reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 17 - Step-Up Election and Benefits › Section 590:10-17-10 - Step-up benefits not eligible for Excess Benefit Plan

Current through Vol. 41, No. 20, July 1, 2024
Participating members in the Step-Up shall not be permitted
				  to participate in the Excess Benefit Plan as set forth in
				  590:10-21-1
				  et seq. adopted pursuant to 74 O.S. §
									915.1 and
				  which was approved by the Internal Revenue Service in a private letter ruling
				  dated June 24, 2010, to the extent any excess benefit, as defined in
				  590:10-21-2, is
				  attributable to the Step-Up election.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 19 - Medicare Gap Benefit Option › Section 590:10-19-1 - Purpose and intent

Current through Vol. 41, No. 20, July 1, 2024
By adoption of the rules set out in this Subchapter which
				  implement a "Medicare Gap" benefit option, the Board intends to comply in all
				  respects with IRS tax qualification requirements for governmental plans
				  applicable to such benefit option payments. Specifically, the rules contained
				  in the subchapter will not be fully implemented, and a member will not be
				  eligible to select such a benefit option, until the Board "
receives
				  official written notice that this alternative retirement benefit option
				  satisfies the tax qualification requirements for governmental plans applicable
				  to such benefit options 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
."
				  [74:915.3]
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 19 - Medicare Gap Benefit Option › Section 590:10-19-3 - Medicare Gap Benefit option

Current through Vol. 41, No. 20, July 1, 2024
(a)
				An alternate retirement benefit option is available to members of the Oklahoma
				Public Employees Retirement System provided an election form is properly
				completed and filed with the System after the Option Effective Date and prior
				to the member's effective retirement date. This alternate benefit option shall
				be called the Medicare Gap Benefit option. The Medicare Gap Benefit option is
				intended to permit certain members of the System to elect to receive an
				increased retirement benefit amount to help cover the cost of the health
				insurance premiums prior to the time that the member becomes Medicare-eligible,
				however, the Medicare Gap Benefit may not equal or cover the entire cost of the
				member's actual health insurance premiums.
(b) As a result of the passage of Section 2
				of Enrolled Senate Bill 1112 from the 1st Session of
				the 51st Oklahoma Legislature (2007), members
				electing the Medicare Gap Benefit Option with a retirement effective date on or
				after July 1, 2007, shall have the Medicare Gap Benefit determined in
				accordance with these rules.
(c)
				Despite any provision to the contrary, all members who made the Medicare Gap
				Benefit Election with a retirement effective date from May 1, 2006, the Option
				Effective Date, through June 30, 2007, Medicare Gap Benefit means an adjusted
				retirement benefit which is greater than the member's Regular Retirement
				Benefit beginning with the first retirement benefit payment through December of
				the year the member becomes Medicare-eligible. Beginning in January of the year
				following such year that the member becomes Medicare-eligible, the retirement
				benefit will be actuarially reduced making the member's benefit less than the
				Regular Retirement Benefit for the remaining lifetime of the member.
(d) Any member who has previously filed an
				application for vested benefits or any other non-active vested member who is
				considered to have met the sixty (60) day notice requirement for filing his or
				her retirement application may be permitted to file the election form provided
				by this section after the member's effective retirement date. However, this
				filing shall only be permitted if the System determines the member was unable
				to timely make such election prior to the effective retirement date. In no
				event shall the filing of this election form be permitted less than fifteen
				(15) days prior to the first benefit payment to the member. Any election form
				received and approved by the System within this fifteen-day period shall result
				in the retirement date of the member being moved to the next month.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 25 Ok Reg 46, eff 8-16-07 (emergency); Amended at 25 Ok
				  Reg 1001, eff 5-11-08; Amended at 26 Ok Reg 952, eff
				  4-25-09
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-4 - Irrevocable election of Medicare Gap Benefit option

Current through Vol. 41, No. 20, July 1, 2024
The Medicare Gap Benefit option election is an irrevocable
				  election. This election shall not be changed under any circumstances on or
				  after the effective date of the member's retirement.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 24 Ok Reg 1135, eff
				  5-11-07
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-5 - Medicare Gap Benefit

Current through Vol. 41, No. 20, July 1, 2024
(a) The formula
				for the Pre-Medicare Increase is not an individualized actuarial calculation.
				The formula shall be based upon the difference between the average of the
				non-Medicare Supplement premiums and average of the Medicare Supplement
				premiums for all health insurance plans offered by the Oklahoma State and
				Education Employees Group Insurance Board to inactive or retired OPERS members.
				The formula shall use the average premium amounts for the member only and shall
				include as an offset the amount of the health insurance subsidy payment made by
				the System. The Pre-Medicare Increase to a retiree's benefit prior to becoming
				eligible for Medicare, will not always equal the additional cost of the
				retiree's health insurance.
(b) The
				Pre-Medicare Increase shall be reviewed and adopted by the Board prior to
				January 1 of each year to ensure that the formula is based upon new health
				insurance data.
(c) The Post
				Medicare Benefit is calculated using actuarially determined factors to reduce
				the benefit of the retiree thereby ensuring an actuarially neutral cost to the
				System.
(d) The Board shall adopt
				the appropriate actuarial tables to ensure the neutral actuarial cost to the
				System.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 24 Ok Reg 1135, eff
				  5-11-07
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-6 - Eligible Members

Current through Vol. 41, No. 20, July 1, 2024
Only Eligible Members may elect the Medicare Gap Benefit
				  option. Any member who has retired prior to the Option Effective Date of the
				  Medicare Gap Benefit option is not eligible to make this election or change the
				  type of retirement benefit previously selected. The Medicare Gap Benefit shall
				  be paid only on a prospective basis.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 24 Ok Reg 1135, eff
				  5-11-07
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-7 - Eligibility exclusions

Current through Vol. 41, No. 20, July 1, 2024
Eligible Member specifically excludes any member who receives
				  retirement benefit payments for any months prior to the Option Effective Date,
				  any member who is retiring under Disability Retirement, and any member electing
				  an Option C. Surviving spouses are not eligible to elect the Medicare Gap
				  Benefit option.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 24 Ok Reg 1135, eff
				  5-11-07
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-8 - Calculation of the Medicare Gap Benefit

Current through Vol. 41, No. 20, July 1, 2024
(a) The mortality tables used in the
				calculation of the Medicare Gap Benefit shall be the same tables adopted by the
				Board for other OPERS calculations.
(b) The Pre-Medicare and Post Medicare
				Benefit payment amounts shall be calculated at the time of retirement and shall
				not be re-calculated after the member's effective retirement date except to
				correct errors or as specifically provided in these rules.
(c) The formula for the Pre-Medicare Increase
				is applied after the calculation of the Eligible Member's Regular Retirement
				Benefit which includes any required actuarial reductions made for early
				retirement or selection of Option A or B and shall be applied based upon the
				age of the member at time of retirement.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 24 Ok Reg 1135, eff
				  5-11-07
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-9 - Medicare Gap Benefit Inapplicable for joint annuitants

Current through Vol. 41, No. 20, July 1, 2024
(a) The Medicare Gap Benefit does not apply
				to the benefit amount of a joint annuitant or surviving spouse of a member when
				the member dies prior to his or her effective retirement date.
(b) Following the death of the member after
				retirement and election of the Medicare Gap Benefit option, the survivor
				benefit payments to a named joint annuitant under an Option A or to the
				surviving spouse of a deceased elected official shall be one-half or 50% of the
				Regular Retirement Benefit plus any necessary adjustments for COLA's.
(c) Following the death of the member after
				retirement and election of the Medicare Gap Benefit option, the survivor
				benefit payments to a named joint annuitant under an Option B shall be 100% of
				the Regular Retirement Benefit plus any necessary adjustments for
				COLA's.
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 19 - Medicare Gap Benefit Option › Section 590:10-19-11 - Minimum benefit amount

Current through Vol. 41, No. 20, July 1, 2024
An Eligible Member may not elect the Medicare Gap Benefit
				  option if the calculation of either the Pre-Medicare or Post Medicare Benefit
				  amounts would result in a gross benefit payment amount of less than $200.00 per
				  month calculated at the time of retirement.
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 19 - Medicare Gap Benefit Option › Section 590:10-19-12 - Calculation of Cost-of-Living Adjustments

Current through Vol. 41, No. 20, July 1, 2024
Unless otherwise specified by law, any cost-of-living
				  adjustments to a member's Medicare Gap Benefit shall be calculated based upon
				  the benefit the member is actually receiving at the time of the adjustment.
				  Upon becoming Medicare-eligible, the Post Medicare benefit amounts shall be
				  adjusted to receive the appropriate percentage equivalent of the cost-of-living
				  adjustments granted during the Pre-Medicare Benefit payment
				  period.
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 19 - Medicare Gap Benefit Option › Section 590:10-19-13 - Medicare Gap benefits and post-retirement employment

Current through Vol. 41, No. 20, July 1, 2024
(a) A retired member who returns to work with
				an OPERS participating employer and who has elected a Medicare Gap Benefit
				option shall have his or her post-retirement participation calculated in
				accordance with
				590:10-7-15
				of these rules. Any additional benefit from post-retirement employment will be
				calculated and paid without adjustment for either the Pre-Medicare Benefit or
				Post Medicare Benefit.
(b) A
				retired member who returns to work with an OPERS participating employer and who
				has elected a Medicare Gap Benefit option is not eligible to waive receipt of
				their monthly retirement benefit pursuant to 74 O.S. Section
				914(E)
				or to have retirement benefits recalculated upon termination of employment
				after completion of thirty-six (36) consecutive months of full-time-equivalent
				employment.
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 19 - Medicare Gap Benefit Option › Section 590:10-19-14 - Payments to an alternate payee under a QDRO

Current through Vol. 41, No. 20, July 1, 2024
(a) An Eligible Member for whom a qualified
				domestic relations order has been filed and previously accepted by the System
				prior to the effective date of these rules may elect a Medicare Gap Benefit
				only if the Pre-Medicare and/or Post Medicare Benefit amounts are sufficient to
				make the required payment to the alternate payee under the QDRO and result in a
				payment amount to the member of at least $100.00 per month.
(b) All qualified domestic relations orders
				filed with the System after the effective date of these rules shall include a
				provision requiring that the award will only be made for members electing a
				Medicare Gap Benefit if the member's Pre-Medicare and/or Post Medicare Benefit
				amounts are sufficient to make the required payment to the alternate payee
				under the QDRO and result in a payment amount to the member of at least One
				Hundred Dollars ($100.00) per month.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; Amended at 23 Ok Reg 1482, eff
				  5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 21 - Excess Benefit Plan and Trust › Section 590:10-21-1 - Establishment and purpose

Current through Vol. 41, No. 20, July 1, 2024
(a)
Establishment.
The "Oklahoma Public Employees Retirement System
				Excess Benefit Plan and Trust" is hereby established effective as of November
				1, 2010, pursuant to Code Section 415, 74 O.S. §915.1, and the Excess Benefit
				Plan and Trust document which was approved by the Internal Revenue Service in a
				private letter ruling dated June 24, 2010, and as adopted by the Board of
				Trustees.
(b)
Purpose.
The purpose of this Excess Benefit Plan is solely to provide the part of a
				Participant's Retirement Benefit that would otherwise have been payable by the
				System except for the limitations of Code Section 415(b). This Excess Benefit
				Plan is intended to be a "qualified governmental excess benefit arrangement"
				within the meaning of Code Section 415(m)(3) and shall be interpreted and
				construed consistently with such intent. This Excess Benefit Plan is an "exempt
				governmental deferred compensation plan" described in Code Section 3121(v)(3).
				Code Sections 83, 402(b), 457(a), and 457(f)(1) shall not apply to this Excess
				Benefit Plan.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-3 - Construction

Current through Vol. 41, No. 20, July 1, 2024
Whenever any actuarial present value or actuarial equivalency
				  is to be determined under the Excess Benefit Plan to establish a benefit, it
				  shall be based on such reasonable actuarial assumptions as may be approved in
				  the sole discretion of the Board, and shall be determined in a uniform manner
				  for all similarly situated Participants.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-4 - Participation

Current through Vol. 41, No. 20, July 1, 2024
All Retirees and Beneficiaries of the System are required to
				  participate in the Excess Benefit Plan if their Retirement Benefit from the
				  System for a Plan Year is limited during the applicable Calendar Year by Code
				  Section 415(b). The Board shall determine for each Plan Year which Retirees and
				  Beneficiaries are required to participate in the Excess Benefit Plan.
				  Participation in the Excess Benefit Plan shall commence each Plan Year once a
				  Retiree or Beneficiary has an Excess Benefit in that Plan Year as determined by
				  the Calendar Year Code Section 415 limits. Participation in the Excess Benefit
				  Plan shall cease for any portion of a Plan Year in which the Retirement Benefit
				  of a Retiree or Beneficiary is not limited by Code Section 415(b) or if all
				  benefit obligations under the Excess Benefit Plan to the Retiree or Beneficiary
				  have been satisfied.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-5 - Payment of benefits

Current through Vol. 41, No. 20, July 1, 2024
(a)
Benefit
				amount.
A Participant in the Excess Benefit Plan shall receive a benefit
				in an amount equal to the amount of Retirement Benefit that would have been
				payable to, or with respect to, a Participant by the System that could not be
				paid because of the application of the limitations on such Retirement Benefit
				under Code Section 415(b). Provided, however, that the Excess Benefit Plan will
				not pay any Excess Benefit which results from the 2.5% step-up election
				pursuant to 74 O.S. §
									919.1(1)(e).
				An Excess Benefit under the Excess Benefit Plan shall be paid only if and to
				the extent the Participant is receiving a Retirement Benefit from the
				System.
(b)
No election to
				defer.
No election is provided at any time to the Participant, directly
				or indirectly, to defer compensation under this Excess Benefit Plan.
(c)
Time for Payment.
Each Plan
				Year, the Excess Benefit to which a Participant is entitled under the Excess
				Benefit Plan shall be paid from the Excess Benefit Fund commencing during or
				with the month in which all monthly payments of the Retirement Benefit (as
				limited by Code Section 415(b)) under the System have been paid, and such
				Excess Benefit shall be paid from that month to the end of the Calendar Year
				falling within the applicable Plan Year.
(d)
Form of Benefit.
The form of
				the Excess Benefit shall be the same form as the Participant's Retirement
				Benefit.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-6 - Contributions and funding

Current through Vol. 41, No. 20, July 1, 2024
(a)
Funding.
The Excess Benefit Plan shall be, and remain, unfunded,
				and the rights, if any, of any person to any benefits hereunder shall be those
				specified herein. The Excess Benefit Plan constitutes a mere unsecured promise
				by the Participating Employers, on whose behalf the Retirement Benefit and
				Excess Benefits are paid to the Participant, to make benefit payments in the
				future.
(b)
Contributions.
The Administrator shall determine the amount
				necessary to pay the Excess Benefit under the Excess Benefit Plan for each Plan
				Year for each Employer. The required contribution for all participating
				employers shall be the aggregate of the Excess Benefits payable to all
				Participants of all participating employers for such Plan Year plus an amount
				determined by the Board to be a necessary and reasonable expense of
				administering the Excess Benefit Plan. The amount determined to be necessary to
				pay the Excess Benefit of a Participant and administrative expenses of the
				Excess Benefit Plan shall be withheld from contributions to the System before
				being credited to the Retirement Fund and deposited into the Excess Benefit
				Fund established under Article VI of the Excess Benefit Plan document and
				590:10-21-7.
				Participating Employer contributions shall be made at a time or times
				determined by the Board, but shall be made no less frequently than annually.
				Any contributions not used to pay the Excess Benefit for a current Plan Year,
				together with any income accruing to the Excess Benefit Fund, shall be first
				used to pay the administrative expenses of the Excess Benefit Plan, then shall
				be deposited to the Excess Benefit Fund and used to fund Excess Benefits of
				Participants in future Plan Years.
(c)
Contributions not to be credited to
				OPERS Plan.
Under no circumstances will Employer contributions to fund
				the Excess Benefits under the Plan be credited to the OPERS Plan. The amounts
				determined to be necessary to provide the Excess Benefit under the Excess
				Benefit Plan for each Participant shall be accounted for separately. However,
				such separate accounting shall not be deemed to set aside such amounts for the
				benefit of a Participant. Benefits under the Excess Benefit Plan shall be paid
				from the Excess Benefit Fund.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-7 - Trust fund

Current through Vol. 41, No. 20, July 1, 2024
(a) Establishment
				of Excess Benefit Fund. A trust fund, referred to as the Excess Benefit Fund,
				is established as a valid trust under the law of the State, which is separate
				from the Retirement Fund, to hold contributions of the Participating Employers.
				Contributions to the Excess Benefit Fund shall be held separate and apart from
				the funds comprising the Retirement Fund and shall not be commingled with
				assets thereof. The Board shall prescribe a detailed accounting system for the
				Excess Benefit Fund, which shall allocate the expenses of the Excess Benefit
				Plan to the Excess Benefit Fund.
(b)
Excess Benefit Fund Purpose.
The Excess Benefit Fund is maintained solely for the purpose of providing
				Excess Benefits under a qualified governmental excess benefit arrangement
				within the meaning of Code Section 415(m).
(c)
Excess Benefit Fund Assets.
All assets held by such Excess Benefit Fund to assist in meeting the
				Participating Employers' obligations under the Excess Benefit Plan, including
				all amounts of Participating Employers' contributions made pursuant to the
				Excess Benefit Plan, all property and rights acquired or purchased with such
				amounts and all income attributable to such amounts, shall be, and remain, the
				general, unpledged, unrestricted assets of the Excess Benefit Fund. The Excess
				Benefit Fund shall be held separate and apart from other funds of the Employers
				and shall be used exclusively for the uses and purposes of Participants and
				general creditors as set forth herein. Participants shall have no preferred
				claim on, or any beneficial interest in, any assets of the Excess Benefit Fund.
				Any assets held by the Excess Benefit Fund shall be subject to the claims of
				the contributing Employer's general creditors under federal and state law in
				the event of insolvency, to the extent of the affected Employer's undistributed
				contributions, if any.
(d)
Grantor Trust.
The Excess Benefit Fund is intended to be a grantor
				trust, of which the contributing Participating Employers are the grantors,
				within the meaning of Code Sections 671 through 679 and shall be construed
				accordingly. This provision shall not be construed to create an irrevocable
				trust of any kind.
(e)
Excess
				Benefit Fund Income.
Income accruing to the Excess Benefit Fund in
				respect of the Excess Benefit Plan shall constitute income derived from the
				exercise of an essential governmental function upon which the Excess Benefit
				Fund shall be exempt from tax under Code Section 115, as well as Code Section
				415(m)(1).
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-8 - Administration

Current through Vol. 41, No. 20, July 1, 2024
(a)
Administrative Authority.
The Board shall have the authority to
				control and manage the operation and administration of the Excess Benefit Plan.
				The Board and the Administrator shall have the same rights, duties and
				responsibilities respecting the Excess Benefit Plan as the Board and the
				Administrator have with respect to the OPERS Plan pursuant to 74 O.S. §§
									909,
				909.1
				and
				909.2, unless
				modified by Code Section 415 and its implementing regulations, or 74 O.S. §
									915.1.
(b)
Powers of the Board.
The
				Board shall have such power and authority (including discretion with respect to
				the exercise of that power and authority) as may be necessary, advisable,
				desirable or convenient to enable the Board:
(1) to establish procedures with respect to
				administration of the Excess Benefit Plan not inconsistent with the Excess
				Benefit Plan and the Code, and to amend or rescind such procedures;
(2) to determine, consistent with the Excess
				Benefit Plan, the OPERS Plan, applicable law, rules or regulations, all
				questions of law or fact that may arise as to the eligibility for participation
				in the Excess Benefit Plan and eligibility for distribution of benefits from
				the Excess Benefit Plan, and the status of any person claiming benefits under
				the Excess Benefit Plan;
(3)
				pursuant to Article IV of the Excess Benefit Plan, to make payments from the
				Excess Benefit Fund to Participants;
(4) to contract with a third party to perform
				designated administrative services under this Excess Benefit Plan;
(5) subject to and consistent with the Code,
				to construe and interpret the Excess Benefit Plan as to administrative issues
				and to correct any defect, supply any omission or reconcile any inconsistency
				in the Excess Benefit Plan with respect to same.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 21 - Excess Benefit Plan and Trust › Section 590:10-21-9 - Plan amendments

Current through Vol. 41, No. 20, July 1, 2024
The Board from time to time may amend, suspend, or terminate
				  any or all of the provisions of this Excess Benefit Plan as may be necessary to
				  comply with Code Section 415(m) and to maintain the Excess Benefit Plan's or
				  the System's qualified status under the Code.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-10 - Nonassignability and exemption from taxation and execution

Current through Vol. 41, No. 20, July 1, 2024
The interests of Participants under this Excess Benefit Plan
				  are hereby exempt from any state, county, municipal or local tax, and shall not
				  be subject to execution, garnishment, attachment, or any other process of law
				  whatsoever, and shall be unassignable, to the extent and except as otherwise
				  provided by 74 O.S. §§
									923
				  and
				  924.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-11 - Federal and state taxes

Current through Vol. 41, No. 20, July 1, 2024
The Board, the Participating Employers, and the Administrator
				  do not guarantee that any particular Federal or State income, payroll, or other
				  tax consequence will occur because of participation in this Excess Benefit
				  Plan.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-12 - Investment

Current through Vol. 41, No. 20, July 1, 2024
The Board may hold such portion of the Excess Benefit Plan
				  uninvested as the Board deems advisable for making distributions under the
				  Excess Benefit Plan, or may invest assets of the Excess Benefit Plan pending
				  the Excess Benefit payments. The Board shall not purchase an annuity contract
				  with the assets of the Excess Benefit Fund.
Added at 28 Ok Reg 95,
				  eff 9-17-10 (emergency); Added 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 21 - Excess Benefit Plan and Trust › Section 590:10-21-13 - Conflicts and limitation of rights

Current through Vol. 41, No. 20, July 1, 2024
(a)
Conflicts.
In resolving any
				conflict between provisions of the Excess Benefit Plan and in resolving any
				other uncertainty as to the meaning or intention of any provision of the Excess
				Benefit Plan, the interpretation that (i) causes the Excess Benefit Plan to
				constitute a qualified governmental excess benefit arrangement under the
				provisions of Code Section 415(m) and the Excess Benefit Fund to be exempt from
				tax under Code Sections 115 and 415(m), (ii) causes the Excess Benefit Plan to
				comply with all applicable requirements of the Code, and (iii) causes the
				Excess Benefit Plan to comply with the System Plan and all applicable Oklahoma
				statutes and rules, shall prevail over any different interpretation.
(b)
Limitation of rights.
Neither the establishment nor maintenance of the Excess Benefit Plan, nor any
				amendment thereof nor any act or omission under the Excess Benefit Plan (or
				resulting from the operation of the Excess Benefit Plan) shall be construed as:
(1) conferring upon any Participant or any
				other person a right or claim against the Board, Trustees, Participating
				Employers, or Administrator, if any, except to the extent that such right or
				claim shall be specifically expressed and provided in the Excess Benefit
				Plan;
(2) creating any
				responsibility or liability of the Participating Employers for the validity or
				effect of the Excess Benefit Plan;
(3) a contract between the Participating
				Employers and any Participant or other person; or
(4) being consideration for, or an inducement
				or condition of, employment of any Participant or other person, or as affecting
				or restricting in any manner or to any extent whatsoever the rights or
				obligations of the Participating Employers or any Participant or other person
				to continue or terminate the employment relationship at any time.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-1 - Purpose; defined benefit plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The rules of this Chapter have been adopted to establish policies and
				procedures for implementing and administering the Uniform Retirement System for
				Justices and Judges. The Board of Trustees of the Oklahoma Public Employees
				Retirement System shall be responsible for the general oversight of the
				Judicial System and shall generally manage the two Systems in the same manner,
				except where the statutes or rules specifically provide otherwise.
(b) The Judicial System is established as a
				qualified defined benefit plan pursuant to Sections 401(a) and 414(d) of the
				Internal Revenue Code or such other provision of the Internal Revenue Code as
				applicable and applicable Treasury regulations and other guidance.
Amended at 22 Ok Reg
				  131, eff 10-6-04 (emergency); Amended at 22 Ok Reg 1363, eff 5-26-05; Amended
				  at 27 Ok Reg 1040, eff 5-13-10
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-2 - Administration

Current through Vol. 41, No. 20, July 1, 2024
(a)
Administration of Plan.
The Oklahoma Public Employees Retirement
				System shall administer the Uniform Retirement System for Justices and Judges,
				in accordance with the provisions outlined in 20 O.S. §§
									1101 et
				seq., and will coordinate with the Administrative Director of the Courts in the
				administration of the Uniform Retirement System for Justices and
				Judges.
(b)
Remittance of
				contributions.
The Administrative Director of the Courts shall remit all
				required court and employee contributions on a monthly basis. All required
				contributions and supporting documentation must be received by the System on or
				before the fifteenth (15th) day of the month following the month for which the
				contributions are due. The Administrative Director of the Courts will be
				assessed a late charge of 1.5% for any contributions remitted later than thirty
				(30) days following the due date. The late charge will be calculated on the
				unpaid balance and will compound monthly until paid.
(c)
Allocation of expenses.
The
				administrative expenses which are paid by the Oklahoma Public Employees
				Retirement System on behalf of the Uniform Retirement System for Justices and
				Judges, including operating expenses, depreciation expense, and investment
				related expenses other than fees for investment manager services, shall be
				allocated as of June 30 each year. An allocation percentage shall be calculated
				based on the amounts included in the audited financial statements from the
				prior year for the Oklahoma Public Employees Retirement System ("OPERS"), the
				401(a) plan and the 457(b) plan of the Defined Contribution System, the Uniform
				Retirement System for Justices and Judges ("URSJJ"), the Oklahoma State
				Employees Deferred Compensation Plan ("DCP"), and the Oklahoma State Employees
				Deferred Savings Incentive Plan ("SIP") using the following factors:
1) benefits;
2) contributions; and
3) average investments. The ratio of each
				factor to the total for the individual plans will be calculated and the average
				of the sum of these ratios by plan will be the percentage used to allocate the
				expenses for reimbursement by the 401(a) plan and the 457 (b) plan of the
				Defined Contribution System, URSJJ, DCP and SIP to OPERS for the payments made
				on their behalf effective for the succeeding year beginning July 1.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-4 - Average monthly salary and maximum compensation

Current through Vol. 41, No. 20, July 1, 2024
(a)
Retiring prior to June 30,
				2004.
For any Justice or Judge retiring prior to June 30, 2004, average
				monthly salary shall be computed averaging the last thirty-six (36) consecutive
				months of salary received as an active Justice or Judge. Partial months will be
				included in the average.
(b)
Retiring after June 30, 2004.
For any Justice or Judge retiring
				after June 30, 2004, average monthly salary shall be calculated as follows:
(1) The highest thirty-six (36) months of
				salary, excluding longevity payments, received as a Justice or Judge will be
				determined and totaled;
(2) If
				applicable, the three (3) highest annual longevity payments upon which
				retirement contributions have been paid will be added to the sum of the highest
				thirty-six (36) months of salary. If a Justice or Judge is scheduled to receive
				a prorated longevity payment at or near the effective date of retirement, the
				prorated longevity payment will be used only in the amount actually paid for
				which contributions are withheld and if it is one of the three (3) highest
				longevity payments;
(3) Average
				monthly salary will be determined by adding the total of the highest thirty-six
				(36) months of salary to the highest three (3) longevity payments if
				applicable, and dividing by thirty-six (36). This calculation is illustrated by
				the following formula: Total of Thirty-six Months of Highest Salaries + Three
				Highest Longevity Payments / 36 = Average Monthly Salary;
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-5 - Final benefit and Death benefit

Current through Vol. 41, No. 20, July 1, 2024
(a) The retirement benefit payable for the
				month of death of a member or survivor shall be payable to said member or
				survivor, whichever is applicable. In the event the final benefit is returned
				to the System or is not otherwise paid, said benefit will be paid to the
				member's estate or survivor's estate, whichever is applicable.
(b) The four thousand dollars ($4,000) death
				benefit available for any retired member who dies on or after July 20, 1987,
				shall be payable to the beneficiary listed by the member or to the member's
				estate. This beneficiary designation is not affected by any designation of
				joint-annuitant, deferred compensation beneficiary or insurance beneficiary,
				unless otherwise specifically designated in writing by member. For any retired
				member who died on or after July 1, 1999, the death benefit amount shall be
				five thousand dollars ($5,000).
Amended at 12 Ok Reg
				  3245, eff 7-27-95; Amended at 17 Ok Reg 609, eff 12-2-99 through 7-14-00
				  (emergency); Amended at 17 Ok Reg 3183, eff 7-27-00; Amended at 22 Ok Reg 131,
				  eff 10-6-04 (emergency); Amended at 22 Ok Reg 1363, eff 5-26-05; Amended at 23
				  Ok Reg 1485, eff 5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-6 - Revoking survivor benefits [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 17 Ok Reg
				  609, eff 12-2-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3183, eff
				  7-27-00; Revoked at 23 Ok Reg 1485, eff 5-25-06
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-7 - Refund of survivor contributions [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 17 Ok Reg
				  609, eff 12-2-99 through 7-14-00 (emergency); Revoked at 17 Ok Reg 3183, eff
				  7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-8 - Re-entry after revocation [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 17 Ok Reg
				  609, eff 12-2-99 through 7-14-00 (emergency); Revoked at 17 Ok Reg 3183, eff
				  7-27-00
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-9 - Actuarial cost for purchases

Current through Vol. 41, No. 20, July 1, 2024
Effective January 1, 1991, all purchases of service credit
				  pursuant to 20 O.S. §
									1103G.,
				  shall be based upon the actuarial cost of the incremental projected benefits to
				  be purchased.
(1) The actuarial cost
				and any tables formulated for the purpose of determining such cost, shall be
				based on the actuarial assumptions utilized in the actuarial valuation report
				for the Fiscal Year ending June 30 of the prior year.
(2) The actuarial value shall be based upon
				the member's age, salary and contribution level at the time of purchase,
				together with the earliest age for retirement with maximum benefits and
				actuarially assumed salary at the time of retirement. If purchase is not made
				by the due date on the billing statement, the purchase must be recalculated and
				the actuarial cost may increase.
(3) For purposes of determining this
				actuarial cost, the member's age shall be rounded up or down to the nearest
				birthday.
(4) For purposes of
				determining this actuarial cost, the mortality tables shall be formulated as a
				unisex table assuming a 50% male and a 50% female population, based upon the
				actuarial assumptions in subsection (1) of this Section.
(5) In the event a member who chooses to
				purchase service has been employed less than twelve (12) months, his salary
				shall be averaged based upon the most current months payroll
				information.
(6) In the event that
				the actuarial cost is less than the contributions that would have been required
				by law, the member and/or the employer shall pay the actual contributions
				cost.
Amended at 12 Ok Reg
				  3245, eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-11 - Maximum benefits

Current through Vol. 41, No. 20, July 1, 2024
(a)
General
				provisions.
Notwithstanding any other provisions of the System to the
				contrary, the member contributions paid to and retirement benefits paid from
				the Plan shall be limited to such extent as may be necessary to conform to the
				requirements of Section 415(b) of the Internal Revenue Code for a qualified
				pension plan.
(b)
Participation in other qualified plans: Aggregation of limits.
(1) The 415(b) limit with respect to any
				member who at any time has been a member in any other defined benefit plan as
				defined in Section 414(j) of the Internal Revenue Code maintained by the
				member's employer in this plan shall apply as if the total benefits payable
				under all such defined benefit plans in which the member has been a member were
				payable from one (1) plan.
(2) The
				415(c) limit with respect to any member who at any time has been a member in
				any other defined contribution plan as defined in Section 414(i) of the
				Internal Revenue Code maintained by the member's employer in this plan shall
				apply as if the total annual additions under all such defined contribution
				plans in which the member has been a member were payable from one (1)
				plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-13 - Survivor distributions

Current through Vol. 41, No. 20, July 1, 2024
If a member dies after the distribution of the member's
				  benefits has begun, the remaining portion of the member's interest will be
				  distributed at least as rapidly as under the method of distribution being used
				  for the member as of the date of the member's death.
Added at 18 Ok Reg 551,
				  eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3264, eff
				  7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-14 - Direct deposit

Current through Vol. 41, No. 20, July 1, 2024
(a) For members or
				survivors retiring prior to July 1, 2001, a Retirant or survivor may authorize
				the Uniform Retirement System for Justices and Judges to deposit their monthly
				retirement benefit directly to a checking or savings account in a bank, Credit
				Union and/or Savings and Loan by electronic fund transfer or by paper check.
				Application for direct deposit will only be accepted on properly completed
				forms provided by URSJJ. Prior to June 30, 2001, the direct deposit may be
				discontinued at any time upon thirty (30) days' written notice by the member,
				survivor or URSJJ. After July 1, 2001, if the electronic fund transfer creates
				an undue hardship on the retiree or survivor, the direct deposit may be
				discontinued only if the member or survivor makes application to the Executive
				Director to request a waiver of this requirement. The waiver will be granted
				only upon good cause shown when it is determined to be in the best interest of
				the member or survivor. The Executive Director, at his or her sole discretion,
				may also waive this requirement when it is necessary in the best interest of
				the System to do so.
(b) Effective
				July 1, 2001, newly retired members or survivors shall be required to receive
				monthly benefit payments via electronic fund transfers to a banking or
				financial institution designated by the member or survivor. The retiree or
				survivor and receiving institution must complete the form prescribed for this
				purpose by URSJJ. In the event the electronic fund transfer creates an undue
				hardship on the retiree or survivor, the member or survivor may make
				application to the Executive Director to request a waiver of this requirement.
				The waiver will be granted only upon good cause shown when it is determined to
				be in the best interest of the member or survivor. The Executive Director, at
				his or her sole discretion, may also waive this requirement when it is
				necessary in the best interest of the System to do so.
Added at 18 Ok Reg 3264,
				  eff 7-26-01; Amended at 19 Ok Reg 744, eff 12-20-01 (emergency); Amended at 19
				  Ok Reg 1479, eff 5-28-02
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 15 - Uniform Retirement System for Justices and Judges › Subchapter 1 - General Provisions › Section 590:15-1-15 - Salary for retirement purposes [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2867,
				  eff 8-4-03 (emergency); Revoked at 21 Ok Reg 38, eff 9-17-03
				  (emergency)