Distribution of Accounts

PURPOSE: This rule describes the timing and form of benefit payments from the 457 Plan. (1) Lost Participants. Notwithstanding any other provision of the Plan, if it is not possible to make payment because the Board cannot locate the Participant after making reasonable efforts to so do, a retroactive payment may be made as soon as administratively feasible after the date on which the Participant is located. (A) If the Board is unable to locate any person entitled to receive distribution from an Account hereunder, such Account shall be forfeited and used to reduce Plan expenses on the date two (2) years after the date the Board sends, by certified mail, a notice concerning the benefits to such person at his or her last known address (or determines that there is no last known address). (B) If an Account is forfeited under this Section and a person otherwise entitled to the Account subsequently files a claim with the Board during any Plan Year, before any allocations for such Plan Year are made, the Account will be restored to the amount which was forfeited without regard to any earnings or losses that would have been allocated. Such restoration shall first be taken out of forfeitures which have not been allocated and if such forfeitures are insufficient to restore such person’s account balance, restoration shall be made by an Employer contribution to the Plan. 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 June 7, 2006, effective Jan. 30, 2007. Amended: Filed Jan. 25, 2010, effective July 30, 2010. Amended: Filed July 2, 2020, effective Jan. 30, 2021. *Original authority: 50.1300, RSMo 1999.