Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-8 - Procedure for making contribution deductions

Current through Vol. 41, No. 20, July 1, 2024
The Teachers' Retirement System contribution deduction shall
				  start with the payment for the first month of a "classified" employee's
				  contract, or the first month of membership for an optional "non-classified"
				  member. This contribution shall be based on the total compensation for the
				  month but shall not apply to the compensation of a substitute teacher or any
				  employee working on a less than one-half time basis. Individuals who join the
				  System during the school year, and who have been employed prior to becoming a
				  member, must make retroactive contributions from the beginning of that school
				  year. The membership date of such a member is the date of first payment not the
				  beginning of the school year. The member shall not receive credit for a year of
				  service until the balance of contributions, including any contributions
				  required by the employer, are received by TRS. Interest compounded annually at
				  ten percent (10%) per annum shall be levied against the balance due until
				  paid.
(1) The total deductions in any
				one school year shall not exceed the maximum limit prescribed by statutes as
				defined in OAC
				715:10-13-3.
(2) In determining the amount of the
				contribution for a member in any payroll period, the employer shall consider
				the total compensation earned from all sources. The contribution shall be
				calculated on the gross compensation before any deductions, such as
				tax-sheltered annuity, income taxes, Social Security, etc. Deductions shall be
				made at the statutory contribution rate on each month's compensation until the
				maximum annual compensation level is reached. Total monthly compensation shall
				be reported in the monthly salary column of the remittance report. Monthly
				compensation includes gross wages and fringe benefits paid or provided by the
				remitting agency.
(3) Monthly
				contributions for employees of a comprehensive university, whose maximum
				compensation level is less than the member's regular annual compensation, may
				be remitted in twelve equal payments to the member's account during the school
				year. It shall be the responsibility of the employer to ensure any required
				adjustment in contributions is made if a member terminates employment or the
				member's salary changes during the school year.
(4) Required contributions shall be remitted
				monthly.
(5) As of July 1, 1979,
				members who signed a waiver to contribute on a maximum annual salary of $7,800
				are required by law to contribute on their total compensation not to exceed any
				current maximum contribution level.
(6) The Department of Corrections shall
				contribute the employer's share to the Teachers' Retirement System. The
				contribution shall be the same dollar amount required of the member.
Amended at 9 Ok Reg
				  3879, eff 7-12-93; Amended at 13 Ok Reg 3899, eff 8-5-96 through 7-14-97
				  (emergency); Amended at 14 Ok Reg 3216, eff
				  7-25-97