Limitations on Deferral

PURPOSE: This rule describes the limitations on deferral elections to the 457 Plan imposed by the Internal Revenue Code. (1) General Limitation. The maximum Deferral amount for any Participant in any taxable year beginning after December 31, 2001, shall not exceed the lesser of — (A) Twenty-three thousand five hundred dollars ($23,500) (as adjusted for taxable years beginning before January 1, 2007, in accordance with section 457(e)(15)(A) of the Code, and for taxable years beginning after December 31, 2006, to reflect increases in the cost of living in accordance with sections 457(e)(15)(B) and 415(d) of the Code); or (B) One hundred percent (100%) of the Participant’s Compensation for the taxable year. (2) Catch-Up Contributions. All Participants who are eligible to make Deferrals under this Plan for a Plan Year and have attained age fifty (50) before the close of the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, section 414(v) of the Code for Plan Years beginning after December 31, 2001, up to the “applicable dollar amount” or, effective January 1, 2025, in the case of a Participant who would attain at least age sixty (60), but not age sixty-four (64) prior to the close of the taxable year, the “adjusted dollar amount.” Such contributions shall not be taken into account for purposes of subsection (1)(A) or section (3). (3) Coordination with Other Plans. If a Participant participates in more than one Code section 457 plan, the maximum deferral under all such plans shall not exceed the amounts described in 16 CSR 50-20.050(1) and (2) above (as modified by any adjustment provided under Code section 457(b)(3)). (4) The provisions of this rule 16 CSR 50-20.050 shall be administered in accordance with the Uniformed Services Employment and Reemployment Rights Act of 1994. AUTHORITY: section 50.1300, RSMo 2016.* Original rule filed May 9, 2000, effective Jan. 30, 2001. Amended: Filed April 25, 2002, effective Nov. 30, 2002. Amended: Filed Aug. 18, 2003, effective Feb. 29, 2004. Amended: Filed Oct. 15, 2025, effective April 30, 2026. *Original authority: 50.1300, RSMo 1999.