Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 1 - ELIGIBILITY AND ICIPATION - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-1 - Participation in 401(a) plan and 457(b) plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Eligibility.
Each Employee
				  shall become a Participant on the first day of the month following the date of
				  employment with an Employer for the mandatory contributions as set forth in 74
				  O.S. §935.5 and
				  590:40-5-5.
				  Participants may participate in voluntary deferrals to the 457(b) plan set
				  forth in 74 O.S. §935.5 and
				  590:40-5-6
				  beginning the first day of the month following the entry date of employment. An
				  Employee shall participate in the DC System if the Employee is employed in a
				  full-time-equivalent position or any position which is less than full-time but
				  more than a half-time position and includes employee benefits such as health
				  insurance and leave time. The determination of whether an Employee is in an
				  employment position which is more than a half-time position shall be made by
				  the Employer and such determination shall be exclusively relied upon by OPERS.
				  Members who have been declared eligible to participate in the DC System, but
				  subsequently fall below the level of eligibility for a new member, shall
				  continue to participate in the System.
(b)
Participation upon
				  reemployment.
A former Participant or former Employee who satisfies the
				  eligibility requirements in this section shall become a Participant in the DC
				  System on the first day of the month following the date of
				  reemployment.
(c)
Change in
				  employment status.
In the event a Participant is no longer a member of
				  an eligible class of Employees and becomes ineligible to participate in the DC
				  System, the individual will participate immediately upon returning to an
				  eligible class of Employees.
(d)
Previous participation in defined benefit plan.
Any employee first
				  employed by an Employer prior to November 1, 2015, and was a participating
				  member in OPERS defined benefit plan set forth in 74 O.S. §§ 901 et seq. shall
				  not be a Participant in the DC System. Such employees shall participate in
				  OPERS defined benefit plan set forth in 74 O.S. §§ 901 et seq. regardless of
				  whether the individual maintained membership in the OPERS defined benefit plan.
				  If an employee is first employed by an Employer on or after November 1, 2015,
				  in a position in which the employee is eligible to participate in OPERS defined
				  benefit plan, and such employee subsequently terminates service with such
				  Employer and becomes employed in a position which is eligible under the DC
				  System, the employee shall no longer participate in OPERS defined benefit plan
				  but shall participate in the DC System.
(e)
Department of Public Safety Chief
				  of Administration.
A person appointed to the position of Chief of
				  Administration of the Department of Public Safety, pursuant to 47 O.S. Supp.
				  2018, Section 2-104, shall be eligible to participate in the OPERS Defined
				  Benefit Plan or the OPERS Defined Contribution System, whichever is applicable
				  under the laws and rules governing those systems. The election to participate
				  in the Oklahoma Law Enforcement Retirement System or the OPERS-administered
				  systems shall be made in writing within thirty (30) days from such appointment
				  and is irrevocable.
(f)
Retired Members-State Department of Education.
A retired member of
				  the Oklahoma Teachers Retirement System who becomes employed by the State
				  Department of Education for the first time on or after November 1, 2019, shall
				  have the option to remain a member of the Oklahoma Teachers Retirement System
				  subject to any applicable post retirement limitations placed on retired members
				  returning to work, or to participate in the OPERS Defined Benefit Plan or the
				  OPERS Defined Contribution System, whichever is applicable under the laws and
				  rules governing those systems. The election to participate in the Oklahoma
				  Teachers Retirement System or the OPERS-administered systems shall be made in
				  writing within thirty (30) days from the initial date of hire with the State
				  Department of Education and is irrevocable.
(g)
Transferred employees-board of
				  trustees for the Quartz Mountain Arts and Conference Center.
An employee
				  of the board of trustees for the Quartz Mountain Arts and Conference Center who
				  is transferred to the Oklahoma Tourism and Recreation Department pursuant to 74
				  O.S. Section 2229.1B who is a member of the Oklahoma Teachers Retirement System
				  or the Oklahoma Law Enforcement Retirement system may elect to remain a member
				  of the applicable system or may elect to participate in the OPERS Defined
				  Benefit Plan or the OPERS Defined Contribution System, whichever is applicable
				  under the laws and rules governing those systems. The election to participate
				  in the Oklahoma Teachers Retirement System, the Oklahoma Law Enforcement
				  Retirement System or the OPERS-administered systems shall be made with the
				  applicable system not later than November 1, 2020. If no election is made, the
				  employee shall become a member of the OPERS Defined Benefit Plan or the OPERS
				  Defined Contribution System, whichever is applicable.