SB2863: MS Deferred Comp; allow Roth and other after-tax accounts, and comply with qualified domestic relations orders.
Legislative Summary
An Act To Amend Section 25-14-5, Mississippi Code Of 1972, To Allow The Mississippi Deferred Compensation Plan And Trust To Offer Roth Accounts And Other After-tax Contribution Vehicles; To Provide That A Participant's Roth Or Other Allowable After-tax Contribution Into A Deferred Compensation Account Shall Be Treated By The Employer As Includable In The Participant's Income At The Time The Participant Would Have Received That Amount In Compensation If The Participant Had Not Made A Deferred Election; To Provide That The Mississippi Deferred Compensation Plan And Trust Shall Comply With Any Qualified Domestic Relations Order Under The Internal Revenue Code Establishing The Right Of An Alternate Payee To All Or A Portion Of A Participant's Benefit Under The Plan; To Amend Section 25-14-15, Mississippi Code Of 1972, To Conform; And For Related Purposes.
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