27 Miss. Code. R. 240-I-1.1
House Bill No. 1070, enacted by the Legislature of the State of Mississippi, established the Optional Retirement Plan for Institutions of Higher Learning in the State of Mississippi (the "Plan") as of July 1, 1990. This Plan document sets forth the provisions of this Defined Contribution (Money Purchase) Retirement Plan, as defined in Section 2.8, and which is a governmental plan, as defined in Internal Revenue Code Section 414(d) ("Code" or "Code Section") and establishes a Trust for the Plan Assets. The Plan is intended to be a qualified plan under Code Section 401(a).
The Plan and Trust are established for the exclusive benefit of Participants and their Beneficiaries. Consistent with Code Section 401(a)(2), no amount held under the Plan will ever inure to the benefit of the Plan Sponsor, any Institution, or any successor of any of them, and all Plan investments and amounts will be held for the exclusive purpose of providing benefits to the Plan's Participants and their Beneficiaries. Notwithstanding anything in the Plan to the contrary, it will be impossible at any time before the satisfaction of all liabilities to Participants and Beneficiaries for any part of the Plan assets to be used for or diverted to purposes other than for the exclusive benefit of Participants and Beneficiaries, except that payment of taxes and administration expenses may be made from the Plan assets as provided by the Plan or permitted by applicable law.
Plan contributions are invested, at the direction of each participant, in one or more Funding Vehicles available to Participants under the Plan. Required Participant Plan Contributions are designated picked-up by the Institution so as not to be included in Participants' gross income for federal tax purposes as provided by Code Section 414(h)(2).
27 Miss. Code. R. 240-I-1.1