarial sufficiency.
				The board shall ensure that sufficient amounts shall be contributed so that
				this plan is funded in a manner consistent with the provisions of the
Internal Revenue Code
and such other laws and regulations as
				shall be applicable. The remainder of funds accumulated in the separate account
				during a plan year shall first be used to pay expenses of the defined
				contribution plan established in sections
				50.1210
				to
				50.1260,
				RSMo and then any remaining amounts shall be contributed to the defined
				contribution plan established in sections
				50.1210
				to
				50.1260,
				RSMo.
(2) Any gains arising from
				the death of Participantsts prior to retirement or forfeiture upon separation
				from service shall not be utilized to increase the benefits to the remaining
				Participantsts. Any such forfeitures that derive from a county's contribution
				(and not from a payroll deduction) made pursuant to section
				50.1020(6),
				RSMo shall remain in the trust fund, and the amount of such forfeited county
				contribution shall be used to reduce future contributions for the county which
				made such contribution. Any such gains or forfeitures that derive from any
				other source shall be retained in the trust fund.
(3) Notwithstanding anything to the contrary,
				any contribution made to the plan by the board as result of a mistake of fact
				shall be returned to the separate account as soon as practicably possible
				following discovery of the mistake, but not later than one year after the
				payment of the contribution. The maximum amount that may be returned is the
				excess of the amount contributed, over the amount that would have been
				contributed had no mistake of fact occurred. Earnings attributable to the
				excess contribution may not be returned, but losses attributable thereto must
				reduce the amount to be so returned.
(4) Each county, except counties of the first
				classification with a charter form of government and any city not within a
				county, shall deposit in the plan each payroll period ending after December 31,
				2002, an amount equal to four percent (4%) of the compensation paid in such
				payroll period to each employee hired or rehired by that county on or after
				February 25, 2002. Such deposit shall be paid out of the county funds or, at
				the county's election, in whole or in part through payroll deduction as
				described in section
				50.1040(2),
				RSMo. Any county that elects to pay the deposit described herein, in whole or
				in part, through payroll deduction as described in section
				50.1040(2),
				RSMo, shall provide the board written notice
				of such election at least thirty (30) days before January 1 of the year for
				which such election is to be effective. Such election shall remain effective
				until revoked by the county in writing to the board at least thirty (30) days
				before January 1 of the year for which such election is to be revoked. Any
				election or revocation of the election described herein shall become effective
				on the January 1 following thirty (30) days' written notice from the county to
				the board of such election or revocation.
*Original authority: 50.1032, RSMo
					 1995.