PURPOSE: This rule describes the source of funds available to the plan.
- (1) The source of contributions to this plan (if required) for a plan year shall be the funds described in sections 50.1020, 50.1190, 50.1200 and 150.150, RSMo that have been accumulated during the plan year. Such funds shall be held in a separate account until the board determines, in accordance with the advice of the actuary, the amount of such funds that must be contributed to this plan for a plan year to maintain its actuarial sufficiency. The board shall ensure that sufficient amounts shall be contributed so that this plan is funded in a manner consistent with the provisions of the Internal Revenue Code and such other laws and regulations as shall be applicable. The remainder of funds accumulated in the separate account during a plan year shall be contributed to the defined contribution plan established in sections 50.1210 to 50.1260, RSMo.
- (2) Any gains arising from the death of participants prior to retirement or forfeiture upon separation from service shall not be utilized to increase the benefits to the remaining participants, but shall be retained in the trust fund.
- (3) Notwithstanding anything to the contrary, any contribution made to the plan by the board as result of a mistake of fact shall be returned to the separate account as soon as practicably possible following discovery of the mistake, but not later than one year after the payment of the contribution. The maximum amount that may be returned is the excess of the amount contributed, over the amount that would have been contributed had no mistake of fact occurred. Earnings attributable to the excess contribution may not be returned, but losses attributable thereto must reduce the amount to be so returned.
AUTHORITY: section 50.1032, RSMo Supp. 1999.* Original rule filed Sept. 29, 2000, effective March 30, 2001.
*Original authority: 50.1032, RSMo 1995.