Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 1 - General Provisions › Section 590:35-1-3 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words, terms, or phrases, when used in this
				  Chapter, shall have the following meaning, unless the context clearly indicates
				  otherwise:
"Account"
means any of the accounts established
				  for a Participant under the Plan, as described in Section
				  590:35-5-1.
"Allocation Date"
means each business day of the
				  calendar year.
"Beneficiary"
means beneficiary or beneficiaries
				  designated in writing by the Participant. If more than one designated
				  beneficiary survives the Participant, payments shall be made equally to the
				  surviving beneficiaries unless otherwise provided in the form provided by the
				  Plan Administrator. Nothing herein shall prevent the Participant from
				  designating primary and contingent beneficiaries.
"Board of Trustees"
means the Oklahoma Public
				  Employees Retirement System Board of Trustees, acting by and through the Plan
				  Administrator.
"Code"
means the Internal Revenue Code of 1986,
				  as amended.
"Compensation"
with respect to a Participant
				  means taxable gross income from the Employer. Notwithstanding the prior
				  sentence, Compensation shall include amounts deferred pursuant to Code Sections
				  125, 402(h), 402(a)(8), 457, 414(h), and 403(b). For purposes of the Plan, only
				  compensation from the Employer that is attributable to services performed for
				  the Employer may be includable in gross income. The Compensation taken into
				  account under the Plan shall not exceed the "OBRA '93 annual compensation
				  limit." The "OBRA '93 annual compensation limit" is $150,000, as adjusted by
				  the Commissioner of Internal Revenue for increases in the cost of living in
				  accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in
				  effect for a calendar year applies to any period, not exceeding 12 months, over
				  which Compensation is determined ("Determination Period") beginning in such
				  calendar year. If a Determination Period consists of fewer than 12 months, the
				  OBRA '93 annual compensation limit will be multiplied by a fraction, the
				  numerator of which is the number of months in the Determination Period, and the
				  denominator of which is 12. Compensation of each Participant taken into account
				  in determining allocations for any Plan Year beginning after December 31, 2001,
				  shall not exceed Two Hundred Thousand Dollars ($200,000), as adjusted for
				  cost-of-living increases in accordance with Code Section 401(a)(17)(B).
				  Compensation means Compensation during the Plan Year or other consecutive
				  twelve (12) month period over which Compensation is otherwise determined under
				  the Plan (the Determination Period). The cost-of-living adjustment in effect
				  for a calendar year applies to Compensation for the Determination Period that
				  begins with or within such calendar year.
"Deferred Compensation Plan"
means the Oklahoma
				  State Employees Deferred Compensation Plan and as it may be amended from time
				  to time, which is governed by Code Section 457.
"Disability"
means an actual and continuous
				  physical or mental incapacity which causes the Participant to be retired with a
				  retirement under the Participant's State retirement plan.
"Early Retirement"
means the first date upon
				  which each of the following shall have occurred: separation from service and
				  attainment of Early Retirement Age.
"Early Retirement Age"
means age 55.
"Effective Date"
means January 1, 1998.
"Employer"
means The State of Oklahoma, its
				  agencies and any duly constituted authority or instrumentality of the State of
				  Oklahoma.
"Employer Contribution"
means the amount
				  contributed to the Plan by the Employer on behalf of Participants under Section
				  590:35-7-1.
"Fiscal Year"
means the fiscal year of the State
				  of Oklahoma, which is July 1 to June 30.
"Limited Participant"
means a Participant who is
				  not a State Employee or who is not otherwise a Qualified Participant and who
				  has amounts in the Plan as a result of the transfer of excess contributions
				  from the Oklahoma Public Employees Retirement System pursuant to Section
				  910.5
				  of Title 74 of the Oklahoma Statutes.
"Normal Retirement"
means the first date upon
				  which each of the following shall have occurred: separation from service and
				  attainment of Normal Retirement Age.
"Normal Retirement Age"
means age 62.
"Participant"
means a State Employee who is
				  participating in the Plan or who has funds invested in accordance with its
				  provisions or any former State Employee who is retired or who has had a
				  Termination of Service, but who has not received a distribution of his entire
				  interest under the Plan or a person who has funds invested in the Plan as a
				  result of the transfer of excess contributions from the Oklahoma Public
				  Employees Retirement System.
"Plan"
means the Oklahoma State Employees
				  Deferred Savings Incentive Plan and as it may be amended from time to
				  time.
"Plan Administrator"
means the person designated
				  by the Board of Trustees to administer the Plan.
"Plan Year"
means the twelve month period ending
				  on June 30.
"Qualified Participant"
means a State Employee
				  who is an active participant in the Oklahoma State Employees Deferred
				  Compensation Plan making deferrals of at least twenty-five dollars ($25.00) per
				  month.
"Recordkeeper"
means the company designated by
				  the Board of Trustees to perform recordkeeping, administrative, and/or
				  investment services to the Plan.
"State Employee"
means any officer or employee
				  of the executive, legislative or judicial branches of the government of the
				  State of Oklahoma who is an active member of a public retirement system of the
				  State of Oklahoma, but does not include:
(A) Employees of the public elementary, secondary, or area
				  vocational school districts;
(B) Employees of The Oklahoma State System of Higher
				  Education except employees of the Oklahoma State Regents of Higher Education
				  and employees of the governing boards;
(C) Persons on temporary, student, internship, or other
				  limited-term appointments except for Executive Fellows in the Carl Albert
				  Public Internship Program created in Section
				  840-3.4
				  of Title 74 of Oklahoma Statutes;
(D) Persons employed pursuant to Section
				  1.6a
				  of Title 53 of the Oklahoma Statutes or Section
				  1806.1 of
				  Title 74 of the Oklahoma Statutes; or
"Termination of Service"
means the severance of
				  the Participant's employment relationship with the Employer prior to his Early
				  Retirement, Normal Retirement, death or Disability, including Limited
				  Participants severing the employment relations with an OPERS participating
				  employer.
"Trust"
means the provisions of this document
				  that comprise the trust established hereunder.
"Trust Fund"
means the fund established under
				  the Trust, with the Board of Trustees as trustee, and held by said trustee in
				  accordance with this Plan and Trust, to which deposits and contributions under
				  this Plan and Trust will be made and out of which benefits under this Plan and
				  Trust will be provided.
"Trustee"
means the individuals appointed to the
				  Board of Trustees to administer the Trust Fund in accordance with this Plan and
				  Trust.
"Valuation Date"
means each business day of the
				  calendar year. On each Valuation Date, the Recordkeeper shall determine the
				  value of the Trust Fund.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 16
				  Ok Reg 617, eff 12-2-98 (emergency); Amended at 16 Ok Reg 2019, eff 6-11-99;
				  Amended at 19 Ok Reg 749, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1486,
				  eff 5-28-02