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 590:40-1-3 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"401(a) plan"
means the defined contribution money purchase plan that is qualified under Section 401(a) of the Code as a governmental plan.
"457(b) plan"
means the defined contribution plan that is an eligible governmental plan under Section 457(b) of the Code.
"Account"
or
"Accounts"
means any of the accounts established for a Participant under the Plans, as described in 74 O.S. Supp. 2014, §935.6, 590:40-7-1 and 590:40-9-10. The following Accounts may be established for a Participant within the 457(b) Plan:
(A) A Pre-Tax Elective Deferral Subaccount to reflect the Participant's interest in the 457(b) Plan attributable to their Pre-Tax Elective Deferrals;
(B) A Roth Elective Deferral Subaccount to reflect the Participant's interest in the 457(b) Plan attributable to their Roth Elective Deferrals;
(C) A Rollover Contribution Account to reflect the Participant's interest in the 457(b) Plan attributable to their rollover contributions, made pursuant to Section 590:40-9-38. To the extent that Roth Rollover Contributions are made to the Plan, a separate subaccount under the Rollover Account shall be established to hold the Roth Rollover Contributions; and
(D) A Transfer Contribution Account to reflect the Participant's interest in the 457(b) Plan attributable to amounts transferred to the Plan pursuant to 590:40-9-35. To the extent that such transferred amounts constitute amounts from a designated Roth Account, a separate subaccount under the Transfer Contribution Account shall be established to hold such amounts from a designated Roth Account.
"Beneficiary"
means the persons or entities designated by the Participant on forms prescribed by OPERS.
"Board"
or
"Board of Trustees"
means the Oklahoma Public Employees Retirement System Board of Trustees.
"Code"
means the Internal Revenue Code of 1986, as amended.
"Compensation"
means:
(A) Taxable gross income from the Employer and shall include amounts deferred pursuant to Code Sections 125, 402(h), 402(a)(8), 457(b), 414(h), and 403(b). For purposes of the Plans, only compensation from the Employer that is attributable to services performed for the Employer may be includable in gross income.
(B) Compensation also means all salary and wages, including amounts deferred under the Plans, payable to a Participant for personal services performed for a participating employer.
(C) Despite any provision to the contrary, the compensation taken into account for any Employee in determining the contribution or benefit accruals for any plan year shall be limited to the annual compensation limit under Section 401(a)(17) of the Code.
(D) Compensation, as determined by the Board of Trustees, shall be limited to salary and wages as follows:
(i)
"Salary"
means a predetermined or fixed amount of cash remuneration that is made payable by the participating employer to the employee in exchange for services rendered personally by the Employee for the Employer but excluding any type of overtime payments paid to an Employee for service rendered in excess of full-time;
(ii)
"Wages"
means cash remuneration, dependent upon the hours of work, that is made payable by the Employer to the Employee in exchange for services rendered personally by the employee for the Employer excluding any type of overtime payments paid to an employee for service rendered in excess of full-time.