Agenda - Council - 03/11/2025 - Laserfiche WebLink

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Plan Rules and Termination Establishing Plan Rules The MSRS Board of Directors may establish Plan rules regarding the administrative functions and items that are not clearly articulated in Federal or State Law. The Plan rules are not effective until formally adopted by the Board of Directors at a public meeting, and are not subject to the State of Minnesota rule making process of the State. Amending the Plan The MSRS Board of Directors has the authority to amend the Plan at any time, in whole or in part. Amendments to the Plan shall not be effective unless officially adopted by the MSRS Board of Directors. These amendments must be made at a public meeting. Participants will be notified of any Plan changes. The Plan Administrator shall provide a copy of any Plan amendments to the Recordkeeper. Changes imposed by the Internal Revenue Service, either by law change, regulations or ruling, shall be effective immediately without approval from the MSRS Board of Directors. Plan Termination In the event the Plan is lawfully terminated for any reason, amounts not credited to Participants' accounts or used for paying fees and reasonable administrative expenses of the Trust, shall revert back to the State of Minnesota and governmental employers participating in the Plan. Amounts reverted will be made on a pro -rated basis. The pro- rated amount will be calculated by determining the percentage of assets attributable to each governmental unit in relation to all the Plan assets. Any amounts remaining at termination of the Plan will be divided as pro -rated to governmental units covering employees in the Plan. Amounts credited to Participants' accounts will remain in the Participants' accounts. Individual Participants will continue to utilize their accounts as set out in this Plan Document until their account balance is exhausted. HCSP Plan Document December 1, 2023 14