AI-assisted research summary: The board must set the annual maximum employer match amount by July 1, participants must make elective deferrals, employers must transmit contributions each pay cycle, and some agencies may join the plan subject to board regulations.
(a)(1) By July 1 of each year, the board, based on the funds appropriated by the Legislature for employer contributions to defined contribution savings plans for the ensuing fiscal year and the number of participants, shall determine the maximum amount of employer match contribution available for each participant. Nothing in this chapter shall be deemed to require the Legislature to appropriate an employer match or any other monies to the Employee Savings Plan. (2) The employer match contribution as established in subdivision (1) shall be available to each participant in the plan and funded into the 401 plan established by the board for the participant. (3) The board shall make a similar determination for employees of any other agency electing to participate in a defined contribution savings plan under this chapter whose employees are not included within an appropriation for employer contributions by the Legislature. (4) Such agencies referred to in subdivision (3) may participate in the plan, subject to regulations of the board. (b) Each participant shall contribute elective deferrals deducted from the participant’s compensation to a 457 deferred compensation plan or a 403(b) tax sheltered annuity plan as the participant’s contribution to a plan under this chapter. (c) Each participant shall receive employer contributions into the 401 plan as specified in subdivision (2) of subsection (a) of an amount equal to participant contributions into a 457 deferred compensation plan or a 403(b) tax sheltered annuity plan as specified in subsection (b). Such employer contribution shall not exceed the maximum employer match available for each participant as determined annually in subdivision (1) of subsection (a). (d) The participant’s contribution, if any, and any employer’s match contribution shall be transmitted to the appropriate entity under subsection (c) of Section 16-25C-4. The employer shall transmit such contributions during each pay cycle as established by the employer.