Code of Massachusetts Regulations
960 CMR - OFFICE OF THE STATE TREASURER AND RECEIVER GENERAL
Title 960 CMR 3.00 - Deferred Compensation
Section 3.05 - Lockbox Account
Universal Citation: 960 MA Code of Regs 960.3
Current through Register 1531, September 27, 2024
(1) Funds placed in the lockboxduringtransmittal to the bank, mutual fund or insurance company shall accrue interest which shall be used for the benefit of all participants in the deferred compensation program.
(2) Accumulated interest may be expended for the benefit of the program participants in a manner deemed to be appropriate by the Oversight Committee with the approval of the plan administrator and shall include, but not be limited to, the following services:
(a) Studies and evaluations to measure
performance of products offered and services delivered to
participants.
(b) Independent
audits of the program.
(c) Services
to support functions of the Oversight Committee.
(3) The Oversight Committee may recommend that the interest accrued in the lockbox account be audited and may use said interest to pay for said audit.
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