reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 10 - Department of Corrections Death in Performance of Duty Benefits › Section 590:10-10-8 - Filing for Surviving Spouse and Surviving Child Benefits

Current through Vol. 41, No. 20, July 1, 2024
(a) Claims for Surviving Spouse and/or
				Surviving Child benefits should be made as soon as possible following the
				employee's date of death. Benefits shall be payable beginning with the month
				following the employee's date of death, however, benefit payments will not
				commence until all required documentation has been furnished and a final
				determination has been made by the System. Required documentation to be
				provided by the claimant include, but are not limited to, a completed
				application for benefits, a copy of the employee's death certificate, a copy of
				the public record of marriage and copies of birth certificates for Surviving
				Children.
(b) It is the
				responsibility of the Department of Corrections to assist the Surviving Spouse
				or the person with the care and custody of a Surviving Child with the
				completion of all necessary forms. It is also the responsibility of the
				Department of Corrections to provide any necessary documentation to confirm
				eligibility of any person for benefits under this Subchapter. Required
				documentation to be provided by the Department of Corrections include, but are
				not limited to, a completed report of death form which shall include a
				notarized statement from the deceased employer's supervisor describing in
				detail the duties being performed by the employee at the time and the
				circumstances under which death occurred, all workers' compensation claim
				information in the possession of the employer, a certified copy of the autopsy
				report, and any medical records in the possession of the employer.
(c) In addition to the information supplied
				by the claimant and the employer, the System may require a medical statement
				from a treating physician which includes a detailed analysis of the cause of
				death and the circumstances surrounding the death.
(d) Where the System feels that it is
				necessary or appropriate, it may, at its own expense, have the medical and
				other records reviewed and evaluated by an independent physician of its own
				choosing. The System may also use the services of law enforcement agencies or
				may contract for a licensed investigator for any situations that it deems
				necessary or appropriate.
(e) The
				System shall make a determination on all claims for benefits under this
				Subchapter within ninety (90) days following receipt of all required
				documentation and reviews and shall notify the employer and the claimant in
				writing.
Added at 22 Ok Reg 126,
				  eff 10-6-04 (emergency); Added at 22 Ok Reg 1354, eff
				  5-26-05
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-1 - Transported service credit

Current through Vol. 41, No. 20, July 1, 2024
All service which is credited to a member pursuant to 74 O.S.
				  Section
				  913(G)
				  or transferred out of OPERS pursuant to 70 O.S. Section
				  17-116.2
				  (L.) shall be called transported service. Such transported service shall be
				  governed by those statutory provisions and the rules contained in this
				  subchapter.
Added at 12 Ok Reg 3237,
				  eff 7-27-95; Amended at 20 Ok Reg 1750, eff
				  6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-2 - Election to transport

Current through Vol. 41, No. 20, July 1, 2024
The election to transport service into or out of OPERS is a
				  voluntary action on the part of the member or former member. Only members or
				  former members who have terminated participation with OPERS shall be eligible
				  to transport service. In the event of an election to transport into OPERS, all
				  service certified by Teachers' Retirement System shall be eligible to transport
				  into OPERS, subject to any statutory limitations. OPERS shall certify to
				  Teachers' Retirement System all service credited to the member or former member
				  as of the date of election. Once the election to transport is successfully
				  completed, all service credit of said member under OPERS shall be cancelled,
				  including service not accepted by Teachers' Retirement
				  System.
Added at 12 Ok Reg 3237,
				  eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-3 - Member's entry date

Current through Vol. 41, No. 20, July 1, 2024
If a member has transported service from Teachers' Retirement
				  System, the member's entry date into OPERS shall be replaced with the entry
				  date in Teachers' if that date is earlier.
Added at 12 Ok Reg 3237,
				  eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-4 - Use of transported service

Current through Vol. 41, No. 20, July 1, 2024
Transported service cannot be used to satisfy the
				  full-time-equivalent employment with a participating employer service
				  requirement. However, in any case where such full-time-equivalent service was
				  transported to the Teachers' Retirement System and is later transported back to
				  OPERS, such service may be deemed to satisfy the full-time-equivalent
				  employment requirement. Transported service may be used to determine
				  eligibility for retirement or vesting purposes and to determine the amount and
				  type of retirement benefit.
Added at 12 Ok Reg 3237,
				  eff 7-27-95; Amended at 28 Ok Reg 664, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-5 - Former members reinstated

Current through Vol. 41, No. 20, July 1, 2024
Any former member of OPERS who elects to transport service
				  from OPERS must reinstate such service in OPERS by paying all contributions and
				  interest due prior to or concurrently with the final election to transport. If
				  the election is terminated or voided for any reason, the reinstatement of the
				  withdrawal shall be also voided and the repayment remitted to OPERS shall be
				  returned to the former member, unless he or she is otherwise eligible for
				  repayment of the withdrawal.
Added at 12 Ok Reg 3237,
				  eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-6 - Completion of election

Current through Vol. 41, No. 20, July 1, 2024
Any person making an election to transport service must sign
				  a final election option form after having been given notice of the certified
				  service credit to be transported, the amount of funds eligible for transfer
				  from the appropriate retirement system, any amounts required to be paid by the
				  member or former member, and the method of payment selected. The final election
				  form must be submitted within sixty (60) days of this notice or the election
				  shall be deemed canceled. The election to transport is not complete until the
				  final election form is submitted and full remittance of any amounts required to
				  be paid by the member.
Added at 12 Ok Reg 3237,
				  eff 7-27-95; Amended at 12 Ok Reg 3660, eff 9-1-95 through 7-14-96 (emergency);
				  Amended at 13 Ok Reg 3327, eff 7-25-96
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-7 - Funds transfer

Current through Vol. 41, No. 20, July 1, 2024
No retirement funds shall be transferred or accepted for
				  transported service until receipt of the signed final election form. The amount
				  of funds transferred by OPERS shall be based upon the service credit accepted
				  by Teachers' Retirement System.
Added at 12 Ok Reg 3237,
				  eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-8 - Previous transfers or purchases

Current through Vol. 41, No. 20, July 1, 2024
Service credit from Teachers' Retirement System previously
				  transferred or purchased shall not be refunded or cancelled due to this
				  statutory amendment. Service credit from OPERS which was previously transferred
				  or withdrawn and purchased in Teachers' is not eligible for
				  reinstatement.
Added at 12 Ok Reg 3237,
				  eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-9 - State portable service credit

Current through Vol. 41, No. 20, July 1, 2024
All service that is credited to a member pursuant to 74 O.S.
				  Section
				  913
				  (H.) or transferred out of OPERS pursuant to 70 O.S. Section
				  17-116.2
				  (Q.) shall be called state portable service. Such transferred portable service
				  shall be governed by those statutory provisions and the rules contained in this
				  subchapter.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-10 - Eligibility to transfer portable service

Current through Vol. 41, No. 20, July 1, 2024
Only those members whose last participation in Teachers'
				  Retirement System was with one of the employers named in 74 O.S. Section
				  913
				  (H.)(1) are eligible for this transfer. Teachers' shall certify the last
				  service the member has on the election form.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-11 - Election to transfer portable service

Current through Vol. 41, No. 20, July 1, 2024
The election to transfer state portable service into or out
				  of OPERS is a voluntary action on the part of the member. Only current members
				  of OPERS or Teachers' shall be eligible to transfer state portable service. In
				  the event of an election to transfer state portable service into OPERS, all
				  service certified by Teachers' Retirement System shall be eligible to transfer
				  into OPERS, subject to any statutory limitations. OPERS shall certify to
				  Teachers' Retirement System all service credited to the member or former member
				  as of the date of election. Once the election to transfer state portable
				  service is successfully completed, all service credit of said member under
				  OPERS shall be cancelled, including service not accepted by Teachers'
				  Retirement System.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-12 - Member's entry date after transfer

Current through Vol. 41, No. 20, July 1, 2024
If a member has transferred state portable service from
				  Teachers' Retirement System, the member's entry date into OPERS shall be
				  replaced with the entry date in Teachers' if that date is
				  earlier.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-13 - Use of transferred state portable service

Current through Vol. 41, No. 20, July 1, 2024
Transferred state portable service cannot be used to satisfy
				  the full-time-equivalent employment with a participating employer service
				  requirement. However, in any case where such full-time-equivalent service was
				  transferred to the Teachers' Retirement System and is later transferred back to
				  OPERS, such service may be deemed to satisfy the full-time-equivalent
				  employment requirement. Portable service may be used to determine eligibility
				  for retirement or vesting purposes and to determine the amount and type of
				  retirement benefit.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff 7-26-01;
				  Amended at 28 Ok Reg 664, eff 5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-14 - Completion of transfer election

Current through Vol. 41, No. 20, July 1, 2024
Any person making an election to transfer portable service
				  must sign a final election option form after having been given notice of the
				  certified service credit to be transferred and the amount of funds eligible for
				  transfer from the appropriate retirement system. The final election form must
				  be submitted within sixty (60) days of this notice or the election shall be
				  deemedcancelled. The election to transfer state portable service is not
				  complete until the final election form is submitted and full remittance of any
				  amounts required by the retirement system.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-15 - Funds transfer for portable service

Current through Vol. 41, No. 20, July 1, 2024
No retirement funds shall be transferred or accepted for
				  transferred state portable service until receipt of the signed final election
				  form. Funds shall be credited to the member in the same manner as they were
				  held in the sending system. For example, employer contributions in the sending
				  system shall be maintained as employer contributions in the receiving system
				  and pre-tax employee contributions in the sending system shall be maintained as
				  pre-tax employee contributions in the receiving system.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 11 - Transported and State Portable Service Credit › Section 590:10-11-16 - Previous transfers, purchases or transports

Current through Vol. 41, No. 20, July 1, 2024
Service credit from Teachers' Retirement System previously
				  transferred, purchased or transported shall not be refunded or cancelled due to
				  the new statutory provisions permitting state portability. Service credit from
				  OPERS that was previously transferred, purchased or transported to Teachers' is
				  not eligible for reinstatement.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-1 - Purpose and intent

Current through Vol. 41, No. 20, July 1, 2024
By adoption of the rules set out in this Subchapter, the
				  Board represents that:
(1) With
				respect to the transfer of certain Excess Contributions and Earnings from the
				System to the Incentive Plan, the Board intends to comply in all respects with
				the tax qualification requirements for governmental plans applicable to such
				refunds or transfers as specified in the Internal Revenue Code of 1986, as
				amended from time to time and as applicable to governmental plans and the
				relevant regulatory provisions and guidance related thereto ("Tax qualification
				requirements").
(2) The procedures
				in this Subchapter will not be implemented until the Board has received a
				favorable private letter ruling from the Internal Revenue Service that the
				transfers described in this Subchapter satisfy the tax qualification
				requirements.
(3) Only voluntary
				member contributions will be transferred to or for eligible members.
(4) In administering this Subchapter, the
				Board will comply with the legislative intent as contained in the Transfer
				Legislation.
Added at 16 Ok Reg 610,
				  eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 17 Ok
				  Reg 194, eff 9-29-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3178,
				  eff 7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-2 - 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:
"Code"
means the Internal Revenue Code of 1986,
				  as amended from time to time and as applicable to governmental plans and the
				  relevant regulatory provisions and guidance related thereto.
"Earnings"
means an amount to be transferred
				  along with the Excess Contributions which amount represents the actuarial
				  assumed annual earnings of the System of seven and one-half percent (7 ½ %),
				  calculated upon the principal amount of Excess Contributions, and compounded at
				  least annually on the principal Excess Contributions until the date of
				  transfer.
"Eligible Member"
means a member of the System
				  who was an active participating employee on July 1, 1998, and whose
				  compensation for services exceeded Twenty-five Thousand Dollars ($25,000) per
				  annum prior to July 1, 1994, and who, prior to July 1, 1998, had voluntarily
				  elected to pay retirement contributions on the maximum compensation level
				  pursuant to statutes in effect at that time, provided such retirement
				  contributions remain on deposit with the System as of the date of the
				  transfer.
"Excess Contributions"
means the contributions
				  made by an Eligible Member on compensation in excess of Twenty-five Thousand
				  Dollars ($25,000) per annum prior to June 30, 1994, that remain on deposit with
				  the System as of the date of the transfer, and includes both Pre-tax Excess
				  Contributions and Post-tax Excess Contributions.
"Incentive Plan"
means the Oklahoma State
				  Employees Deferred Savings Incentive Plan.
"Pre-tax Excess Contributions"
means the Excess
				  Contributions which were picked up by the employer under the provisions of Code
				  Section 414(h)(2).
"Post-tax Excess Contributions"
means the Excess
				  Contributions which were employee contributions and which were not picked up by
				  the employer under the provisions of Code Section 414(h)(2).
"Private Letter Ruling"
means the private letter
				  ruling issued by the Internal Revenue Service to the Board.
"System"
means the Oklahoma Public Employees
				  Retirement System.
"Transfer Legislation"
means Enrolled Senate
				  Bill 295, as it amends Section
				  910.5
				  of Title 74 of the Oklahoma Statutes.
Added at 16 Ok Reg 610,
				  eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 17 Ok
				  Reg 194, eff 9-29-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3178,
				  eff 7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-3 - Post-tax excess contributions [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 16 Ok Reg 610,
				  eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Revoked at 17 Ok
				  Reg 194, eff 9-29-99 through 7-14-00 (emergency); Revoked at 17 Ok Reg 3178,
				  eff 7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-4 - Transfer of excess contributions

Current through Vol. 41, No. 20, July 1, 2024
Within ninety (90) days from the receipt of a favorable
				  Private Letter Ruling with respect to the Transfer Legislation, the Board will
				  implement the following procedures for the transfer of Excess
				  Contributions:
(1) The Board shall
				cause to be sent a notice of transfer to each Eligible Member who has Excess
				Contributions. The notice of transfer will contain the following:
(A) The amount of the Excess Contributions to
				be transferred;
(B) The amount of
				Earnings to be transferred;
(C) The
				effective date of the transfer, which must be at least ninety (90) days from
				the date of mailing of the notice of transfer;
(D) A description of the appropriate tax
				treatment of the transfer, as prescribed by the Private Letter
				Ruling;
(E) A statement that the
				amount will be credited to the Eligible Member in the Incentive Plan and will
				not trigger an employer contribution to that Plan;
(F) For Eligible Members who are not state
				employees or otherwise a participant in the Incentive Plan, a statement that
				the Eligible Member is only permitted to participate in the Incentive Plan to
				the extent of the Excess Contributions and will not be eligible to make
				additional contributions to the Incentive Plan;
(G) An enrollment form to be completed by
				those Eligible Members who are not state employees or otherwise a participant
				in the Incentive Plan;
(H) A
				statement which indicates the investment vehicle chosen by the Board for the
				initial investment of the transfer amounts and the date the transfer amount
				will be available for participant directed investment.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-5 - Tax treatment of excess contributions

Current through Vol. 41, No. 20, July 1, 2024
(a) To the extent permitted by the Private
				Letter Ruling, the Excess Contributions and Earnings that are transferred to
				the Incentive Plan will not be considered as an annual addition to the
				Incentive Plan for purposes of Code Section 415(c).
(b) To the extent required by the Private
				Letter Ruling, the Board will report the Excess Contributions and Earnings that
				are transferred to the Incentive Plan on 1099-Rs for the year of the transfer.
				The entire amount will be reported as non-taxable.
(c) To the extent permitted by the Private
				Letter Ruling, all Post-tax Excess Contributions transferred will be identified
				in the Incentive Plan and on 1099-Rs as the Eligible Member's tax
				basis.
Added at 16 Ok Reg 610,
				  eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 17 Ok
				  Reg 194, eff 9-29-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3178,
				  eff 7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-6 - Calculation of Earnings

Current through Vol. 41, No. 20, July 1, 2024
(a) Earnings
				shall be calculated at the actuarial assumed annual earnings of the System of
				seven and one-half percent (7 ½%), which shall be compounded at least annually
				until the date of transfer.
(b)
				Earnings shall be computed on the principal Excess Contribution for the first
				compounding period and then added to the principal Excess Contribution. For the
				second compounding period, the Earnings are computed on the principal Excess
				Contribution plus the Earnings from the first compounding period, and so on,
				until the date of transfer.
(c)
				Earnings shall be calculated on the principal Excess Contribution beginning
				with the month the contribution was deposited with the System under the normal
				payroll system. Any withdrawal and repayment of Excess Contributions prior to
				July 1, 1998, shall have Earnings calculated only from the time of repayment of
				the withdrawal. Earnings shall not accrue or be calculated from the initial
				Excess Contribution date nor will Earnings accrue for any period of time prior
				to the repayment of the Excess Contributions.
(d) If any amount of Excess Contributions was
				paid pursuant to the installment payment program provided in
				590:10-3-9,
				Earnings shall not accrue nor be calculated on any Excess Contributions until
				the purchase was completed and the installment payments were transferred to the
				Eligible Member's ledgers. By way of example, if the Eligible Member elected to
				amortize the payment of Excess Contributions over a sixty-month period, the
				Earnings do not accrue until the month following completion of the sixty-month
				period.
Added at 17 Ok Reg 194,
				  eff 9-29-99 through 7-14-00 (emergency); Added at 17 Ok Reg 3178, eff
				  7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-7 - Residual transfer

Current through Vol. 41, No. 20, July 1, 2024
(a) The initial
				transfer of Excess Contributions and Earnings shall include all Eligible
				Members who did not object to the transfer amount. If an Eligible Member
				objects to the transfer amount and said objection is not resolved by the date
				of transfer, the Excess Contributions shall not be included in the initial
				transfer. The Board shall provide for a residual transfer date to occur at
				least one year following the initial transfer date.
(b) A member of the System who has Excess
				Contributions in the Plan but was not identified or included in the initial
				transfer must notify the System within one year of date of the initial transfer
				to request the transfer of the Excess Contributions and Earnings. The final
				transfer of all Excess Contributions shall occur at the time of the residual
				transfer at least one year following the initial transfer date.
Added at 17 Ok Reg 194,
				  eff 9-29-99 through 7-14-00 (emergency); Added at 17 Ok Reg 3178, eff
				  7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 13 - Excess Contributions › Section 590:10-13-8 - Deceased Eligible Members

Current through Vol. 41, No. 20, July 1, 2024
If the Excess Contributions of a deceased Eligible Member
				  remain in the Member's account in the System at the time of transfer, the
				  Excess Contributions and Earnings shall be transferred to the Incentive Plan in
				  the same manner as if the Eligible Member were not deceased. Once transferred
				  to the Incentive Plan, distribution shall be governed by the Incentive Plan
				  provisions as provided in
				  590:35-13-5 and
				  590:35-13-6.
				  For purposes of a deceased retired Eligible Member, the Excess Contributions
				  shall be considered on deposit if no accumulated employee contributions have
				  been disbursed to a beneficiary.
Added at 17 Ok Reg 194,
				  eff 9-29-99 through 7-14-00 (emergency); Added at 17 Ok Reg 3178, eff
				  7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-1 - Purpose and intent

Current through Vol. 41, No. 20, July 1, 2024
By adoption of the rules set out in this Subchapter, the
				  Board represents that:
(1) With
				respect to the payment of the limited retirement benefits, the Board intends to
				comply in all respects with the tax qualification requirements for governmental
				plans applicable to such benefit payments as specified in the Internal Revenue
				Code of 1986, as amended from time to time and as applicable to governmental
				plans and the relevant regulatory provisions and guidance related thereto ("Tax
				qualification requirements").
(2)
				In administering this Subchapter, the Board will comply with the legislative
				intent as contained in the Limited Benefit Legislation.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-2 - 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:
"Determination Letter"
means the favorable
				  determination letter issued by the Internal Revenue Service to the Board on
				  October 10, 2000, and received by the System on October 30, 2000, applicable to
				  continued qualification of the plan in its present form.
"Excess Contributions"
means the contributions
				  and payments actually made by a Limited Eligible Member on compensation in
				  excess of Twenty-five Thousand Dollars ($25,000) per annum prior to June 30,
				  1994, that remain on deposit with the System as of the date of the receipt of
				  retirement benefits, and includes both pre-tax Excess Contributions and
				  post-tax Excess Contributions.
"Limited Benefit"
means an additional benefit
				  amount to be paid in addition to the Limited Eligible Member's Regular
				  Retirement Benefit, for only so long as the Regular Retirement Benefit is
				  payable, in the amount of $200 per month or the amount of Excess Contributions
				  actually paid, whichever is less, until the total amount of Excess
				  Contributions made by that Eligible Member has been paid.
"Limited Benefit Legislation"
means Enrolled
				  Senate Bill 386, enacted in 1999, as it amends Section
				  910.5
				  of Title 74 of the Oklahoma Statutes.
"Limited Eligible Member"
means a member of the
				  System who was vested or eligible to vest on July 1, 1998, but who was not
				  active and participating nor retired, and whose compensation for services
				  exceeded Twenty-five Thousand Dollars ($25,000) per annum prior to July 1,
				  1994, and who, prior to July 1, 1998, had voluntarily elected to pay retirement
				  contributions on the maximum compensation level pursuant to statutes in effect
				  at that time, provided such retirement contributions remain on deposit with the
				  System.
"Maximum Limited Benefit"
means the amount equal
				  to the total Excess Contributions made by that Limited Eligible Member which
				  has been paid to the Limited Eligible Member in monthly payments or any lesser
				  amount of Limited Benefits which have been paid in the event the normal
				  retirement benefit of the Eligible Member ceases due to death or
				  forfeiture.
"Regular Retirement Benefit"
means the monthly
				  retirement benefit that the Limited Eligible Member has elected to receive and
				  includes normal, early and disability retirements, excluding retroactive
				  lump-sum disability payments.
"System"
means the Oklahoma Public Employees
				  Retirement System.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-3 - Initial payment of limited benefits

Current through Vol. 41, No. 20, July 1, 2024
Within ninety (90) days from the receipt of the favorable
				  Determination Letter, the Board will implement the following procedures for the
				  payment of the Limited Benefit:
(1)
				The Board shall cause to be sent a letter of eligibility to each Limited
				Eligible Member who has Excess Contributions and who is already receiving a
				Regular Retirement Benefit from the System as of December 31, 2000. The letter
				of eligibility will contain the following:
(A)
				The amount of the Excess Contributions determined by the System;
(B) The amount and duration of the Limited
				Benefit payments;
(C) The effective
				date of the first Limited Benefit payment, which must be at least ninety (90)
				days from the date of mailing of the letter of eligibility;
(D) A description of the appropriate tax
				treatment of the Limited Benefit.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-4 - Subsequent payment of limited benefits

Current through Vol. 41, No. 20, July 1, 2024
Within ninety (90) days after the effective date of this
				  rule, the Board will implement the following procedures for the payment of the
				  Limited Benefit:
(1) The Board shall
				cause to be sent a letter of eligibility to each Limited Eligible Member who
				had not previously been provided a letter of eligibility. The letter of
				eligibility will contain the following:
(A)
				The amount of the Excess Contributions determined by the System;
(B) The amount and duration of the Limited
				Benefit payments;
(C) A description
				of the expected effective date of the first Limited Benefit payment to coincide
				with the payment of the third Regular Retirement Benefit;
(D) A description of the appropriate tax
				treatment of the Limited Benefit.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-5 - Tax treatment of limited benefit

Current through Vol. 41, No. 20, July 1, 2024
The Board will report the Limited Benefit payments on 1099-Rs
				  for each year in which payments are made. The entire amount of Limited Benefit
				  payments shall be reported as taxable. The Limited Eligible Member's tax basis
				  shall not be affected by these payments.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-6 - Omitted limited eligible members

Current through Vol. 41, No. 20, July 1, 2024
A Limited Eligible Member who has Excess Contributions in the
				  Plan but was not identified by the System or was not sent a letter of
				  eligibility for the initial or subsequent Limited Benefit payments is
				  responsible to notify the System of his or her eligibility and to request the
				  payment of the Limited Benefit. For any omitted Limited Eligible Member who
				  requests Limited Benefit payments, the Board shall determine eligibility and
				  implement the notice procedures as provided in Sections 3 and 4 of this
				  Subchapter and Chapter of these Rules for such omitted Limited Eligible
				  Members. The Limited Benefit shall be paid only on a prospective
				  basis.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-7 - Limited benefit amount

Current through Vol. 41, No. 20, July 1, 2024
The Limited Benefit shall be paid in an amount not to exceed
				  $200 per month. The Limited Benefit shall not be subject to cost-of-living
				  adjustments or other similar benefit increases. It shall be payable monthly so
				  long as Limited Eligible Member is receiving a Regular Retirement Benefit until
				  the Limited Eligible Member has received the Maximum Limited Benefit amount. As
				  a result, the final Limited Benefit may be in an amount less than
				  $200.
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 15 - Limited Retirement Benefit › Section 590:10-15-8 - Deceased limited eligible members

Current through Vol. 41, No. 20, July 1, 2024
In the event of the death of a Limited Eligible Member prior
				  to payment of the Maximum Limited Benefit amount, the remaining Limited Benefit
				  shall be payable only if monthly retirement benefits continue to be paid to a
				  joint annuitant under Options A or B or a beneficiary under Option C. The
				  Limited Benefit payment shall be paid to such joint annuitant or beneficiary in
				  the same manner as if the Limited Eligible Member were not deceased, only so
				  long as he or she continues to receive monthly retirement benefits. The Limited
				  Benefit payments shall not count against the contribution amounts payable to a
				  beneficiary pursuant to Title 74 O.S. Section
				  917(4).
Added at 18 Ok Reg 548,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-1 - Step-Up

Current through Vol. 41, No. 20, July 1, 2024
An enhanced benefit computation factor is available to
				  certain members of the Oklahoma Public Employees Retirement System provided an
				  election form is properly completed and filed and additional actuarially
				  determined contributions are paid. This enhanced benefit shall be called
				  "Step-Up".
Added at 21 Ok Reg 1759,
				  eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-2 - Eligibility for Step-Up

Current through Vol. 41, No. 20, July 1, 2024
All state, county and local government employees who are
				  active participants, including retired members who have returned to work, are
				  eligible to make the Step-Up election, with the exception of hazardous duty
				  employees as provided in
				  590:10-1-15
				  of these rules (such as correctional officers, probation and parole officers,
				  fugitive apprehension agents and Military Department firefighters) and elected
				  officials elected or appointed before November 1, 2011. Elected officials who
				  are first elected or appointed on or after November 1, 2011, shall be eligible
				  to make the Step-Up election.
Added at 21 Ok Reg 1759, eff 6-11-04 ; Amended at 30 Ok
					 Reg 550, eff 5-11-13
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-3 - Irrevocable election of Step-Up

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Eligible OPERS members may make an irrevocable election to Step-Up or increase
				their benefit computation factor from 2.0% to 2.5%. Participating members will
				not be permitted to revoke the Step-Up election or stop the Step-Up
				contributions once the election has been made. The election is considered to be
				made upon the earliest of OPERS receipt of a member's completed election form
				or deposit of the member's Step-Up contributions.
(b) The Step-Up election is an irrevocable
				election and is binding on all future participation in OPERS, even if there is
				a break in service, a change in jobs, a change in participating employers or a
				change in elected or non-elected status.
Added at 21 Ok Reg 1759,
				  eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-4 - Step-Up effective date

Current through Vol. 41, No. 20, July 1, 2024
Participation in the Step-Up can be effective as early as the
				  first payroll period following January 1, 2004, provided that the member has
				  signed and filed the election form with his or her Retirement Coordinator prior
				  to that date. After January 1, 2004, the election can be made at enrollment or
				  at any time while participating as an active member. The Step-Up will be
				  effective the first payroll period following the member's election and
				  acceptance of the election by the member's participating
				  employer.
Added at 21 Ok Reg 1759,
				  eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-5 - Step-Up contributions

Current through Vol. 41, No. 20, July 1, 2024
After election of the Step-Up, the employee member is
				  required to make a higher retirement contribution rate during all future
				  participation. The contribution rate is actuarially determined and may be
				  raised or lowered by law in the future.
Added at 21 Ok Reg 1759,
				  eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-6 - Termination, withdrawal and repayment of Step-Up

Current through Vol. 41, No. 20, July 1, 2024
Participating members are not permitted to withdraw any
				  retirement contributions unless the member terminates employment and membership
				  in the System. The Step-Up is binding on future participation in the event that
				  the member elects the Step-Up, and subsequently terminates employment and takes
				  a withdrawal of his or her employee contributions. In the event that such a
				  member returns to employment with a participating employer, he or she must
				  resume participation in the Step-Up. If such a member desires to repay the
				  withdrawal, he or she is required to repay all amounts withdrawn, including any
				  previous Step-Up contributions in order to reinstate the service
				  credit.
Added at 21 Ok Reg 1759,
				  eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-7 - Step-Up participating service calculations

Current through Vol. 41, No. 20, July 1, 2024
The Step-Up will increase the member's computation factor to 2.5% for participating service which is accrued after the election. It will be computed for full years (12 months) of participating service only. Partial years of service (including participation in the Step-Up for partial years), service prior to the Step-Up election, purchased credit, prior service, military service, transported service, bonus years and unused sick leave will all be calculated at the regular 2% computation factor.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-7 - Step-Up participating service calculations

Current through Vol. 41, No. 20, July 1, 2024
The Step-Up will increase the member's computation factor to
				  2.5% for participating service which is accrued after the election. It will be
				  computed for full years (12 months) of participating service only. For purposes
				  of the Step-Up calculation, 2076 hours equals a full year of participating
				  service. Partial years of service (including participation in the Step-Up for
				  partial years), service prior to the Step-Up election, purchased credit, prior
				  service, military service, transported service, bonus years and unused sick
				  leave will all be calculated at the regular 2% computation
				  factor.
Added at 21 Ok Reg 1759,
				  eff 6-11-04
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-8 - Step-Up and post-retirement employment

Current through Vol. 41, No. 20, July 1, 2024
(a) A retired member who returns to work with
				a participating employer and who made an election to participate in the Step-Up
				prior to his or her retirement, is bound by that election and must continue to
				participate in the Step-Up for all periods of post-retirement participation. A
				retired member who returns to work with a participating employer and who either
				did not have an opportunity to make the election to participate in Step-Up or
				who was eligible but chose not to make the election can begin participation in
				the Step-Up at any time during his or her post-retirement employment after
				January 1, 2004.
(b) For purposes
				of calculating post-retirement benefits for retired members who choose the
				Step-Up post-retirement, the addition of post-retirement benefits shall not be
				calculated at 2.5% until the additional Step-Up contribution has been paid on
				the entire 2076 hours of participation being used to calculate the member's
				benefit increase for that year in accordance with
				590:10-7-15
				and 74 O.S. Section
				914.
(c) It is the responsibility of the retired
				member to select the appropriate time, if ever, to elect the Step-Up for
				post-retirement participation. For illustrative purposes, if a retired member
				has participated in post-retirement employment for 1400 hours prior to making
				the Step-Up election, makes the Step-Up election and continues to participate
				as a retired member, the next 676 hours of participation while making Step-Up
				contributions will be combined with the previous 1400 hours and calculated at
				2%. All future post-retirement participation will be calculated at
				2.5%.
(d) The member cannot change
				the Step-Up election date and cannot receive a refund of Step-Up contributions
				made for any periods which are not calculated at 2.5%.
Added at 21 Ok Reg 1759,
				  eff 6-11-04