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

1. (1) General Limitation. The maximum Deferral amount for any Participant in any taxable year shall not exceed the lesser of—

   1. (A) $7,500 (as adjusted for the calendar year to reflect increases in the cost of living in accordance with sections 457(e)(15) and 415(d) of the Code); or
   2. (B) 33 1/3% of the Participant’s Compensation for the taxable year.
2. (2) Coordination with Other Plans. If a Participant participates in more than one Code section 457 Plan, the maximum deferral under all such plans shall not exceed $7,500, as adjusted. If a Participant participates in a Plan described in sections 401(k), 403(b), 408(k), 408(p) or 501(c)(18) of the Code, amounts deferred by the Participant to such plan or plans and excluded from his or her gross income in any taxable year under such plan(s) shall reduce the general limitation amount.
3. (3) 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.

AUTHORITY: section 50.1300, RSMo Supp. 1999.* Original rule filed May 9, 2000, effective Jan. 30, 2001. *Original authority: 50.1300, RSMo 1999.