Mo. Code Regs. tit. 16 § 50-20.080

Current through Register Vol. 49, No.12, June 17, 2024

Section 16 CSR 50-20.080 - Death Benefits

PURPOSE: This rule describes the benefits available to a Participantst's Beneficiary upon his or her death and the procedure for designating a Beneficiary.

(1) Death Benefit. As soon as administratively feasible following the close of the calendar year quarter in which the death of a Participantst occurs, the Participantst's Beneficiary shall receive a single-sum distribution of the Participantst's entire Account balance.

(2) Beneficiary Designation. A Participantst shall have the right to designate a Beneficiary, and amend or revoke such designation at any time, in writing. Such designation, amendment, or revocation shall be effective upon receipt by the Board.

(3) Failure to Designate a Beneficiary. If no designated Beneficiary survives the Participantst, or no Beneficiary has been designated by the Participantst, and benefits are payable following the Participantst's death, the Board shall direct that payment of benefits be made to the person or persons in the first of the following classes of successive preference Beneficiaries:

(A) The spouse of the Participantst; and

(B) The Participantst's estate.

(4) All death benefits paid in accordance with this rule 16 CSR 50-20.080 shall be made in accordance with a reasonable and good faith interpretation of the requirements of Code sections 457(d)(2) and 401(a)(9).

(5) Direct Rollover. The direct rollover provisions shall apply to a distribution made in accordance with this rule to the extent provided by the Plan and applicable law.

(6) Death During Military Service. Effective January 1, 2007, where a Participantst dies while performing qualified military service (as defined by section 414(u) of the Code), the survivors of the Participantst are entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service), and the rights and features accompanying those benefits, provided under the Plan that would be available under the Plan had the Participantst resumed and then terminated employment on account of death. Notwithstanding anything herein to the contrary, the Plan shall be administered to comply with the Heroes Earnings Assistance and Tax Relief Act of 2008 to the extent required therein.

16 CSR 50-20.080

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 Jan. 25, 2010 , effective July 30, 2010.

*Original authority: 50.1300, RSMo 1999.