Title 27: Personnel Part 220: PERS, Deferred Compensation ...

1 1 Title 27: Personnel part 220: pers , Deferred Compensation Plan & Trust MISSISSIPPI GOVERNMENT EMPLOYEES' Deferred Compensation PLAN AND TRUST FOR EMPLOYEES OF THE STATE OF MISSISSIPPI AND ITS POLITICAL SUBDIVISIONS SPONSORED BY THE STATE OF MISSISSIPPI ADMINISTERED BY THE PUBLIC EMPLOYEES RETIREMENT SYSTEM OF MISSISSIPPI Effective April 1, 2022 TABLE OF CONTENTS Page 2 ARTICLE I DEFINITIONS ..8 Age 50 Plus Catch-Up Contribution ..8 Annual Deferral ..8 Beneficiary ..8 Board ..8 Code ..8 Compensation .

2 8 Deferred Compensation ..9 Eligible Individual ..9 Employee ..9 Employer ..9 Employer Contributions ..9 Includible Compensation ..9 Independent Contractor ..10 Investment Options ..10 Joinder Agreement ..10 Normal Retirement Age ..10 Participant ..10 Participant Account ..10 Participant Deferral Account ..10 Participant 457 Rollover Account ..10 Participant Non-457 Rollover Account ..11 Participation Agreement ..11 Plan ..11 Plan Year ..11 Provider ..11 Regulations ..11 Rollover Contribution ..11 Self-Directed Brokerage Severance from Employment.

3 11 Special Section 457 Retirement Catch-up Contributions ..12 Third Party Administrator ..12 Trust ..12 Trust Fund ..12 Unforeseeable Emergency ..12 ARTICLE II ELIGIBILITY ..13 Conditions of Eligibility to Participate ..13 Determination of Eligibility and Effective Date of Participation ..13 Termination of Eligibility ..13 Participation Agreements ..13 ARTICLE III EMPLOYER PARTICIPATION ..15 State and State Entities ..15 Adoption by Political Subdivision ..15 Plan Termination by a Political Subdivision ..15 TABLE OF CONTENTS (Continued) Page 3 ARTICLE IV CONTRIBUTIONS AND ALLOCATIONS.

4 17 Basic Annual Deferrals ..17 Employer Contributions ..17 Special 457 Retirement Catch-up Contributions ..17 Age 50 Plus Catch-up Contributions ..19 Maximum Amount of Catch-up Contributions ..19 Excess Deferrals Coordination of Limits ..19 Minimum Deferral ..20 Effect of Leave of Absence on Contributions ..20 Deferrals after Severance from Employment, including Sick, Vacation and Back Pay under an Eligible Plan ..20 Voluntary Auto-Escalation of ARTICLE V ACCOUNTS AND REPORTS ..22 Participant Account ..22 Statement of Account to Participants.

5 22 Valuation ..22 Deposits ..22 Records and Reports ..22 ARTICLE VI INVESTMENT OF CONTRIBUTIONS ..24 Investment Options and Group Trusts ..24 Direction by Participant ..25 Remittance of Deferrals ..25 Investment Default ..25 Conflicts ..25 Excessive Trading ..25 Discontinuance of Investment Options ..25 ARTICLE VII BENEFITS ..26 When Benefits are Payable ..26 Benefit Payments ..26 Application for Benefits ..27 Payment Options ..27 Special Tax Exclusion for Qualified Insurance Deductions ..27 Minimum Distribution Rules.

6 28 Payments to Beneficiary ..30 Participant Deaths after December 31, 2021 ..32 Distribution for Incompetent or Minor Beneficiary ..33 Location of Participant or Beneficiary Unknown ..33 Unforeseeable Emergency Withdrawals ..34 Voluntary In-service Distribution ..35 Voluntary In-service Small Account Distribution ..35 Qualified Birth or Adoption Distributions ..35 TABLE OF CONTENTS (Continued) Page 4 Coronavirus-Related Distributions ..35 Disaster Relief ..36 ARTICLE VIII PLAN TO PLAN TRANSFERS ..37 Transfers from Other Code Section 457(b) Plans.

7 37 Transfers to Other Code Section 457(b) Plans Upon Severance from Employment ..37 ARTICLE IX ROLLOVERS TO AND FROM THE PLAN ..39 Rollovers to this Plan ..39 Rollovers from this Plan ..39 Purchasing Service Credits Under a State or Local Retirement System ..40 ARTICLE X ADMINISTRATION ..41 Powers and Responsibilities of the Board ..41 Reliance on Information from Employer ..42 Payment of Expenses ..42 ARTICLE XI TRUST ..43 Trust Status ..43 Trust Fund ..43 Trustee ..43 ARTICLE XII NONASSIGNABILITY/ANTI-ALIENATION ..44 Nonassignment.

8 44 ARTICLE XIII MILITARY SERVICE ..45 General USERRA Compliance ..45 Additional Deferrals ..45 Death in Military Service ..45 Differential Wage ..45 Possible Distributions ..46 ARTICLE XIV NO LOANS ..47 ARTICLE XV AMENDMENT ..48 ARTICLE XVI PLAN TERMINATION AS TO ALL EMPLOYERS ..49 ARTICLE XVII MISCELLANEOUS ..50 Compliance with Code Section 457(b) ..50 Participant Rights ..50 Pre-1979 Accounts ..50 Gender and Number ..50 [RESERVED] ..51 Receipt and Release for Payments ..51 TABLE OF CONTENTS (Continued) Page 5 Delay of Benefit Payments.

9 51 Payments to Minor Beneficiaries ..51 Payments to Incompetents ..51 Binding Contract ..52 Disputes ..52 Assumption of Risk ..52 Construction of Plan ..52 6 INTRODUCTION Deferred Compensation Plan and Trust for Public Employees of the State and Its Political Subdivisions as Amended Whereas, pursuant to the 530, Chapter 399, Laws of 1973, the Government Employees Deferred Compensation Plan Act was enacted by the Legislature; Whereas, pursuant to 1279, Chapter 549, Laws of 1974, administration of the Mississippi Government Employees Deferred Compensation Plan was transferred to the Board of Trustees of the Public Employees' Retirement System.

10 Whereas, pursuant to Title 25, Chapter 14 of the Mississippi Code Annotated, and Section 457 of the Internal Revenue Code of 1986, as amended, the plan document was adopted and subsequently amended and restated to comply with the Code; Whereas, there have been certain changes in the governing Mississippi statutes, as well as additional federal law changes and guidance, particularly issuance of final and proposed Treasury regulations and model language; Whereas, effective March 1, 2007, the Board on behalf of the State of Mississippi did amend and completely restate the Mississippi Government Employees Deferred Compensation Plan and Trust.