Section 285.1020

Title XVIII LABOR AND INDUSTRIAL RELATIONS

Chapter 285

Effective - 28 Aug 2023   

  285.1020.  Rules, board to adopt. — The board shall adopt rules to implement the plan that:

  (1)  Establish the processes for enrollment and contributions under the plan, including withholding by participating employers of employee payroll deduction contributions from wages and remittance for deposit to the plan; voluntary contributions by others, including self-employed individuals and independent contractors, through payroll deduction or otherwise; the making of default contributions using default investments; and participant selection of alternative contribution rates or amounts and alternative investments from among the options offered under the plan;

  (2)  Conduct outreach to individuals, employers, other stakeholders, and the public regarding the plan.  The rules shall specify the contents, frequency, timing, and means of required disclosures from the plan to eligible employees, participants, and self-employed individuals, eligible employers, participating employers, and other interested parties.  These disclosures shall include, but not be limited to:

  (a)  The benefits associated with tax-favored retirement saving;

  (b)  The potential advantages and disadvantages associated with participating in the plan;

  (c)  Instructions for enrolling and making contributions;

  (d)  The potential availability of a saver's tax credit, including the eligibility conditions for the credit and instructions on how to claim it;

  (e)  A disclaimer that employees seeking tax, investment, or other financial advice should contact appropriate professional advisors, and that participating employers are not in a position to provide such advice and are not liable for decisions individuals make in relation to the plan;

  (f)  The potential implications of account balances under the plan for the application of asset limits under certain public assistance programs;

  (g)  A disclaimer that the account owner is solely responsible for investment performance, including market gains and losses, and that plan accounts and rates of return are not guaranteed by any employer, the state, the board, any board member or state official, or the plan;

  (h)  Any additional information about retirement and saving and other information designed to promote financial literacy and capability, which may take the form of links to, or explanations of how to obtain, such information; and

  (i)  Instructions on how to obtain additional information about the plan; and

  (3)  Ensure that the assets of the trust and plan shall at all times be preserved, invested, and expended only for the purposes set forth in sections 285.1000 to 285.1055, and that no property rights therein shall exist in favor of the state, except as provided under section 285.1045.

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(L. 2023 S.B. 20 merged with S.B. 75)