reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-3 - Option transfers [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 13 Ok Reg 3333, eff 7-25-96; Revoked at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Revoked at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-4 - Accounting [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Revoked at 15 Ok Reg 974, eff 12-8-97 (emergency); Revoked
				  at 15 Ok Reg 3275, eff 7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-5 - Individual account ownership [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Revoked at 15 Ok Reg 974, eff 12-8-97 (emergency); Revoked
				  at 15 Ok Reg 3275, eff 7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-6 - Records

Current through Vol. 41, No. 20, July 1, 2024
Subject to the provisions of
				  590:10-1-18 of
				  these rules, all information, documents and copies thereof contained in a
				  Participant's Plan file shall be given confidential treatment and shall not be
				  made public by the Plan without prior written consent of the Participant to
				  which it pertains, but shall be subject to subpoena or court
				  order.
Amended at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98; Amended
				  at 22 Ok Reg 133, eff 10-6-04 (emergency); Amended at 22 Ok Reg 1365, eff
				  5-26-05
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-7 - Asset ownership [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
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-8 - Establishment of Accounts

Current through Vol. 41, No. 20, July 1, 2024
The Plan Administrator shall cause Accounts to be established 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 such Account is invested. Roth Elective Deferrals will be credited and debited to the Roth Elective Deferral Subaccount maintained for each Participant. Separate records also shall be maintained with respect to each such Account showing the amount of Deferred Compensation thereto, distributions therefrom, and the amount of income, expenses, gains and losses attributable thereto. No contributions other than Roth Elective Deferrals and properly attributable earnings will be credited to the Roth Elective Deferral Subaccount. All such subaccounts are referred to herein as a Participant's "Account." In general, the interest of each Participant hereunder at any time shall consist of the amount in his Account, as determined under Section 10 of this Subchapter, 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 any and all distributions under the Plan made to or in respect of that Participant). These records shall be maintained by the Plan on a calendar quarter-end basis only and available for a period of three (3) years.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added 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 590:25-5-9 - 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 the Plan
				  Administrator 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 the Plan Administrator and/or
				  Recordkeeper within sixty (60) days after the mailing or distribution of such
				  statement to the Participant.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 5 - Assets, Credits, Accounts and Reports › Section 590:25-5-10 - 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. 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
				  590:25-5-8
				  of these rules.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added 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 590:25-5-11 - Deemed deferrals

Current through Vol. 41, No. 20, July 1, 2024
This section shall apply if an employee has made a proper
				  election to defer compensation and the election forms are received by the Plan
				  on a timely basis but the deferral is not made at the first available payroll
				  period through no fault of the employee. Upon approval of the Plan
				  Administrator, the employee may double the deferral in the first possible month
				  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 will then be
				  deemed to have begun in the month for which that deferral should have
				  originally occurred. The deemed deferral provision of this section shall not
				  alter any tax ramifications that are otherwise applicable.
Added at 15 Ok Reg 1239,
				  eff 1-26-98 (emergency); Added at 15 Ok Reg 3275, eff 7-13-98; Amended at 17 Ok
				  Reg 610, eff 12-2-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3185,
				  eff 7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 7 - Investment of Deferred Amounts › Section 590:25-7-1 - Investment contracts

Current through Vol. 41, No. 20, July 1, 2024
The deferred amount shall be delivered by the Employer to
				  the Board 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) Make deposits through a
				savings account in an institution or institutions as determined by the Board;
(2) Make deposits to a deferred
				fixed interest contract or other type of investment;
(3) Make deposits to a deferred variable
				interest contract or other type of investment;
(4) Make deposits to a mutual fund, common
				trust fund, or separate account;
(5) Make deposits to any combination of the
				investment options in subparagraphs (1) through (4) of this Section may be
				selected by the employee.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 13 Ok Reg 3333, eff 7-25-96; Amended at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98; 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
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 7 - Investment of Deferred Amounts › Section 590:25-7-2 - Investment authority

Current through Vol. 41, No. 20, July 1, 2024
The investment options shall be selected in accordance with
				  Section
				  1701
				  of Title 74 of the Oklahoma Statutes and Section 4 of Subchapter 1 of Chapter
				  20 of these Rules.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 7 - Investment of Deferred Amounts › Section 590:25-7-3 - Participant directed investments

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				Participant's Account shall be invested in accordance with the investment
				election of the Participant in accordance with the limitations established by
				the Board of Trustees pursuant to these rules, the investment policy or any
				pertinent contractual or investment fund provisions. The Employer, Board, Plan
				Administrator, Coordinator, and Recordkeeper shall be under no duty to question
				any investment direction of a Participant, or 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 investment.
(b) 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.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff 7-13-98; 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
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-1 - Commencement of benefits

Current through Vol. 41, No. 20, July 1, 2024
(a) The payment
				of amounts deferred under the Plan will become payable:
(1) No earlier than thirty (30) days after
				the Participant separates from service with the State, through termination or
				retirement; or
(2) No later than
				April 1 of the calendar year after the year the participant attains age 72 or
				such other date as may be permitted by the federal Internal Revenue Code,
				except as provided in
				590:25-9-5.
(3) Plan-to plan transfers as described in
				590:25-9-13
				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 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-2 - Distribution schedule

Current through Vol. 41, No. 20, July 1, 2024
Distributions must be made primarily for the benefit of the
				  Participant. A distribution which begins prior to the death of a Participant
				  must 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.
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 28 Ok Reg 677, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-3 - Benefit totals

Current through Vol. 41, No. 20, July 1, 2024
The Participant shall be entitled to have paid to him the
				  benefits created by his participating in this Deferred Compensation Plan, in
				  accordance with the provisions of this Chapter. Generally, the benefits payable
				  to the Employee will be the equivalent of the total benefits created by the
				  investment selection made by the Participant, taking into consideration market
				  losses and gains where applicable.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-4 - Normal retirement [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 12 Ok Reg
				  3249, eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-5 - Late retirement

Current through Vol. 41, No. 20, July 1, 2024
If the Participant continues his 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 his employment, dies or when the Participant is
				  faced with an unforeseeable emergency. If the Participant is not an active
				  State employee, the payment of benefits must begin no later than April 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 deferral under this Plan may be made by the Participant after
				  termination of employment.
Amended at 12 Ok Reg
				  3249, eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-6 - Disability retirement

Current through Vol. 41, No. 20, July 1, 2024
If an Employee becomes permanently disabled in accordance
				  with any State retirement system disability provision, the Participant shall be
				  deemed to be retired and will be paid the benefits appropriate to such
				  retirement.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-7 - Termination of employment

Current through Vol. 41, No. 20, July 1, 2024
Effective January 1, 2002, if a Participant terminates his
				  employment with the State before reaching Normal retirement age, the total
				  accumulated benefits under the Plan will be payable to him in accordance with
				  his election under
				  590:25-9-11.
Amended at 19 Ok Reg
				  746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff
				  5-28-02
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-8 - 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 in accordance with 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 in accordance with the distribution option selected by the
				  Participant unless the beneficiary selects a different distribution option in
				  accordance with Plan provisions.
Amended at 19 Ok Reg
				  746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff 5-28-02; Amended
				  at 20 Ok Reg 1753, eff 6-12-03; Amended at 28 Ok Reg 677, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-9 - Designated beneficiary

Current through Vol. 41, No. 20, July 1, 2024
The Participant shall have the right to file with the Board,
				  a beneficiary or change of beneficiary form designating the person or persons
				  who shall receive the benefits payable under the Plan in the event of the
				  Participant's death. Following the death of the Participant, the beneficiary
				  shall also have the right to file with the Board, a beneficiary or change of
				  beneficiary form designating the person or persons who shall receive the
				  benefits payable under the Plan in the event of the beneficiary's death.
(1) The form for this purpose shall be
				provided by the Board and will have no effect until it is signed, filed with
				the Board by the Participant or the beneficiary, and accepted by the
				Board.
(2) If the Participant or
				beneficiary dies without having a beneficiary form on file, the payments shall
				be made to the properly appointed fiduciary of the Participant's probate
				estate. Provided that if a fiduciary has not been appointed and qualified
				within one hundred twenty (120) days after the death, the payment may be made
				first, to a surviving spouse, second, to a surviving child or children, third,
				to a surviving parent or parents.
(3) The Participant and the beneficiary
				accepts and acknowledges that he has the burden for executing and filing, with
				the Board, a proper beneficiary designation form.
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 9 - Benefits › Section 590:25-9-10 - Method of payment

Current through Vol. 41, No. 20, July 1, 2024
The payment of benefits shall begin no earlier than thirty
				  (30) days after the occurrence of 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.
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 28 Ok Reg 677, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-11 - Payment and distribution options

Current through Vol. 41, No. 20, July 1, 2024
The payment, method of payment and any distribution options shall be available in accordance with the benefit payment elections as set forth 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 the Plan Administrator prior to the previously selected payout date subject to any applicable minimum distribution requirements. The method of payment may be changed upon written notice to the Plan Administrator. 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.
Amended at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98; Amended
				  at 19 Ok Reg 746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff
				  5-28-02; Amended at 28 Ok Reg 677, eff 5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-12 - Emergency withdrawals

Current through Vol. 41, No. 20, July 1, 2024
Notwithstanding any other provisions of this Chapter, in the
				  event of an unforeseeable emergency or financial hardship, such event being
				  beyond the control of the Participant, a Participant may request the Plan
				  Administrator to pay benefits to him or her immediately. If the application and
				  justification for payment is approved by the Plan Administrator, payment will
				  generally be processed by the Recordkeeper within ten (10) business days upon
				  authorization from the Plan. Benefits to be paid shall be limited strictly to
				  that amount needed to meet the emergency situation constituting financial
				  hardship. Any remaining benefits shall be paid in accordance with this Chapter.
				  Effective February 1, 2002, two (2) or more emergency withdrawals paid will
				  result in cancellation of that Participant's deferrals into the Plan for a
				  period of not less than six (6) months following payment of the emergency
				  withdrawal. For purposes of this rule any emergency withdrawals since the
				  Participant's initial enrollment into the Plan will be considered when applying
				  this rule except that no cancellation will occur until the Participant has had
				  a subsequent emergency withdrawal after February 1, 2002. The Participant will
				  be responsible for re-establishing his deferral amount upon completion of the
				  six-month cancellation period.
Amended at 13 Ok Reg
				  3333, eff 7-25-96; 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 19 Ok Reg 801,
				  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 9 - Benefits › Section 590:25-9-13 - Plan-to-plan transfers

Current through Vol. 41, No. 20, July 1, 2024
This Plan will accept Deferred Compensation of an individual
				  under another eligible state or municipal §457 plan, unless the transferring
				  457 account includes funds previously transferred or rolled-over which require
				  tax accounting or distribution rules that are different from those contained in
				  this Plan. It will also permit transfers to another §457 plan if the Employers
				  receiving such amounts provide for the acceptance of these
				  monies.
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 9 - Benefits › Section 590:25-9-14 - Employee transfers

Current through Vol. 41, No. 20, July 1, 2024
If the Participant separates from service with a State agency
				  in order to accept employment with another such State agency within the State,
				  payout will not begin upon separation from service, regardless of any provision
				  of the Plan.
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 9 - Benefits › Section 590:25-9-15 - Taxation

Current through Vol. 41, No. 20, July 1, 2024
Benefits paid from the Deferred Compensation Plan are subject to the applicable Federal and State withholding rules and apply to all payments except those authorized for transfer to another §457 plan or rollover to an eligible retirement plan. A distribution from a Participant's Roth Elective Deferral Subaccount or Roth In-Plan Rollover Subaccount that is not a Qualified Distribution may be subject to additional taxation and/or penalties. Pursuant to Section 2 of Subchapter 15 of Chapter 25, the Board may withhold amounts necessary to cover federal and state taxes from such payments. Effective January 1, 2002, all payments will be reported on Form 1099-R.
Amended at 15 Ok Reg
				  974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98; Amended
				  at 19 Ok Reg 746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff
				  5-28-02
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-16 - Rollover contributions to the plan

Current through Vol. 41, No. 20, July 1, 2024
(a) Eligible Rollover Contributions. A Participant 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 includes funds previously transferred or rolled-over which require tax accounting or distribution rules that are different from those contained in this Plan.
(b) 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 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-18 - 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.
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 9 - Benefits › Section 590:25-9-19 - 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 the Board and will have no
				  effect until it is signed, filed with the Board by the Participant or the
				  beneficiary, and accepted by the Board. The Participant and the Beneficiary
				  accepts and acknowledges that he has the burden for executing and filing, with
				  the Board, the proper beneficiary designation form.
Added at 20 Ok Reg 1753,
				  eff 6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-20 - Federal qualified military service

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding any provisions of this
				Plan to the contrary, contributions, benefits, and service credit with respect
				to qualified military service shall be provided in accordance with 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) A
				Qualified 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. §
									1701,
				will make the Employer Contribution for such Qualified Participant for the
				equivalent period.
(c) 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 reasonable equivalent manner.
(d) Effective January 1, 2007, 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 had the Participant resumed
				and then terminated employment with the Employer on account of death.
Added at 27 Ok Reg 1047,
				  eff 5-13-10; Amended at 29 Ok Reg 505, eff
				  5-11-12
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-21 - Discontinuance of 2009 required minimum distributions

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding the provisions of
				590:25-9-1
				through 25-9-5 of these rules, a participant or beneficiary who would have been
				required to receive required minimum distributions for 2009 but for the
				enactment of Section 401(a)(9)(H) of the Internal Revenue Code ("2009 RMDs"),
				and who would have satisfied that requirement by receiving distributions that
				are (1) equal to the 2009 RMDs or (2) one or more payments in a series of
				substantially equal distributions (that include the 2009 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 2009 RMDs"), will receive those distributions for 2009 unless the
				participant or beneficiary chooses not to receive such distributions.
				Participants and beneficiaries described in the preceding sentence will be
				given the opportunity to elect to stop receiving the distributions described in
				the preceding sentence. In addition, notwithstanding
				590:25-9-17
				of these rules, and solely for the purposes of applying the direct rollover
				provisions of the plan, certain additional distributions in 2009 will be
				treated as eligible rollover distributions.
(b) For purposes of the direct rollover
				provisions of the plan, both 2009 RMDs and Extended RMDs will be eligible
				rollover distributions without regard to IRS Section 401(a)(9)(H).
Added at 30 Ok Reg 554, eff
					 5-11-13
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-23 - 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 25 - Deferred Compensation › Subchapter 9 - Benefits › Section 590:25-9-24 - 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 25 - Deferred Compensation › Subchapter 11 - Administration of Plan › Section 590:25-11-1 - General

Current through Vol. 41, No. 20, July 1, 2024
The Board shall administer the Deferred Compensation Plan and
				  shall be responsible for the policies and rules for the general administration
				  of the Plan in accordance with Title 74 O.S. 1981, Sec.
				  1701,
				  as amended.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 11 - Administration of Plan › Section 590:25-11-3 - Accountability of 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
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 11 - Administration of Plan › Section 590:25-11-4 - Tax consequences

Current through Vol. 41, No. 20, July 1, 2024
The Employer and the Board do not and cannot represent or
				  guarantee that any particular Federal or State income, payroll, personal
				  property or other tax consequence will occur because of the Participant's
				  participation in the Plan. The Participant should consult with his own
				  representative regarding all questions on Federal or State income, payroll,
				  personal property or other tax consequences arising from participation in the
				  Plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 11 - Administration of Plan › Section 590:25-11-5 - Protected rights

Current through Vol. 41, No. 20, July 1, 2024
The rights of the Participant under this Plan shall not be
				  subject to the rights of creditors of the Participant or any beneficiary, and
				  shall be exempt from execution, attachment, prior assignment or any other
				  judicial relief or order for creditors or other third
				  persons.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 17 Ok Reg 3185, eff
				  7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 11 - Administration of Plan › Section 590:25-11-6 - Amendment of Plan and/or Trust

Current through Vol. 41, No. 20, July 1, 2024
The Board may at any time amend or modify this Plan and/or
				  Trust with or without the consent of the Participant [or any beneficiary
				  thereof] provided that:
(1) All
				amendments shall be accomplished in accordance with the Administrative
				Procedures Act. No amendments shall deprive the Participant of any of the
				benefits to which he is entitled under this Plan and/or Trust with respect to
				deferred amounts credited to his account prior to the effective date of the
				amendment;
(2) This Plan and/or
				Trust alone, and any properly adopted amendment thereof, shall constitute the
				total Plan and/or Trust or contract between the Employer and the Participant
				regarding the Plan and/or Trust; no oral statement regarding the Plan and/or
				Trust may be relied upon by the Participant;
(3) This Plan and/or Trust and any properly
				adopted amendment, shall be binding on the parties hereto and their respective
				heirs, administrators, trustees, successors and assigns and on all designated
				beneficiaries of the Participant, and
(4) No amendment shall authorize or permit
				any part of the Trust Fund to be used for or diverted to purposes other than
				for the exclusive benefit of the Participants and their
				Beneficiaries.
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 11 - Administration of Plan › Section 590:25-11-7 - Termination

Current through Vol. 41, No. 20, July 1, 2024
It is the present intention of the Employer to maintain this
				  Plan and/or Trust. Nevertheless, the Employer reserves the right, at any time,
				  to discontinue or terminate this Plan and/or Trust.
(1) If the Plan and/or Trust is curtailed or
				terminated, the Board shall nonetheless be responsible for the supervision and
				the payment of the benefits resulting from amounts contributed prior to the
				amendment, modification or termination in accordance with this
				Chapter.
(2) The Plan and Trust may
				be terminated at any time by the Employer, by giving notice in writing to the
				Board, which notice shall recite the date upon which the termination would be
				effective. After receipt of such notice, the Board shall continue to hold,
				invest and administer the Plan and Trust until the assets are liquidated and
				distributed to Participants and Beneficiaries. The distribution of assets shall
				occur as soon as administratively practicable after the termination of the
				Plan. The Trust shall terminate only when no assets of the Trust remain in the
				possession of the Board.
(3) The
				Trust is hereby designated as constituting a part of the Plan intended to be
				tax exempt under Code Sections 457 and 501(a). Until advised otherwise, the
				Board may conclusively assume that this Trust is tax exempt under Code Section
				501(a) and that this Trust is exempt to that extent from federal income
				taxes.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 13 - Administration Functions of the Plan › Section 590:25-13-1 - Administrative staff

Current through Vol. 41, No. 20, July 1, 2024
The Executive Director of the Oklahoma Public Employees
				  Retirement System shall be responsible for selection and retention of the Plan
				  Administrator and shall provide oversight and assistance in the general
				  administration of the Oklahoma State Employees Deferred Compensation Plan. The
				  Executive Director, the Plan Administrator, the Deputy Director, and such other
				  persons designated by the Executive Director, are authorized to sign all
				  vouchers or warrants issued for the Deferred Compensation
				  Plan.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; Amended at 13 Ok Reg 3333, eff 7-25-96; 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 13 - Administration Functions of the Plan › Section 590:25-13-2 - Deferred Compensation Coordinator

Current through Vol. 41, No. 20, July 1, 2024
(a) The appointing authority of each State
				agency shall designate a Coordinator to conduct all business transactions
				between the agency and the Oklahoma State Deferred Compensation Plan and shall
				notify the Board of Trustees for the Oklahoma Public Employees Retirement
				System of the designee in writing. All Deferred Compensation Coordinators shall
				be furnished an informational booklet on the Oklahoma State Deferred
				Compensation Plan. Employees should send all correspondence to the Deferred
				Compensation Coordinator who will forward it to the Board of Trustees. All
				forms and correspondence should identify the Participant by name, Social
				Security Number and agency.
(b) The
				Coordinator is employed by and under the authority of each State agency and is
				not an employee of the Plan. The Plan will make available information and
				training opportunities, however, it is the responsibility of the Coordinator to
				become familiar with the Plan provisions and keep abreast of all changes and
				amendments. Neither the Plan nor the Board will be liable for or bound by any
				mistakes, errors or misrepresentations of the Coordinators.
Amended at 12 Ok Reg
				  3249, eff 7-27-95; 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 13 - Administration Functions of the Plan › Section 590:25-13-3 - Completing forms

Current through Vol. 41, No. 20, July 1, 2024
Applicants for enrollment in the Deferred Compensation Plan
				  will obtain Enrollment/Change forms from the Deferred Compensation Coordinator,
				  the office of the Plan Administrator or, if available, from the Plan website or
				  the Recordkeeper. The Coordinator will assist Participants in the preparation
				  and submission of the enrollment agreement, changes in beneficiary, deferrals,
				  and requests for payment of contributions for reason of termination of
				  employment or unforeseeable emergency.
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 13 - Administration Functions of the Plan › Section 590:25-13-4 - Prospectus [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 12 Ok Reg
				  3249, eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 13 - Administration Functions of the Plan › Section 590:25-13-5 - Deferred Compensation Coordinator as liaison

Current through Vol. 41, No. 20, July 1, 2024
The Deferred Compensation Coordinator shall serve as a
				  liaison representative between the Board of Trustees for the Deferred
				  Compensation Plan and the Participant. The Coordinator shall be responsible for
				  the proper preparation and submission of the Enrollment Application to the
				  Board for final processing.
Amended at 12 Ok Reg
				  3249, eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 13 - Administration Functions of the Plan › Section 590:25-13-6 - General responsibilities of Deferred Compensation Coordinator

Current through Vol. 41, No. 20, July 1, 2024
The Deferred Compensation Coordinator shall inform Applicants
				  and Participants concerning the Plan benefits and the Rules and Regulations
				  applicable to enrollment, participation and termination. The Coordinator shall
				  assist the Participant if any explanations of payment are needed to satisfy the
				  Employee, or contact the Board, as necessary, for assistance to the
				  Participant.
Amended at 12 Ok Reg
				  3249, eff 7-27-95