Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 5 - Contributions and Compensation › Section 590:10-5-2 - Initial opportunity to elect

Current through Vol. 41, No. 20, July 1, 2024
Initial opportunity to increase annual maximum compensation
				  level for service prior to July 1, 1994, is as follows:
(1) The date of a member's initial
				opportunity to make the election to increase his or her maximum annual
				compensation level to $40,000 (including longevity) shall be July 20,1987 if
				the member's annual compensation (12 months of salary plus longevity) exceeded
				$25,000 on July 20, 1987.
(2) If a
				member's annual compensation (including longevity) did not exceed $25,000 on
				July 20,1987, the date of the member's initial opportunity to make the election
				to increase his or her maximum annual compensation level shall be the member's
				date of reclassification or pay raise which results in an annual (12 months of
				salary plus longevity) compensation which exceeds $25,000.
(3) If a member receives a retroactive
				reclassification or pay raise which results in an annual compensation (12
				months of salary plus longevity) which exceeds $25,000, the initial opportunity
				to make the election to increase his or her maximum compensation shall be the
				date to which the reclassification and pay raise is retroactively
				paid.
(4) The member's longevity
				date shall be the date of a member's initial opportunity to make the election
				to increase his or her annual compensation level if only the longevity payment
				caused the member's annual compensation to exceed $25,000.
(5) For a member who is a local government
				employee, the date of the initial opportunity to elect to increase the maximum
				annual compensation shall be the date of the governing body's approval of the
				member's reclassification or pay raise which results in an annual compensation
				(12 months of salary plus longevity) which exceeds $25,000.
(6) A timely election is an election that was
				completed by filing the appropriate forms and completing the payment of all
				contributions required within three (3) years of the member's initial
				opportunity to make said election. For active members whose initial opportunity
				to make the election was on or after July 1,1991, but no later than June 30,
				1994, a timely election must be completed by filing the appropriate forms and
				completing the payment of all contributions required no later than February 1,
				1995. For all active members who fail to make a timely election as provided in
				this Section, the election may be made at anytime prior to the member's
				retirement, provided the member pays all contributions required plus interest
				in the amount of seven and one-half percent (7 1/2%) compounded annually. Any
				election to increase the maximum compensation level for service prior to July
				1, 1994, which is filed and/or completed on or after February 2, 1995, is not
				considered a timely election. Any election filed and/or completed on or after
				July 1, 1994 by any member whose initial opportunity to make the election was
				prior to July 1, 1991, is not considered a timely election.
(7) Members who have stopped the payment plan
				before completing all required contributions for any reason prior to July 1,
				1998, will not be treated as having made a timely election. Members who were
				making payments of the required contributions and whose payments ceased by
				operation of law on July 1, 1998 will be treated as having made a timely
				election without regard to not completing the payment of the entire amount of
				required contributions.
Amended at 12 Ok Reg
				  3237, eff 7-27-95; Amended at 16 Ok Reg 610, eff 12-2-98 (emergency); Amended
				  at 16 Ok Reg 2010, eff 6-11-99