Mo. Code Regs. tit. 16 § 50-20.010
Current through Register Vol. 49, No.12, June 17, 2024
Section 16 CSR 50-20.010 - Establishment and Purpose of PlanPURPOSE: This rule establishes the 457 Plan authorized by section 50.1300, RSMo, and describes its intent.
(1) In accordance with the authority granted to the County Employees' Retirement Board by section 50.1300, RSMo, the Board hereby adopts the County Employees' Deferred Compensation Plan (the "Plan"). The Plan shall be maintained for the exclusive benefit of covered employees and is intended to comply with the eligible deferred compensation plan requirements under section 457 of the Internal Revenue Code of 1986, as amended, and regulations thereunder, and other applicable law. Assets and income of the Plan shall be held in trust for the exclusive benefit of the Plan's Participantsts and their Beneficiaries.(2) The purpose of this Plan is to enable employees who become covered under the Plan to enhance their retirement security by permitting them to enter into agreements with their Employer to defer a portion of their Compensation and receive benefits at retirement, Separation from Service, death, or in the event of financial hardship due to Unforeseeable Emergencies. AUTHORITY: section 50.1300, RSMo Supp. 1999.* Original rule filed May 9, 2000, effective Jan. 30, 2001. *Original authority: 50.1300, RSMo 1999.