27 Miss. Code. R. 210-56-103 - Employer Election to Provide for Employer Contributions

1. Any employer eligible to make employer contributions as noted in Section 101 who participates in the Government Employees' Deferred Compensation Plan and Trust may execute an Employer Contribution Addendum to provide an employer contribution to the account of actively contributing participants. The employer contribution must be made available to all actively contributing participants of the employer, without regard to any probationary period, in accordance with one of the methodologies noted in Subsection 3 of this Section.

2. Each Employer Contribution Addendum shall expressly provide the following:

a. that the employer has the budgetary and statutory authority to make contributions to the Plan on behalf of actively contributing participants; and

b. that, if adopted, employer contributions will be available on a uniform basis to all actively contributing participants; and

c. the basis for making employer contributions as noted in Subsection 3.b of this Section; and

d. the time period for which employer contributions will be made, if such contributions are not anticipated, intended, or guaranteed to be on-going. Employer contributions shall be transferred to the Third Party Administrator as part of the regular payroll process and included with the employee contributions; and

e. the actively contributing participant will be 100[CENT] vested in the employer contributions at the time the contributions are made on the participant's behalf.

3. In order for employer contributions to be considered made on a "uniform basis," such contributions must: a. be made for all actively contributing participants not to exceed the basic annual deferral amount specified in Section 4.1 of the Deferred Compensation Plan Document when aggregated with the employee contributions; and b. be based on one of the following methodologies:

(i) a specific dollar amount per pay period; or

(ii) a dollar for dollar match per pay period; or

(iii) a specific dollar amount per pay period or a dollar for dollar match per pay period up to a specific percent of either salary or employee contribution.

Notes

27 Miss. Code. R. 210-56-103