Missouri Code of State Regulations
Title 16 - RETIREMENT SYSTEMS
Division 50 - The County Employees' Retirement Fund
Chapter 20 - County Employees' Deferred Compensation Plan
Section 16 CSR 50-20.010 - Establishment and Purpose of Plan
Current through Register Vol. 49, No. 24, December 16, 2024
PURPOSE: 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.
*Original authority: 50.1300, RSMo 1999.
