285.1000.  Definitions. — For purposes of sections 285.1000 to 285.1055, the following terms shall mean:

  (1)  "Administrative fund" or "Show-Me MyRetirement Savings administrative fund", the Show-Me MyRetirement Savings administrative fund described in section 285.1045;

  (2)  "Association", any legal association of individuals, corporations, limited liability companies, partnerships, associations, or other entities that has been in continuous existence for at least one year;

  (3)  "Board", the Show-Me MyRetirement Savings board established under section 285.1005;

  (4)  "Eligible employee", an individual who is employed by a participating employer, who has wages or other compensation that is allocable to the state, and who is eighteen years of age or older.  "Eligible employee" shall not include any of the following:

  (a)  Any employee covered under the federal Railway Labor Act, 45 U.S.C. Section 151;

  (b)  Any employee on whose behalf an employer makes contributions to a multiemployer pension trust fund under 29 U.S.C. Section 186; or

  (c)  Any individual who is an employee of:

  a.  The federal government;

  b.  Any state government in the United States; or

  c.  Any county, municipal corporation, or political subdivision of any state in the United States;

  (5)  "Eligible employer", a person or entity engaged in a business, industry, profession, trade, or other enterprise in the state of Missouri, whether for profit or not for profit, provided that such a person or entity employs no more than fifty employees.  A person or entity that qualifies as an eligible employer but that later employs more than fifty employees shall be permitted to remain an eligible employer for a period of five years, beginning on the date on which the person or entity first employs more than fifty employees.  After such five-year period has ended, the person or entity shall immediately cease to qualify as an eligible employer and shall be prohibited from further participation in the plan unless the employer no longer has more than fifty employees.  An employer includes an association and its members.  For purposes of this subdivision, an eligible employer shall not include:

  (a)  The federal government;

  (b)  The state of Missouri;

  (c)  Any county, municipal corporation, or political subdivision of the state of Missouri; or

  (d)  Five years after the commencement of the program, an employer that maintains a specified tax-favored retirement plan, other than the Show-Me MyRetirement Savings plan, for its employees or that has effectively done so in form and operation at any time within the current or two preceding calendar years.  If an employer does not maintain a specified tax-favored retirement plan, other than the Show-Me MyRetirement Savings plan, for a portion of a calendar year ending on or after August 28, 2023, and adopts such a plan effective for the remainder of that calendar year, the employer shall not be treated as an eligible employer for that remainder of the year;

  (6)  "ERISA", the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. Section 1001 et seq.;

  (7)  "Internal Revenue Code", the Internal Revenue Code of 1986, as amended;

  (8)  "Participant", an eligible employee or other individual who has a balance credited to his or her account under the plan;

  (9)  "Participating employer", an eligible employer that is participating in the plan provided for by sections 285.1000 to 285.1055;

  (10)  "Plan" or "Show-Me MyRetirement Savings plan", the multiple-employer retirement savings plan established by sections 285.1000 to 285.1055, which shall be treated as a single plan under Title I of ERISA and is described in Sections 401(a), 401(k), and 413(c) of the Internal Revenue Code of 1986, as amended, in which multiple employers may choose to participate regardless of whether any relationship exists between and among the employers other than their participation in the plan.  Based on the context, the term "plan" may also refer to multiple plans if multiple plans are established under sections 285.1000 to 285.1055;

  (11)  "Self-employed individual", an individual who is eighteen years of age or older, is self-employed, and has self-employment income or other compensation from self-employment that is allocable to the state of Missouri;

  (12)  "Specified tax-favored retirement plan", 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 of 1986, as amended;

  (13)  "Total fees and expenses", 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;

  (14)  "Trust", the trust in which the assets of the plan are held.