Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 21 - Excess Benefit Plan and Trust › Section 590:10-21-2 - 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 System.
"Beneficiary"
means any person named by a member
				  to receive any benefits as provided by 74 O.S. §§
									901 et seq. If
				  there is no beneficiary living at the 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.
"Excess Benefit"
means the benefit determined in
				  accordance with
				  590:10-21-5(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 74 O.S. §
									915.1, and
				  as set forth in
				  590:10-21-7.
"Excess Benefit Plan"
means the "Oklahoma Public
				  Employees Retirement System Excess Benefit Plan and Trust" established pursuant
				  to Code Section 415 and 74 O.S. §915.1.
"OPERS Plan"
refers to the retirement plan
				  administered by the Oklahoma Public Employees Retirement System. The OPERS Plan
				  document consists of the applicable Oklahoma statutes and rules and
				  regulations.
"Participant"
means a Retiree or Beneficiary who
				  is entitled to benefits under the Excess Benefit Plan.
"Participating Employer"
means an eligible
				  employer who has agreed to make contributions to the System on behalf of its
				  employees, provided such employer is the State, a political subdivision of the
				  State, or an agency or instrumentality of the State. No employer which is not
				  permitted to participate in a qualified governmental pension plan as defined in
				  Code Section 414(d) shall be permitted to participate in 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 System.
"Retirement Benefit"
means a monthly income with
				  benefits accruing from the first day of the month coinciding with installments
				  by the 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 74 O.S. §§
									901 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
				  System.
"State"
means the State of Oklahoma.
"System"
means the Oklahoma Public Employees
				  Retirement System.
"Trustees"
means the members of the
				  Board.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added at 28 Ok Reg 664, eff
				  5-12-11