Agenda - Council - 07/22/1980 - Laserfiche WebLink

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~2-- Be General Duties and Responsibilities of Employer. 1. New applications and changes. (a) Submit to MSRS applications of those wishing to change any provi- sion of their agreement and applications for those wishing to begin participation, and specify the pay period in which the transaction is to take place. (b) Review all applications for completeness, including the entry of the Minnesota Tax Identification Number, prior to submission to MSRS. Employees are not allowed to alter terms or conditions of the Plan by statements on the application. Such altered applica- tions will not be accepted. (c) Submit with the applications the following information: (i) A list by payroll'cycle or period of all who have signed an application to participate in DCP. This list must contain the Social Security number, name, the amount deferred per pay period for each participant and the total to be withheld~ Participants on different pay period cycles must be reported separately. (ii) The payroll cycle of each group, i..e., bi-weekly, semi-monthly, monthly, etc. 2e (iii) The pay period ending date of the first pay 'period for each group. Insure participant compliance with the maximum annual deferment aL defined in Sections 4.4 and 4.8 (d) of the Deferred Compensation Plan' rules. 3. Submit for each pay period the following information. Reporting must be on a pay period basis with the following given for each pay period: (a) The dollar amount deducted that pay period and a check payable to: Minnesota State Retirement System - Deferred Compensation Plan. (b) A completed payroll reporting form; A copy of the form is supplied by the Minnesota State Retirement System upon receipt of applications. Participants on different pay cycles must be reported separately. 4. Notify MSRS in writing of the: {a) Death, termination or total and permanent disability of participant. (b) Name, address or beneficiary change of participant.