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4.1402 Definitions.

Cite as [A.S.A.C. § 4.1402 ]

As used in this chapter unless the context clearly requires otherwise:

(1) “Administrator" means the company or persons engaged by the board to administer and maintain the plan under the direction of the board.

(2) "Beneficiary" means a person designated by a participant, a participant's estate. or any person, whose rights under the plan are derived as a result of the participant's death.

(3) "Board" means the board of trustees of the Territory of American Samoa deferred compensation plan created pursuant to 7.1502 ASCA.

(4) "Employee" means persons employed by the Government of American Samoa in all occupational classifications.

(5) "Employer" means the Government of the Territory of American Samoa.

(6) "Participant" means an employee who enters into a written agreement with the employer to defer compensation under the plan.

(7) "Participation agreement" means the written agreement between an employee and employer to have compensation withheld each pay period and invested by the board.

(8) "Plan" means the Territory of American Samoa deferred compensation plan established in accordance with 7.150 1 ASCA, and Section 457 of the Internal Revenue Code, 26 U.S.C. Section 457.

History: Rule 11-87, eff 17 Jun 87.