reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 74. State Government › §74-913.9. Retirement – Annual leave and sick leave.

A. All persons employed by CompSource Oklahoma prior to the effective date of this act shall remain members of the Oklahoma Public Employees Retirement System until retirement or termination.
B. Effective January 1, 2015, for all employees who remain members of the Oklahoma Public Employees Retirement System pursuant to subsection A of this section, CompSource Mutual Insurance Company shall pay the required employer contributions applicable to the participating employers in the Oklahoma Public Employees Retirement System pursuant to Section 920 of Title 74 of the Oklahoma Statutes and the employee shall continue to pay employee contributions as required by Section 919.1 of Title 74 of the Oklahoma Statutes.
C. All employees of CompSource Mutual Insurance Company who remain members of the Oklahoma Public Employees Retirement System pursuant to subsection A of this section shall continue to be eligible employees for purposes of Sections 901 through 932 of Title 74 of the Oklahoma Statutes. CompSource Mutual Insurance Company shall be considered a participating employer, as defined by paragraph (25) of Section 902 of Title 74 of the Oklahoma Statutes only for such employees.
D. No person initially employed by CompSource Mutual Insurance Company after the effective date of this act shall be allowed to participate in the Oklahoma Public Employees Retirement System during the term of their employment with the Company, regardless of whether that employee was previously employed by a participating employer in the Oklahoma Public Employees Retirement System including CompSource Oklahoma.
E. 1. All annual leave and sick leave accumulated prior to January 1, 2015, by an employee who remains a member of the Oklahoma Public Employees Retirement System pursuant to subsection A of this section will be recognized by the CompSource Mutual Insurance Company, subject to all accrual limitations in the Oklahoma Statutes.
2. Effective January 1, 2015, employees of CompSource Mutual Insurance Company shall not accrue annual leave and sick leave pursuant to Section 840-2.20 of Title 74 of the Oklahoma Statutes, but may accrue annual leave and sick leave according to a policy established by the Chief Executive Officer of CompSource Mutual Insurance Company at a rate not to exceed that of state employees under Title 74 of the Oklahoma Statutes.
3. The total participating service credit of a member who retires or terminates employment and elects a vested benefit shall include unused sick leave not to exceed the limitation imposed by paragraph 7 of subsection B of Section 913 of Title 74 of the Oklahoma Statutes. If unused sick leave entitles a member to an additional year of service credit, the CompSource Mutual Insurance Company shall reimburse the System for the cost of funding the additional reserve. CompSource Mutual Insurance Company shall provide the System with adequate and timely information necessary to determine additional benefits and its cost under this paragraph.
Added by Laws 2013, c. 254, § 14.
2023 Oklahoma Statutes › Title 74. State Government › §74-913a. Employee denied membership in System or forced to discontinue participation for certain reasons - Service credit for years denied participation - Contributions.

Any employee who was denied membership in the Oklahoma Public Employees Retirement System or was forced to discontinue participation in the System as a result of receiving a retirement benefit from another retirement plan authorized under any other law of this state may receive credit for those years of service accumulated by the employee during the time the employee was denied participation. To receive this service credit, the member shall pay to the Board prior to January 1, 1991, for each year of service purchased pursuant to this subsection, a ten percent (10%) contribution and interest of ten percent (10%), provided however, effective January 1, 1991, to receive the service credit, the member shall pay the amount determined by the Board pursuant to Section 39 of this act. Any person purchasing service credit pursuant to this subsection shall not be eligible for prior or participating service credit if the member is receiving or eligible to receive service credit for such time in any other state retirement plan.
Added by Laws 1990, c. 340, § 37, eff. July 1, 1990.
2023 Oklahoma Statutes › Title 74. State Government › §74-913b. Purchase of incentive credit.

A. A member of the Oklahoma Public Employees Retirement System who is employed and participating with a participating employer may purchase not to exceed two (2) years of incentive credit if:
1. The member has reached his or her normal retirement date or is within two (2) years of reaching the member's normal retirement date as defined in Section 902 of Title 74 of the Oklahoma Statutes; or
2. The member is eligible for or is within two (2) years of being eligible for early retirement pursuant to Section 914 of Title 74 of the Oklahoma Statutes.
B. Purchased incentive credit may only be used as participation service and/or an addition to the member's age to qualify the member for normal or early retirement.
C. To receive the incentive credit, the member shall pay the amount determined by the Board pursuant to Section 913.5 of Title 74 of the Oklahoma Statutes.
Added by Laws 1993, c. 322, § 21, emerg. eff. June 7, 1993. Amended by Laws 2003, c. 486, § 4, eff. July 1, 2003.
2023 Oklahoma Statutes › Title 74. State Government › §74-913e. Purchase of service credit.

Notwithstanding any other provision of law to the contrary, the spouse of a person who initially became a member of the system in January 1999, and such member dies within one month of meeting the required six (6) years of full-time-equivalent employment with a participating employer for normal retirement purposes, shall be allowed to elect to purchase at the actuarial cost of up to one month of service to meet the six (6) years of full-time employment. The election pursuant to this section shall be made on or before September 1, 2005, and payment shall be made to the Oklahoma Public Employees Retirement System on or before December 31, 2005. Upon receipt of payment by the system, the electing spouse shall begin receiving benefits pursuant to Option B as provided in Section 918 of Title 74 of the Oklahoma Statutes.
Added by Laws 2005, c. 471, § 1, eff. July 1, 2005.
2023 Oklahoma Statutes › Title 74. State Government › §74-915.1. Benefits subject to limitations in Section 415 of Internal Revenue Code – Excess benefit arrangements.

A. Benefits payable from the System may not exceed the maximum benefits specified by Section 415(b) of the federal Internal Revenue Code.
B. Subject to approval by the Internal Revenue Service, the Board may establish and maintain a qualified governmental excess benefit arrangement under Section 415(m) of the federal Internal Revenue Code. The Board may establish by rule the necessary and appropriate procedures for the administration of such benefit arrangement under the federal Internal Revenue Code. If the amount of any annual benefit would exceed the limitations imposed by Section 415 of the federal Internal Revenue Code, that excess amount may be paid from this benefit arrangement. The amount of any contribution that would exceed the limitations imposed by Section 415 of the federal Internal Revenue Code would be credited to this benefit arrangement. If established, the qualified excess benefit arrangement must be a separate portion of the retirement plan. The qualified excess benefit arrangement is subject to the following requirements:
1. The benefit arrangement shall be maintained solely for the purpose of providing to members in the retirement plan that part of the member’s annual benefit otherwise payable under the terms of the act that exceed the limitation on benefits imposed by Section 415 of the federal Internal Revenue Code; and
2. Members do not have an election, directly or indirectly, to defer compensation to the excess benefit arrangement.
Added by Laws 1988, c. 267, § 32, operative January 1, 1989. Amended by Laws 1990, c. 341, § 5, eff. July 1, 1990; Laws 1999, c. 257, § 39, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 74. State Government › §74-915.2. Modification of member contributions – Purchase of service credit – Rollover – Reduction or denial of contributions.

A. Subject to the provisions of this section, employee contributions made to the System shall not exceed the maximum annual additions permissible under Section 415 of the federal Internal Revenue Code. Notwithstanding any other provisions of law to the contrary, the Board may modify a request by a member to make a contribution to the System if the amount of the contribution would exceed the limits under Section 415(c) or Section 415(n) of the federal Internal Revenue Code subject to the following:
1. Where the System’s law requires a lump-sum payment, for the purchase of service credit, the Board may establish a periodic payment plan in order to avoid a contribution in excess of the limits under Section 415(c) or Section 415(n) of the federal Internal Revenue Code. The Board may by rule adopt a procedure for the pick-up of contributions for the purchase of service. However, the implementation of the pick-up is subject to a favorable ruling by the Internal Revenue Service; and
2. An eligible member in the System, as defined by Section 1526 of the federal Taxpayer Relief Act of 1997, may purchase service credit without regard to the limitations of Section 415(c)(1) of the federal Internal Revenue Code as provided by state law in effect on August 5, 1997.
B. Notwithstanding any other provision of law to the contrary, the Board may by rule permit the System to accept rollovers for the purchase of service.
C. If the Board’s options under subsection A or B of this section will not avoid a contribution in excess of the limits under Section 415(c) or Section 415(n) of the federal Internal Revenue Code, the Board shall reduce or deny the contributions.
Added by Laws 1999, c. 257, § 40, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 74. State Government › §74-915.3. Alternate retirement benefit option.

On or before January 1, 2005, the Oklahoma Public Employees Retirement System shall implement a retirement benefit option for members retiring prior to being Medicare-eligible. The purpose of this option is to allow a person who retires prior to being Medicare-eligible to elect to receive an increased benefit to help cover the cost of the member and dependent health insurance premiums, if any, until such member is eligible to receive Medicare. Beginning in the month following such month that the member becomes Medicare-eligible, his or her retirement benefit will be reduced by an actuarial amount. The alternative retirement benefit option shall be devised so that the increased pre-Medicare retirement benefit and the lower post-Medicare retirement benefit shall have a neutral actuarial cost to the System. The System may, but shall not be required to, make individual actuarial calculations; however, the actuarial reduction necessary to provide this alternative retirement benefit option shall be calculated after and in addition to any reduction necessary to provide a survivor benefit pursuant to Section 918 of this title. The increased pre-Medicare retirement benefit may not equal an individual’s actual premium, but the formula used shall be based upon the retiree pre-Medicare health insurance premiums of the plans offered by the State and Education Employees Group Insurance Board at the time the member retires. The System shall on or before January 1 of each year update the formula based upon new health insurance premium data of the plans offered by the State and Education Employees Group Insurance Board to retired members. A member retiring under the alternative retirement benefit option shall have the member’s retirement benefit based upon the formula in use at the time of retirement and shall not be amended thereafter to reflect further changes in health insurance premiums. A member electing to participate in the alternative retirement benefit option shall make an irrevocable election at the time of retirement to participate in such option. Provided further, that any married member making this election shall comply with the provisions of Section 918 of this title. The Board of Trustees of the Oklahoma Public Employees Retirement System shall promulgate such rules as are necessary to implement the provisions of this section.
No member shall be eligible to make the election provided for in this section until the Board receives official written notice that this alternative retirement benefit option satisfies the tax qualification requirements for governmental plans applicable to such benefit options as specified in the Internal Revenue Code of 1986, as amended from time to time and as applicable to governmental plans and the relevant regulatory provisions and guidance related thereto.
Added by Laws 2004, c. 449, § 1, eff. July 1, 2004. Amended by Laws 2007, c. 367, § 2, eff. July 1, 2007.
2023 Oklahoma Statutes › Title 74. State Government › §74-916.2. Time for claiming death benefit, unpaid accumulated contributions or final monthly benefit.

All claims for payment of the death benefit, unpaid accumulated contributions of a deceased member or the final monthly benefit must be made within three (3) years of the date of death of the member. If no claim is made within three (3) years, payment of these monies shall no longer be due and all such monies shall be forfeited to the System in the Oklahoma Public Employees Retirement Fund.
Added by Laws 1993, c. 322, § 25, emerg. eff. June 7, 1993.
2023 Oklahoma Statutes › Title 74. State Government › §74-918.1. Distribution of benefits.

A. All benefits paid from the Oklahoma Public Employees Retirement System shall be distributed in accordance with the requirements of Section 401(a)(9) of the federal Internal Revenue Code and the regulations under that section. In order to meet these requirements, the System shall be administered in accordance with the following provisions:
1. Distributions of a member's benefit must begin no later than the date required by Section 401 of the federal Internal Revenue Code;
2. The life expectancy of a member or a member's spouse may not be recalculated after the benefits commence;
3. If a member dies before the distribution of the member's benefits has begun, distributions to beneficiaries must begin no later than December 31 of the calendar year immediately following the calendar year in which the member died; and
4. The amount of benefits payable to a member's joint annuitant or beneficiary may not exceed the maximum determined under the incidental death benefit requirement of the federal Internal Revenue Code.
B. Distributions from the System may be made only upon retirement, separation from service, disability or death.
Added by Laws 1999, c. 257, § 42, eff. July 1, 1999. Amended by Laws 2020, c. 58, § 1, eff. July 1, 2020.
2023 Oklahoma Statutes › Title 74. State Government › §74-920B. Remittance of retirement contributions.

A. All participating employers shall remit to the Oklahoma Public Employees Retirement System all required retirement contributions due on a monthly basis. All employee contributions withheld shall be considered trust funds held by the employer on behalf of the employee and shall be promptly remitted to the System pursuant to subsection B of this section.
B. For non-state agency employers, all required employer and employee contributions and supporting documentation are due and must be received by the System on or before the fifteenth day of the month following the month for which the contributions are due. For state agency employers, all required employer and employee contributions and supporting documentation are due and must be received by the System on or before the fifteenth day following the last day of the payroll period for which said contributions are due.
C. Employer and employee contributions remitted to the System after thirty (30) days from the due dates set forth in subsection B of this section shall be subject to a monthly late charge of three percent (3%) of the unpaid balance to be paid by the employer to the System.
Added by Laws 2004, c. 536, § 28, eff. July 1, 2004. Amended by Laws 2011, c. 75, § 2.
2023 Oklahoma Statutes › Title 74. State Government › §74-921. Oklahoma Public Employees Retirement Fund - Management - Warrants and vouchers - Retirement Medical Benefit Fund.

A. All employee and employer contributions and dedicated revenues shall be deposited in a fund in the State Treasury which is hereby created and shall be known as the Oklahoma Public Employees Retirement Fund. The Board of Trustees shall have the responsibility for the management of the Oklahoma Public Employees Retirement Fund, and may transfer monies used for investment purposes by the Oklahoma Public Employees Retirement System from the Oklahoma Public Employees Retirement Fund in the State Treasury to the custodian bank or trust company of the System.
B. All benefits payable pursuant to the provisions of the Oklahoma Public Employees Retirement System, refunds of contribution and overpayments, and all administrative expenses in connection with the System shall be paid from the Oklahoma Public Employees Retirement Fund upon warrants or vouchers signed by two persons designated by the Board of Trustees. All salaries and expenses of the administration of the State Employees Deferred Compensation Plan and the Deferred Savings Incentive Plan, including marketing and participant education, shall be paid from the Oklahoma Public Employees Retirement Fund. The Oklahoma Public Employees Retirement Fund shall be reimbursed for such expenses, on at least an annual basis, in accordance with the procedure established by the Board. The Board of Trustees may transfer monies from the custodian bank or trust company of the System to the Oklahoma Public Employees Retirement Fund in the State Treasury for the purposes specified in this subsection.
C. There is hereby created the Retirement Medical Benefit Fund. The fund shall be maintained as a subaccount of the Oklahoma Public Employees Retirement Fund. The Retirement Medical Benefit Fund is composed of all assets which may be contributed to this subaccount to pay the retirement system's portion of the monthly retiree health insurance premium benefit described by Section 1316.2 of this title. All such allocated assets and any earnings thereon in the Retirement Medical Benefit Fund shall be held for the exclusive purpose of providing retiree medical benefits. The Retirement Medical Benefit Fund is to be administered in accordance with the requirements of Section 401(h) of the Internal Revenue Code of 1986, as amended from time to time. The Board of Trustees may promulgate such rules as are necessary to implement the funding and administration of the fund pursuant to the provisions of this subsection.
Added by Laws 1963, c. 50, § 21, emerg. eff. May 6, 1963. Amended by Laws 1969, c. 349, § 8, emerg. eff. May 13, 1969; Laws 1982, c. 227, § 6, emerg. eff. May 4, 1982; Laws 1983, c. 6, § 4, emerg. eff. Feb. 24, 1983; Laws 1983, c. 201, § 2, operative July 1, 1983; Laws 1987, c. 236, § 191, emerg. eff. July 20, 1987; Laws 1988, c. 321, § 37, operative July 1, 1988; Laws 1994, c. 351, § 8, eff. July 1, 1994; Laws 1996, c. 55, § 3, eff. July 1, 1996; Laws 1999, c. 257, § 44, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 74. State Government › §74-922.1. Revolving fund.

There is hereby created in the State Treasury a Revolving Fund for the Oklahoma Public Employees Retirement System. The revolving fund shall consist of funds transferred from the Oklahoma Public Employees Retirement Fund for operational expenses of the System. Expenditures from said funds shall be made pursuant to the laws of the state and statutes relating to the System. This revolving fund shall be a continuing fund, not subject to fiscal year limitations, and shall be under the control and management of the Oklahoma Public Employees Retirement System Board.
Added by Laws 1982, c. 263, § 5, emerg. eff. May 14, 1982.
2023 Oklahoma Statutes › Title 74. State Government › §74-924. False statements - Errors.

Any person who shall knowingly make any false statement, or who shall falsify or permit to be falsified any record necessary for carrying out the intent of this act for the purpose of committing fraud, shall be guilty of a misdemeanor, and upon conviction shall be punished by a fine not exceeding Five Hundred Dollars ($500.00) or by imprisonment for not exceeding one (1) year. Should any error in any records of the Oklahoma Public Employees Retirement System result in any member or beneficiary receiving more or less than he would have been entitled to receive had the records been correct, the Board shall correct such error, and, as far as practicable, make future payments in such manner that the actuarial equivalent of the benefit to which such member or beneficiary was entitled shall be paid, and to this end may recover any overpayments. The agency shall charge interest on any overpayments in an amount not to exceed the actuarially assumed interest rate adopted by the Board for investment earnings each year. Interest charges may be waived upon the approval of the Executive Director.
Added by Laws 1963, c. 50, § 24, emerg. eff. May 6, 1963. Amended by Laws 2017, c. 94, § 3, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 74. State Government › §74-925. Membership as condition of employment.

All employees of participating employers who are eligible or may hereafter become eligible to be members of the system as provided by this act shall, as a condition of continuing employment or as a condition of obtaining employment with a participating employer, become members of the system.
Added by Laws 1963, c. 50, § 25, emerg. eff. May 6, 1963.
2023 Oklahoma Statutes › Title 74. State Government › §74-929. Vending stand operators and managers - Eligibility and enrollment in system.

A. Any person who is licensed by the Department of Rehabilitation Services as a vending stand operator or managing operator shall be eligible for membership in the Oklahoma Public Employees Retirement System established by Sections 901 through 928 of this title. Enrollment in the System shall be optional with each operator under regulations prescribed by the Oklahoma Public Employees Retirement System Board of Trustees. Persons who elect to participate in the Oklahoma Public Employees Retirement System pursuant to the provisions of this section shall be considered as state employees only for retirement purposes and shall make contributions pursuant to the provisions of Section 919.1 of this title. Any payment or contributions to be made for members of the System shall be payable by the operator in such manner as may be determined by the Department of Rehabilitation Services, and shall not be a responsibility or liability of the Department of Rehabilitation Services; provided that, the Department may, in its discretion, make all or a part of such payments.
B. Any person first licensed under this section on or after November 1, 2015, shall not be eligible for membership in the Oklahoma Public Employees Retirement System established by Sections 901 through 928 of this title, but such person shall be eligible for participation in the defined contribution plan as set forth in Section 2 of Enrolled House Bill No. 2630 of the 2nd Session of the 54th Oklahoma Legislature, as amended by Section 2 of this act.
Added by Laws 1974, c. 9, § 1, emerg. eff. April 2, 1974. Amended by Laws 1983, c. 283, § 14, operative July 1, 1983; Laws 1998, c. 107, § 6, eff. July 1, 1998; Laws 2014, c. 419, § 1, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.4. Additional retirement benefit.

A. Except as provided by subsection B of this section, the Oklahoma Public Employees Retirement System shall pay to its retirees, who retire not later than June 30, 1997, or their joint annuitant, from assets of the retirement system, an additional amount, for the fiscal year ending June 30, 1998, based upon the number of years of credited service upon which the retirement benefit of the member was computed as follows:
1. One Hundred Fifty Dollars ($150.00) for at least ten (10), but no more than fourteen (14) years of service;
2. Three Hundred Dollars ($300.00) for at least fifteen (15), but no more than nineteen (19) years of service;
3. Four Hundred Fifty Dollars ($450.00) for at least twenty (20), but no more than twenty-four (24) years of service; and
4. Six Hundred Dollars ($600.00) for twenty-five (25) or more years of service.
B. The Oklahoma Public Employees Retirement System shall pay to retirees, who retire not later than June 30, 1997, with a disability retirement benefit and having less than ten (10) years of service, the sum of One Hundred Fifty Dollars ($150.00).
C. For purposes of subsection A or B of this section, months of credited service in excess of a whole number of years shall be disregarded for purposes of determining the applicable payment amount.
D. The payment authorized by this section shall be distributed not later than August 1, 1997.
E. The payment authorized by this section shall not be a recurring benefit and shall only be made for the fiscal year ending June 30, 1998, and for no other fiscal year.
F. If a retiree has multiple joint annuitants, the amount prescribed by subsection A of this section shall be divided equally among the beneficiaries on a per capita basis.
Added by Laws 1997, c. 384, § 22, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.5. Cost of living adjustment - Calculation.

A. It is the intent of the Legislature to provide a cost of living adjustment to retirants of the Oklahoma Public Employees Retirement System which reflects a replacement of the loss of purchasing power, while remaining consistent with the basic benefit formula of the System.
B. To fulfill the intent as set forth in subsection A of this section, every person receiving retirement benefits from the System as of June 30, 1997, who continues to receive benefits on or after July 1, 1998, shall receive an increase in retirement benefits as follows:
1. Persons who have been retired ten (10) years or less will receive two and one-half percent (2.5%) of the retirement benefit on July 1, 1998, multiplied by the number of years the member has been retired;
2. Persons who have been retired in excess of ten (10) years will receive two and one-half percent (2.5%) of the retirement benefit on July 1, 1998, multiplied by ten (10);
3. For purposes of calculating the increase, the member's effective retirement date will be utilized, provided further, that a fractional year of six (6) months or more shall be considered as one (1) year and less than six (6) months shall be disregarded;
4. The increase provided in this section shall become effective with the July 1998 benefit payment.
Added by Laws 1998, c. 317, § 15, eff. July 1, 1998.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.6. Calculation of retirement benefit increase.

Any member receiving retirement benefits from the System as of June 30, 1999, who continues to receive benefits on or after July 1, 2000, shall receive an increase in retirement benefits to be computed as follows:
1. Multiply One Thousand Two Hundred Eighty-three Dollars ($1,283.00) by two percent (2%);
2. Multiply the sum of paragraph 1 by the number of years of credited service of the member;
3. Divide the sum of paragraph 2 by twelve (12) and this shall be the increase in the monthly retirement benefit; and
4. This increase shall be adjusted to reflect any options selected by the member at the time of retirement.
Added by Laws 2000, c. 377, § 14, eff. July 1, 2000.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.7. Increase in benefits - Amount.

A. Except as otherwise provided by this section, any person receiving retirement benefits from the Oklahoma Public Employees Retirement System as of June 30, 2001, who continues to receive benefits on or after July 1, 2002, shall, beginning in July 2002, receive an increase in retirement benefits equal to five percent (5%).
B. Any person who is otherwise eligible for the benefit increase provided in subsection A of this section, who retired from the System with not less than twenty-five (25) years nor more than twenty-nine (29) years of service, shall receive, in lieu of the benefit increase provided in subsection A of this section, an increase in retirement benefits equal to five and five-tenths percent (5.5%) beginning July 2002.
C. Any person who is otherwise eligible for the benefit increase provided in subsection A of this section, who retired from the System with thirty (30) or more years of service, shall receive, in lieu of the benefit increase provided in subsection A of this section, an increase in retirement benefits equal to six percent (6%) beginning July 2002.
Added by Laws 2002, c. 394, § 5, eff. July 1, 2002.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.8. Public Employees Retirement System - Increase of benefits.

Beginning July 1, 2004, any person receiving benefits from the Oklahoma Public Employees Retirement System as of June 30, 2003, who continues to receive benefits on or after July 1, 2004, shall receive a percentage increase in said benefits on July 1, 2004, as follows:
Years of Service
Monthly Benefit
of the Retired Member
as of June 30, 2004
Benefit Increase
20 years or more
Less than $1,500.00
4.5%
$1,500.00 to $2,500.00
4.0%
Over $2,500.00
3.5%
15 to 19 years
Less than $1,000.00
4.0%
$1,000.00 to $2,000.00
3.5%
Greater than $2,000.00
3.0%
Less than 15 years
$800.00 or less
3.5%
$800.01 to $1,499.99
3.0%
$1,500.00 or greater
2.5%
Added by Laws 2004, c. 536, § 31, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.9. Increase in benefits - July 1, 2006.

Any person receiving benefits from the Oklahoma Public Employees Retirement System as of June 30, 2005, who continues to receive benefits on or after July 1, 2006, shall receive a four-percent increase in said benefits beginning in July 2006.
Added by Laws 2006, 2nd Ex. Sess., c. 46, § 10, eff. July 1, 2006.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.10. Increase in benefits - July 1, 2008.

Any person receiving benefits from the Oklahoma Public Employees Retirement System as of June 30, 2007, who continues to receive benefits on or after July 1, 2008, shall receive a four-percent increase in said benefits beginning in July 2008.
Added by Laws 2008, c. 415, § 6, eff. July 1, 2008.
2023 Oklahoma Statutes › Title 74. State Government › §74-930.11. Increase in benefits – July 1, 2020 - Offset.

Any person receiving benefits from the Oklahoma Public Employees Retirement System as of June 30, 2019, who continues to receive benefits on or after July 1, 2020, shall receive an increase in benefits as follows:
1. Zero percent (0%) if the person has been retired for less than two (2) years as of July 1, 2020;
2. Two percent (2%) if the person has been retired for at least two (2) years but less than five (5) years as of July 1, 2020; and
3. Four percent (4%) if the person has been retired for five (5) years or more as of July 1, 2020.
Added by Laws 2020, c. 121, § 7, eff. July 1, 2020.
2023 Oklahoma Statutes › Title 74. State Government › §74-932. Confidential information.

Except for the member's name, age, amount of contributions paid in, benefits being paid, amount of credited service and any documents verifying credited service or benefits, all information, documents and copies thereof contained in a member's retirement file shall be given confidential treatment and shall not be made public by the System without the prior written consent of the member to which it pertains, but shall be subject to subpoena or court order. Notwithstanding any provision to the contrary, the System may release tax information returns of a deceased member to a person acting in a fiduciary capacity on behalf of the decedent or the decedent's estate for the purposes of filing a tax return, a court-appointed personal representative or administrator of the decedent's estate, the person responsible for an intestate estate, a trustee of a valid trust document, the decedent's prior attorney-in-fact, the spouse of the decedent, the decedent's court-appointed guardian, or some other person acting on behalf of the decedent.
Laws 1976, c. 207, § 8, emerg. eff. June 7, 1976. Amended by Laws 2004, c. 302, § 6, emerg. eff. May 13, 2004; Laws 2021, c. 190, § 7, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 74. State Government › §74-935. Statewide organization - General mailings to retired members.

Any statewide organization limited to state employee membership with a minimum membership of one thousand (1,000) dues-paying members may annually send one general mailing to all retired members of the Oklahoma Public Employees Retirement System and shall pay for the total cost. The Board of Trustees and any qualifying organization under this section shall agree on the method of providing a list of retired members of the system and their addresses to accomplish the mailing, while preserving the confidentiality of the list. Such an agreement may include providing the list to a third party in the business of providing mailing services if the third party agrees to maintain the confidentiality of the list. The System shall not be held responsible or be liable to retired members for providing the names and addresses as provided herein.
Added by Laws 2004, c. 454, § 1, eff. July 1, 2004.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.3. Internal Revenue Service recognition.

The Board of Trustees of the Oklahoma Public Employees Retirement System (Board) shall take whatever action is reasonable and necessary to have the defined contribution system authorized by this act to be recognized as a tax-qualified plan as that term is defined by Section 401 et seq. of Title 26 of the United States Code, or any other applicable provisions of federal law. The Board is also authorized to establish a plan or use an existing plan established under Section 457(b) of Title 26 of the United States Code, if it is necessary to carry out the intent of this act. The Board shall take whatever action is reasonable and necessary to obtain confirmation from the Internal Revenue Service that any such 457(b) plan is consistent with the requirements of Section 457(b).
Added by Laws 2014, c. 375, § 3, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.4. Employee contribution percentages.

A. Employee contributions to the defined contribution retirement system shall consist of a minimum of four and five-tenths percent (4.5%) of compensation.
B. Employee contributions to the defined contribution retirement system that are eligible for an employer match shall not exceed a percentage, based on the employee's compensation, which would exceed the maximum amount allowed pursuant to Section 415 of the Internal Revenue Code of 1986, as amended.
Added by Laws 2014, c. 375, § 4, eff. Nov. 1, 2014. Amended by Laws 2015, c. 303, § 2, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.5. Employer match.

A. Except as otherwise provided by subsection B of this section, employers of employees who become participants in the defined contribution retirement system shall match the employee contribution paid on a monthly or more frequent basis at the rate of six percent (6.0%) based on the same compensation amount used to compute the employee contribution amount.
B. If an employee selects a contribution rate of seven percent (7.0%) or more, but not higher than allowed pursuant to the maximum annual contribution limit prescribed by Section 415 of the Internal Revenue Code of 1986, as amended, the employer matching amount shall be seven percent (7.0%).
C. The initial four and five-tenths percent (4.5%) employee contribution shall be the only mandatory contribution of an employee participating in the defined contribution retirement system created by this act. These funds shall be placed by the System in either a 401(a) plan or a 457(b) plan, to be determined by the Board to maintain the plan consistent with the Internal Revenue Code. Any employee contributions eligible to be matched under this section over the four and five-tenths percent (4.5%) initial contribution shall be considered voluntary deferrals of compensation and placed in a 457(b) plan. All employer matching funds shall be placed in a 401(a) plan.
Any contribution rate that is more than the four and five-tenths percent (4.5%) rate can be chosen by the participating employee upon the employee's initial participation, and can be changed once per month. The employee contribution rate chosen shall continue until the employee elects to change the contribution rate or terminates service or retires.
D. The employer match as set forth in subsection A of this section may be increased at any time by the Legislature without affecting the then-existing rights of participating employees and beneficiaries in order to encourage participating employees to accumulate deferred income reserves for themselves and their dependents. The employer match may be decreased at any time by the Legislature without affecting the then-existing rights of participating employees and beneficiaries in order to provide funding as may be needed to reduce the unfunded liabilities of the defined benefit plan as set forth in Section 901 et seq. of this title, but shall not be less than six percent (6.0%) for any year during which the defined contribution plan is maintained.
Added by Laws 2014, c. 375, § 5, eff. Nov. 1, 2014. Amended by Laws 2015, c. 303, § 3, eff. Nov. 1, 2015; Laws 2016, c. 267, § 1, eff. Nov. 1, 2016.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.6. Employer payments – Salary deductions – Administration costs.

A. Except as otherwise provided by this section, employers shall make payment of the required matching amount as provided by Section 5 of this act within five (5) business days of the participating employee's payroll pay date. The System shall ensure the payment is credited to the defined contribution system account or accounts maintained on behalf of the participating employee as soon as possible.
B. All employee contributions to the defined contribution system shall be effected by salary deductions from the salary of the employee and shall be remitted by the participating employer to the System for deposit into the defined contribution system account or accounts maintained on behalf of the employee.
C. Participating employers whose salary deductions and employer contributions are not remitted to the System through the Office of Management and Enterprise Services shall either:
1. Send all such remittances by electronic funds transfer; or
2. Place all such remittances in a bank account from which OPERS can debit the amount due,
both within five (5) business days of the payroll pay date of the participating employee. Payroll data shall be remitted by the same deadline.
D. The Office of Management and Enterprise Services shall cooperate with the Board to ensure that any necessary programming changes are made to the state's payroll system to carry out the requirements of this act.
E. Each employer which has employees participating in the defined contribution system shall pay to the System in the same manner and at the same time required for contributions under this section an amount to reimburse the cost of administration of the defined contribution system, as determined by the Board.
1. The Board shall certify each year to the Office of Management and Enterprise Services and to participating employers whose salary deductions and employer contributions are not remitted to the System through the Office of Management and Enterprise Services, the determined amount for the administrative cost of the defined contribution system which will be required to be paid for each participant. The Board shall promulgate such rules as necessary to implement the provisions of this subsection and provide the methodology for the determination.
2. Each employer shall pay at least monthly to the System the sum sufficient to satisfy the obligation under this section as certified by the Board.
F. The funds held on behalf of each employee participating in the defined contribution system shall consist of the amount in the account or accounts plus credits representing employer and employee contributions, profits, income and other increments attributable to such contributions, and minus debits representing any losses, other decrements, or expenses under the system and any distributions made to the employee under the system.
Added by Laws 2014, c. 375, § 6, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.7. Employee vesting – Investment options.

A. Participating employees shall at all times be vested at one hundred percent (100%) of their accounts containing solely their employee contributions, and the gains or losses on these contributions. Participating employees will have investment discretion over these accounts within the available options offered by the Board.
B. Participating employees shall be vested with respect to the employer matching amounts, and the gains or losses on these funds, deposited into their defined contribution system account or accounts according to the following schedule based on years of participating service:
Year 1
20%
Year 2
40%
Year 3
60%
Year 4
80%
Year 5 and thereafter
100%
C. Participating employees will have investment discretion over all employer contributions.
D. For purposes of determining a participating employee's right to withdraw employer matching contributions and any investment gains upon such employer contribution matching amounts, the vesting percentages apply at the end of each full year of service as described in subsection B of this section.
E. For participating employees who do not select any investment options, the OPERS Board will establish default investment options for the contributions received from participating employees and default investment options for matching employer contributions.
F. To the extent that participants leave employment and have not vested in all of the employer contributions, the nonvested employer contributions, including any gains or losses, shall be immediately forfeited to the 401(a) plan and may be used to offset costs of administering the plan. Upon reemployment with an employer and satisfying the eligibility requirements to become a participant, the reemployed participant shall receive credit for previous service and be vested at the same percentage the participant was vested when service was previously terminated. However, under no circumstances shall the participant be entitled to any previously forfeited employer contributions.
Added by Laws 2014, c. 375, § 7, eff. Nov. 1, 2014. Amended by Laws 2015, c. 303, § 4, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.8. Picked-up contributions.

A. Each participating employer shall pick up under the provisions of Section 414(h)(2) of the Internal Revenue Code of 1986, as amended, and pay the contribution which the participating employee is required by law to make to the System for all compensation earned after the date as of which an employee begins to participate in the defined contribution system. Although the contributions so picked up are designated as participating employee contributions, such contributions shall be treated as contributions being paid by the employer in lieu of contributions by the participating employee in determining tax treatment under the Internal Revenue Code of 1986, as amended, and such picked-up contributions shall not be includable in the gross income of the participating employee until such amounts are distributed or made available to the participating employee or the beneficiary of the participating employee. The participating employee, by the terms of this System, shall not have any option to choose to receive the contributions so picked up directly and the picked-up contributions must be paid by the employer to the System.
B. Contributions by the participating employee into a 457(b) plan may not be picked up by the employer but shall be a voluntary deferral of the employee's compensation. Participating employers within OPERS that are not eligible to participate in the Deferred Compensation Plan administered by OPERS under subsection B of Section 1701 of Title 74 of the Oklahoma Statutes, and the Oklahoma State Employees Deferred Savings Incentive Plan under Section 1707 of Title 74 of the Oklahoma Statutes, and have established 457(b) plans for their employees, will have the obligation to ensure that their employees do not exceed the maximum annual contributions to a 457(b) plan under the Internal Revenue Code.
Added by Laws 2014, c. 375, § 8, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.9. Investment options – Service providers.

The Board of Trustees shall contract with one or more business entities in order to create a range of choices regarding investment of funds deposited into defined contribution system accounts. The investment options shall be substantially similar to the options provided to members of the Oklahoma Public Employees Retirement System that maintain a Deferred Savings Incentive Plan account as offered by the System pursuant to the provisions of the Deferred Savings Incentive Plan. In selecting investment options for participants in the plan, the Board shall give due consideration to offering investment options provided by business entities that provide guaranteed lifetime income in retirement such as annuities, guaranteed investment contracts, or similar products. The Board may amend any of its existing contracts with its current service providers to perform substantially the same type of service the provider is currently performing for the Board, in order to facilitate the timely introduction of the new defined contribution system created by this act. Thereafter, the contracting process for the selection of service providers carrying out duties related to the administration of the plan shall be the same as the selection process for other providers selected by the Board under subsection D of Section 909.1 of Title 74 of the Oklahoma Statutes.
Added by Laws 2014, c. 375, § 9, eff. Nov. 1, 2014.
2023 Oklahoma Statutes › Title 74. State Government › §74-935.10. Deposit of remitted funds.

A. Notwithstanding any other provision of the statutes governing the System to the contrary, each participating employer shall remit to the System the difference between the amount of money which would be remitted to the System using the employer contribution rate required by Section 920 of Title 74 of the Oklahoma Statutes and the amount of money required for the participating employer to make the required matching contribution amount on behalf of a participating employee who participates in the defined contribution system authorized pursuant to the provisions of Section 5 of this act.
B. The System shall deposit the monies remitted to it by employers having participating employees in the defined contribution system created by this act, as described by subsection A of this section, into the existing defined benefit pension plan authorized pursuant to Section 901 et seq. of Title 74 of the Oklahoma Statutes in order to reduce the liabilities of the defined benefit pension plan.
Added by Laws 2014, c. 375, § 10, eff. Nov. 1, 2014.