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Rule Title: TREATING SALARY DEFERRALS UNDER A CAFETERIA PLAN AS COMPENSATION - POLICY AND OBJECTIVES
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Department: ADMINISTRATION
Chapter: PUBLIC EMPLOYEES' RETIREMENT BOARD
Subchapter: Reporting Qualified Plan Compensation
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.43.2201    TREATING SALARY DEFERRALS UNDER A CAFETERIA PLAN AS COMPENSATION - POLICY AND OBJECTIVES

(1) Pursuant to 19-2-1010 , MCA, the public employees' retirement board (board) must administer the retirement systems under its purview "in a manner required to satisfy the applicable qualification requirements for a qualified governmental plan, as provided in the internal revenue code." The board has received favorable determination letters from the internal revenue service indicating that the retirement systems it administers have met this requirement and are qualified governmental plans under Internal Revenue Code (IRC) sections 401(a) and 414(d) .

(2) The board's primary objective is to maintain the qualified status of the retirement systems it administers. In order to meet this objective, the board must comply with the IRC when determining what constitutes compensation.

History: 19-2-403, MCA; IMP, 19-2-1001, 19-2-1005, 19-2-1010, 19-3-108, 19-5-101, 19-6-101, 19-7-101, 19-8-101, 19-9-104, 19-13-104, MCA; NEW, 2005 MAR p. 2241, Eff. 11/11/05; TRANS, from ARM 2.43.901, 2008 MAR p. 2467, Eff. 12/1/08.


 

 
MAR Notices Effective From Effective To History Notes
2-43-403 12/1/2008 Current History: 19-2-403, MCA; IMP, 19-2-1001, 19-2-1005, 19-2-1010, 19-3-108, 19-5-101, 19-6-101, 19-7-101, 19-8-101, 19-9-104, 19-13-104, MCA; NEW, 2005 MAR p. 2241, Eff. 11/11/05; TRANS, from ARM 2.43.901, 2008 MAR p. 2467, Eff. 12/1/08.
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