(a) For purposes of this chapter, the following terms shall be defined as provided in this section:(a) “Covered employee” means an individual who is employed by a covered employer, who has wages or other compensation that is allocable to the state, and who is at least eighteen (18) years of age, and who voluntarily participates in the program. The term “covered employee” does not include:(i) Any employee covered under the federal Railway Labor Act (45 USC Section 151).(ii) Any employee on whose behalf an employer makes contributions to a Taft-Hartley multiemployer pension trust fund.(iii) Any individual who is an employee of the federal government, the state or any other state, any county or municipality, or any of the state’s, any other state’s, or the federal government’s units or instrumentalities.(b) “Covered employer” means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for profit or not for profit, excluding the federal government, the state, any county, any municipal corporation, or any of the state’s or the federal government’s units or instrumentalities, and that voluntarily participates in the program. The term “covered employer” does not include an employer that maintains a specified tax-favored retirement plan for its employees or has done so effective in form and operation at any time within the current or two (2) preceding calendar years. If an employer does not maintain a specified tax-favored retirement plan for a portion of a calendar year ending on or after July 1, 2026, and adopts such a plan effective for the remainder of that calendar year, the employer is exempt from “covered employer” status for that remainder of the year.(c) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended (29 USC Section 1001 et seq.).(d) “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended (Title 26 of the United States Code).(e) “IRA” means a traditional or Roth individual retirement account or individual retirement annuity under Section 408(a), 408(b), or 408A of the Internal Revenue Code.(f) “Mississippi Work and Save Administrative Fund,” “administrative fund” or “fund” is the fund established in Section 71-19-19 that is established for the sole purpose of paying the administrative costs and expenses of the program.(g) “Mississippi Work and Save Program” or “program” means the retirement savings program established by this chapter.(h) “Participant” means an individual who is contributing to an IRA under the program or has an IRA account balance under the program.(i) “Participating employer” means a covered employer that provides for covered employees a payroll deduction IRA provided for by this chapter.(j) “Payroll deduction IRA arrangement” or “payroll deduction IRA” means an arrangement by which an employer allows employees to contribute to an IRA by means of payroll deduction.(k) “Roth IRA” means a Roth individual retirement account or individual retirement annuity under Section 408A of the Internal Revenue Code.(l) “Specified tax-favored retirement plan” means a retirement plan that is tax-qualified under or is described in and satisfies the requirements of Section 401(a), 401(k), 403(a), 403(b), 408(k)(Simplified Employee Pension), or 408(p)(SIMPLE-IRA) of the Internal Revenue Code.(m) “Total fees and expenses” means all fees, costs, and expenses, including, but not limited to, administrative expenses, investment expenses, investment advice expenses, accounting costs, actuarial costs, legal costs, marketing expenses, education expenses, trading costs, insurance annuitization costs, and other miscellaneous costs.(n) “Traditional IRA” means a traditional individual retirement account or traditional individual retirement annuity under Section 408(a) or (b) of the Internal Revenue Code.(o) “Trust” means the trust in which the assets of the program are held. Where applicable, except as may be otherwise specified, references throughout this chapter to the program generally are intended to refer also to the trust (including the assets, facilities, costs and expenses, receipts, expenditures, activities, operations, administration, or management).
(a) “Covered employee” means an individual who is employed by a covered employer, who has wages or other compensation that is allocable to the state, and who is at least eighteen (18) years of age, and who voluntarily participates in the program. The term “covered employee” does not include:(i) Any employee covered under the federal Railway Labor Act (45 USC Section 151).(ii) Any employee on whose behalf an employer makes contributions to a Taft-Hartley multiemployer pension trust fund.(iii) Any individual who is an employee of the federal government, the state or any other state, any county or municipality, or any of the state’s, any other state’s, or the federal government’s units or instrumentalities.
(i) Any employee covered under the federal Railway Labor Act (45 USC Section 151).
(ii) Any employee on whose behalf an employer makes contributions to a Taft-Hartley multiemployer pension trust fund.
(iii) Any individual who is an employee of the federal government, the state or any other state, any county or municipality, or any of the state’s, any other state’s, or the federal government’s units or instrumentalities.
(b) “Covered employer” means a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state, whether for profit or not for profit, excluding the federal government, the state, any county, any municipal corporation, or any of the state’s or the federal government’s units or instrumentalities, and that voluntarily participates in the program. The term “covered employer” does not include an employer that maintains a specified tax-favored retirement plan for its employees or has done so effective in form and operation at any time within the current or two (2) preceding calendar years. If an employer does not maintain a specified tax-favored retirement plan for a portion of a calendar year ending on or after July 1, 2026, and adopts such a plan effective for the remainder of that calendar year, the employer is exempt from “covered employer” status for that remainder of the year.
(c) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended (29 USC Section 1001 et seq.).
(d) “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended (Title 26 of the United States Code).
(e) “IRA” means a traditional or Roth individual retirement account or individual retirement annuity under Section 408(a), 408(b), or 408A of the Internal Revenue Code.
(f) “Mississippi Work and Save Administrative Fund,” “administrative fund” or “fund” is the fund established in Section 71-19-19 that is established for the sole purpose of paying the administrative costs and expenses of the program.
(g) “Mississippi Work and Save Program” or “program” means the retirement savings program established by this chapter.
(h) “Participant” means an individual who is contributing to an IRA under the program or has an IRA account balance under the program.
(i) “Participating employer” means a covered employer that provides for covered employees a payroll deduction IRA provided for by this chapter.
(j) “Payroll deduction IRA arrangement” or “payroll deduction IRA” means an arrangement by which an employer allows employees to contribute to an IRA by means of payroll deduction.
(k) “Roth IRA” means a Roth individual retirement account or individual retirement annuity under Section 408A of the Internal Revenue Code.
(l) “Specified tax-favored retirement plan” means a retirement plan that is tax-qualified under or is described in and satisfies the requirements of Section 401(a), 401(k), 403(a), 403(b), 408(k)(Simplified Employee Pension), or 408(p)(SIMPLE-IRA) of the Internal Revenue Code.
(m) “Total fees and expenses” means all fees, costs, and expenses, including, but not limited to, administrative expenses, investment expenses, investment advice expenses, accounting costs, actuarial costs, legal costs, marketing expenses, education expenses, trading costs, insurance annuitization costs, and other miscellaneous costs.
(n) “Traditional IRA” means a traditional individual retirement account or traditional individual retirement annuity under Section 408(a) or (b) of the Internal Revenue Code.
(o) “Trust” means the trust in which the assets of the program are held. Where applicable, except as may be otherwise specified, references throughout this chapter to the program generally are intended to refer also to the trust (including the assets, facilities, costs and expenses, receipts, expenditures, activities, operations, administration, or management).