Collected Rules and Regulations

Benefit Plans

Chapter 500: Benefits Program Plans

570.010 Supplemental Retirement Plan

Amendments SRP-1 and SRP-2 effective 12-31-03. Amendment SRP-3 effective 1-1-05. Amendment SRP-4 effective 5-1-05. Amendment SRP-5 effective 1-1-07.

1. Definitions -- The following words and phrases shall, when used in this Plan, have the following meanings unless the context clearly indicates otherwise.
   1. Accumulated Share means the amount payable from an Individual Account as of a Valuation Date less any outstanding loans and accrued loan interest due from the employee.
   2. Administrator means the Board or the person(s) designated by the Board and any successor thereto.
   3. Beneficiary means a person, other than a Participant, who is receiving or entitled to receive benefits from the Plan because of designation for such benefits by a Participant or because of the provisions of the plan.
   4. Board means the Board of Trustees of the University of Missouri Supplemental Retirement Plan. The Board of Curators of the University of Missouri shall serve as the Board of Trustees for this Plan.
   5. Board of Curators means the Board of Curators of the University of Missouri, a public corporation.
   6. Code means the Internal Revenue Code of 1986, as amended from time to time, and as interpreted by applicable regulations and rulings.
   7. Compensation means an employee’s base salary and incentive salary as earned and received for personal services actually rendered in the course of employment with the Employer and further defined in Section 570.010.E.1.c.
          In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the annual Compensation of each employee taken into account under the Plan shall not exceed the OBRA ’93 annual compensation limit. The OBRA ’93 annual compensation limit is $150,000, as adjusted by the Commissioner for increases in the cost of living in accordance with Section 401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding twelve (12) months, over which Compensation is determined (determination period) beginning in such calendar year. If a determination period consists of fewer than twelve (12) months, the OBRA ’93 annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months of the determination period and the denominator of which is twelve (12).
         Any reference in this Plan to the limitation under Section 401(a)(17)(B) of the Internal Revenue Code shall mean the OBRA ’93 annual compensation limit set forth in this provision.
         If Compensation for any prior determination period is taken into account in determining an employee’s benefits accruing in the current Plan Year, the Compensation for that prior determination period is subject to the OBRA ’93 annual compensation limit in effect for that prior determination period.
   8. Contributions mean both employee contributions and Employer Profit Sharing Contributions under Section 570.010.C.
   9. Effective Date means February 1, 2003.
   10. Eligible Employee means employees who are actively employed with the Employer in at least a 75% full-time equivalence position with an appointment duration of at least nine (9) months. A “per diem employee” as defined in Section 320.050.I.A.3. of the University of Missouri Collected Rules and Regulations is excluded as an “Eligible Employee” under this Plan. A student employee is excluded as an “Eligible Employee” under this Plan. A person whose earnings are not subject to taxation under a tax treaty is excluded as an “Eligible Employee” under this Plan.
   11. Employer means the Curators of the University of Missouri. The Employer is a governmental entity established as a public corporation under the Constitution and Statues of the State of Missouri.
   12. Income means the net gain or loss of the Individual Accounts of the Trust Fund from investments, including, but not limited to, interest, dividends, rents, profits, realized and unrealized gains and losses and expenses of the Plan or Trust Fund paid from the Trust Fund. To determine the Income of the Trust Fund for any period, the Trustee shall value the Trust Fund on the basis of its assets’ fair market value.
   13. Individual Account means the account established for each Participant in the Plan.
   14. Participant means any individual who has satisfied the eligibility and participation requirements of the Plan as provided in Section 570.010.B. and 570.010.C. and, as of any Valuation Date, each employee or former employee for whom an Individual Account is being maintained.
   15. Plan means the University of Missouri Supplemental Retirement Plan, as stated herein, and as amended from time to time.
   16. Plan Year means the calendar year. The first plan year will be the period February 1, 2003 through December 31, 2003.
   17. Profit Sharing Contribution means a discretionary contribution to the Plan made by the Employer. Profit Sharing Contributions under this Plan shall be made in accordance with Section 570.010.C.2. and without regard to whether the Employer earns any profits.
   18. Qualified Domestic Relations Order means a domestic relations order which has been determined, pursuant to procedures established by the Board, to be a qualified domestic relations order as defined in Code Section 414(p) as such applies to governmental plans.
   19. Spouse means a person to whom a Participant is legally married.
   20. Trust Fund means the assets of the Plan held in trust by a Trustee.
   21. Valuation Date means the effective date, and thereafter any day that the New York Stock Exchange is open for business and such other periods as the Employer determines for the purpose of valuing the Trust Fund pursuant to Section 570.010.D. of the Plan.
   22. Other Terms Additional terms as defined in other sections of this Plan as follows:

2. Eligibility and Participation

1. Participation -- Subject to the requirements of Section 570.010.C., an Eligible Employee shall become a Participant in the Plan on the January 1st or July 1st, whichever is first, following a three (3) calendar month period of employment beginning on the employee’s initial date of employment. For an Eligible Employee with at least three (3) calendar months of employment on the Effective Date of this Plan, participation shall begin on the Effective Date of the Plan.
2. Termination of Participation -- A Participant terminates participation in the Plan in the month in which the entire amount of the Participant’s Accumulated Share has been paid to or on behalf of the Participant.

3. Contributions and Allocations
   1. Employee Contributions
      1. Irrevocable Election -- An Eligible Employee may make an irrevocable election to direct the Employer to make contributions (hereinafter referred to as employee contributions) directly to the Trust Fund for investment in his Individual Account. The Employer shall make employee contributions on behalf of a Participant by deducting from the Participant’s compensation for the Plan Year the amount elected by the Participant. A Participant may elect to make contributions to the Plan under this Section only as to compensation amounts paid after this Plan is adopted and effective. A Participant’s election for a year may not exceed the amount otherwise permitted by Code Section 415. A Participant’s election of a contribution rate must be stated as a fixed percentage of Compensation, as a fixed dollar amount, or a combination of both.
      2. Employee Contribution Election Period -- The election period for a Participant to elect to make employee contributions shall be a twenty-four (24) month period beginning on the first day the person becomes eligible to participate as described in Section 570.010.B.1.
             A Participant shall provide the Plan Administrator with an election (in a form acceptable to the Plan Administrator) directing the Employer to make employee contributions.
      3. Irrevocable Elections -- A Participant’s election authorizing employee contributions will remain in effect for the duration of that Participant’s employment with the Employer as an Eligible Employee.
             A Participant may not decrease or increase the contribution rate designated under paragraph (a) of this Section for the duration of the Participant’s employment with the Employer as an Eligible Employee.
      4. Allocation -- The Plan Administrator shall allocate the employee contributions for each payroll period to the Individual Account of the Participants for whom such contributions were made as soon as administratively feasible following the end of each payroll period and the Trustee shall deposit the contributions in accordance with such allocation.
      5. Employer Pick-up -- The Employer may elect to pay the employee contributions under this Section on behalf of each Participant. The amount paid by the Employer shall be paid in lieu of the contributions made by the employee under this Section in a manner and as permitted under Code Section 414(h)(2). Employee contributions paid by the Employer under this Section shall be treated as Employer contributions under the Code and state tax law.
   2. Employer Contributions
      1. Amount -- The Employer may, in its sole discretion, elect to make a Profit Sharing Contribution to the Plan. The Profit Sharing Contribution shall be allocated among all or any part of the Participants in the Plan for such Plan Year in proportion to Compensation. For purposes of this Section 570.010.C.2. only, a Participant includes only those Participants who are actively employed with the Employer on the date the Profit Sharing Contribution is declared by the Employer. Such Participants shall be eligible to receive an allocation hereunder whether or not the Participant has elected to make employee contributions under Section 570.010.C.1. of this Plan or any other tax-qualified plan sponsored by the Employer. Each Participant’s share of the Profit Sharing Contribution shall be allocated to his Individual Account. The amount of such Employer contributions in any Plan Year, when taken with any other contributions, shall not exceed the limits of annual additions as expressed in Section 570.010.E.1. of this Plan.
   3. Time of Payment of Contributions -- The Employer shall pay its Profit Sharing Contributions to the Trust Fund at such times as determined by the Employer.
   4. Return of Contributions -- The Trust Fund shall return Employer contributions made to the Plan in the following circumstances:
      1. The Trust Fund, at the direction of the Employer, shall return to the Employer, without earnings, but reduced by any losses attributable thereto, any contribution made due to a mistake of fact provided the Employer determines that such mistake existed at the time of the contribution.
      2. The Employer and the Plan condition all Employer and employee contributions to this Plan upon the initial qualification of the Plan pursuant to Code Section 401(a). Within one year after the date the Internal Revenue Service determines that the Plan fails to qualify pursuant to Code Section 401(a), the Trust Fund shall return to the Employer the entire assets of the Plan attributable to all amounts contributed during the time the Plan failed to qualify.
             The Employer shall return employee contributions and amounts rolled over into the Plan, if any, and Income thereon to the Participant if such contributions are returned to the Employer pursuant to this Section.
   5. Military Service -- Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u).
         
4. Valuation
   1. Valuation of Individual Accounts -- As of each Valuation Date, the Individual Account of each Participant shall be adjusted to reflect any realized or unrealized gains or losses and Income or expense of the Trust Fund based on the value of the Participant’s Individual Account as of the preceding Valuation Date, adjusted in accordance with Section 570.010.D.2. The fair market value of the Trust Fund shall be determined by the Board and communicated to the Plan Administrator in writing. The Board’s determination shall be final and conclusive. The valuation process shall be performed separately for each investment fund. Each Participant shall be furnished with a statement at times established by the Board, but not less frequently than annually, setting forth the value of his Accumulated Share.
   2. Adjustments to Accounts -- When determining the value of a Participant’s Individual Account, any deposits due which have not been deposited to the Trust Fund on behalf of the Participant shall be added to his Individual Account, and any withdrawals or distributions made which have not been paid out shall be subtracted from his Individual Account. Similarly, adjustments of accounts for appreciation or depreciation of an investment fund shall be deemed to have been made as of the Valuation Date on which the adjustment relates, notwithstanding that they are actually made as of a later date.
   3. Amount of Individual Account -- The amount in an Individual Account as of a Valuation Date is determined as follows:
      1. Take the Individual Account amount on the preceding Valuation Date;
      2. Add in the total Contributions to be made to the Participant’s Individual Account, if any;
      3. Add in the investment income allocated to the Participant’s Individual Account in accordance with Sections 570.010.D.1 and 570.010.D.2;
      4. Subtract any applicable investment expenses and on-going administrative costs.
   4. Participant Direction of Investments
      1. Investment Funds. The Board, shall authorize Participants to direct the investment of their Individual Accounts in such investment funds as the Board may select. The Participants’ directions shall bind the Board unless and until the Employer amends or revokes the authorization under this Plan for investment direction by Participants. The Employer and the Board shall not be liable or responsible for any loss resulting to the Trust Fund or to any Individual Account for any breach of fiduciary responsibility by reason of any act done pursuant to the direction of the Participant.
      2. Investment Elections. Participants may elect to invest their Individual Accounts among the available investment funds in any whole percentage. Elections shall be in a form approved by the Board. A Participant may change his investment election pursuant to rules prescribed by the Board.
   5. Termination of Account -- An Individual Account shall be considered terminated in the month in which payment of the entire amount of the Participant’s Accumulated Share is made.
   6. Limited Rights to Assets -- The fact that Individual Accounts are established and valued as of each Valuation Date shall not give any employee or others any right, title or interest in the Fund or its assets, or in the Individual Account except at the time and upon the terms and conditions provided in this Plan.
       
5. Contribution and Allocation Restrictions
   1. Maximum Limits on Allocations -- This Section 570.010.E.1. shall limit contributions and allocations made pursuant to Section 570.010.C.
      1. The annual addition to a Participant’s Individual Account for any calendar year shall not exceed the lesser of:

         1) $30,000; or

         2) 25% of the compensation paid or made available to the Participant in such year.

      2. The “annual addition” shall mean the sum allocated to a Participant’s Individual Account for any year of Contributions or forfeitures, if any, pursuant to this Plan and allocated to his benefit pursuant to all other defined contribution plans maintained by the Employer for the calendar year, including employee contributions. Contributions allocated to any individual accounts that are part of a pension or annuity plan under Code Section 415 shall be treated as annual additions to a defined contribution plan. However, Section 570.010.E.1.a.2) above shall not apply to any amounts treated as an annual addition under the preceding sentence.
             The annual addition shall not include the allocation to a Participant’s Individual Account of Income pursuant to Section 570.010.D.
      3. “Compensation” for purposes of this Section 570.010.E.1 and Section 570.010.A.7. shall mean wages within the meaning of Code Section 3401(a) (for purposes of income tax withholding at the source) but determined without regard to any rules that limit the remuneration included in wages based on the nature or location of the employment or services performed. “Compensation” includes, but is not limited to, any elective deferral (as defined in Code Section 402 (g)(3)), any amount which is contributed or deferred by the Employer at the election of the employee and which is not includable in the gross income of the employee by reason of Code Section 125, 132(f)(4) or 457.
      4. The Trustee shall reallocate the excess of a Participant’s annual addition over the limits stated above, provided such excess is not subject to refund or reversion pursuant to Section 570.010.C., in accordance with subparagraphs 1) and 2) below:

         1) To the extent the excess arises from the Participant’s salary reduction contributions, such excess may be refunded to the Participant as soon as administratively feasible.

         2) The excess amount shall be reallocated to the Individual Accounts of the Participants in the Plan who have not exceeded the limits stated above. If the reallocation causes the limits stated above to be exceeded with respect to each Participant for the calendar year, then these amounts shall be held unallocated in a suspense account and reallocated to Participants’ Individual Accounts in the next (or succeeding, if necessary) calendar year before the allocation of Employer or employee contributions.
             Any excess amount held in a suspense account shall not share in Income. If the Plan terminates before the allocation of such excess, the excess shall revert to the Employer, to the extent that it may not be allocated to any Participant’s Individual Account.

      5. For the purposes of this Section 570.010.E., contributions made on behalf of a Participant to a tax-sheltered annuity under Code Section 403(b) shall not be considered a defined contribution plan maintained by the Employer. Notwithstanding the previous sentence, if said contributions are treated as annual additions because of the application of Code Section 415(c), then the Participant’s Code Section 403(b) arrangement must be adjusted for any excess contributions under Code Section 415(c).
6. Vesting
   1. Vesting -- A Participant’s interest in the Accumulated Share of his Individual Account, including salary reduction contributions, Employer Profit Sharing Contributions and Income, shall always be fully vested and nonforfeitable.
       
7. Distributions
   1. Distribution Eligibility -- A Participant’s Accumulated Share of his Individual Account is distributable upon the occurrence of one of the following events:
      1. The Participant has separated from active employment with the Employer;
      2. The Participant is actively employed by the Employer and attains age fifty-nine and a half (59-1/2);
      3. The Participant is found to have suffered a financial hardship. Distributions because of hardship are subject to the rules and restrictions of Section 570.010.G.8.;
      4. The Participant has become totally and permanently disabled as defined in the University of Missouri Retirement, Disability and Death Benefit Plan;
      5. The Participant dies; or
      6. The Participant has reached his Required Beginning Date. In no event shall the distribution of a Participant’s Accumulated Share commence later than the Required Beginning Date.
   2. Timing of Distribution -- If a Participant’s Individual Account balance exceeds $1,000, the Plan Administrator shall notify the Participant in writing of his right to receive a distribution of his Individual Account upon the occurrence of a distribution event described in Section 570.010.G.1. The Participant may elect, in writing, on a form provided by and filed with the Plan Administrator, the distribution of his Accumulated Share (1) as soon as administratively feasible following the date after the Participant becomes eligible for a distribution, or (2) as soon as administratively feasible after the Participant reaches his Required Beginning Date.
   3. Determination of Amount of Distribution -- If a Participant is eligible to receive a distribution under Section 570.010.G.1., the amount of the distribution payable is the Participant’s Accumulated Share of his Individual Account as of the Valuation Date following the earlier of the date the Participant’s application for benefits is received by the Administrator or the Participant’s Required Beginning Date.
   4. Small Benefit Distribution -- Distribution of any Participant’s vested Individual Account that equals $1,000 or less prior to the commencement of distribution shall be paid as soon as administratively feasible after the Participant becomes eligible for a distribution without prior application or consent of the Participant.
   5. Unclaimed Participant Accounts -- If the Administrator is unable to locate any Participant who has reached his Required Beginning Date and whose Individual Account has become eligible for distribution, no distribution amount is payable and such amount shall be used to defray the administrative costs of the Fund. However, if such Participant subsequently makes claim for such forfeited amount, the distribution amount shall again become payable to such Participant.
   6. Required Beginning Date
      1. Notwithstanding any provision of the Plan to the contrary, payment of distribution amounts must begin to all Participants and Beneficiaries by their Required Beginning Date, whether or not they apply for benefits.
      2. A Participant’s or Beneficiary’s Required Beginning Date is April 1 of the calendar year following the later of the calendar year in which the Participant retires or reaches age seventy and one-half (70 ½ ).
   7. Failure to File Application for Benefits -- If a Participant who is definitely located fails to file a completed application for distribution of his Accumulated Share on a timely basis, the Trust Fund will begin payment of distribution amounts on the Participant’s Required Beginning Date.
          Federal, state and local income tax, and any other applicable taxes, will be withheld from the distribution amounts payable as required by law or determined by the Board to be appropriate for the protection of the Trust Fund and the Participant.
   8. Hardship Distribution -- A Participant may receive a distribution of his Individual Account, subject to the following rules and restrictions:
      1. The Participant must represent in writing that he requires the distribution to meet an immediate and heavy financial need that must fall under one of the following categories:

         1) Medical expenses (as defined in Code Section 213(d)) which are incurred by the Participant or his family.

         2) Purchase of a principal residence for the Participant. This does not include making mortgage payments on the Participant’s principal residence.

         3) Payment of tuition for the next semester or quarter of post-secondary education for the Participant or his family.

         4) To prevent eviction or foreclosure on the mortgage of the Participant from his principal residence.

         5) Any other financial need specified by the Internal Revenue Service as a deemed immediate and heavy financial need.

         6) The Board may expand the list above as long as the standard is an immediate and heavy financial need, the Board documents the reason in writing, and the Board applies these reasons consistently and uniformly to all Participants.
             The Participant’s family includes the Participant’s Spouse or dependents as defined in Code Section 152(d).
          

      2. The Participant must represent to the Board that the immediate and heavy financial need (as described above) cannot be relieved:

         1) through reimbursement or compensation by insurance or otherwise;

         2) by reasonable liquidation of the Participant’s assets to the extent this liquidation would not cause any immediate and heavy financial need;

         3) by borrowing from commercial sources on reasonable commercial terms;

         4) by cessation of employer contributions under the Plan, or

         5) by distributions or nontaxable loans from the plans maintained by the employer or by any other employee.
             The Board shall have no duty or obligation to verify or investigate to the Participant’s representations. The Board may rely on these representations where it is reasonable to do so. The Participant’s resources include assets owned by the Participant and the Participant’s Spouse and minor children, where these assets are reasonably available to the Participant. However, property held in an irrevocable trust or under a state uniform gift to minors act, for the benefit of a child, shall not be considered a resource of the Participant.
          

      3. The hardship distribution may not be in excess of the amount of the immediate and heavy financial need of the Participant.
      4. All distributions the Plan makes under this Section 570.010.G.8. shall be made in a single lump sum. Prior to receiving any distribution, the Participant and the Participant’s Spouse (if the Participant is married) must consent in writing to this single sum distribution without regard to the dollar amount of the distribution.
      5. The Plan shall make distributions under this Section 570.010.G.8. as soon as administratively feasible.
       
8. Form of Distribution
   1. Earliest Distribution Date -- Distribution of a Participant’s Accumulated Share shall occur no earlier than the date on which the Participant becomes eligible for a distribution in accordance with Section 570.010.G.1. of this Plan, unless specifically authorized elsewhere in the Plan.
   2. Method of Payment -- If a Participant become eligible for a distribution according to Section 570.010.G.1., the distribution of his Accumulated Share of the Participant’s Individual Account shall be in a single lump sum or such other form as may be permitted by the Employer.
   3. Required Distributions
      1. Notwithstanding any other provision of the Plan, all survivor benefits shall comply with the limits of Code Section 401(a)(9) and the incidental benefit rule and the regulations prescribed under them, including Proposed Treasury Regulation Sections 1.401(a)(9)-1 and 1.401(a)(9)-2.
      2. The entire interest of a Participant must begin to be distributed no later than the Participant’s Required Beginning.
   4. Direct Rollovers -- A Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Distributee in a Direct Rollover, except that a Distributee may not elect a Direct Rollover of a distribution or series of distributions of less than $200 in a single calendar year or the portion of any distribution that is used to offset the unpaid balance of a loan from the Plan to the Distributee. A Distributee also may not elect to have any portion of an Eligible Rollover Distribution paid directly to the University of Missouri Retirement, Disability and Death Benefit Plan for the purpose of purchasing credited service in that plan. For purposes of applying this Section 570.010.H.4., the following definitions shall apply:
      1. Eligible Rollover Distribution. An Eligible Rollover Distribution is any distribution of all or any portion of the balance of an Individual Account to the credit of the Distributee except that an Eligible Rollover Distribution does not include:

         1) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of a the Distributee or the joint lives (or joint life expectancies) of the Distributee and his designated Beneficiary, or for a specified period of ten (10) years or more;

         2) any distribution to the extent such distribution is required under Code Section 401(a)(9);

         3) the portion of any distribution that is not includable in a Distributee’s gross income (determined without regard to the exclusion for net unrealized unappreciation with respect to Employer securities);

         4) any distribution that is deemed to result from a default on a loan from the Plan to the Distributee, and any other loan treated as a distribution under Code Section 72(p) and not excepted by Code Section 72(p)(2);

         5) any return of elective deferrals to a qualified cash-or-deferred arrangement that is returned as a result of limitations on annual additions under Code Section 415: or

         6) any corrective distribution of excess contributions or excess deferrals to a qualified cash-or-deferred arrangement, and any corrective distribution of excess aggregate contributions, and income allowable to such corrective distributions.

      2. Eligible Retirement Plan. An Eligible Retirement Plan is an individual retirement account described in Code Section 408(a), an annuity plan described in Code Section 408(b), an annuity plan described in Code Section 403(a), or a qualified trust described in Code Section 401(a) that accepts the Distributee’s Eligible Rollover Distribution. However, in the case of Eligible Rollover Distributions to the surviving Spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.
      3. Distributee. A Distributee includes an employee or former employee. In addition, the employee’s or former employee’s Spouse or former Spouse and the employee’s or former employee’s Spouse or former Spouse who is the alternate payee under a Qualified Domestic Relations Order, as defined in Code Section 414(p), are Distributees with regard to the interest of the Spouse or former Spouse.
      4. Direct Rollover. A Direct Rollover is a payment by the Plan to the Eligible Retirement Plan specified by the Distributee.
   5. Death Benefits
      1. Distribution to a Spouse or Beneficiary. The Plan shall distribute the Accumulated Share of a deceased Participant’s Individual Account to the Participant’s Spouse, if any. If the Participant is not married or if the Participant’s Spouse gives written consent, the Accumulated Share shall be distributed to the non-spousal Beneficiary identified in the beneficiary designation in effect at the time of the Participant’s death or, if no such designation exists, to the Participant’s estate. Each Participant may designate, in writing, on forms approved and filed with the Plan Administrator, one or more Beneficiaries and a contingent beneficiary to receive distribution of the Participant’s Accumulated Share. The Participant’s properly executed beneficiary designation becomes effective upon receipt by the Plan Administrator.
      2. Form of Death Benefit. The death benefit will be paid in a single lump sum.
      3. Timing of Payment. Distribution to a Participant’s Beneficiary shall be made as soon as administratively feasible after the Participant’s death if the Participant had elected a distribution of his Accumulated Share from the Plan but had not received payment before death. If the Participant died before electing to receive distribution of his Accumulated Share from the Plan, the Plan shall pay the Beneficiary at a time elected by the Beneficiary and allowed under the Plan’s normal administration, provided that:

         1) If the Beneficiary is not the Participant’s Spouse, payment shall occur no later than the end of the calendar year that contains the fifth anniversary of the Participant’s death; and

         2) If the Beneficiary is the Participant’s Spouse, payment shall occur no later than the December 31 of the calendar year in which the Participant would have attained age 70 1/2.

   6. Qualified Domestic Relations Orders -- Upon receipt of a domestic relations order issued by a court of competent jurisdiction with respect to a Participant’s interest in the Plan, the Employer shall determine whether such domestic relations order constitutes a qualified domestic relations order (“QDRO”). The Employer shall establish procedures to determine the qualified status of a domestic relations order to administer distributions mandated by a QDRO.
          If the Employer determines that the domestic relations order is a QDRO, an alternate payee may receive distribution in a single lump sum payable as if the alternate payee were a Participant who experienced a termination of employment and elected to receive a payment as of the date the Employer approves the order.
    

8. H-A. Minimum Distribution Requirements
   1. Section 1. General Rules.
      1. Effective Date. The provisions of this section will apply for purposes of determining required minimum distributions for calendar years beginning with the 2003 calendar year.
      2. Precedence. The requirements of this article will take precedence over any inconsistent provisions of the plan.
      3. Requirements of Treasury Regulations Incorporated. All distributions required under this article will be determined and made in accordance with the Treasury regulations under section 401(a)(9) of the Internal Revenue Code.
          
   2. Section 2. Time and Manner of Distribution.
      1. Required Beginning Date. The participant’s entire interest will be distributed, or begin to be distributed, to the participant no later than the participant’s required beginning date.
      2. Death of Participant Before Distributions Begin. If the participant dies before distributions begin, the participant’s entire interest will be distributed, or begin to be distributed, no later than as follows:
         1. If the participant’s surviving spouse is the participant’s sole designated beneficiary, then distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the participant died, or by December 31 of the calendar year in which the participant would have attained age 70 ½, if later.
         2. If the participant’s surviving spouse is not the participant’s sole designated beneficiary, then distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the participant died.
         3. If there is no designated beneficiary as of September 30 of the year following the year of the participant’s death, the participant’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the participant’s death.
         4. If the participant’s surviving spouse is the participant’s sole designated beneficiary and the surviving spouse dies after the participant but before distributions to the surviving spouse begin, this section 570.010.H-A.2.2, other than section 570.010.H-A.2.2(a), will apply as if the surviving spouse were the participant.
                For purposes of this section 570.010.H-A.2.2 and section 4, unless section 570.010.H-A.2.2(d) applies, distributions are considered to begin on the participant’s required beginning date. If section 570.010.H-A.2.2(d) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under section 570.010.H-A.2.2(a). If distributions under an annuity purchased from an insurance company irrevocably commence to the participant before the participant’s required beginning date (or to the participant’s surviving spouse before the date distributions are required to begin to the surviving spouse under section 570.010.H-A.2.2(a)), the date distributions are considered to begin is the date distributions actually commence.
      3. Forms of Distribution. Unless the participant’s interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date as of the first distribution calendar year distributions will be made in accordance with sections 3 and 4 of this section. If the participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of section 401(a)(9) of the Code and the Treasury regulations.
          
   3. Section 3. Required Minimum Distributions During Participant’s Lifetime
      1. Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the participant’s lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of:
         1. the quotient obtained by dividing the participant’s account balance by the distribution period in the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the participant’s age as of the participant’s birthday in the distribution calendar year; or
         2. if the participant’s sole designated beneficiary for the distribution calendar year is the participant’s spouse, the quotient obtained by dividing the participant’s account balance by the number in the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the participant’s and spouse’s attained ages as of the participant’s and spouse’s birthdays in the distribution calendar year.
      2. Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death. Required minimum distributions will be determined under this section 3 beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the participant’s date of death.
          
   4. Section 4. Required Minimum Distributions After Participant’s Death.
      1. Death On or After Date Distributions Begin.
         1. Participant Survived by Designated Beneficiary. If the participant dies on or after the date distributions begin and there is a designated beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account balance by the longer of the remaining life expectancy of the participant or the remaining life expectancy of the participant’s designated beneficiary, determined as follows:

            1) The participant’s remaining life expectancy is calculated using the age of the participant in the year of death, reduced by one for each subsequent year.

            2) If the participant’s surviving spouse is the participant’s sole designated beneficiary, the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. For distribution calendar years after the year of the surviving spouse’s death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each subsequent calendar year.

            3) If the participant’s surviving spouse is not the participant’s sole designated beneficiary, the designated beneficiary’s remaining life expectancy is calculated using the age of the beneficiary in the year following the year of the participant’s death, reduced by one for each subsequent year.

         2. No Designated Beneficiary. If the participant dies on or after the date distributions begin and there is no designated beneficiary as of September 30 of the year after the year of the participant’s death, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account balance by the participant’s remaining life expectancy calculated using the age of the participant in the year of death, reduced by one for each subsequent year.
      2. Death Before Date Distributions Begin.
         1. Participant Survived by Designated Beneficiary. If the participant dies before the date distributions begin and there is a designated beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account balance by the remaining life expectancy of the participant’s designated beneficiary, determined as provided in section 570.010.H-A.4.1.
         2. No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the participant’s death, distribution of the participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant’s death.
         3. Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the participant dies before the date distributions begin, the participant’s surviving spouse is the participant’s sole designated beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under section 570.010.H-A.2.2(a), this section 570.010.H-A.4.2 will apply as if the surviving spouse were the participant.
          
   5. Section 5. Definitions.
      1. Designated Beneficiary. The individual who is designated as the beneficiary under section 570.010.H.5. of the plan and is the designated beneficiary under section 401(a)(9) of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.
      2. Distribution calendar year. A calendar year for which a minimum distribution is required. For distributions beginning before the participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the participant’s required beginning date. For distributions beginning after the participant’s death, the first distribution calendar year is the calendar year in which distributions are required to begin under section 570.010.H-A.2.2. The required minimum distribution for the participant’s first distribution calendar year will be made on or before the participant’s required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the participant’s required beginning date occurs, will be made on or before December 31 of that distribution calendar year.
      3. Life Expectancy. Life expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the Treasury regulations.
      4. Participant’s account balance. The account balance as of the last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over or transferred to the plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year.
      5. Required Beginning Date. The required beginning date is April 1 of the calendar year following the later of the calendar year in which the participant attains 70 ½ or the calendar year in which the participant retires from the employ of the Employer maintaining this plan.
    

9. Establishment and Administration of the Trust
   1. Trust Fund Established -- There is hereby established a Trust Fund to be known as the University of Missouri Supplemental Retirement Fund. This Fund is intended to be a tax-exempt trust under Code Sections 401 and 501.
   2. Appointment of Board of Trustees -- The Board of Curators as it may be constituted from time to time shall serve as the Board of Trustees for the trust established under this Article. The Board shall act by a majority of its members at the time in office, either by vote at a meeting or in writing without a meeting. The Board may authorize one or more of its members to execute any document or documents on behalf of the Board. No person serving on the Board shall vote or decide upon any matter relating solely to himself or solely to any of his rights or benefits pursuant to the Plan.
   3. Acceptance of Trust -- The Board of Trustees consents to act as trustee of this Trust Fund.
   4. Powers and Duties -- The Board of Trustees shall administer the Plan in accordance with its terms and shall discharge its duties with the care, skill, prudence and diligence under the circumstances pursuant to the fiduciary standards set forth in Section 105.688 of the Revised Statutes of the State of Missouri, as the same may be amended from time to time. The Board shall have full and complete authority and control with respect to Plan operations and administration unless the Board allocates and delegates such authority or control pursuant to the procedures stated in subsection (b) or (c) below. The Board shall have all powers that are necessary to manage and control Plan operations and administration including, but not limited to, the following:
      1. To employ such accountants, counsel, or other persons as it deems necessary or desirable in connection with Plan administration. The Trust Fund shall bear the costs of such services and other administrative expenses, unless paid by the Employer.
      2. To designate in writing persons other than the Board to perform any of its powers and duties hereunder including, but not limited to, Plan fiduciary responsibilities (other than the responsibility to manage control of the Plan assets).
      3. To allocate in writing any of its powers and duties hereunder including, but not limited to, fiduciary responsibilities (other than any responsibility to manage or control the plan assets) to those persons who have been designated to perform Plan fiduciary responsibilities.
      4. To construe and interpret the Plan in a discretionary manner. The Board shall be the judge of the standard of proof required in any case. The Board shall have complete discretion to construe, interpret and apply all terms and provisions of the Plan document in resolving any dispute.
      5. To resolve all questions arising in the administration, interpretation and application of the Plan, including, but not limited to, questions as to the eligibility or the right of any person to a benefit.
      6. To adopt such by-laws, rules, regulations, forms and procedures from time to time as it deems advisable and appropriate in the proper administration of the Plan.
      7. To receive from the Employer or from Participants such information as shall be necessary for proper administration of the Plan.
      8. To furnish, upon request, such annual reports with respect to administration of the Plan as are reasonable and appropriate.
      9. To make and review reports of the financial condition and receipts and disbursements of the Trust Fund.
      10. To prescribe procedures to be followed by any person in applying for distributions pursuant to the Plan and to designate the forms or documents, evidence and other such information as the Board may reasonably deem necessary, desirable or convenient to support an application for such distribution.
      11. To apply consistently and uniformly the Board rules, regulations and determinations to all Participants and Beneficiaries in similar circumstances.
      12. To engage the Plan Administrator who shall perform, without discretionary authority or control, administrative functions within the framework of the policies, interpretations, rules, practices and procedures made by the Board or the Employer. Any action taken by the Plan Administrator may be appealed by an affected Participant to the Board in accordance with the procedures provided in Section 570.010.K.. Any decisions that call for interpretations of the Plan provisions not previously made by the Board shall be made only by the Board. The Plan Administrator is not to be considered a fiduciary with respect to the services it provides.
      13. To receive and hold in trust all contributions, and Income, paid into the Trust Fund.
   5. Records and Notices -- The Board shall keep a record of all its proceedings and acts and shall maintain all such books of accounts, records and other data as may be necessary for proper plan administration.
   6. Compensation and Expenses -- The expenses incurred by the Board in the proper administration of the Plan shall be paid from the Trust Fund, including investment expenses, except that the Employer shall pay for all costs incurred in set-up of the Plan. Such on-going administrative and investment expenses shall be assessed against Participant Individual Accounts. A Board member who is an employee of the Employer shall not receive any fee or compensation for services rendered.
       
10. Loan Program
    1. Eligibility for Plan Loan -- A Participant who has had an Individual Account in the Trust Fund for one (1) or more Plan Years shall be eligible for a loan from his Individual Account, subject to the limitations and requirements set forth in this Article 10. Neither a Spouse nor a Beneficiary of a Participant, nor an alternate payee, shall be eligible for a loan.
    2. Maximum Amounts -- The maximum dollar amount available to a Participant for a loan will be the lesser of:
       1. $50,000, reduced by the highest outstanding balance of loans from the Trust Fund to the Participant during the one (1) year period ending on the day before the date of the new loan, or
       2. fifty percent (50%) of the value of the Participant’s vested interest in his Individual Account as of the Valuation Date most recently preceding the date of the loan. For this purpose the employee’s vested interest does not include any amount to which an alternate payee is entitled to under a Qualified Domestic Relations Order.
    3. Minimum Amount -- A loan must be for at least $1,000.
    4. Eligible Purposes -- Loans will be made for any purpose.
    5. Basis for Granting or Denying Loans -- Every eligible Participant shall be entitled to a loan from his Individual Account under the Trust Fund, provided that:
       1. the loan meets the standards of Sections 570.010.J.1, 570.010.J.2 and 570.010.J.3,
       2. the loan is fully secured in accordance with Section 570.010.J.3.
       3. the Participant has not, within the previous five (5) years, forfeited a portion of his Individual Account because of failure to repay a loan, and
       4. a Participant may not have more than one loan outstanding at a time, except that a Participant may have an additional loan other than a loan outstanding for the purpose of acquisition of a primary residence.
    6. Rate of Interest -- The interest rate shall be the Federal prime rate plus one percent (1%) of the first day of the calendar quarter in which the Participant loan is made. Interest shall be compounded annually.
    7. Security for the Loan
       1. No loan shall be made under this program unless the Participant executes and delivers to the Trust Fund an acceptable assignment of the Participant’s claim against the University of Missouri Supplemental Retirement Plan for an amount equal to the outstanding balance of the loan, plus accrued interest, as collateral to secure repayment of the loan, plus accrued interest, and any related expenses including attorneys’ fees and other collection charges.
       2. An assignment of the Participant’s claim for a corresponding amount from the Trust Fund shall not be accepted unless the following surviving-spouse waiver requirements are met:

          1) No more than ninety (90) days before the date of the loan, the Participant and the Participant’s Spouse, if any, file a written consent to the assignment of the future benefit claim as security for the loan and to the possible forfeiture of the claim in the event of a default, and acknowledging the potential impact on their benefits, in the form prescribed by the Trust Fund and witnessed by a notary public, or

          2) No more than ninety (90) days before the date of the loan, the Participant files a statement on the prescribed form, witnessed by a notary public, consenting to the possible forfeiture of the future benefit claim in the event of a default and representing that he is (and by the date of the loan will continue to be):

          a) not married,

          b) legally separated, or

          c) unable to locate the Spouse and provides supporting documentation as required by the Plan Administrator.

       3. A surviving-spouse waiver is not required if the Participant’s Individual Account as of the Valuation Date preceding the date of application for the loan was worth no more than $5,000.
       4. A surviving spouse waiver that is valid under these rules at the time it is given will be treated as a valid and binding consent to the Board’s later enforcement of the assignment of the Participant’s benefit claim, regardless of any change in the Participant’s marital status after the date of the loan.
    8. Repayment Terms
       1. Each loan will be made effective as of the first day of a month.
       2. Loans must be repaid over a period not to exceed five (5) years by payroll deduction in equal monthly installments starting with the first day of the calendar quarter beginning after the date of the loan.
       3. Prepayments of outstanding principal and accrued interest are permitted at any time, without penalty.
       4. Notwithstanding subsection (b), above, if the loan is for the purchase or construction of the Participant’s principal residence and the Participant provides the Trust Fund with documentation of that, the loan may be repaid over a period not to exceed ten (10) years in monthly installments.
    9. Default and Collection Procedures
       1. A Participant’s loan will be treated as in default if any scheduled payment remains unpaid beyond the last day of the calendar quarter following the calendar quarter in which the Participant missed the scheduled payment. Prior to the date of default described in the preceding sentence, the Participant may bring the loan current by paying the missed payment(s) plus accrued interest.
       2. In the event of a loan default:

          1) The outstanding balance of the loan shall be due and payable and interest shall continue to accrue until payment is made either directly or through foreclosure on the collateral,

          2) The Trust Fund will report the outstanding principal as taxable income, to the Participant and to the IRS. This will not, however, excuse the Participant from any repayment obligations, and

          3) The Trust Fund will foreclose on security by canceling the Participant’s claim for the outstanding balance of the defaulted loan. Cancellation of part of the Participant’s benefit shall be considered a distribution of the funds, and shall occur as soon as the Trust Fund would be permitted to make a distribution to the Participant.

       3. The Board may sue to collect amounts due on a loan.
       4. All expenses incurred by the Trust Fund in any collection action, including any fees or other expenses specially incurred in enforcing security other than a pledge of the borrower’s Individual Account, shall be charged against the borrower’s Individual Account balance, rather than allocated as general expenses of Trust Fund administration.
    10. Death of a Borrower -- If a Participant dies before repaying a loan in full, the Participant's Spouse or Beneficiary or estate shall not be obligated to repay any amount outstanding on the loan as of the date of death. Instead, the Trust Fund will foreclose on the security of the loan as provided for in Section 570.010.J.7 in an amount of the outstanding principal balance of the loan. The outstanding principal balance of the loan shall decrease the amount of any qualified death benefit otherwise payable with respect to the Participant and shall be treated by the Trust Fund and reported to the IRS as a deemed distribution to the Participant as of the date of death under applicable IRS regulations.
    11. Loan Application Procedure -- A Participant requesting a loan shall make written application for it on a form provided by the Plan Administrator. The borrower shall also provide a completed promissory note in the prescribed form and any other written loan documentation that the Trust Fund may require regarding security for the loan. The borrower shall also provide, upon request, any evidence that may be needed to demonstrate the borrower’s qualification for the loan and the receipt of adequate information concerning the loan.
         
11. Determination of Disputes
    1. Participant Claim to Benefits -- No Participant, Beneficiary or other person shall have any right or claim to benefits under the Plan, or any right or claim to payments from the Trust Fund, other than as specified herein. Any dispute as to eligibility, type, amount or duration of benefits or any right or claim to payments from the Trust Fund shall be resolved pursuant to the terms of the Plan.
    2. Interpretation and Construction of the Plan -- In any case where there may be substantial doubt as to the proper interpretation or construction of the provisions of the Plan, the Board shall make such interpretations or construction, after previously consulting with the General Counsel of the University.
    3. Basis for Rulings by Board -- In any matter in which the Board shall make rulings or act in its discretion under the terms of this Plan, the Board may act on the basis of its investigation of the pertinent facts, or on the basis of its review of the findings and recommendations made by such other persons as may be designated by it to make findings of fact and recommendations.
        
12. Amendment and Termination
    1. Amendment of Plan -- The Board of Curators may amend or modify the Plan at any time, except that no amendment or modification may reduce any benefits that have been approved for payment prior to amendment.
    2. Termination of Plan
       1. In the event of termination of the Plan, the assets then remaining, after providing for the expenses of the Plan and for the payment of any Accumulated Shares theretofore approved, shall be distributed among the Participants. No part of the assets shall be returned to any Employer or inure to the benefit of any Employer. In the event that a Participant cannot be located and no claim is made by him for payment of his Accumulated Share within ninety (90) days following the sending of notice by registered mail to the Participant’s last known address, his Accumulated Share shall be forfeited and redistributed on a uniform basis among Participants to whom payments have or can be made.
       2. Distributions due to termination of the Plan will be made in accordance with the modes of distributions provided in Section 570.010.H. of this Plan.
       3. In the event of a termination of the Plan, the rights of each Participant to all benefits accrued to date of such termination, which is the Accumulated Share of each Participant’s Individual Account, shall be 100% nonforfeitable and fully vested in each Participant.
       4. Except as permitted specifically by law, it shall be impossible by operation of this Plan, by termination or amendment or by the happening of any contingency, for any part of the corpus or income of the Trust Fund or any fund contributed thereto to be used for, or diverted to, purposes other than the exclusive benefit of Participants or their Beneficiaries.
    3. Severability -- If any provision of the Plan or any step in the administration of the Plan is held to be illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, unless such illegality or invalidity prevents accomplishment of the purposes and objectives of the Plan. In the event of any such holding, the Board will immediately amend the Plan to remedy the defect.
        
13. General Provisions
    1. Written Application Required -- As a condition to payment of any distribution amount, an application for such benefit must be made in writing in a form and manner approved by the Board.
    2. Condition on Accrual of Benefits -- No benefits shall be accrued prior to establishment and crediting of Individual Accounts or prior to the receipt of written confirmation from the Internal Revenue Service that the Trust Fund is an exempt trust and that the Plan is a qualified plan under the Code, whichever is later.
    3. Required Information
       1. Every employee or Beneficiary shall furnish, at the request of the Board, any information or proof reasonably required for the administration of the Plan or for the determination of any matter that the Board may legitimately have before it. Failure to furnish such information or proof promptly and in good faith shall be sufficient reason for denial of benefits to such employee or Beneficiary, or the suspension or discontinuance of benefits. The falsity of any statement material to an application or the furnishing of fraudulent information or proof shall be sufficient reason for the denial, suspension or discontinuance of benefits under this Plan except such benefits that are nonforfeitable and in any such case the Board shall have the right to recover any benefit distribution made in reliance thereon.
       2. Every Participant must file a written statement on which the Board is entitled to rely, concerning the Participant’s current and prior marital status, including, without limitation, whether or not he is currently legally married, and if married, as to when such marriage occurred. If a Participant states that he was not married or that he had not been legally married throughout the year before his benefit was distributed, no person shall be entitled to benefits under this Plan on the ground that she was, in fact his Spouse, or if his Spouse, was in fact legally married to him throughout the year before his benefit was distributed.
       3. Any payment made in good faith on the basis of a written statement of a Participant or Beneficiary shall discharge all obligations of the Trust Fund to the extent of such payment, and shall entitle the Board to exercise all rights of recoupment or other remedies, including the right to adjust the amount distributed to a surviving Spouse or other Beneficiary in order to recoup any excess benefits which may have been erroneously paid.
    4. Employment not Guaranteed by Plan -- The establishment of this Plan, its amendments and the granting of a benefit pursuant to the Plan shall not give any Participant the right to continued employment with the Employer, or limit the right of the Employer to dismiss or impose penalties upon the Participant or modify the terms of employment of any Participant.
    5. Designation of Beneficiary -- A Participant’s designation of his Beneficiary shall be in writing on a form provided by the Plan Administrator and may be changed from time to time in the same manner insofar as permitted in connection with the benefit involved. Any designation of a Beneficiary by a married Participant is subject to the requirements of the applicable terms set forth in Section 8.5.
    6. Incapacitated Participants and Beneficiaries -- In the event it is determined to the satisfaction of the Board that a Participant or Beneficiary is unable to care for his affairs because of mental or physical incapacity, any distribution due shall be applied to the maintenance and support of such person unless, prior to such distribution, claim shall have been made for such distribution by a legally appointed guardian, committee, or other legal representative appropriate to receive such distributions on behalf of the Participant or Beneficiary. Any such payment shall completely discharge the Board’s liability with respect to such payment.
    7. Nonalienation of Benefits
       1. Benefits payable by the Plan shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy, either voluntary or involuntary. Any attempt to anticipate, alienate, sale, transfer, assign, pledge, encumber, charge, garnish, execute, levy or otherwise dispose of any right to Plan benefits shall be void. This subsection shall not apply to a Qualified Domestic Relations Order, as issued pursuant to a state domestic relations law that relates to child support or alimony.
       2. The Board shall adopt and prescribe reasonable rules and regulations for the implementation of the Qualified Domestic Relations Order provisions of Code Section 414(p) as such applies to governmental plans, which rules and regulations shall include the deduction from an Individual Account involved to secure such an order of a reasonable charge which will take into account the increased costs resulting from such implementation in an equitable manner, in order to protect the Participants and Beneficiaries of the Trust Fund generally from the burden of such increased costs.
       3. If a Qualified Domestic Relations Order directs that portion of a Participant’s Accumulated Share be paid to an alternate payee, the Board shall authorize the distribution of such portion to the alternate payee within a reasonable period of time after the determination of the qualified status of the order. If the alternate payee is the former Spouse of the Participant, such distribution shall only be made upon the condition that the former Spouse relinquish all right, title or interest in the Participant’s Accumulated Share, either under the Qualified Domestic Relations Order or otherwise, and any claim to treatment as the surviving Spouse of the Participant with respect to the Plan or any benefits thereunder, or to be considered a Beneficiary under the Plan.
       4. The right of a former Spouse or other alternate payee to any share of a Participant’s benefit, as set forth in a Qualified Domestic Relations Order, takes precedence over any claims of a Participant’s Spouse at the time of retirement or death, to the extent provided by such order or by any federal law or regulation.
    8. Merger or Consolidation -- In the event of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, the amount of benefit which a Participant would receive upon a termination of the Plan immediately after the merger, consolidation or transfer shall be equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or transfer if the Plan had been terminated.
    9. Rollover Contributions
       1. Any Participant may make a Rollover Contribution to the Trust Fund. Upon receipt of a Rollover Contribution, the Board shall credit the amount of any such Rollover Contribution to the contributing Participant’s Individual Account and shall invest such amount in accordance with the provisions of the Trust Fund. Distribution of Rollover Amounts shall be governed by the provisions of Section 570.010.G and Section 570.010.H.
       2. For purposes of this Section, a “Rollover Contribution” is a contribution to the Trust Fund of a Rollover Amount on or before the sixtieth (60th) day following the receipt thereof by a contributing Participant. “Rollover Amount” means a qualified distribution (as defined in Code Section 402) of a vested benefit from another qualified trust which meets the requirements Code Section 402. No qualified distribution shall be treated as a Rollover Amount if such distribution is made on or after the Required Beginning Date of the Participant, pursuant to Code Section 401(a)(9).
       3. For purposes of determining whether any amount tendered by a Participant for rollover is a qualified distribution, the contributing Participant shall establish to the satisfaction of the Board that the amount tendered as a Rollover Amount represents a qualified distribution of the Participant from a qualified plan maintained by the former employer of the Participant. The Board shall have the authority to determine whether or not a contribution proposed by a Participant constitutes a Rollover Contribution eligible for rollover treatment in accordance with the provisions of this Section 13.9 and Code Section 402. In making such determination, the Board may require reasonable proof of demonstration by the Participant of the eligibility of the proposed contribution for rollover treatment. The Board may rely conclusively upon the opinion of legal counsel for the Trust Fund in making any such determination.
    10. Construction -- The laws of the state of Missouri, as amended from time to time, shall govern the construction and application of this Plan. Words used in the masculine gender shall include the feminine and words in the singular shall include the plural, as appropriate. The headings and subheadings of this Plan have been inserted for convenience of reference only and are to be ignored in any construction of the provisions hereof.