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560.010 Retirement Benefit System Benefit Restoration Plan

  1. Definitions
    1. "Beneficiary" means an individual receiving survivor benefits from the system.
    2. "Code" means the federal Internal Revenue Code of 1986, as amended.
    3. "Employer" means The Curators of the University of Missouri.
    4. "Member" means a retired individual receiving retirement benefits from the system.
    5. "Participant" means an employee who is eligible to receive benefits under this plan under Section 2.01.
    6. "Plan" means the plan established by this Act for the payment of retirement benefits as permitted under Code Section 415(m).
    7. "Plan year" means the limitation year of the system under Code Section 415.
    8. "System" means the University of Missouri Retirement, Disability and Death Benefit Plan.
    9. "Trustee" means The Curators of the University of Missouri.
  2. Participation
    1. Participation
      1. All retired members and beneficiaries of the system whose retirement or survivor benefits from the system for a plan year have been limited by Code Section 415 are participants in this plan.
      2. Participation in the plan is determined for each plan year. Participation in the plan will cease for any plan year in which the retirement benefit of a member of the system is not limited by Code Section 415.
  3. Benefits
    1. Benefit Amount
      A participant in the plan shall receive a monthly benefit equal to the difference between the participant’s monthly retirement benefit, otherwise payable from the system prior to any reduction or limitation because of Code Section 415, and the actual monthly retirement benefit, payable from the system as limited by Code Section 415. The monthly benefit shall be subject to a withholding of any applicable income or employment taxes.
    2. Payment of Benefit
      Benefits under this plan shall be paid only if the Participant or Beneficiary is receiving benefits from the system.
    3. Form of Benefit
      The form of the benefit paid to a Participant or Beneficiary from the plan shall be the same as otherwise selected by the Participant and payable under the system.
  4. Contributions and Funding
    1. Contributions
      1. The trustee, upon the recommendation of the actuary, shall determine the required contributions to pay plan benefits for each plan year. The required contribution for each plan year shall be the total amount of benefits, payable under Section 3 to all participants and their beneficiaries, and such amount as determined by the trustee to pay the administrative expenses of the plan and the employer’s share of any employment taxes on the benefits paid from the plan.
      2. The required contribution, as determined by the trustee, upon the recommendation of the actuary, shall be paid into the plan from an allocation of the employer contribution amounts paid under Section 530.010.N. titled Funding of the Plan of the Collected Rules and Regulations of the University of Missouri.
    2. Excess Plan Fund
      Contributions to the plan shall be deposited in a separate fund established and administered by the System. This fund is intended to be exempt from federal income tax under Code sections 115 and 415(m)(1).
    3. Funding Assets
      The benefit liabilities of the plan shall be funded on a plan year basis. The fund established under Section 4.03 shall not accumulate assets to pay benefits payable in future years. Any assets of the fund not used for paying benefits for a current plan year shall be used, as determined by the trustee, for the payment of the administrative expenses of the plan for the plan year, of for future plan years, or paid to the system as an additional employer contribution.
    4. Non-assignment of Benefits
      The benefits payable under the plan may not be assigned or alienated by a participant except as otherwise permitted for benefits payable by the system.
  5. Administration
    1. Plan Administration
      The plan shall be administered by the trustee. The trustee, with the same delegation as exists for the Retirement, Disability and Death Benefit Plan, shall have the same authority to administer the plan as exists for the system.
    2. Compliance Authority
      The trustee may make modifications to the benefits payable under the plan as may be necessary to maintain its qualified status under Code Section 415(m).
  6. Effective Dates
    1. Effective Dates
      The trustee shall pay benefits under the plan for all plan years beginning on or after September 1, 2000.

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