Laserfiche WebLink
Section 1. <br /> <br />Establishment and ~]~.Q. <br /> <br /> 1.1 Establishment of plan. This plan shall be known as the Minnesota <br />Public Employees' Deferred Compensation Plan ("plan") and is hereby created <br />in accordance with Minn. Stat. S 352.96 and section 457 of the United States <br />Internal Revenu6 Code. This plan shall constitute a continuation of the <br />Minnesota Deferred Compensation Plan, approved by the Attorney General and filed <br />with the Secretary of State and the Con~nissioner of Administration, November 24, <br />1975. <br /> <br /> 1.2 Purpose of plan. The purpose of this plan is to allow employees to <br />designate a portion of their compensation to be withheld each pay period by the <br />employer and invested at the discretion of and in a manner approved by the <br />director for the employer until termination of employment, financial hardship or <br />death of the employee. Any compensation deferred by employees may be invested <br />by the director, for the employer, but there is no requirement for the director <br />or employer to do so. Participation in this plan shall not be construed to <br />establish or create an employment contract between the employee and the <br />employer. <br /> <br />Section 2. <br /> <br />Definitions <br /> <br /> 2.1 Definitions. Whenever used in the plan, the following terms shall <br />have the meanings as set forth below unless otherwise expressly provided: <br /> <br />(a) <br /> <br />"Accounting date" means the date on which an investment fund is <br />valued and earnings and/or losses are allocated to participants' <br />deferred compensation accounts. There shall be an accounting date <br />at least once a month on the last business day of the month and, <br />if practical in the discretion of the board, more frequent <br />accounting dates to reflect, as closely as possible, the earnings <br />and/or losses with respect to a deferred compensation account from <br />the time compensation is deferred and invested in various investment <br />funds until it is eventually distributed according to the plan. <br /> <br />"Beneficiary" means the person or legal entity provided for <br />by the plan to receive any undistributed deferred compensation <br />which becomes payable in the event of the participant's death. <br /> <br />(c) "Board" means the Minnesota State Board of Investment. <br /> <br />(d) "Code" means the Internal Revenue Code of 1954, as amended from <br /> time to time, or any successor statute. <br /> <br />(e) <br /> <br />"Compensation" means any remuneration payable to an individual who <br />performs service for the employer which is reportable as taxable <br />income for purposes of the code. <br /> <br />(f) <br /> <br />"Deferred compensation" means that portion of the compensation <br />which the participant and employer mutually agree to defer under <br />this plan. <br /> <br />-1- <br /> <br /> <br />