8 CCR 1502-1-14 - VOLUNTARY INVESTMENT PROGRAM (401(k) PLAN)

Rule 14 describes certain requirements of the Voluntary Investment Program, a 401 (k) plan established pursuant to Section 401 (k) of the Internal Revenue Code of 1986, as amended. In addition to this Rule 14 and Part 14 of Article 51 of Title 24, C.R.S., the Voluntary Investment Program, or "401 (k) Plan", is also governed by PERA's 401 (k) and Defined Contribution Plan and Trust Document adopted by the Board (the "Plan document").

14.10 Enrollment in the 401 (k) Plan

A. Any employee of an affiliated employer may enroll in the 401 (k) Plan in accordance with the terms of the Plan document.

B. A person whose assets are transferred from the state defined contribution match plan to the 401(k) Plan pursuant to 24-51-1402(5)(a), C.R.S., shall be automatically enrolled in the 401(k) Plan.

14.15 Changes in 401(k) Plan Participation

Requests for changes in the percent of contributions assigned to each fund or the total amount in each fund must be submitted in the time and manner designated by the Plan Administrator.

14.20 Suspension of Participation

A participant may stop contributions to the 401 (k) Plan in accordance with the terms of the Plan document.

14.30 Contribution Report

A. The employer shall deliver all 401 (k) Plan contributions, along with the required report, to the service provider designated by the Plan Administrator within five days of the date contributions were deducted from the employee's salary. If either the report or contributions are delinquent, interest shall be assessed and paid to participants as determined by the Plan Administrator in a manner consistent with the Employee Plans Compliance Resolution System, Rev. Proc. 2016-51, as updated and superseded by future IRS guidance.

B. The Plan Administrator shall prescribe the form in which 401 (k) Plan contributions shall be reported. Interest on delinquent reports or contributions shall be assessed and paid to the Plan Administrator computed on a daily rate on the contribution amount from the due date to the day that both the required report and contributions are received. The Plan Administrator, in its sole discretion, may waive the interest so computed.

14.40 Distributions

Distribution of a participant's 401 (k) account may commence as specified in the Plan document.

14.50 Loans

All eligible 401 (k) participants may borrow monies from the participant's 401 (k) account subject to loan provisions established by the Board and specified in the Plan document.

14.65 Compliance with Internal Revenue Service Code

A participant may only contribute to the plan up to the maximum contribution limits established by the Internal Revenue Service each year. If a participant contributes to another plan subject to the same maximum limit in the same year as the participant contributes to PERA's 401 (k) plan, the participant is responsible for compliance with the Internal Revenue Service Code regarding maximum allowable contributions.

14.70 Beneficiary Designations

Designation of a beneficiary shall be made in the manner prescribed by the Plan document.

Notes

8 CCR 1502-1-14

38 CR 23, December 10, 2015, effective 1/1/2016 39 CR 23, December 10, 2016, effective 1/1/2017 40 CR 04, February 25, 2017, effective 4/1/2017 40 CR 24, December 25, 2017, effective 2/1/2018 41 CR 14, July 25, 2018, effective 9/1/2018 41 CR 20, October 25, 2018, effective 1/1/2019 42 CR 20, October 25, 2019, effective 1/1/2020 43 CR 21, November 10, 2020, effective 1/1/2021 44 CR 20, October 25, 2021, effective 1/1/2022