Section 70.09. Member responsibilities.

 

(1)  Employees electing to become a member of the primary or an alternate plan shall sign a memorandum of understanding prior to enrolling to certify that all program requirements and regulations have been clearly explained.

(2)  A member shall select one administrator for his or her deferrals. A member may not simultaneously defer earnings to the primary plan and an alternate plan.

(3)  Each member shall review information provided by the administrator and the department about the investment type and performance of the investment products offered to determine which investment products best meet the member's individual needs and financial objectives.

(4)  Each member shall monitor his or her own annual deferral amounts to ensure the amount does not exceed the maximum deferral amount allowed under internal revenue code section 457.

History: Cr. Register, June, 1992, No. 438 , eff. 7-1-92; CR 14-055 : r. (5) Register May 2015 No. 713 , eff. 6-1-15.