105.927. State's contribution to qualified participants in deferred compensation program. - Missouri Statutes

State's contribution to qualified participants in deferredcompensation program.

105.927. 1. The treasurer of the state of Missouri shall credit anamount not to exceed seventy-five dollars per month, to a plan establishedpursuant to the provisions of the Internal Revenue Code Section 401(a) foreach qualified participant in the state's deferred compensation program;provided that funds to be credited to each qualified participant's accountshall not exceed the amount appropriated by the general assembly for eachqualified participant. Funds so credited shall be held, administered andinvested as provided in sections 105.900 to 105.925 and the plan documentadopted for the administration of such contributions.

2. For purposes of this section, "qualified participant" means anemployee of the state of Missouri who is making continuous deferrals of atleast twenty-five dollars per month to the deferred compensation programand has been an employee of the state of Missouri for at least twelveconsecutive months immediately preceding the commencement of any amountcredited pursuant to this section. The amount credited on behalf of aqualified participant pursuant to this section shall not exceed the amountthat the qualified participant contributes to his or her deferredcompensation plan.

(L. 1994 H.B. 947 § 1, A.L. 1998 H.B. 1229)