MS SB2903

Allows the Mississippi Deferred Compensation Plan to offer Roth accounts under 26 USC Section 402A and other after-tax contribution vehicles permitted by the Internal Revenue Code.

Requires Roth and after-tax contributions to be treated as includable income to the participant at the time they would have received the compensation if they had not deferred it.

Mandates the plan comply with qualified domestic relations orders (QDROs) establishing an alternate payee's right to all or a portion of a participant's benefit, with procedures to be established by the administrator.

Permits immediate distributions from the plan to alternate payees pursuant to a valid QDRO, notwithstanding other plan provisions.

Effective July 1, 2024.