reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-12 - Discontinuance of 2009 required minimum distributions

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding the provisions of
				590:35-13-10
				of the plan, a participant or beneficiary who would have been required to
				receive required minimum distributions for 2009 but for the enactment of
				Section 401(a)(9)(H) of the Internal Revenue Code ("2009 RMDs"), and who would
				have satisfied that requirement by receiving distributions that are (1) equal
				to the 2009 RMDs or (2) one or more payments in a series of substantially equal
				distributions (that include the 2009 RMDs) made at least annually and expected
				to last for the life (or life expectancy) of the participant, the joint lives
				(or joint life expectancy) of the participant and the participant's designated
				beneficiary, or for a period of at least 10 years ("Extended 2009 RMDs"), will
				receive those distributions for 2009 unless the participant or beneficiary
				chooses not to receive such distributions. Participants and beneficiaries
				described in the preceding sentence will be given the opportunity to elect to
				stop receiving the distributions described in the preceding sentence. In
				addition, notwithstanding
				590:35-13-9
				of the plan, and solely for the purposes of applying the direct rollover
				provisions of the plan, certain additional distributions in 2009 will be
				treated as eligible rollover distributions.
(b) For purposes of the direct rollover
				provisions of the plan, both 2009 RMDs and Extended RMDs will be eligible
				rollover distributions without regard to IRS Section 401(a)(9)(H).
Added at 30 Ok Reg 555, eff
					 5-11-13
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-13 - Death after December 31, 2021

Current through Vol. 41, No. 20, July 1, 2024
Notwithstanding any contrary provisions, effective for
				  Participant deaths after December 31, 2021, the following distribution
				  provisions shall take effect; provided, however, that such provisions shall be
				  subject to any regulations or other guidance issued under the SECURE
				  Act:
(1) If the Participant dies before
				the distribution of his or her entire account (regardless of whether any
				distributions had begun before the Participant's death) and the Participant has
				a designated Beneficiary:
(A) The entire
				Account shall be distributed to the designated Beneficiary by December 31 of
				the calendar year containing the tenth anniversary of the Participant's
				death.
(B) Notwithstanding
				paragraph (1)(A), if the designated Beneficiary is an eligible designated
				Beneficiary, then the eligible designated Beneficiary may elect for the
				Participant's Account(s) to be distributed:
(i) by December 31 of the calendar year
				containing the tenth (10th) anniversary of the Participant's death,
				or
(ii) beginning no later than
				December 31 of the calendar year immediately following the calendar year in
				which the Participant died, over the life of the eligible designated
				Beneficiary or over a period not exceeding the life expectancy of the eligible
				designated Beneficiary. If the eligible designated Beneficiary is the surviving
				spouse, payment under item (ii) is not required until the later of December 31
				of the calendar year immediately following the calendar year in which the
				Participant died or December 31 of the calendar year in which the Participant
				would have attained age seventy and one-half (70 ½) (age seventy-two (72) with
				respect to a Participant who would have attained age seventy and one-half (70
				½) after December 31, 2019). If the eligible designated Beneficiary does not
				elect a method of distribution as provided above, the Participant's Account(s)
				shall be distributed in accordance with item (ii).
(C) Upon either:
(i) the death of an eligible designated
				Beneficiary before distribution of the Participant's entire account
				or
(ii) the attainment of the age
				of majority for an eligible designated Beneficiary who is a minor child under
				subsection (4), paragraph (B) shall no longer apply, and the remainder of the
				account shall be distributed under paragraph (1)(A).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-14 - Discontinuance of 2020 required minimum distributions

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding any other provisions of
				this Chapter, a Participant or Beneficiary who would have been required to
				receive required minimum distributions for 2020 (or paid in 2021 for the 2020
				calendar year for a Participant with a required beginning date of April 2,
				2021) but for the enactment of Code § 401(a)(9)(I) ("2020 RMDs"), and who would
				have satisfied that requirement by receiving distributions that are either 1)
				equal to the 2020 RMDs or (2) one or more payments in a series of substantially
				equal distributions (that include the 2020 RMDs) made at least annually and
				expected to last for the life (or life expectancy) of the Participant, the
				joint lives (or joint life expectancy) of the Participant and the Participant's
				designated Beneficiary, or for a period of at least 10 years ("Extended 2020
				RMDs") will receive those distributions for 2020 unless the Participant or
				Beneficiary chooses to not receive such distributions.
(b) For purposes of the direct rollover
				provisions of the Plan, 2020 RMDs and Extended 2020 RMDs also will be treated
				as eligible rollover distributions in 2020.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 15 - Limitations on Annual Additions › Section 590:35-15-1 - General

Current through Vol. 41, No. 20, July 1, 2024
(a) In no event
				shall the Annual Addition for any Plan Year (which shall be the "Limitation
				year" within the meaning of Treasury Regulations Section 1.415-2(b)) to the
				Accounts of any Qualified Participant exceed the lesser of (i) $30,000, or (ii)
				twenty-five percent (25%) of the Compensation, as defined below, actually paid
				or made available to the Qualified Participant by the Employer during the
				Limitation Year ("Maximum Permissible Amount"). The Compensation limitation
				referred to in (2) below shall not apply to any contribution for medical
				benefits (within the meaning of Code Sections 401(h) or 419A(f)(2)) which is
				otherwise treated as an Annual Addition under Code Sections
				415(
1
)(1) or 419A(d)(2).
(b) This Section shall be effective for Plan
				Years beginning after December 31, 2001. Except to the extent permitted under
				Code Section 414(v), if applicable, the Annual Addition that may be contributed
				or allocated to a Participant's Account under the Plan for any Limitation Year
				shall not exceed the Maximum Permissible Amount, the lesser of:
(1) Forty Thousand Dollars ($40,000), as
				adjusted for increases in the cost-of-living under Code Section 415(d),
				or
(2) One hundred percent (100%)
				of the Participant's Compensation, within the meaning of Code Section
				415(c)(3), for the Limitation Year.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 15 - Limitations on Annual Additions › Section 590:35-15-3 - Adjustments for excess amount

Current through Vol. 41, No. 20, July 1, 2024
If there is an Annual Addition in excess of the limitation
				  set forth in this Subchapteror any other excess amount subject to correction
				  under the Employee Plan Compliance Resolutions System (or other similar
				  Internal Revenue Service correction program), such amount will be corrected as
				  permitted under the Employee Plan Compliance Resolutions System (or other
				  similar Internal Revenue Service correction program).
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 29
				  Ok Reg 507, eff 5-11-12
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 15 - Limitations on Annual Additions › Section 590:35-15-4 - Combination of defined contribution plan and defined benefit plan

Current through Vol. 41, No. 20, July 1, 2024
(a) For Limitation
				Years commencing before January 1, 2000, if a Qualified Participant also is, or
				was, covered under a defined benefit plan maintained, or contributed to, by the
				Employer, the sum of the amounts determined under (1) and (2) below may not
				exceed 1.0 in any Limitation Year.
(1) The
				Qualified Participant's "defined benefit fraction" - A fraction, the numerator
				of which is the sum of the Qualified Participant's projected annual benefits
				under all defined benefit plans (whether or not terminated) maintained, or
				contributed to, by the Employer, and the denominator of which is the lesser of
				(A) 1.25 times the dollar limitation of Code Section 415(b) and (d) for the
				Limitation Year, or (B) 1.4 times the Qualified Participant's average
				compensation for the 3 consecutive years that produces the highest average;
				and
(2) The Qualified Participant's
				"defined contribution fraction" - A fraction, the numerator of which is the sum
				of the Annual Additions (within the meaning of Code Section 415(c)(2)) to the
				Qualified Participant's Account under all defined contribution plans (whether
				or not terminated) maintained, or contributed to, by the Employer for the
				current and all prior Limitation Years (minus the amount, if any, determined
				under Treasury Regulations issued pursuant to Section 235(g) of the Tax Equity
				and Fiscal Responsibility Act of 1982), and the denominator of which is the
				lesser of the following amounts determined for such year and for each prior
				year of service with the Employer:
(A) 1.25
				times the dollar limitation in effect under Code Section 415(c)(1)(A) for such
				year, or
(B) 1.4 times the amount
				which may be taken into account under Code Section 415(c)(1)(B).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 17 - Trust › Section 590:35-17-1 - Establishment and acceptance of Trust

Current through Vol. 41, No. 20, July 1, 2024
(a) The Board of Trustees acts as trustee of
				the Trust. The Board of Trustees takes, holds, invests, administers and
				distributes in accordance with this Plan and Trust, all contributions and
				assets paid or delivered to the Board of Trustees pursuant to the Plan for the
				uses and purposes herein expressed.
(b) The Board of Trustees shall be
				accountable for all contributions received, but shall have no duty to require
				any contributions to be made or to determine that the amounts received comply
				with the Plan, or to determine that the Trust Fund is adequate to provide the
				benefits payable pursuant to the Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 17 - Trust › Section 590:35-17-2 - Payments from Trust Fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The Recordkeeper shall make payments from the Trust Fund to such persons in
				such manner, at such times and in such amounts as the Board of Trustees, acting
				through the Plan Administrator, shall direct. The Recordkeeper shall be fully
				protected in making, discontinuing, or stopping payments from the Trust Fund in
				accordance with the directions of the Board of Trustees and/or the Plan
				Administrator. The Recordkeeper shall have no responsibility to see to the
				application of payments so made or to ascertain whether the directions of the
				Board of Trustees and/or Plan Administrator comply with the Plan. When the
				Board of Trustees and/or the Plan Administrator directs that any payment is to
				be made only during or until the time a certain condition exists regarding the
				payee, any payment made by the Recordkeeper in good faith, without actual
				notice or knowledge of the changed status or condition of the payee, shall be
				considered to have been properly made by the Recordkeeper and made in
				accordance with the direction of the Board of Trustees and/or Plan
				Administrator.
(b) To the extent
				permitted by law, the Board of Trustees shall be reimbursed for its expenses,
				if any, that are reasonable and necessary for the administration of the Plan
				and the Trust pursuant to Section
				590:35-19-7.
(c) The Board of Trustees, acting through the
				Plan Administrator and/or Recordkeeper is authorized, to the extent required
				under applicable law, to withhold from distributions to any payee such sum as
				the Board of Trustees determines is necessary to cover federal and state taxes
				for which the Board of Trustees may be liable, which are, or may be, assessed
				with regard to the amount distributable to such payee. Upon discharge or
				settlement of such tax liability the Board of Trustees shall pay the balance of
				such sum, if any, to such payee or to his estate. Prior to making any payment
				or distribution hereunder, the Board of Trustees may require such releasesor
				other documents from any lawful taxing authority and may require such indemnity
				from any payee or distributee as the Board of Trustees shall reasonably deem
				necessary for its protection.
(d)
				No amounts shall be payable to the Employer hereunder, from the Trust Fund,
				except as provided in the Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 17 - Trust › Section 590:35-17-3 - Investment of Trust Fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The corpus or income of the Trust Fund may not be diverted to or used for other
				than the exclusive benefit of the Participants or their
				Beneficiaries.
(b) The Board of
				Trustees shall perform all acts within its authority under this agreement for
				the exclusive purpose of providing benefits to Plan Participants and their
				beneficiaries and defraying reasonable expenses of administering the Plan and
				Trust, and shall perform such acts with the care, skill, prudence, and
				diligence under the circumstances then prevailing that a prudent man acting in
				a like capacity and familiar with such matters would use in the conduct of an
				enterprise of a like character and with like aims. Subject to the terms of the
				preceding sentence, the Board of Trustees shall diversify the investments of
				the Trust Fund so as to minimize the risk of large losses by offering diverse
				investment options to Participants, unless under the circumstances it is
				clearly prudent not to do so.
(c)
				To the extent applicable for this Plan and Trust, provisions of the Oklahoma
				Statutes which reference the powers and duties of the Board of Trustees are
				incorporated.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 17 - Trust › Section 590:35-17-4 - Trust accounts

Current through Vol. 41, No. 20, July 1, 2024
No less frequently than quarterly, the Recordkeeper shall
				  provide a written account to the Board of Trustees setting forth all
				  transactions effected by it subsequent to the end of the period covered by its
				  last previous account, and listing the assets of the Trust Fund at the close of
				  the period covered by such account. Each year, the Board of Trustees shall
				  publish an annual report presented in simple and easily understood language.
				  The annual report shall cover the operation of the Plan and Trust, during the
				  past year, including income, disbursements, and the financial condition of the
				  Plan and Trust and any other information deemed relevant by the Board of
				  Trustees. The annual report shall be written in such a manner as to permit a
				  readily understandable means for analyzing the financial condition and
				  performance of the Plan and Trust.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 17 - Trust › Section 590:35-17-5 - Miscellaneous

Current through Vol. 41, No. 20, July 1, 2024
(a) The creation of
				this Trust shall not be construed as giving any person entitled to benefits
				hereunder or other employees of the Employer, who are not Participants of the
				Plan, any equity or other interest in the assets, business, or affairs of the
				Employer.
(b) No additional bond,
				surety or security shall be required of the Board of Trustees except as may be
				required by law or by the Employer.
(c) The Board of Trustees may procure
				insurance indemnifying the members of the Board of Trustees from personal loss
				or accountability from liability resulting from a member's action or inaction
				as a member of the Board of Trustees.
(d) If any provision or provisions of this
				Plan and/or Trust shall be held illegal or invalid for any reason, said
				illegality or invalidity shall not affect the remaining provisions of this Plan
				and/or Trust, but shall be fully severable and the Plan and/or Trust shall be
				construed and enforced as if said illegal or invalid provisions had never been
				inserted herein.
(e) The Employer
				shall have the authority, but shall be under no duty, to enforce this Trust on
				behalf of any and all persons having or claiming any interest in the Trust
				Fund. In any action or proceeding affecting the Trust Fund or the
				administration thereof, or for instructions to the Board of Trustees, the
				Employer and the Board of Trustees shall be the only necessary parties, and no
				employees of the Employer or their beneficiaries, or any other person having or
				claiming to have an interest in the Trust Fund shall be entitled to any notice
				of process, and any judgment that may be entered in such action or proceeding
				shall, be binding on all persons having or claiming to have any interest in the
				Trust Fund.
(f) Entering into this
				Plan and Trust by the Employer and the Participant shall not be construed to
				give a contract of employment to the Participant or to alter or amend an
				existing employment contract of the Participant, if in fact one exists, nor
				shall the entering into this Plan and Trust be construed as affording the
				Participant any representation or guarantee regarding his continued
				employment.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-1 - General

Current through Vol. 41, No. 20, July 1, 2024
The Board of Trustees, shall administer the Plan and shall be
				  responsible for the policies and rules for the general administration of the
				  Plan in accordance with Title 74 O.S. 1997 Supp., Sec.
				  1707.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-2 - Applicable law

Current through Vol. 41, No. 20, July 1, 2024
Oklahoma law shall apply in determining the construction and
				  validity of this Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-3 - Tax consequences

Current through Vol. 41, No. 20, July 1, 2024
The Employer and the Board of Trustees do not and cannot
				  represent or guarantee that any particular Federal or state income, payroll,
				  personal property or other tax consequence will occur because of the
				  Participant's participation in the Plan. The Participant should consult with
				  his own representative regarding all questions on Federal or State income,
				  payroll, personal property or other tax consequences arising from participation
				  in the Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-4 - Protected rights

Current through Vol. 41, No. 20, July 1, 2024
The rights of the Participant under this Plan shall not be
				  subject to the rights of creditors of the Participant or any Beneficiary, and
				  shall be exempt from execution, attachment, prior assignment or any other
				  judicial relief or order for creditors or other third persons, except as to
				  federal tax levies and judgments resulting from unpaid tax assessment, and to
				  payments actually paid to the Participant or his Beneficiary and as provided in
				  Chapter 30 of these Rules. It is agreed that neither the Participant nor his
				  Beneficiary nor any other designee shall have any right to commute, sell,
				  assign, pledge, encumber, transfer, or otherwise convey the right to receive
				  any payments hereunder which payments and right hereto are expressly declared
				  to be nonassignable and nontransferable, except as provided in Chapter 30 of
				  these Rules.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-5 - Amendment

Current through Vol. 41, No. 20, July 1, 2024
The Board of Trustees may at any time amend or modify this
				  Plan and/or Trust with or without the consent of the Participant or any
				  Beneficiary thereof provided that:
(1)
				All amendments shall be accomplished in accordance with the Administrative
				Procedures Act. No amendments shall deprive the Participant of any of the
				benefits to which he is entitled under this Plan and/or Trust with respect to
				contributions credited to his Account prior to the effective date of the
				amendment;
(2) This Plan and Trust
				alone, and any properly adopted amendment thereof, shall constitute the total
				Plan and Trust or contract between the Employer and the Participant regarding
				the Plan and Trust; no oral statement regarding the Plan and Trust may be
				relied upon by the Participant;
(3)
				This Plan and Trust and any properly adopted amendment, shall be binding on the
				parties hereto and their respective heirs, administrators, trustees, successors
				and assigns and on all designated beneficiaries of the Participant;
				and
(4) No amendment shall
				authorize or permit any part of the Trust Fund to be used for or diverted to
				purposes other than for the exclusive benefit of the Participants and their
				Beneficiaries.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-6 - Discontinuance of Contributions/Termination

Current through Vol. 41, No. 20, July 1, 2024
(a) It is the present intention of the
				Employer to maintain this Plan. Nevertheless, the Employer reserves the right,
				at any time, to discontinue or terminate the Plan, to terminate the Employer's
				liability to make further contributions to this Plan, and/or to suspend
				contributions for a fixed or indeterminate period of time.
(b) If the Plan is curtailed, terminated, or
				the contributions suspended permanently, the Board of Trustees shall
				nonetheless be responsible for the supervision and the payment of the benefits
				resulting from amounts contributed prior to the amendment, modification or
				termination in accordance with this Chapter. Upon complete discontinuance of
				the Employer's Contributions or full or partial termination of the Trust, all
				affected Participant's rights to benefits shall remain fully vested.
(c) The Plan and Trust may be terminated at
				any time by the Employer, by giving notice in writing to the Board of Trustees,
				which notice shall recite the date upon which the termination shall be
				effective. After receipt of such notice, the Board of Trustees shall continue
				to hold, invest and administer the Plan and Trust until the assets are
				liquidated and distributed to the Participants and Beneficiaries. The
				distribution of assets shall occur as soon as administratively practicable
				after the termination of the Plan. The Trust shall terminate only when no
				assets of the Trust remain in the possession of the Board of
				Trustees.
(d) The Trust is hereby
				designated as constituting a part of the Plan intended to continue to qualify
				and to be tax exempt under Code Sections 401(a) and 501(a). Until advised
				otherwise, the Board of Trustees may conclusively assume that this Trust is
				qualified under Code Section 501(a) and that this Trust is exempt to that
				extent from federal income taxes. Anything herein to the contrary
				notwithstanding, if a determination letter is issued by the Internal Revenue
				Service to the effect that the Plan and Trust do not meet the requirements of
				Code Sections 401 (a) and 501(a), as initially submitted, the Employer shall be
				entitled, at its option, to withdraw all contributions made, in which event the
				Plan and the Trust shall then terminate and all rights of the Participants
				shall terminate effective as of the date of the adverse determination
				letter.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-7 - Payment of expenses

Current through Vol. 41, No. 20, July 1, 2024
(a) Forfeitures
				pursuant to Section
				590:35-9-2, if any, shall
				be used to pay Plan and/or Trust expenses. To the extent not paid by the
				Employer, all costs and expenses incurred in administering this Plan and Trust
				shall be paid by the Plan and Trust, through the reduction of each
				Participant's Account.
(b) The fees
				payable for actuarial, consulting, legal, accounting or other reasonable and
				necessary services relating to the administration of the Plan and Trust, as
				provided for therein, including expenses for the Board of Trustees, shall be
				payable by the Board of Trustees out of the Trust Fund, and until so paid shall
				constitute a first and prior charge and lien against the Trust Fund, to the
				extent not paid by the Employer.
(c) The administrative expenses which are
				paid by the Oklahoma Public Employees Retirement System on behalf of the Plan,
				including operating expenses, depreciation expense, and investment related
				expenses other than fees for investment manager services, shall be allocated as
				of June 30 each year. An allocation percentage shall be calculated based on the
				amounts included in the audited financial statements from the prior year for
				the Oklahoma Public Employees Retirement System ("OPERS"), the 401(a) plan and
				the 457(b) plan of the Defined Contribution System, the Uniform Retirement
				System for Justices and Judges ("URSJJ"), the Oklahoma State Employees Deferred
				Compensation Plan ("DCP"), and the Oklahoma State Employees Deferred Savings
				Incentive Plan ("SIP") using the following factors:
1) benefits;
2) contributions; and
3) average investments. The ratio of each
				factor to the total for the individual plans will be calculated and the average
				of the sum of these ratios by plan will be the percentage used to allocate the
				expenses for reimbursement by the 401(a) Plan and the 457 (b) Plan of the
				Defined Contribution System, URSJJ, DCP and SIP to OPERS for the payments made
				on their behalf effective for the succeeding year beginning July 1.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 19 - Administration of Plan › Section 590:35-19-8 - Records

Current through Vol. 41, No. 20, July 1, 2024
Subject to the provisions of
				  590:10-1-18 of
				  these rules, all information, documents and copies thereof contained in a
				  Participant's Plan file shall be given confidential treatment and shall not be
				  made public by the Plan without prior written consent of the Participant to
				  which it pertains, but shall be subject to subpoena or court
				  order.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 21 - Administration Functions of the Plan › Section 590:35-21-1 - Administrative staff

Current through Vol. 41, No. 20, July 1, 2024
The Executive Director of the Oklahoma Public Employees
				  Retirement System shall be responsible for selection and retention of the Plan
				  Administrator and shall provide oversight and assistance in the general
				  administration of the Oklahoma State Employees Deferred Savings Incentive Plan.
				  The Executive Director, the Plan Administrator, the Deputy Director, and such
				  other persons designated by the Executive Director are authorized to sign all
				  vouchers or warrants issued for the Deferred Savings Incentive
				  Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20
				  Ok Reg 1759, eff 6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 21 - Administration Functions of the Plan › Section 590:35-21-2 - Duties of Plan Administrator

Current through Vol. 41, No. 20, July 1, 2024
Subject to the provisions of Section
				  1707
				  of Title 74 of the Oklahoma Statutes, the following provisions shall be
				  applicable to the Plan Administrator:
(1) The Plan Administrator will operate and
				administer the Plan and shall have all powers necessary to accomplish that
				purpose, and will determine all questions arising under or in connection with
				the Plan. Whenever directions, designations, applications, requests, or other
				notices are to be given by a Participant under the Plan, they shall be on forms
				prescribed by the Plan Administrator and shall be filed when and in such manner
				as shall be specified by the Plan Administrator. Determinations on all
				questions arising out of or in conjunction with the provisions of the Plan, not
				herein required to be determined by the Board of Trustees shall be made by the
				Plan Administrator, and any such determination shall be conclusive and binding
				upon all persons having an interest in or under this Plan, subject to the
				administrative hearing procedures set forth in
				590:1-1-6.
(2) Without limiting the powers set forth in
				paragraph (1) of this Section, the Plan Administrator shall have the power (i)
				to meet special circumstances not anticipated or covered in the Plan; (ii) to
				employ such agents and assistants, administrative service providers, such
				counsel and such clerical, actuarial and other services as the Plan
				Administrator may require in carrying out the provisions of the Plan; and (iii)
				to authorize one or more of their number or any agent to execute or deliver any
				instrument on behalf of the Plan Administrator.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 21 - Administration Functions of the Plan › Section 590:35-21-3 - Oklahoma State Employee Deferred Savings Incentive Plan Coordinator ("Coordinator")

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The Coordinator for the Deferred Compensation Plan, as designated under Section
				590:25-13-2,
				shall be the Coordinator for this Plan. The Coordinator shall be furnished
				appropriate information on the Oklahoma State Employees Deferred Savings
				Incentive Plan. State Employees should send all correspondence to his or her
				Coordinator who will forward it to the Plan Administrator. All forms and
				correspondence should identify the Participant by name, Social Security Number
				and agency.
(b) The Coordinator is
				employed by and under the authority of each State agency and is not an employee
				of the Plan. The Plan will make available information and training
				opportunities, however, it is the responsibility of the Coordinator to become
				familiar with the Plan provisions and keep abreast of all changes and
				amendments. Neither the Plan nor the Board will be liable for or bound by any
				mistakes, errors or misrepresentations of the Coordinators.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20
				  Ok Reg 1759, eff 6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 21 - Administration Functions of the Plan › Section 590:35-21-4 - Completing forms

Current through Vol. 41, No. 20, July 1, 2024
Participants in the Plan will obtain Enrollment/Change forms
				  from the Coordinator, the office of the Plan Administrator or, if available,
				  from the Plan website or the Recordkeeper. Pursuant to Section
				  1707
				  of Title 74 of the Oklahoma Statutes, the Administrator of the Office of
				  Personnel Management and the Director of State Finance shall be responsible for
				  the provision of such information and assistance as may be necessary to
				  determine which State Employees are Qualified Participants. The Coordinator
				  will assist Participants in the preparation and submission of the
				  Enrollment/Change form and requests for payment of benefits for reason of
				  termination of employment.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20
				  Ok Reg 1759, eff 6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 21 - Administration Functions of the Plan › Section 590:35-21-5 - Coordinator as liaison

Current through Vol. 41, No. 20, July 1, 2024
The Coordinator shall serve as a liaison representative
				  between the Board of Trustees, the Plan Administrator, and the
				  Participant.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 21 - Administration Functions of the Plan › Section 590:35-21-6 - General responsibilities of the Coordinator

Current through Vol. 41, No. 20, July 1, 2024
The Coordinator shall inform applicants and Participants
				  concerning the Plan benefits and the Rules and Regulations applicable to
				  enrollment, participation and termination. The Coordinator shall assist the
				  Participant if any explanations of payment are needed, or contact the Plan
				  Administrator, as necessary, for assistance to the
				  Participant.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 1 - General Provisions - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
(a)
Policies,
				procedures and guidelines.
The rules in this Chapter are adopted to
				ensure the efficient and orderly administration of the Defined Contribution
				System, to establish policies and procedures for implementing and administering
				the DC System, and to provide guidelines for the investment of funds which have
				been contributed for the benefit of Employees.
(b)
Establishment of Defined
				Contribution System.
The Defined Contribution System has been
				established by statute to be composed of defined contribution plans pursuant to
				the Code Sections 401(a) and 457(b). The Board of Trustees is authorized to
				create a plan under Section 401(a) of the Code, which is intended to qualify as
				a tax-qualified money purchase governmental plan within the meaning of Code
				Section 414(d). The Board is authorized to take the necessary action to obtain
				a determination letter for the 401(a) plan. The Board is also authorized to
				establish a plan under Section 457(b) of the Code, which is intended to meet
				the requirements for an eligible governmental plan and to take the necessary
				action to obtain confirmation from the Internal Revenue Service that the 457(b)
				plan is consistent with the requirements of Code Section 457(b). The Plans are
				not subject to the Employee Retirement Income Security Act of 1974 ("ERISA").
				The Plans and related Trust or Trusts are intended to meet the requirements of
				Code Sections 401(a), 457(b), and 501(a) respectively.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 1 - General Provisions - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-1-2 - Statutory citations

Current through Vol. 41, No. 20, July 1, 2024
The rules contained in this Chapter are adopted in accordance
				  with 74 O.S. Supp. 2014, §§ 935.1 through 935.11, and as authorized by Code
				  Sections 401(a) and 457(b). The plan documents for the Plans consist of 74 O.S.
				  Supp. 2014, §§ 935.1 through 935.11 and this Chapter, and are applicable to
				  each Employee who enrolls in the Plans.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-1 - General

Current through Vol. 41, No. 20, July 1, 2024
(a)
Administration by Board.
The Board of Trustees shall be
				responsible for the policies, rules, and overall general administration of the
				Defined Contribution System in accordance with 74 O.S. Supp. 2014, §§ 935.1
				through 935.11.
(b)
Responsibilities of OPERS.
OPERS, subject to (a) of this Section,
				shall operate and administer the Defined Contribution System and shall have all
				powers necessary to accomplish that purpose and will determine all questions
				arising under or in connection with the Defined Contribution System. Whenever
				directions, designations, applications, requests, or other notices are to be
				given by a Participant under the Plans, they shall be on forms prescribed by
				OPERS and shall be filed when and in such manner as shall be specified by
				OPERS. Determinations on all questions arising out of or in conjunction with
				the provisions of the Plans, not herein required to be determined by the Board
				of Trustees, shall be made by OPERS. Any such determination shall be conclusive
				and binding upon all persons having an interest in or under the Plans, subject
				to the administrative hearing procedures set forth in Subchapter 3 of Chapter 1
				of this Title.
(c)
Powers of
				OPERS.
Without limiting the powers set forth in (a) of this Section,
				OPERS shall have the power to:
(1) meet
				special circumstances not anticipated or covered in this Chapter or 74 O.S.
				Supp. 2014, §§ 935.1 through 935.11;
(2) employ such agents, assistants,
				administrative service providers, legal counsel, clerical, actuarial, and other
				services as OPERS may require in carrying out the provisions of the Plans;
				and
(3) authorize one or more of
				its employees, or any agent, to execute or deliver any instrument on behalf of
				OPERS.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-2 - Defined contribution system coordinator

Current through Vol. 41, No. 20, July 1, 2024
(a)
Appointment.
Coordinators
				shall be appointed by each Employer to serve as a liaison among the
				Participant, OPERS, and the Employer.
(b)
Responsibilities.
Coordinators shall be responsible for the enrollment, assistance in completion
				of forms, and instructions to the Participants on behalf of the Employer
				relating to the Defined Contribution System and the Plans.
(c)
Notice to Participants; Plan
				information.
The coordinator shall be responsible for ensuring each
				Participant is provided basic information about the Plans, including
				publications and official notices from OPERS or the Recordkeeper. The
				coordinator shall also direct the Participant to the website of OPERS or the
				Recordkeeper for more specific information about the Plans. Each coordinator
				shall establish and maintain sufficient documentation to verify compliance with
				this section, and shall furnish the verification upon request by
				OPERS.
(d)
Employment;
				training; liability.
The coordinator shall be employed by and under the
				authority of each Employer and shall not be an employee of OPERS. OPERS will
				make available information and training opportunities. However, it shall be the
				responsibility of the coordinator to become familiar with the Plans' provisions
				and keep abreast of all changes and amendments. Neither OPERS nor the Board
				shall be liable for or bound by any mistakes, errors, or misrepresentations of
				the coordinators.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-3 - Plan forms

Current through Vol. 41, No. 20, July 1, 2024
All forms for participating in the Plans shall be available
				  to the Participant from the coordinator, OPERS, the Defined Contribution System
				  website, or the Recordkeeper. The coordinator will assist Participants in the
				  preparation and submission of the necessary forms. The coordinator shall inform
				  Employees and Participants concerning the Plans' benefits and the rules
				  applicable to enrollment, participation, and termination. The coordinator shall
				  assist the Participant if any explanations of payment are needed. The
				  coordinator may contact OPERS as needed for assistance.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-4 - Applicable law

Current through Vol. 41, No. 20, July 1, 2024
Oklahoma law shall apply in determining the construction and
				  validity of the Plans.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-5 - Tax consequences

Current through Vol. 41, No. 20, July 1, 2024
The Employer and the Board of Trustees shall not represent or
				  guarantee that any particular federal or state income, payroll, personal
				  property, or other tax consequence will occur because of the Participant's
				  participation in the Plans. The Participant must consult with his or her own
				  representative regarding all questions on federal or state income, payroll,
				  personal property, or other tax consequences arising from participation in the
				  Plans.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-6 - Protected rights

Current through Vol. 41, No. 20, July 1, 2024
The rights of the Participant under the Plans shall not be
				  subject to the rights of creditors of the Participant or any Beneficiary, and
				  shall be exempt from execution, attachment, prior assignment, or any other
				  judicial relief or order for creditors or other third persons. However, these
				  rights do not include protection from federal levies and judgments resulting
				  from unpaid federal tax assessment or other federally required payment,
				  payments actually paid by the Plans to the Participant or his or her
				  Beneficiary, and as set forth in Subchapter 11 of this Chapter. The
				  Participant, the Participant's Beneficiary, or any other designee shall not
				  have any right to commute, sell, assign, pledge, encumber, transfer, or
				  otherwise convey the right to receive any payments under these Plans, which
				  payments and right to such payments are expressly declared to be nonassignable
				  and nontransferable, except as provided in Subchapter 11 of this
				  Chapter.