Mo. Code Regs. tit. 16 § 50-10.080
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 50-10.080 - Plan AdministrationPURPOSE: The purpose of this rule is to outline the administrative procedures and responsibilities for the defined contribution plan.
(1) Plan Administrator. The management of the Plan shall be vested in the Board according to the provisions in sections 50.1000 to 50.1260, RSMo, as such Board is established in section 50.1030, RSMo. The Board shall have all powers necessary to effect the management and administration of the Plan in accordance with its terms, including, but not limited to, the following:(A) To establish rules and regulations for the administration of the Plan, for managing and discharging the duties of the Board, for the Board's own government and procedure in so doing, and for the preservation and the protection of the assets of the Plan;(B) To interpret the provisions of the Plan and to determine any and all questions arising under the Plan or in connection with the administration thereof. A record of such action and all other matters properly coming before the Board shall be kept and preserved;(C) To determine all considerations affecting the eligibility of any person to be or become an Employee and Participantst of the Plan;(D) To determine the amount of the Participantst's contributions to be withheld by the Employer in accordance with the Plan and to maintain records of such contributions as are necessary under the Plan;(E) To determine Years of Service of any Participantst and to compute the amount of the Account balance, or other sum, payable under the Plan to any person;(F) To authorize and direct all disbursements of Participantst Accounts under the Plan and payment of the Plan expenses;(G) To make valuations of assets held under the Plan; and(H) To employ such counsel and agents, and to obtain such clerical, medical, legal, accounting, investment advisory, custodial, and other services as it may deem necessary or appropriate in carrying out the provisions of the Plan. The decisions of the Board and any action taken by it in respect to the management of the Plan shall be conclusive and binding upon any and all Employees, officials, former Employees and officials, Participantsts, their Beneficiaries, heirs, distributees, executors, administrators, and assigns and upon all other persons whomsoever.
(2) Amendment of Plan. The Board shall have the right to amend the Plan through amendment of this Chapter 10, at any time and from time to time, in whole or in part, provided such regulations do not conflict with the provisions of sections 50.1210 to 50.1260, RSMo.(3) Trust Fund. (A) General Rule. The assets of the Plan shall be held as a part of the Trust Fund and shall share in the gains and losses of the Trust Fund. The value of a Participantst's Account shall be determined as of each business day, in accordance with generally accepted accounting procedures.(B) Directed Investment Program. The Board may permit Participantsts to direct investments in accordance with 16 CSR 5010.040(2). If the Board establishes such a program, the assets of the Plan shall continue to be part of the Trust Fund. However, the Board shall appoint an Investment Manager who shall have power to manage, acquire, or dispose of any Plan asset in accordance with the directed investment program described in 16 CSR 50-10.040(2). The Trustee shall not be under any obligation to invest or otherwise manage any asset of the Plan which is subject to the management of the Investment Manager.(C) Investment Manager. The Board may select the following entities as Investment Manager: 1. An investment adviser described in the Investment Advisers Act of 1940;2. A bank, as described in such act; or3. An insurance company qualified to perform asset management services under the laws of more than one (1) state.(D) Gains and Losses of the Trust Fund. In the event the Account of a Participantst is held by an Investment Manager, the "gains and losses of the fund" with respect to that Account shall be considered to be the investment returns directly attributable to the Investment Options selected by the Participantst (or the Investment Manager) in accordance with 16 CSR 50-10.040(2).(E) Exclusive Benefit. All contributions under this Plan shall be paid to the Trustee and deposited in the Trust Fund. All assets of the Trust Fund, including investment income, shall be held for the exclusive benefit of Participantsts and Beneficiaries and shall be used to pay benefits to such persons or to pay administrative expenses of the Plan and Trust Fund and shall not be diverted to or used for any other purposes or revert to or inure to the benefit of the Employer, except as otherwise permitted or required by law.(4) Plan Expenses. All expenses of Plan administration, including (by way of illustration and not limitation) those incurred by the Board and the fees of the Trustee shall be paid from the assets of the Plan.(5) Claims for Benefits. A claim for a benefit under this Plan shall be reviewed by the Board (or by its designee) in accordance with the procedures established by the Board or such designee. An appeal of an adverse claim decision shall be processed in accordance with 16 CSR 50-1.020. AUTHORITY: section 50.1010, RSMo Supp. 2012, and section 50.1240, RSMo 2000.* Original rule filed May 9, 2000, effective Jan. 30, 2001. Amended: Filed Dec. 20, 2010, effective June 30, 2011 . Amended: Filed Sept. 5, 2012, effective March 30, 2013. *Original authority: 50.1010, RSMo 1994, amended 2001 and 50.1240, RSMo 1999.