reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-40 - Discontinuance of 2020 required minimum distributions

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding any other provisions of
				  this Chapter, a Participant or Beneficiary who would have been required to
				  receive required minimum distributions for 2020 (or paid in 2021 for the 2020
				  calendar year for a Participant with a required beginning date of April 2,
				  2021) but for the enactment of Code § 401(a)(9)(I) ("2020 RMDs"), and who would
				  have satisfied that requirement by receiving distributions that are either 1)
				  equal to the 2020 RMDs or (2) one or more payments in a series of substantially
				  equal distributions (that include the 2020 RMDs) made at least annually and
				  expected to last for the life (or life expectancy) of the Participant, the
				  joint lives (or joint life expectancy) of the Participant and the Participant's
				  designated Beneficiary, or for a period of at least 10 years ("Extended 2020
				  RMDs") will receive those distributions for 2020 unless the Participant or
				  Beneficiary chooses to not receive such distributions.
(b) For purposes of the direct rollover
				  provisions of the Plan, 2020 RMDs and Extended 2020 RMDs also will be treated
				  as eligible rollover distributions in 2020.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-41 - Plan-to-plan transfers

Current through Vol. 41, No. 20, July 1, 2024
This Plan may make or receive plan-to-plan transfers to or
					 from other qualified plans, provided the requirements of federal law are
					 met.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 11 - LIMITATIONS ON ANNUAL ADDITIONS › Section 590:40-7-45 - General

Current through Vol. 41, No. 20, July 1, 2024
(a)
Account
				  limitations.
In no event shall the Annual Addition for any Limitation
				  Year to the Accounts of any Participant exceed the lesser of
(1) $40,000 (as adjusted pursuant to Code
				  Section 415(d) or
(2) one hundred
				  percent (100%) of the Compensation, as defined below. For purposes of applying
				  Code Section 415(c) and for no other purpose, the definition of compensation
				  where applicable shall be compensation actually paid or made available to the
				  Participant by the Employer during the Limitation Year ("Maximum Permissible
				  Amount"), except as noted below and as permitted by Treasury Regulation Section
				  1.415(c)-2, or successor regulation; provided, however, that Participant
				  contributions picked up under Code Section 414(h) shall not be treated as
				  Compensation. The Compensation limitation referred to in (2) below shall not
				  apply to any contribution for medical benefits (within the meaning of Code
				  Sections 401(h) or 419A(f)(2)) which is otherwise treated as an Annual Addition
				  under Code Sections 415(1)(1) or 419A(d)(2). Participant contributions are
				  determined without regard to rollover contributions. The 415(c) limit with
				  respect to any Participant who at any time has been a Participant in any other
				  defined contribution plan as defined in Code Section 414(i) maintained by the
				  Participant's Employer in this Plan shall apply as if the total annual
				  additions under all such defined contribution plans in which the Participant
				  has been a Participant were payable from one (1) plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 11 - LIMITATIONS ON ANNUAL ADDITIONS › Section 590:40-7-47 - Adjustments for excess amount

Current through Vol. 41, No. 20, July 1, 2024
If there is an Annual Addition in excess of the limitation
					 under Code Section 415(c) as set forth in this Part 11 or any other excess
					 amount subject to correction under the Employee Plan Compliance Resolutions
					 System (or other similar Internal Revenue Service correction program), such
					 amount will be corrected as permitted under the Employee Plan Compliance
					 Resolutions System (or other similar Internal Revenue Service correction
					 program).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 13 - TRUST › Section 590:40-7-50 - Establishment and acceptance of Trust

Current through Vol. 41, No. 20, July 1, 2024
There shall be created a Trust under this Subchapter 7 for
					 all contributions paid into the 401(a) plan. The Board of Trustees shall act as
					 trustee of the Trust. The Board shall take, hold, invest, administer, and
					 distribute in accordance with this Plan and Trust, all contributions and assets
					 paid or delivered to the Board pursuant to the Plan for the uses and purposes
					 herein expressed. The Board shall be accountable for all contributions
					 received, but shall have no duty to require any contributions to be made or to
					 determine that the amounts received comply with the Plan, or to determine that
					 the Trust Fund is adequate to provide the benefits payable under the
					 Plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 13 - TRUST › Section 590:40-7-51 - Payments from Trust Fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
Duties of Recordkeeper.
The Recordkeeper shall make payments from
				  the Trust Fund to such persons in such manner, at such times and in such
				  amounts as the Board of Trustees, acting through OPERS, shall direct. The
				  Recordkeeper shall be fully protected in making, discontinuing, or stopping
				  payments from the Trust Fund in accordance with the directions of the Board of
				  Trustees or OPERS. The Recordkeeper shall have no responsibility to see to the
				  application of payments so made or to ascertain whether the directions of the
				  Board of Trustees or OPERS comply with the Plan. When the Board of Trustees or
				  OPERS directs that any payment is to be made only during or until the time a
				  certain condition exists regarding the payee, any payment made by the
				  Recordkeeper in good faith, without actual notice or knowledge of the changed
				  status or condition of the payee, shall be considered to have been properly
				  made by the Recordkeeper and made in accordance with the direction of the Board
				  of Trustees or OPERS.
(b)
Administrative expenses.
To the extent permitted by law, the Board
				  of Trustees shall be reimbursed for its expenses, if any, that are reasonable
				  and necessary for the administration of the Plan and the Trust pursuant to 74
				  O.S. §
										935.6
				  and
				  590:40-3-9.
(c)
Taxes.
The Board of
				  Trustees, acting through OPERS or Recordkeeper is authorized, to the extent
				  required under applicable law, to withhold from distributions to any payee such
				  sum as the Board of Trustees determines is necessary to cover federal and state
				  taxes for which the Board of Trustees may be liable, which are, or may be,
				  assessed with regard to the amount distributable to such payee. Upon discharge
				  or settlement of such tax liability, the Board of Trustees shall pay the
				  balance of such sum, if any, to such payee or to his or her estate. Prior to
				  making any payment or distribution, the Board of Trustees may require such
				  releases or other documents from any lawful taxing authority and may require
				  such indemnity from any payee or distributee as the Board of Trustees shall
				  reasonably deem necessary for its protection.
(d)
Limits on Trust Fund
				  payments.
No amounts shall be payable to the Employer from the Trust
				  Fund except as provided in the Plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 13 - TRUST › Section 590:40-7-52 - Investment of Trust Fund; standard of care

Current through Vol. 41, No. 20, July 1, 2024
(a)
Limitations on corpus or
				  income.
The corpus or income of the Trust Fund may not be diverted to or
				  used for other purpose than the exclusive benefit of the Participants or their
				  Beneficiaries.
(b)
Standard
				  of care.
The Board of Trustees shall perform all acts within its
				  authority under this Plan and the assets shall never inure to the benefit of an
				  Employer and shall be for the exclusive purpose of providing benefits to
				  Participants and their Beneficiaries and defraying reasonable expenses of
				  administering the Plan and Trust, and shall perform such acts with the care,
				  skill, prudence, and diligence under the circumstances then prevailing that a
				  prudent person acting in a like capacity and familiar with such matters would
				  use in the conduct of an enterprise of a like character and with like aims.
				  Subject to the preceding sentence, the Board of Trustees shall diversify the
				  investments of the Trust Fund to minimize the risk of large losses by offering
				  diverse investment options to Participants, unless under the circumstances it
				  is prudent not to do so.
(c)
Powers and duties.
To the extent applicable for this Plan and
				  Trust, provisions of the Oklahoma Statutes which reference the powers and
				  duties of the Board of Trustees are incorporated.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 13 - TRUST › Section 590:40-7-53 - Trust accounts

Current through Vol. 41, No. 20, July 1, 2024
At least each quarter, the Recordkeeper shall provide a
					 written account to the Board of Trustees setting forth all transactions
					 affected by it subsequent to the end of the period covered by its last previous
					 account, and listing the assets of the Trust Fund at the close of the period
					 covered by such account. Each year, the Board of Trustees shall publish an
					 annual report presented in simple and easily understood language. The annual
					 report shall cover the operation of the Plan and Trust, during the past year,
					 including income, disbursements, and the financial condition of the Plan and
					 Trust and any other information deemed relevant by the Board of Trustees. The
					 annual report shall be written in such a manner as to permit a readily
					 understandable means for analyzing the financial condition and performance of
					 the Plan and Trust.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 13 - TRUST › Section 590:40-7-54 - Miscellaneous

Current through Vol. 41, No. 20, July 1, 2024
(a)
Limitation in interest.
The creation of this Trust shall not be
				  construed as giving any person entitled to benefits or other employees of the
				  Employer, who are not Participants of the Plan, any equity or other interest in
				  the assets, business, or affairs of the Employer.
(b)
Bond or surety.
No
				  additional bond, surety or security shall be required of the Board of Trustees
				  except as required by law or by the Employer.
(c)
Insurance.
The Board of
				  Trustees may procure insurance indemnifying the members of the Board of
				  Trustees from personal loss or accountability from liability resulting from a
				  member's action or inaction as a member of the Board of Trustees.
(d)
Severability.
If any
				  provision or provisions of this Plan and/or Trust shall be held illegal or
				  invalid, the illegality or invalidity shall not affect the remaining provisions
				  of this Plan and/or Trust, but shall be fully severable and the Plan and/or
				  Trust shall be construed and enforced as if the illegal or invalid provisions
				  had never been inserted.
(e)
Enforcement of Trust.
The Employer and the Board shall have the
				  authority, but shall be under no duty, to enforce this Trust on behalf of all
				  persons having or claiming any interest in the Trust Fund. In any action or
				  proceeding affecting the Trust Fund or the administration thereof, or for
				  instructions to the Board of Trustees, the Employer and the Board of Trustees
				  shall be the only necessary parties, and no employees of the Employer or their
				  beneficiaries, or any other person having or claiming to have an interest in
				  the Trust Fund shall be entitled to any notice of process. Any judgment that
				  may be entered in such action or proceeding shall be binding on all persons
				  having or claiming to have any interest in the Trust Fund.
(f)
No employment contract.
Entering into this Plan and Trust by the Employer and the Participant shall not
				  be construed to give a contract of employment to the Participant or to alter or
				  amend an existing employment contract of the Participant, if one exists, nor
				  shall the entering into this Plan and Trust be construed as affording the
				  Participant any representation or guarantee regarding his or her continued
				  employment.
(g)
Prohibited
				  transaction.
The Board may not engage in a transaction prohibited by
				  Code Section 503(b).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 1 - ELECTION TO DEFER › Section 590:40-9-1 - Maximum deferrals

Current through Vol. 41, No. 20, July 1, 2024
The maximum amount of the Deferral under the Plan for any
					 calendar year shall not exceed the lesser of (i) the "Applicable Dollar Amount"
					 or (ii) the Participant's "Includible Compensation" for the calendar year. For
					 purposes of this Section, the Applicable Dollar Amount is the amount
					 established under Section 457(e)(15) of the Code; and the Participant's
					 Includible Compensation has the same definition as "Compensation" in
					 590:40-7-46. The
					 Participant is responsible for monitoring his or her contributions to ensure
					 that he or she does not exceed the applicable limits. Employer matching
					 contributions will be suspended for the remainder of the calendar year once the
					 applicable limits are reached.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 1 - ELECTION TO DEFER › Section 590:40-9-2 - Catch-up election

Current through Vol. 41, No. 20, July 1, 2024
(a)
Limited
				  catch-up election.
The Plan shall provide 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)
Availability.
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 as defined in
				  590:40-5-17. The election can be made with respect to all three (3)
				  years.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 1 - ELECTION TO DEFER › Section 590:40-9-3 - Over Age 50 Catch-up Limits

Current through Vol. 41, No. 20, July 1, 2024
In addition to the maximum limits under 590:40-9-1, 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 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 Code. This catch-up may not be used in the same years the employee is using
					 the election under 590:40-9-2.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 3 - ACCOUNTS › Section 590:40-9-10 - Establishment of Accounts

Current through Vol. 41, No. 20, July 1, 2024
OPERS shall establish Accounts for each Participant to
					 reflect such Participant's Deferred Compensation. Each Account shall be
					 subdivided further and separate records shall be maintained showing the manner
					 in which each Account is invested. Separate records also shall be maintained
					 regarding each Account showing the Deferred Compensation, distributions, and
					 the income, expenses, gains, and losses. All subaccounts are referred to as a
					 Participant's Account. The interest of each Participant shall be the amount in
					 the Account, as determined under 590:40-9-12, plus credits, representing the
					 Participant's Deferred Compensation, profits, income, and other increments
					 attributable to such Deferred Compensation, and minus debits representing the
					 Participant's proportionate share of losses and other decrements or expenses
					 under the Plan and all distributions under the Plan made to or regarding that
					 Participant. These records shall be maintained by the Plan on a calendar
					 quarter-end basis only and available for seven (7) years.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 3 - ACCOUNTS › Section 590:40-9-11 - Statement of a Participant's Account

Current through Vol. 41, No. 20, July 1, 2024
The Recordkeeper, as soon as practicable after the end of
					 each calendar quarter of the year, or more frequently as OPERS may determine,
					 shall mail or distribute to each Participant (including those who have incurred
					 a Termination of Service) a statement setting forth the Account of such
					 Participant as of the end of such period. Such statement shall be deemed to
					 have been accepted as correct unless written notice to the contrary is received
					 by OPERS or the Recordkeeper within sixty (60) days after the mailing or
					 distribution of such statement to the Participant.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 3 - ACCOUNTS › Section 590:40-9-12 - Valuation of Accounts

Current through Vol. 41, No. 20, July 1, 2024
The Recordkeeper shall value the investments each business
					 day. On each Valuation Date, there shall be allocated to the Accounts of each
					 Participant the proportionate share of the increase or decrease in the fair
					 market value of the Participant's Accounts in each of the investments, based on
					 the beginning balance of such Accounts for such day. The Recordkeeper for the
					 Plan may determine the increase or decrease in the fair market value of the
					 Participant's Account in each of the investments on a cash, share or unit
					 accounting basis. Whenever an event requires a determination of the value of
					 the Participant's Accounts, the value shall be computed as of a Valuation Date
					 coincident with or following the date of the event. The Recordkeeper shall be
					 the final authority on the value of a Participant's Account. These daily
					 valuation records shall be maintained by the Recordkeeper for a period of one
					 (1) year. Thereafter, Account information will be available on a quarter-end
					 basis as provided in 590:40-9-10.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 3 - ACCOUNTS › Section 590:40-9-13 - Deemed deferrals

Current through Vol. 41, No. 20, July 1, 2024
If an Employee has been properly enrolled in the Plan on a
					 timely basis but the deferral is not made at the first available payroll period
					 through no fault of the Employee, the deferral amount may be increased, upon
					 approval of OPERS, in the first possible payroll following discovery of the
					 error in order to establish participation as originally intended. Solely for
					 purposes of determining eligibility for any Employer contribution, the
					 Employee's participation in the Plan is deemed to have begun on the payroll for
					 which that deferral should have originally occurred. The deemed deferral
					 provision of this section shall not alter any tax ramifications that otherwise
					 apply.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 5 - INVESTMENTS › Section 590:40-9-20 - Investment contracts

Current through Vol. 41, No. 20, July 1, 2024
The deferred amount shall be delivered by the Employer to
					 OPERS to be invested in one or more of the following types of contracts or
					 accounts issued or made available by a company or companies approved by the
					 Board:
(1) savings account in an
				  institution or institutions as determined by the Board;
(2) deferred fixed interest contract or other
				  type of investment;
(3) deferred
				  variable interest contract or other type of investment;
(4) mutual fund, common/collective trust
				  fund, or separate account;
(5) any
				  combination of the investment options in paragraphs (1) through (4) of this
				  Section.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 5 - INVESTMENTS › Section 590:40-9-21 - Investment authority

Current through Vol. 41, No. 20, July 1, 2024
The investment options shall be selected by the Board in
					 accordance with Section 74 O.S. §935.9 and
					 590:20-1-4.
					 All Plan assets which have not been directed by the Participant shall be
					 invested by the Board in accordance with the default investment option selected
					 by the Board as set forth in 590:40-9-23.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 5 - INVESTMENTS › Section 590:40-9-22 - Participant directed investments

Current through Vol. 41, No. 20, July 1, 2024
A Participant's Account shall be invested under the
					 investment direction of the Participant pursuant to the limitations established
					 by the Board of Trustees under this Chapter, the investment policy, or any
					 pertinent contractual or investment fund provisions. The Employer, Board,
					 OPERS, coordinator, and Recordkeeper shall be under no duty to question any
					 investment direction of a Participant, to review any directed investments, or
					 to make suggestions to the Participant, nor shall they be held responsible in
					 any manner for investment loss or depreciation in asset value of any directed
					 investment.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 5 - INVESTMENTS › Section 590:40-9-23 - Default options

Current through Vol. 41, No. 20, July 1, 2024
(a)
Failure
				  to select.
In the event a Participant fails to select any investment
				  option upon enrollment in the Plan, the Board shall, by resolution, establish a
				  default investment option for contributions received from the Participant.
				  Contributions invested in the default option shall remain in such option until
				  the Participant directs the contributions to be invested in another investment
				  option offered by the Plan.
(b)
Termination or elimination of options.
In the event of termination
				  or elimination of any investment option from continued offering under the Plan,
				  the Board may select default investment options for placement of affected
				  funds. The Board may also designate periods where Participants may have no
				  access to select investment options.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-25 - Commencement of benefits

Current through Vol. 41, No. 20, July 1, 2024
The payment of amounts deferred under the Plan shall
					 become payable:
(1) No earlier than
				  forty-five (45) days after the Participant separates from service with the
				  Employer, through termination or retirement; or
(2) Distribution of a Participant's account
				  must begin no later than the required beginning date, which is the later of the
				  April 1 following the calendar year in which the Participant attains the age 72
				  or such other date as may be permitted by the federal Internal Revenue Code,
				  except as provided in
				  590:40-9-28, or
				  the April 1 of the year following the calendar year in which the Participant
				  terminates. If a Participant fails to apply for distribution by the later of
				  either of those dates, the Board shall begin distribution of the Participant's
				  entire interest as required by this Section in the form provided in
				  590:40-7-35.
(3) The Participant's entire interest must be
				  distributed over the Participant's life or the lives of the Participant and a
				  designated beneficiary, or over a period not extending beyond the life
				  expectancy of the Participant or of the Participant and the designated
				  beneficiary.
(4) Plan-to plan
				  transfers as described in
				  590:40-9-35
				  are not subject to the requirements for separation of service and shall be
				  available for distribution within 45 days of acceptance of the properly
				  completed distribution form as prescribed by OPERS.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-26 - Distribution schedule

Current through Vol. 41, No. 20, July 1, 2024
Distributions shall be made primarily for the benefit of
					 the Participant. A distribution which begins prior to the death of a
					 Participant shall be in a form so the total benefit amount will be paid over a
					 period not to exceed the life expectancy of the Participant and a designated
					 beneficiary.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-27 - Benefit totals

Current through Vol. 41, No. 20, July 1, 2024
The Participant shall be entitled to the benefits created
					 by participating in the Plan in accordance with the provisions of this
					 Subchapter. The benefits payable to the Participant shall be the equivalent of
					 the total benefits created by the investment selection made by the Participant
					 considering market losses and gains where applicable.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-28 - Late retirement

Current through Vol. 41, No. 20, July 1, 2024
If the Participant continues employment after attaining 72
					 years of age or such other date as may be permitted by the federal Internal
					 Revenue Code, all benefits payable under the Plan may be deferred until the
					 Participant retires, terminates employment, dies, or when the Participant is
					 faced with an unforeseeable emergency. If the Participant is not an active
					 Employee, the payment of benefits must begin no later than April 1 of the
					 calendar year following the calendar year in which the Participant attained age
					 72 or such other date as may be permitted by the federal Internal Revenue Code.
					 No additional deferrals under this Plan may be made by the Participant after
					 termination of employment.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-29 - Disability retirement

Current through Vol. 41, No. 20, July 1, 2024
If a Participant becomes Disabled and provides proof to
					 OPERS of such disability, the Participant shall be deemed to be retired and
					 will be paid the benefits as set forth in this Subchapter.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-30 - Termination of employment

Current through Vol. 41, No. 20, July 1, 2024
If a Participant terminates employment with an Employer
					 before reaching Normal Retirement Age, the total accumulated benefits under the
					 Plan will be payable in accordance with the election by the Participant under
					 590:40-9-33.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-31 - Death prior to January 1, 2022

Current through Vol. 41, No. 20, July 1, 2024
This Section shall be effective for Participant deaths
					 prior to January 1, 2022. If the Participant dies prior to receiving Plan
					 benefits, the benefits payable under this Plan shall be paid to his or her
					 designated beneficiary under the distribution option selected by the designated
					 beneficiary. If the Participant dies while benefits are being paid to the
					 Participant under the Plan and before such benefits have been exhausted, the
					 benefits payable under this Plan shall be paid to the designated Beneficiary
					 under the distribution option selected by the Participant unless the
					 Beneficiary selects a different distribution option under Plan
					 provisions.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-32 - Method of payment

Current through Vol. 41, No. 20, July 1, 2024
The payment of benefits shall begin no earlier than
					 forty-five (45) days after the event that gives rise to the beginning of the
					 payment of benefits. The Board may direct that the method of payment be
					 directly from the company that issues the contracts in which investments have
					 been made, directly to the Participant or a designated Beneficiary under the
					 payment option elected by the Participant.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-33 - Payment and distribution options

Current through Vol. 41, No. 20, July 1, 2024
(a) The payment, method of payment, and any distribution options shall be available under the benefit payment elections on the appropriate distribution request form. If the Participant elects to receive a deferred payout, the date selected for payouts to begin may be changed upon written notice to OPERS prior to the previously selected payout date subject to any minimum distribution requirements. The method of payment may be changed upon written notice to OPERS.
(b) A Participant electing to commence distribution shall have the opportunity to designate the extent to which the distribution should be taken in whole or in part from Pre-Tax Elective Deferrals or the Participant's other subaccounts, as applicable. In the absence of such designation, the distribution shall be taken pro rata from the subaccounts within the Participant's Account.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-34 - Emergency withdrawals

Current through Vol. 41, No. 20, July 1, 2024
(a) For
				  purposes of this Section, "unforeseeable emergency" means severe financial
				  hardship to the Participant, resulting from a sudden and unexpected illness or
				  accident of the Participant or of a dependent of the Participant, loss of the
				  Participant's property due to casualty, or other similar extraordinary and
				  unforeseeable circumstances arising as a result of events beyond the control of
				  the Participant. The circumstances that will constitute an unforeseeable
				  emergency will depend upon the facts of each case, but, in any case, payment
				  may not be made to the extent that such hardship is or may be relieved:
(1) Through reimbursement or compensation by
				  insurance or otherwise.
(2) By
				  liquidation of the Participant's assets, to the extent the liquidation of these
				  assets would not itself cause severe financial hardship, or
(3) By cessation of deferrals under the Plan.
Foreseeable personal expenditures which may normally be
					 subject to a budget, such as a down payment for a home, mortgage payments,
					 rent, credit card debt, the purchase of an automobile, college or other
					 schooling expense, etc., shall not constitute an unforeseeable
					 emergency.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-35 - Plan-to-plan transfers

Current through Vol. 41, No. 20, July 1, 2024
The Plan will accept Deferred Compensation of an individual
					 under another eligible state or municipal Code Section 457 plan, unless the
					 transferring Code Section 457 account includes funds previously transferred or
					 rolled-over which require tax accounting or distribution rules different from
					 those contained in this Plan. The Plan will also permit transfers to another
					 Code Section 457 plan if the employers receiving such amounts permit the
					 acceptance of these monies.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-36 - Employee transfers

Current through Vol. 41, No. 20, July 1, 2024
If the Participant separates from service with an Employer
					 in order to accept employment with another Employer and such separation from
					 service is for thirty (30) days or less, payout will not begin upon separation
					 from service regardless of any provision of the Plan to the
					 contrary.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-37 - Taxation

Current through Vol. 41, No. 20, July 1, 2024
Benefits paid from the Plan are subject to the applicable federal and state withholding tax rules and apply to all payments except those authorized for transfer to another Code Section 457 plan or rollover to an eligible retirement plan. A distribution from a Participant's Roth Elective Deferral Subaccount that is not a Qualified Distribution may be subject to additional taxation and/or penalties. Pursuant to 590:40-9-51, the Board may withhold amounts necessary to cover federal and state taxes from such payments. All payments will be reported on Internal Revenue Service Form 1099-R.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-38 - Rollover contributions to the plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Eligible Rollover Contributions.
A Participant or Employee who is entitled to receive an eligible rollover distribution from another eligible retirement plan may request to have all or a portion of the eligible rollover distribution paid to the Plan as eligible rollover contributions, unless the distributing eligible retirement plan account includes funds previously transferred or rolled-over which require tax accounting or distribution rules that are different from those contained in this Plan.
(b)
Roth Rollover Contribution.
Notwithstanding any other provisions in the Plan to the contrary, effective June 1, 2023, the Plan shall accept Roth Rollover Contributions from a Roth account under an applicable retirement plan in accordance with Code Section 402A(e)(l) only if it is a direct rollover and only to the extent the rollover is permitted under the rules of Code Section 402(c).
(c)
Separate Accounts.
The Plan shall establish and maintain for the Participant separate accounts for any:
(1) Eligible rollover contributions or Roth Rollover Contributions paid to the Plan;
(2) Eligible Roth rollover contributions paid to the Plan from any eligible retirement plan including an eligible governmental plan under Code Section 457(b); and
(3) Eligible rollover contributions paid to the Plan from an eligible governmental plan under Code Section 457(b).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-40 - Direct transfers

Current through Vol. 41, No. 20, July 1, 2024
A Participant may request a direct trustee to trustee
					 transfer to a defined benefit governmental plan to purchase permissive service
					 credit.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-41 - Transfers and rollover completion

Current through Vol. 41, No. 20, July 1, 2024
Any elections for plan-to-plan transfers or rollovers are
					 contingent upon completion and acceptance of all necessary forms and documents.
					 The forms for this purpose shall be provided by OPERS and will have no effect
					 until it is signed, filed, and accepted by OPERS. The Participant or the
					 Beneficiary accepts and acknowledges that he or she has the burden for
					 executing and filing the proper beneficiary designation form.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-42 - Federal qualified military service

Current through Vol. 41, No. 20, July 1, 2024
(a)
Qualified service.
Notwithstanding any provisions of this Plan to the contrary, contributions,
				  benefits, and service credit regarding qualified military service shall be
				  provided under the Uniformed Services Employment and Reemployment Rights Act of
				  1994 ("USERRA"), the Heroes Earnings Assistance and Relief Tax Act of 2008
				  ("HEART"), and Section 414(u) of the Code.
(b)
Election of additional
				  deferrals.
A Participant whose employment is interrupted by qualified
				  military service under Section 414(u) of the Code or who is on a leave of
				  absence for qualified military service under Section 414(u) may elect to make
				  additional deferrals to the Plan upon resumption of employment with the
				  Employer equal to the maximum annual deferrals that the Participant could have
				  elected during that period if the Participant's employment with the Employer
				  had continued (at the same level of Compensation) without the interruption or
				  leave, reduced by the annual deferrals, if any, actually made for the
				  Participant during the period of the interruption or leave. This right applies
				  to five (5) years following the resumption of employment, if sooner, for a
				  period equal to three times the period of the interruption or leave. The
				  Employer, in accordance with 74 O.S. §
										935.6,
				  will make the Employer Contribution for such Participant for the equivalent
				  period.
(c)
Differential wage
				  payments.
To the extent required by Sections 3401(h) and 414(u)(12) of
				  the 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 apply to all similarly situated individuals
				  in a reasonable equivalent manner.
(d)
Death benefits.
Death
				  benefits payable under this Plan shall be paid in accordance with Section
				  401(a)(37) of the Code, which provides that in the case of a Participant who
				  dies while performing qualified military service (as defined in Section 414(u)
				  of the Code), the survivors of the Participant are entitled to any additional
				  benefits (other than benefit accruals relating to the period of qualified
				  military service) that the Plan would otherwise provide had the Participant
				  resumed and then terminated employment with the Employer on account of
				  death.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-44 - Death after December 31, 2021

Current through Vol. 41, No. 20, July 1, 2024
Notwithstanding any contrary provisions, effective for
					 Participant deaths after December 31, 2021, the following distribution
					 provisions shall take effect; provided, however, that such provisions shall be
					 subject to any regulations or other guidance issued under the SECURE
					 Act:
(1) If the Participant dies before
				  the distribution of his or her entire account (regardless of whether any
				  distributions had begun before the Participant's death) and the Participant has
				  a designated Beneficiary:
(A) The entire
				  Account shall be distributed to the designated Beneficiary by December 31 of
				  the calendar year containing the tenth anniversary of the Participant's
				  death.
(B) Notwithstanding
				  paragraph (1)(A), if the designated Beneficiary is an eligible designated
				  Beneficiary, then the eligible designated Beneficiary may elect for the
				  Participant's Account(s) to be distributed:
(i) by December 31 of the calendar year
				  containing the tenth (10th) anniversary of the Participant's death,
				  or
(ii) beginning no later than
				  December 31 of the calendar year immediately following the calendar year in
				  which the Participant died, over the life of the eligible designated
				  Beneficiary or over a period not exceeding the life expectancy of the eligible
				  designated Beneficiary. If the eligible designated Beneficiary is the surviving
				  spouse, payment under item (ii) is not required until the later of December 31
				  of the calendar year immediately following the calendar year in which the
				  Participant died or December 31 of the calendar year in which the Participant
				  would have attained age seventy and one-half (70 ½) (age seventy-two (72) with
				  respect to a Participant who would have attained age seventy and one-half (70
				  ½) after December 31, 2019). If the eligible designated Beneficiary does not
				  elect a method of distribution as provided above, the Participant's Account(s)
				  shall be distributed in accordance with item (ii).
(C) Upon either:
(i) the death of an eligible designated
				  Beneficiary before distribution of the Participant's entire account
				  or
(ii) the attainment of the age
				  of majority for an eligible designated Beneficiary who is a minor child under
				  subsection (4), paragraph (B) shall no longer apply, and the remainder of the
				  account shall be distributed under paragraph (1)(A).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 7 - BENEFITS › Section 590:40-9-45 - Discontinuance of 2020 required minimum distributions

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding any other provisions of
				  this Chapter, a Participant or Beneficiary who would have been required to
				  receive required minimum distributions for 2020 (or paid in 2021 for the 2020
				  calendar year for a Participant with a required beginning date of April 2,
				  2021) but for the enactment of Code § 401(a)(9)(I) ("2020 RMDs"), and who would
				  have satisfied that requirement by receiving distributions that are either 1)
				  equal to the 2020 RMDs or (2) one or more payments in a series of substantially
				  equal distributions (that include the 2020 RMDs) made at least annually and
				  expected to last for the life (or life expectancy) of the Participant, the
				  joint lives (or joint life expectancy) of the Participant and the Participant's
				  designated Beneficiary, or for a period of at least 10 years ("Extended 2020
				  RMDs") will receive those distributions for 2020 unless the Participant or
				  Beneficiary chooses to not receive such distributions.
(b) For purposes of the direct rollover
				  provisions of the Plan, 2020 RMDs and Extended 2020 RMDs also will be treated
				  as eligible rollover distributions in 2020.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 9 - Defined Contribution 457(B) Plan › Part 9 - TRUST › Section 590:40-9-50 - Establishment and acceptance of Trust

Current through Vol. 41, No. 20, July 1, 2024
There shall be created a Trust under this Subchapter 9 for
					 all Deferrals into the Code Section 457(b) plan. The Board of Trustees shall
					 act as trustee of the Trust. The Board shall take, hold, invest, administer,
					 and distribute, in accordance with this Plan and Trust, all Deferred
					 Compensation and assets paid or delivered to the Board pursuant to the Plan for
					 the uses and purposes herein expressed. The Board shall be accountable for all
					 Deferred Compensation received, but shall have no duty to require any
					 compensation to be deferred or to determine that the amounts received comply
					 with the Plan, or to determine that the Trust Fund is adequate to provide the
					 benefits payable under the Plan.