Mo. Code Regs. tit. 16 § 50-10.090
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 50-10.090 - Miscellaneous Defined Contribution Plan RulesPURPOSE: The purpose of this rule sets forth miscellaneous provisions relating to the defined contribution plan.
(1) Limitation of Rights: Employment Relationship. Neither the establishment of this Plan nor any modification thereof, nor the creation of any fund or account, nor the payment of any benefits, nor any action taken thereunder nor any omission to act, shall be construed as giving a Participantst or other person any legal or equitable right against an Employer except as provided in the Plan. In no event shall the terms of employment of any employee be modified or in any way be affected by the Plan.(2) Benefits under this Plan may not be assigned, sold, transferred, or encumbered, and any attempt to do so shall be void. A Participantst's or Beneficiary's Account shall not be subject to debts or liabilities of any kind and shall not be subject to attachment, garnishment or other legal process.(3) Representations. The Board does not represent or guarantee that any particular federal or state income, payroll, personal property or other tax consequence will result from participation in this Plan. A Participantst should consult with professional tax advisors to determine the tax consequences of his or her participation. Furthermore, the Board does not represent or guarantee successful investment of the Participantst's Account and shall not be required to restore any loss which may result from such investment or lack of investment.(4) Severability. If a court of competent jurisdiction holds any provision of this Chapter 10 to be invalid or unenforceable, the remaining provisions of the Chapter shall continue to be fully effective.(5) The provisions of this Chapter 10 shall be construed in accordance with sections 401(a) and 501(a) of the Code, all other applicable Federal Law, and, to the extent such other statutes do not apply, the laws of the State of Missouri.(6) The Plan described in this Chapter 10 is intended to be a profit-sharing plan.(7) Satisfaction of Code section 401(a). The Plan intends to satisfy Code section 401(a) by meeting the requirements of Code section 414(d), applicable to a governmental plan. AUTHORITY: sections 50.1010, RSMo Supp. 2012, and 50.1210-50.1260, RSMo 2000 and Supp. 2012.* Original rule filed May 9, 2000, effective Jan. 30, 2001. Amended: Filed Sept. 5, 2012, effective March 30, 2013. *Original authority: 50.1010, RSMo 1994, amended 2001 and 50.1210-50.1260, see Missouri Revised Statutes 2000 and Supp. 2012.