Code of Massachusetts Regulations
960 CMR - OFFICE OF THE STATE TREASURER AND RECEIVER GENERAL
Title 960 CMR 3.00 - Deferred Compensation
Section 3.02 - Definitions

As used in 960 CMR 3.00, the following terms shall have the following meanings:

Deferred Compensation means the funds withheld from the employees' wages or salary and paid on behalf of each employee participant into the deferred compensation program. Such deferral shall, in each year, not be greater than the lesser of $7,500 or 33a% of the participant's includible compensation for the taxable year.

Deferred Compensation Committee shall mean the committee in the office of the State Treasurer, consisting of three members, one of whom shall be appointed by the governor and shall be chairman, one of whom shall be appointed by the commissioner of insurance and one of whom shall be appointed by the state treasurer, all in accordance with the provisions of M.G.L. c. 29, § 38B. This committee shall be known as the Oversight Committee.

Deferred Compensation Program means the program authorizing the tax deferral of public employee's compensation in accordance with M.G.L. c. 29, § 64, pursuant to section 457 of the Internal Revenue Code.

Employee shall have the same meaning as "employee" in M.G.L. c. 32, § 1, and shall include State Police temporarily assigned to the Massachusetts Turnpike Authority and/or any other board, agency, commission or authority to which they may be temporarily assigned and by which they are paid, and consultants and independent contractors who are natural persons paid by the commonwealth.

Hardship Withdrawal means that withdrawal will be permitted for unforseen emergencies including, but not limited to, personal bankruptcy, unreimbursed medical expenses, disability, major property loss and unbudgetable catastrophies.

Lockbox Account means the account in a bank into which employees' deferred compensation is paid prior to transmittal to the entity selected to manage and invest funds in accordance with the deferred compensation program.

Plan Coordinator means the person or company selected by the state treasurer who shall publicize and market the deferred compensation program.

State Treasurer means the Treasurer and Receiver General duly elected in accordance with the Constitution of the Commonwealth of Massachusetts and M.G.L. c. 10, who shall be known as the Plan Administrator.