Mo. Code Regs. tit. 16 § 50-2.080
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 50-2.080 - Source of Pension FundsPURPOSE: 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. AUTHORITY: section 50.1032, RSMo 2000.* Original rule filed Sept. 29, 2000, effective March 30, 2001. Amended: Filed Dec. 10, 2002, effective June 30, 2003. *Original authority: 50.1032, RSMo 1995.