reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-16 - Longevity and other annual lump-sum payments [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2559,
				  eff 7-11-03; Revoked at 20 Ok Reg 2810, eff 6-19-03 (emergency); Revoked at 21
				  Ok Reg 1759, eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-18 - Federal qualified military service rights

Current through Vol. 41, No. 20, July 1, 2024
(a)
Additional benefits if provided by
				Plan.
Effective with respect to deaths occurring on or after January 1,
				2007, while a member is performing qualified military service (as defined in
				Chapter 43 of Title 38, United States Code), to the extent required by Section
				401(a)(37) of the Internal Revenue Code, survivors of a member in a State or
				local retirement or pension system, are entitled to any additional benefits
				that the system would otherwise provide if the member had resumed employment
				and then died, such as accelerated vesting or survivor benefits that are
				contingent on the member's death while employed.
(b)
Differential wage payments.
Beginning January 1, 2009, to the extent required by Sections 3401(h) and
				414(u)(12) of the Internal Revenue Code, an individual receiving differential
				wage payments (while the individual is performing qualified military service as
				defined in Chapter 43 of Title 38, United States Code) from an employer shall
				be treated as employed by that employer and the differential wage payment shall
				be treated as earned compensation. This provision shall be applied to all
				similarly situated individuals in a reasonably equivalent manner.
Added at 27 Ok Reg 1040,
				  eff 5-13-10; Amended at 29 Ok Reg 503, eff
				  5-11-12
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-19 - Actuarial assumptions

Current through Vol. 41, No. 20, July 1, 2024
Effective as of July 1, 1989, the Board will determine the
				  amount of any benefit that is determined on the basis of actuarial assumptions
				  using assumptions adopted by the Board of Trustees by resolution. Such benefits
				  will not be subject to employer discretion. The resolutions adopted by the
				  Board of Trustees for this purpose are incorporated as part of the plan
				  document.
Added at 27 Ok Reg 1040,
				  eff 5-13-10
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-20 - Employee contributions vested; forfeiture

Current through Vol. 41, No. 20, July 1, 2024
(a)
Vesting of contributions.
A
				plan member shall be one hundred percent (100%) vested in his or her
				accumulated contributions at all times in compliance with Section 401(a)(7) of
				the Internal Revenue Code.
(b)
Forfeitures under Internal Revenue Code.
In conformity with
				section 401(a)(8) of the Internal Revenue Code, any forfeitures of benefits by
				members or former members of the plan will not be used to pay benefit
				increases. However, such forfeitures shall be used to reduce employer
				contributions.
Added at 27 Ok Reg 1040,
				  eff 5-13-10
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-23 - Normal retirement age

Current through Vol. 41, No. 20, July 1, 2024
(a)
				In addition to any other vesting provided under state law, and except as
				provided in 51 O.S. Section
				24.1,
				a member's normal retirement benefit is nonforfeitable upon the attainment of
				the following normal retirement ages and the completion of the specified years
				of service:
(1) For a judge whose initial
				service as a member began prior to January 1, 2012, age sixty-five (65) upon
				completion of at least eight (8) years of service, or age sixty (60) upon
				completion of at least ten (10) years of service.
(2) For a judge whose initial service as a
				member began on or after January 1, 2012, age sixty-seven (67) upon the
				completion of at least eight (8) years of service, or age sixty-two (62) upon
				completion of at least ten (10) years of service.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 3 - Excess Contributions › Section 590:15-3-1 - Purpose and intent

Current through Vol. 41, No. 20, July 1, 2024
By adoption of the rules set out in this Subchapter, the
				  Board represents that:
(1) With
				respect to the transfer of certain Excess Contributions which represent the
				additional three percent (3%) spousal contributions from the System to the
				Incentive Plan, the Board intends to comply in all respects with the tax
				qualification requirements for governmental plans applicable to such refunds or
				transfers as specified in the Internal Revenue Code of 1986, as amended from
				time to time and as applicable to governmental plans and the relevant
				regulatory provisions and guidance related thereto ("Tax qualification
				requirements").
(2) The procedures
				in this Subchapter will not be implemented until the Board has received a
				favorable private letter ruling from the Internal Revenue Service that the
				transfers described in this Subchapter satisfy the tax qualification
				requirements.
(3) In administering
				this Subchapter, the Board will comply with the legislative intent as contained
				in the Transfer Legislation.
Added at 23 Ok Reg 107,
				  eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff
				  5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 3 - Excess Contributions › Section 590:15-3-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Subchapter,
				  shall have the following meaning, unless the context clearly indicates
				  otherwise:
"Board"
means the Board of Trustees of the
				  Oklahoma Public Employees Retirement System which administers the Uniform
				  Retirement System for Justices and Judges.
"Code"
means the Internal Revenue Code of 1986,
				  as amended from time to time and as applicable to governmental plans and the
				  relevant regulatory provisions and guidance related thereto.
"Eligible Member"
means a member of the System
				  who was an active participating justice or judge and a single unmarried
				  individual on September 1, 2005, and who, prior to September 1, 2005, made the
				  additional three percent (3%) spousal contributions pursuant to statutes in
				  effect at that time, provided such additional spousal contributions have not
				  been previously refunded by the System.
"Excess Contributions"
means the additional
				  three percent (3%) spousal contributions for a survivor benefit made by an
				  Eligible Member while the member was married, but who is unmarried on September
				  1, 2005, and which contributions remain on deposit with the System as of the
				  date of the transfer, and includes both Pre-tax Excess Contributions and
				  Post-tax Excess Contributions.
"Incentive Plan"
means the Oklahoma State
				  Employees Deferred Savings Incentive Plan, which is a qualified plan under Code
				  Section 401(a).
"Post-tax Excess Contributions"
means the Excess
				  Contributions which were employee contributions and which were not picked up by
				  the employer under the provisions of Code Section 414(h)(2).
"Pre-tax Excess Contributions"
means the Excess
				  Contributions which were picked up by the employer under the provisions of Code
				  Section 414(h)(2).
"Private Letter Ruling"
means the private letter
				  ruling issued by the Internal Revenue Service to the Board.
"System"
means the Uniform Retirement System for
				  Justices and Judges.
"Transfer Legislation"
means Enrolled House Bill
				  1858 of the 1st Session of the 50th
				  Legislature, as it amends Section
				  1102A
				  of Title 20 of the Oklahoma Statutes.
Added at 23 Ok Reg 107,
				  eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff
				  5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 3 - Excess Contributions › Section 590:15-3-3 - Transfer of excess contributions

Current through Vol. 41, No. 20, July 1, 2024
On or about September 1, 2005, the Board will implement the
				  following procedures for the transfer of the excess contributions:
(1) The Board shall cause to be sent an
				Application for Transfer of Excess Contributions to each member that appears to
				be an Eligible Member. The Application for Transfer of Excess Contributions
				will contain the following:
(A) An election to
				transfer the excess contributions or to waive the transfer and retain the
				option to elect at retirement a survivor benefit;
(B) A statement that by making the election
				to transfer the excess contributions, an Eligible Member forfeits any rights to
				future survivor benefits of any kind from the System;
(C) The amount of the contributions to be
				transferred;
(D) A statement that
				the Application for Transfer of Excess Contributions must be received by the
				System on or before December 1, 2005;
(E) A statement that failure to sign and
				return the Application for Transfer of Excess Contributions results in the
				Eligible Member waiving the option to make the transfer and such waiver is
				irrevocable; and
(F) A statement
				that the election to transfer the excess contributions shall not take effect
				until the Board receives official written notice that this distribution
				satisfies the tax qualification requirements for governmental plans applicable
				to such transfers as specified in the Internal Revenue Code.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 3 - Excess Contributions › Section 590:15-3-4 - Limitations on transfer of excess contributions

Current through Vol. 41, No. 20, July 1, 2024
(a) The Pre-tax Excess Contributions that are
				transferred to the Incentive Plan may not exceed the limitations on annual
				additions imposed by Code Section 415(c).
(b) The Post-tax Excess Contributions that
				are transferred to the Incentive Plan have already been tested against the
				limitations imposed by Code Section 415(c) as mandatory employee contributions
				to a defined benefit plan and therefore will not be tested again.
Added at 23 Ok Reg 107,
				  eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff
				  5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 3 - Excess Contributions › Section 590:15-3-5 - Initial and residual transfers

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The initial transfer of Excess Contributions shall include all Eligible Members
				who elected to transfer their Excess Contributions and who did not object to
				the transfer amount. If an Eligible Member objects to the transfer amount and
				the objection is not resolved by the date of the initial transfer, the Excess
				Contributions shall not be included in the initial transfer. The Board shall
				provide for a residual transfer date to occur at least one year following the
				initial transfer date.
(b) An
				Eligible Member of the System who has Excess Contributions in the Plan but was
				not identified or included in the initial transfer must notify the System
				within one year of date of the initial transfer to request the transfer of the
				Excess Contributions as part of the residual transfer. The final transfer of
				all Excess Contributions shall occur at the time of the residual transfer at
				least one year following the initial transfer date.
Added at 23 Ok Reg 107,
				  eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff
				  5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 3 - Excess Contributions › Section 590:15-3-6 - Deceased Eligible Members

Current through Vol. 41, No. 20, July 1, 2024
In order for the election for transfer to be effective, an
				  Eligible Member must be living at the time the Board receives official written
				  notice from the Internal Revenue Service that this distribution satisfies the
				  tax qualification requirements for governmental plans applicable to such
				  transfers as specified in the Internal Revenue Code. If an Eligible Member dies
				  after the Board receives such official written notice, but before the actual
				  transfer, the Excess Contributions shall be transferred to the Incentive Plan
				  in the same manner as if the Eligible Member were not deceased. Once
				  transferred to the Incentive Plan, distribution shall be governed by the
				  Incentive Plan provisions as provided in
				  590:35-13-5 and
				  590:35-13-6.
				  If an Eligible Member dies prior to the Board receiving such official written
				  notice, the Eligible Member's election shall be deemed invalid and shall not be
				  accepted by the System.
Added at 23 Ok Reg 107,
				  eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff
				  5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-1 - Establishment and purpose

Current through Vol. 41, No. 20, July 1, 2024
(a)
Establishment.
The "Uniform Retirement System for Justices and
				Judges Excess Benefit Plan and Trust" is hereby established effective as of
				November 1, 2010, pursuant to Code Section 415, 20 O.S. §1104.1, and the Excess
				Benefit Plan and Trust document which was approved by the Internal Revenue
				Service in a private letter ruling dated June 24, 2010, and as adopted by the
				Board of Trustees.
(b)
Purpose.
The purpose of this Excess Benefit Plan is solely to
				provide the part of a Participant's Retirement Benefit that would otherwise
				have been payable by the System except for the limitations of Code Section
				415(b). This Excess Benefit Plan is intended to be a "qualified governmental
				excess benefit arrangement" within the meaning of Code Section 415(m)(3) and
				shall be interpreted and construed consistently with such intent. This Excess
				Benefit Plan is an "exempt governmental deferred compensation plan" described
				in Code Section 3121(v)(3). Code Sections 83, 402(b), 457(a), and 457(f)(1)
				shall not apply to this Excess Benefit Plan.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Subchapter,
				  shall have the following meaning, unless the context clearly indicates
				  otherwise:
"Administrator"
means the Oklahoma Public
				  Employees Retirement System.
"Beneficiary"
means any person named by a member
				  to receive any benefits as provided by 20 O.S. §§
									1101 et
				  seq. If there is no beneficiary living at time of member employee's death, the
				  member's estate shall be the beneficiary.
"Board"
means the Oklahoma Public Employees
				  Retirement System Board of Trustees.
"Code"
means the Internal Revenue Code of 1986,
				  as amended, as applicable to a governmental plan, or corresponding provisions
				  of any subsequent federal income tax law.
"Employer"
means the State of Oklahoma, which
				  has agreed to make contributions to the URSJJ Plan on behalf of its
				  employees.
"Excess Benefit"
means the benefit determined in
				  accordance with
				  590:15-5-5(a)
				  and Section 4.01 of the Excess Benefit Plan document.
"Excess Benefit Fund"
means the trust fund
				  established by the Board pursuant to Article VI of the Excess Benefit Plan
				  document, pursuant to the provisions of 20 O.S. §
									1104.1,
				  and as set forth in
				  590:15-5-7.
"Excess Benefit Plan"
means the "Uniform
				  Retirement System for Justices and Judges Excess Benefit Plan and Trust"
				  established pursuant to Code Section 415 and 20 O.S. §1104.1.
"Participant"
means a Retiree or Beneficiary who
				  is entitled to benefits under the Excess Benefit Plan.
"Plan Year"
means the calendar year for the
				  purpose of this Excess Benefit Plan.
"Retiree"
means a member who has retired under
				  the URSJJ Plan.
"Retirement Benefit"
means a monthly income with
				  benefits accruing from the first day of the month coinciding with installments
				  by the URSJJ Plan, whether payable for a temporary period or following
				  retirement and ending on the last day of the month in which death occurs
				  throughout the future life of a Retired Member or the actuarial equivalent
				  thereof paid in such manner as specified by the member pursuant to 20 O.S. §§
									1101 et
				  seq. or as otherwise allowed to be paid at the discretion of the Board, without
				  regard to any limitations on such retirement income or benefit under Code
				  Section 415(b).
"Retirement Fund"
means the reserves of the
				  URSJJ Plan.
"State"
means the State of Oklahoma.
"Trustees"
means the members of the
				  Board.
"URSJJ Plan"
means the retirement plan
				  administered by the Oklahoma Public Employees Retirement System. The URSJJ Plan
				  document consists of the applicable Oklahoma statutes and rules and
				  regulations.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-3 - Construction

Current through Vol. 41, No. 20, July 1, 2024
Whenever any actuarial present value or actuarial equivalency
				  is to be determined under the Excess Benefit Plan to establish a benefit, it
				  shall be based on such reasonable actuarial assumptions as may be approved in
				  the sole discretion of the Board, and shall be determined in a uniform manner
				  for all similarly situated Participants.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-4 - Participation

Current through Vol. 41, No. 20, July 1, 2024
All Retirees and Beneficiaries of the URSJJ Plan are required
				  to participate in the Excess Benefit Plan if their Retirement Benefit from the
				  URSJJ Plan for a Plan Year is limited during the applicable Calendar Year by
				  Code Section 415(b). The Board shall determine for each Plan Year which
				  Retirees and Beneficiaries are required to participate in the Excess Benefit
				  Plan. Participation in the Excess Benefit Plan shall commence each Plan Year
				  once a Retiree or Beneficiary has an Excess Benefit in that Plan Year as
				  determined by the Calendar Year Code Section 415 limits. Participation in the
				  Excess Benefit Plan shall cease for any portion of a Plan Year in which the
				  Retirement Benefit of a Retiree or Beneficiary is not limited by Code Section
				  415(b) or if all benefit obligations under the Excess Benefit Plan to the
				  Retiree or Beneficiary have been satisfied.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-5 - Payment of benefits

Current through Vol. 41, No. 20, July 1, 2024
(a)
Benefit
				amount.
A Participant in the Excess Benefit Plan shall receive a benefit
				in an amount equal to the amount of Retirement Benefit that would have been
				payable to, or with respect to, a Participant by the URSJJ Plan that could not
				be paid because of the application of the limitations on such Retirement
				Benefit under Code Section 415(b). An Excess Benefit under the Excess Benefit
				Plan shall be paid only if and to the extent the Participant is receiving a
				Retirement Benefit from the URSJJ Plan.
(b)
No election to defer.
No
				election is provided at any time to the Participant, directly or indirectly, to
				defer compensation under this Excess Benefit Plan.
(c)
Time for Payment.
Each Plan
				Year, the Excess Benefit to which a Participant is entitled under the Excess
				Benefit Plan shall be paid from the Excess Benefit Fund commencing during or
				with the month in which all monthly payments of the Retirement Benefit (as
				limited by Code Section 415(b)) under the URSJJ Plan have been paid, and such
				Excess Benefit shall be paid from that month to the end of the Calendar Year
				falling within the applicable Plan Year.
(d)
Form of Benefit.
The form of
				the Excess Benefit shall be the same form as the Participant's Retirement
				Benefit.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-6 - Contributions and funding

Current through Vol. 41, No. 20, July 1, 2024
(a)
Funding.
The Excess Benefit Plan shall be, and remain, unfunded,
				and the rights, if any, of any person to any benefits hereunder shall be those
				specified herein. The Excess Benefit Plan constitutes a mere unsecured promise
				by the Employer, on whose behalf the Retirement Benefit and Excess Benefits are
				paid to the Participant, to make benefit payments in the future.
(b)
Contributions.
The
				Administrator shall determine the amount necessary to pay the Excess Benefit
				under the Excess Benefit Plan for each Plan Year for the Employer. The required
				contribution for the Employer shall be the aggregate of the Excess Benefits
				payable to all Participants of the Employer for such Plan Year plus an amount
				determined by the Board to be a necessary and reasonable expense of
				administering the Excess Benefit Plan. The amount determined to be necessary to
				pay the Excess Benefit of a Participant and administrative expenses of the
				Excess Benefit Plan shall be withheld from contributions to the URSJJ Plan
				before being credited to the Retirement Fund and deposited into the Excess
				Benefit Fund established under Article VI of the Excess Benefit Plan document
				and
				590:15-5-7. Employer
				contributions shall be made at a time or times determined by the Board, but
				shall be made no less frequently than annually. Any contributions not used to
				pay the Excess Benefit for a current Plan Year, together with any income
				accruing to the Excess Benefit Fund, shall be first used to pay the
				administrative expenses of the Excess Benefit Plan, then shall be deposited to
				the Excess Benefit Fund and used to fund Excess Benefits of Participants in
				future Plan Years.
(c)
Contributions not to be credited to OPERS Plan.
Under no
				circumstances will Employer contributions to fund the Excess Benefits under the
				Plan be credited to the URSJJ Plan. The amounts determined to be necessary to
				provide the Excess Benefit under the Excess Benefit Plan for each Participant
				shall be accounted for separately. However, such separate accounting shall not
				be deemed to set aside such amounts for the benefit of a Participant. Benefits
				under the Excess Benefit Plan shall be paid from the Excess Benefit
				Fund.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-7 - Trust fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
Establishment of Excess Benefit Fund.
A trust fund, referred to as
				the Excess Benefit Fund, is established as a valid trust under the law of the
				State, which is separate from the Retirement Fund, to hold contributions of the
				Employer. Contributions to the Excess Benefit Fund shall be held separate and
				apart from the funds comprising the Retirement Fund and shall not be commingled
				with assets thereof. The Board shall prescribe a detailed accounting system for
				the Excess Benefit Fund, which shall allocate the expenses of the Excess
				Benefit Plan to the Excess Benefit Fund.
(b)
Excess Benefit Fund Purpose.
The Excess Benefit Fund is maintained solely for the purpose of providing
				Excess Benefits under a qualified governmental excess benefit arrangement
				within the meaning of Code Section 415(m).
(c)
Excess Benefit Fund Assets.
All assets held by such Excess Benefit Fund to assist in meeting the Employer's
				obligations under the Excess Benefit Plan, including all amounts of Employer's
				contributions made pursuant to the Excess Benefit Plan, all property and rights
				acquired or purchased with such amounts and all income attributable to such
				amounts, shall be, and remain, the general, unpledged, unrestricted assets of
				the Excess Benefit Fund. The Excess Benefit Fund shall be held separate and
				apart from other funds of the Employer and shall be used exclusively for the
				uses and purposes of Participants and general creditors as set forth herein.
				Participants shall have no preferred claim on, or any beneficial interest in,
				any assets of the Excess Benefit Fund. Any assets held by the Excess Benefit
				Fund shall be subject to the claims of the contributing Employer's general
				creditors under federal and state law in the event of insolvency, to the extent
				of the affected Employer's undistributed contributions, if any.
(d)
Grantor Trust.
The Excess
				Benefit Fund is intended to be a grantor trust, of which the contributing
				Employer is the grantor, within the meaning of Code Sections 671 through 679
				and shall be construed accordingly. This provision shall not be construed to
				create an irrevocable trust of any kind.
(e)
Excess Benefit Fund Income.
Income accruing to the Excess Benefit Fund in respect of the Excess Benefit
				Plan shall constitute income derived from the exercise of an essential
				governmental function upon which the Excess Benefit Fund shall be exempt from
				tax under Code Section 115, as well as Code Section 415(m)(1).
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-8 - Administration

Current through Vol. 41, No. 20, July 1, 2024
(a)
Administrative Authority.
The Board shall have the authority to
				control and manage the operation and administration of the Excess Benefit Plan.
				The Board and the Administrator shall have the same rights, duties and
				responsibilities respecting the Excess Benefit Plan as the Board and the
				Administrator have with respect to the URSJJ Plan pursuant to 20 O.S. §
									1108,
				unless modified by Code Section 415 and its implementing regulations, or 20
				O.S. §
									1104.1.
(b)
Powers of the Board.
The
				Board shall have such power and authority (including discretion with respect to
				the exercise of that power and authority) as may be necessary, advisable,
				desirable or convenient to enable the Board:
(1) to establish procedures with respect to
				administration of the Excess Benefit Plan not inconsistent with the Excess
				Benefit Plan and the Code, and to amend or rescind such procedures;
(2) to determine, consistent with the Excess
				Benefit Plan, the URSJJ Plan, applicable law, rules or regulations, all
				questions of law or fact that may arise as to the eligibility for participation
				in the Excess Benefit Plan and eligibility for distribution of benefits from
				the Excess Benefit Plan, and the status of any person claiming benefits under
				the Excess Benefit Plan;
(3)
				pursuant to Article IV of the Excess Benefit Plan document, to make payments
				from the Excess Benefit Fund to Participants;
(4) to contract with a third party to perform
				designated administrative services under this Excess Benefit Plan;
(5) subject to and consistent with the Code,
				to construe and interpret the Excess Benefit Plan as to administrative issues
				and to correct any defect, supply any omission or reconcile any inconsistency
				in the Excess Benefit Plan with respect to same.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-9 - Plan amendments

Current through Vol. 41, No. 20, July 1, 2024
The Board from time to time may amend, suspend, or terminate
				  any or all of the provisions of this Excess Benefit Plan as may be necessary to
				  comply with Code Section 415(m) and to maintain the Excess Benefit Plan's or
				  the System's qualified status under the Code.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-10 - Nonassignability and exemption from taxation and execution

Current through Vol. 41, No. 20, July 1, 2024
The interests of Participants under this Excess Benefit Plan
				  are hereby exempt from any state, county, municipal or local tax, and shall not
				  be subject to execution, garnishment, attachment, or any other process of law
				  whatsoever, and shall be unassignable, to the extent and except as otherwise
				  provided by 20 O.S. §
									1111.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-11 - Federal and state taxes

Current through Vol. 41, No. 20, July 1, 2024
The Board, the Participating Employers, and the Administrator
				  do not guarantee that any particular Federal or State income, payroll, or other
				  tax consequence will occur because of participation in this Excess Benefit
				  Plan.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-12 - Investment

Current through Vol. 41, No. 20, July 1, 2024
The Board may hold such portion of the Excess Benefit Plan
				  uninvested as the Board deems advisable for making distributions under the
				  Excess Benefit Plan, or may invest assets of the Excess Benefit Plan pending
				  the Excess Benefit payments. The Board shall not purchase an annuity contract
				  with the assets of the Excess Benefit Fund.
Added at 28 Ok Reg 100,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 672, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 5 - Excess Benefit Plan and Trust › Section 590:15-5-13 - Conflicts and limitation of rights

Current through Vol. 41, No. 20, July 1, 2024
(a)
Conflicts.
In resolving any
				conflict between provisions of the Excess Benefit Plan and in resolving any
				other uncertainty as to the meaning or intention of any provision of the Excess
				Benefit Plan, the interpretation that (i) causes the Excess Benefit Plan to
				constitute a qualified governmental excess benefit arrangement under the
				provisions of Code Section 415(m) and the Excess Benefit Fund to be exempt from
				tax under Code Sections 115 and 415(m), (ii) causes the Excess Benefit Plan to
				comply with all applicable requirements of the Code, and (iii) causes the
				Excess Benefit Plan to comply with the System Plan and all applicable Oklahoma
				statutes and rules, shall prevail over any different interpretation.
(b)
Limitation of rights.
Neither the establishment nor maintenance of the Excess Benefit Plan, nor any
				amendment thereof nor any act or omission under the Excess Benefit Plan (or
				resulting from the operation of the Excess Benefit Plan) shall be construed as:
(1) conferring upon any Participant or any
				other person a right or claim against the Board, Trustees, Employer or
				Administrator, if any, except to the extent that such right or claim shall be
				specifically expressed and provided in the Excess Benefit Plan;
(2) creating any responsibility or liability
				of the Employer for the validity or effect of the Excess Benefit
				Plan;
(3) a contract between the
				Employer and any Participant or other person; or
(4) being consideration for, or an inducement
				or condition of, employment of any Participant or other person, or as affecting
				or restricting in any manner or to any extent whatsoever the rights or
				obligations of the Employer or any Participant or other person to continue or
				terminate the employment relationship at any time.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 20 - Investments › Section 590:20-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this Chapter are designed to implement the
				policies and procedures necessary to insure the efficient, prudent and
				diversified investments of the funds of the Oklahoma Public Employees
				Retirement System , the Uniform Retirement System for Justices and Judges , the
				Oklahoma State Employees Deferred Compensation Plan, the Oklahoma State
				Employees Savings Incentive Plan, and the Defined Contribution
				System.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 20 - Investments › Section 590:20-1-2 - Investment policy

Current through Vol. 41, No. 20, July 1, 2024
The investment policy, guidelines and objectives which govern
				the investment of monies from the Oklahoma Public Employees Retirement System
				fund and the Uniform Retirement System for Justices and Judges fund shall be
				developed and adopted by the Board of Trustees at a regularly scheduled public
				Board meeting, at least annually, prior to August 1 of each
				year.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 20 - Investments › Section 590:20-1-4 - Deferred Compensation, Savings Incentive Plan, and Defined Contribution System assets

Current through Vol. 41, No. 20, July 1, 2024
The Board shall have the responsibility to determine
				appropriate investment options for the assets of the Deferred Compensation
				Plan, the Savings Incentive Plan , and the Defined Contribution System composed
				of defined contribution plans pursuant to Sections 401(a) and 457(b) under the
				Internal Revenue Code. The Board shall adopt an investment policy, guidelines
				and objectives in the same manner as provided in Sections 2 and 3 of this
				Chapter . This investment policy shall also contain the procedure for
				selection, retention , or elimination of the investment options and service
				providers for each plan.
Added at 12 Ok Reg 3247,
				eff 7-27-95; Amended at 18 Ok Reg 551, eff 12-28-00 through 7-14-01
				(emergency); Amended at 18 Ok Reg 3265, eff
				7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 20 - Investments › Section 590:20-1-5 - Self-directed brokerage investments

Current through Vol. 41, No. 20, July 1, 2024
The Board may offer to participants in the Deferred
				Compensation Plan, the Savings Incentive Plan, and the Defined Contribution
				System a self-directed brokerage investment option for the selection of
				additional mutual funds. The Board may establish the program structure,limits
				and maximums on investments in this option, as may be set forth in the
				investment policy or by the recordkeeper. The Board has no responsibility to
				review the mutual funds available in this option or to determine the
				appropriate investment choices for participants selecting this option. The
				Board further has no responsibility to determine if the selection of the
				self-directed brokerage option is appropriate for any particular participant.
				The self-directed brokerage option is designed for knowledgeable investors and
				any participant selecting this option will be required to sign an election form
				containing at least the following:
(1)
			 That the participant understands and accepts any and all risks associated with
			 this selection;
(2) That the
			 participant understands and accepts that none of the mutual funds available in
			 the self-directed brokerage option have been reviewed for suitability or
			 endorsed by the Board;
(3) That the
			 participant is solely responsible for determining the suitability or
			 appropriateness of any selected mutual fund; and
(4) That the participant agrees to hold the
			 Plan and the Board harmless against any claims, damages or other causes of
			 actions which may arise as a result of any negative consequences resulting from
			 use of the self-directed brokerage option.
Added at 18 Ok Reg 551,
				eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3265, eff
				7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 1 - General Provisions › Section 590:25-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this Chapter are adopted to insure the efficient
				  and orderly administration of the State Employees Deferred Compensation Plan
				  and to provide guidelines for the investment of funds which have been deferred
				  from the salaries of state employees. The Plan and Trust are intended to meet
				  the requirements of Internal Revenue Code Sections 457 and
				  501(a).
Amended at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 1 - General Provisions › Section 590:25-1-2 - Statutory citations

Current through Vol. 41, No. 20, July 1, 2024
The rules contained in this Chapter are the adopted Oklahoma
				  State Employees Deferred Compensation Plan, as authorized by Sec. 457 of the
				  Internal Revenue Code and in accordance with the provisions of Chapter 45 of
				  Title 74, Oklahoma Statutes. The Plan consists of the following provisions and
				  is applicable to each State employee who enrolls in the Plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 3 - Election to Defer Compensation › Section 590:25-3-1 - Election limits

Current through Vol. 41, No. 20, July 1, 2024
(a) The Employee may elect to participate in this Plan and consent to the Employer deferring a predetermined amount equivalent to at least Twenty-Five Dollars ($25.00) a month, including Roth Elective Deferrals. Effective January 1, 2002, the maximum that may be deferred under the Plan for the taxable year shall not exceed the lesser of the maximum amount allowed each year as determined by the Internal Revenue Service or one hundred percent (100%) of the employee's includable compensation. For purposes of the Plan, only compensation from the Employer that is attributable to services performed for Employer may be includable in gross income. Compensation includes payments made by the later of 2 1/2 months after severance from employment or the end of the calendar year that includes the date of the Participant's severance from employment if they are payments that, absent a severance from employment, would have been paid had the Participant continued in employment with the Employer and are:
(1) Regular compensation for services during the Participant's regular working hours, or compensation for services outside the Employee's regular work hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and the compensation would have been paid to the Participant prior to a severance from employment if the Participant had continued employment with the Employer; or
(2) payments for unused accrued bona fide sick, vacation or other leave, but only if the Participant would have been able to use the leave if employment had continued; or
(3) payments pursuant to a nonqualified unfunded deferred compensation plan, but only if the payments would have been paid to the Qualified Participant at the same time if the Participant had continued employment with the Employer and only to the extent that the payment is includible in the Qualified Participant's gross income.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 3 - Election to Defer Compensation › Section 590:25-3-2 - Catch-up election

Current through Vol. 41, No. 20, July 1, 2024
(a) In addition to
				the maximum limits under
				590:25-3-1, the
				Plan provides for a limited catch-up election which will permit a Participant
				to defer the lesser of (i) $15,000.00 annually or (ii) his or her regular
				maximum as allowed under the plan plus any allowable amounts that were not used
				for the years after 1978 ("alternate catch-up limit"). Effective January 1,
				2002, the Plan provides for a limited catch-up election which will permit a
				Participant to defer the lesser of two times the applicable IRS limit for the
				year or the alternate catch-up limit.
(b) This election is only available once. A
				Participant may use the catch up limitation only if not previously used under
				this or any other plan. The election may be made no sooner than the last three
				taxable years immediately preceding the taxable year in which the Participant
				reaches Normal retirement age. It can be made with respect to all three (3)
				years.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 19 Ok Reg 746, eff 12-20-01 (emergency); Amended
				  at 19 Ok Reg 1481, eff 5-28-02; Amended at 21 Ok Reg 1766, eff
				  6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 3 - Election to Defer Compensation › Section 590:25-3-3 - Discontinuation and deferral change

Current through Vol. 41, No. 20, July 1, 2024
(a) The election of the Employee to participate under this Plan and the amount of compensation to be deferred is continuous, except that the Employee may discontinue participation, change his or her deferral amount, or change the amount designated as Pre-Tax Elective Deferrals or Roth Elective Deferrals, at any time during the year by giving authenticated notice the month prior to the effective date of such change. Unless otherwise designated by the Participant, any deferrals under the Plan shall be treated as Pre-Tax Elective Deferrals.
(b) An Employee who elects to discontinue participation shall not again become eligible to participate in the Plan until one (1) month has elapsed from the Discontinuation Date, or as provided in 590:25-9-12.
(c) For purposes of this rule, authenticated notice means participant communication through the Plan's website, through the Recordkeeper's dedicated toll-free telephone service or by approved written form.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 18 Ok Reg 552, eff 12-28-00 through 7-14-01
				  (emergency); Amended at 18 Ok Reg 3266, eff 7-26-01; Amended at 20 Ok Reg 1753,
				  eff 6-12-03; Amended at 21 Ok Reg 1766, eff
				  6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 3 - Election to Defer Compensation › Section 590:25-3-4 - New employees

Current through Vol. 41, No. 20, July 1, 2024
Any person who becomes a new Employee after the effective
				  date of the Plan, shall have the option upon his employment to become a
				  Participant by electing to defer a portion of his prospective compensation for
				  the balance of the year in which he becomes a new Employee.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 3 - Election to Defer Compensation › Section 590:25-3-5 - Over Age 50 Catch-up Limits

Current through Vol. 41, No. 20, July 1, 2024
In addition to the maximum limits under
				  590:25-3-1, the
				  Plan provides for a special catch-up for all employees who have attained age 50
				  before the close of the plan year. Such additional contributions shall be in
				  accordance with, and subject to the limitations of Section 414(v) of the
				  Internal Revenue Code. Such catch-up contributions shall not be taken into
				  account for purposes of the provisions of the plan implementing the required
				  limitations of section 457 of the Internal Revenue Code. This catch-up may not
				  be used in the same years the employee is using the election under
				  590:25-3-2.
Added at 19 Ok Reg 746,
				  eff 12-20-01 (emergency); Added at 19 Ok Reg 1481, eff
				  5-28-02
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-1 - Remittance

Current through Vol. 41, No. 20, July 1, 2024
The Employer shall remit Deferred Compensation in a timely
				  manner so that participation amounts may be posted and transferred to the
				  investment option selected by the state employee within ten (10) business days
				  of the payday, end of payroll period or process date, whichever is later. The
				  Board shall have no duty to determine whether the funds remitted by the
				  Employer are correct nor to collect or enforce such payment. The Deferred
				  Compensation of the Employee shall be invested in accordance with the
				  investment election of the Participant as provided in
				  590:25-7-3
				  of these rules.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 15 Ok Reg 974, eff 12-8-97 (emergency); Amended
				  at 15 Ok Reg 3275, eff 7-13-98; Amended at 20 Ok Reg 1753, eff
				  6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-2 - Investment options [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Revoked at 15 Ok Reg 3275, eff
				  7-13-98