Mo. Code Regs. tit. 16 § 50-20.030
Current through Register Vol. 49, No. 21, November 1, 2024.
Section 16 CSR 50-20.030 - Participation in the PlanPURPOSE: This rule provides the 457 Plan's
eligibility requirements and the rules governing deferral elections to the 457 Plan.
(1) Eligibility. Effective January 1, 2000, each Employee who is employed by an Employer and is a member of the pension fund described in 50.100-50.1200, RSMo may become a Participantst in this Plan. Participation shall commence when enrollment becomes effective pursuant to section (2).(2) Enrollment. Employees may enroll in the Plan by completing a Deferral Agreement and submitting it to their Employer. The Employer shall be responsible for submitting the Deferral Agreement to the Board (or its designee) and ensuring that contributions are forwarded to the Trustee selected by the Board. Enrollment shall be effective as soon as administratively practicable following the date the Deferral Agreement is properly completed by the Employee and received by the Employer.(3) Modifications to Amount Deferred. A Participantst may change Deferrals with respect to Compensation not yet earned by submitting a new properly executed Deferral Agreement to his or her Employer. The change shall take effect as soon as administratively practicable but not earlier than the first day of the pay period beginning in the calendar year quarter following receipt of the properly completed Deferral Agreement by the Employer.(4) Revocation of Deferral. Any Participantst may revoke his or her election to have Compensation deferred by notifying the Employer in writing. This revocation shall take effect as soon as administratively practicable, but no earlier than the first pay period following receipt of written notice of such revocation by the Employer. A Participantst who revoked his or her Deferral may not enter into a new Deferral Agreement that is effective prior to the first day of the calendar year quarter following the revocation. Deferrals shall be revoked automatically for any month in which there are insufficient monies to make the entire Deferral agreed upon, and automatically reinstated in the next pay period that Compensation is sufficient to make the agreed upon Deferral.(5) Transmittal of Contributions. Notwithstanding any contrary provision of the Plan, in accordance with section 457(g) of the Code, all Deferrals, all property and rights purchased with such Deferrals, and all income attributable to such amounts, property or rights shall be held in trust for the exclusive benefit of Participantsts and Beneficiaries under the Plan. All amounts of compensation deferred under the Plan shall be transferred to the Trust Fund within a period that is not longer than is reasonable for the proper administration of the Accounts of Participantsts.(6) Acceptance of Transfers. A Participantst who participated in any eligible deferred compensation plan described in section 457(b) of the Code may transfer his or her account in such a plan or, effective January 1, 2002, an eligible rollover distribution described in section 457(e)(16) of the Code to his or her Account in this Plan.(7) Minimum Deferral. The minimum deferral permitted under the Plan shall be $10 per month. AUTHORITY: section 50.1300, RSMo 2000.* Original rule filed May 9, 2000, effective Jan. 30, 2001. Amended: Filed April 25, 2002, effective Nov. 30, 2002. Amended: Filed Aug. 18, 2003, effective Feb. 29, 2004. *Original authority: 50.1300, RSMo 1999.