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 50-20.050 - Limitations on Deferral

Universal Citation: 16 MO Code of State Regs 50-20.050

Current through Register Vol. 49, No. 24, December 16, 2024

PURPOSE: This rule describes the limitations on deferral elections to the 457 Plan imposed by the Internal Revenue Code.

(1) General Limitation. The maximum Deferral amount for any Participantst in any taxable year beginning after December 31, 2001 shall not exceed the lesser of-

(A) Eleven thousand dollars ($11,000) (as adjusted for taxable years beginning before January 1, 2007 in accordance with section 457(e)(15)(A) of the Code, and for taxable years beginning after December 31, 2006 to reflect increases in the cost of living in accordance with sections 457(e)(15)(B) and 415(d) of the Code); or

(B) One hundred percent (100%) of the Participantst's Compensation for the taxable year.

(2) Catch-Up Contributions. All Participantsts who are eligible to make Deferrals under this Plan for a Plan Year and have attained age fifty (50) before the close of the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, section 414(v) of the Code for Plan Years beginning after December 31, 2001. Such contributions shall not be taken into account for purposes of subsection (1)(A) or section (3).

(3) Coordination with Other Plans. If a Participantst participates in more than one Code section 457 Plan, the maximum deferral under all such plans shall not exceed the amounts described in 16 CSR 50-20.050(1) and (2) above (as modified by any adjustment provided under Code section 457(b)(3)).

(4) The provisions of this rule 16 CSR 50-20.050 shall be administered in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994.

*Original authority: 50.1300, RSMo 1999.

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