Mo. Code Regs. tit. 16 § 50-10.070
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 50-10.070 - Vesting and ServicePURPOSE: This rule describes when a Participantst vests in his or her defined contribution plan account.
(1) Vesting. A Participantst's interest in his or her Board matching account and Employer matching account shall become fully vested and nonforfeitable upon his or her completion of five (5) Years of Service, or upon the Participantst's death (if the Participantst dies before his or her Separation from Service). A Participantst shall always be one hundred percent (100%) vested in his or her seed and rollover accounts.(2) "Years of Service" means the total time of an Employee's employment as a county employee with any Employer, measured in years. With respect to county employment before January 1, 2000, Years of Service shall be the Participantst's creditable service, as determined in accordance with section 50.1090, RSMo, and regulations issued under the authority of that section, unless that period is excluded under section (3). With respect to county employment on or after January 1, 2000, the Participantst shall receive credit for a Year of Service for each Plan Year in which he/she completes one thousand (1,000) Hours of Service, unless that period is excluded under section (3). Additionally, a period of employment in a uniformed service (as defined in the Uniformed Services Employment and Reemployment Rights Act of 1994) shall constitute Years of Service, if the Participantst was an Employee before his or her employment in the uniformed service and he/she returns to employment with an Employer before his or her reemployment rights under the statute expire.(3) The following periods do not constitute Years of Service, regardless of any provision in this rule 16 CSR 50-10.070 to the contrary: (A) A Plan Year beginning on or after January 1, 2000, in which an Employee earns less than one thousand (1,000) Hours of Service; and(B) A rehired Employee's period of employment before his or her immediately preceding Separation from Service, unless the Participantst was either: i) vested in his or her matching account at the time of the Separation from Service, ii) if his or her Separation from Service occurred before January 1, 2000, the Participantst was fully vested within the meaning of section 50.1140(1), RSMo, at the time of the Separation from Service, or iii) such prior period is determined to be part of the Participantst's creditable service, in accordance with section 50.1090, RSMo, and regulations issued under the authority of that section.(4) Upon the termination of the plan or complete discontinuance of contributions, all Participantsts' accounts shall become fully vested, and not thereafter be subject to forfeiture. AUTHORITY: section 50.1090, RSMo 2000 and section 50.1250, RSMo Supp. 2010.* Original rule filed May 9, 2000, effective Jan. 30, 2001. Amended: Filed April 25, 2002, effective Nov. 30, 2002. Amended: Filed July 13, 2004, effective Jan. 30, 2005. Amended: Filed Dec. 20, 2010, effective June 30, 2011 . *Original authority: 50.1090, RSMo 1994, amended 1998, 1999 and 50.1250, RSMo 1999, amended 2001, 2004, 2007.