AI-assisted research summary: The board must set each participant’s maximum employer match amount by September 1 each year, and participants and employers must make and transmit contributions as described.
(a)(1) By September 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) The allocation of the employer contribution shall be made by a dollar-for-dollar match for the first dollars contributed by the employee, based upon the total number of participants divided by the remaining employer contribution. Each participant shall receive an equal matching amount to be determined by the board based upon an allocation of the remaining employer contribution divided by the number of plan participants. Such employer contribution shall not exceed the maximum employer match available for each participant as determined annually by the board. Appropriated funds not expended within a fiscal year shall roll over and carry forward for distribution by the board in subsequent years. (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 36-27C-4. The employer shall transmit such contributions during each pay cycle as established by the employer. (e) In addition to all other appropriations heretofore or hereafter made, there is appropriated from the Public Employees’ Defined Contribution Savings Fund to the Board of Control of the Public Employees’ Defined Contribution Savings Fund the sum of $1,000,000 for the fiscal year ending September 30, 2004. The appropriation made in this subsection shall be expended by the board for an employer match in accordance with this section.