Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-1 - Regular annual compensation requirements

Current through Vol. 41, No. 20, July 1, 2024
Each member of the Teachers' Retirement System is required
				  to make contributions to the Retirement Fund. Monthly contributions are a set
				  percent of "regular annual compensation". Regular annual compensation is
				  defined as wages plus fringe benefits, excluding the flexible benefit allowance
				  provided by Section
				  26-105
				  of Title 70 of the Oklahoma Statutes, and shall include all normal periodic
				  payments as provided in subsection D of Section
				  17-116.2
				  of Title 70 of the Oklahoma Statutes. Wages and fringe benefits for retirement
				  purposes are defined as normal periodic payment for service the right to which
				  accrues on a regular basis in proportion to the service performed. Such
				  periodic payments shall include staff development or other periodic payments to
				  qualifying members. Fringe benefits shall include employer-paid group health
				  and disability insurance, group term life insurance, annuities and pension
				  contributions and IRS Code Section 125 cafeteria benefits provided on a
				  periodic basis to all qualified members of the employer, which qualify as
				  fringe benefits under the United States Internal Revenue Code. A qualified
				  member is any eligible employee who is currently contributing to the System.
				  Excluded from regular annual compensation are: employer contributions to a
				  deferred compensation plan that is not provided to all qualified members of the
				  employer, expense reimbursement payments; office, vehicle, housing or other
				  maintenance allowances; the flexible benefit allowance provided pursuant to
				  Section
				  26-105
				  of Title 70 of the Oklahoma Statutes; payment for unused vacation and sick
				  leave; any payment made for reason of termination or retirement; maintenance or
				  other non-monetary compensation; payment received as an independent contractor
				  or consultant; any benefit payments not made pursuant to a valid employment
				  agreement; stipends that are not given across the board to all employees;
				  payment received for obtaining national board certification; and compensation
				  received from the Teacher Shortage Employment Incentive Program. Contributions
				  can only be remitted on actual wages and fringe benefits. No individual can
				  contribute on unearned or non-existent compensation. Under no circumstances can
				  members pay retirement contributions on more than they actually
				  earn.
Amended at 10 Ok Reg
				  3879, eff 7-12-93; Amended at 16 Ok Reg 743, eff 10-5-98 through 7-14-99
				  (emergency)1; Amended at 16 Ok Reg 3567, eff
				  9-13-99; Amended at 22 Ok Reg 2255, eff 6-25-05; Amended at 27 Ok Reg 1282, eff
				  5-27-10; Amended at 28 Ok Reg 981, eff 5-26-11; Revoked at 29 Ok Reg 854, eff
				  8-1-12
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-13-1 reverted back to the permanent text that became effective
				  7-12-93, as was last published in the 1996 Edition of the OAC, and remained as
				  such until amended again by permanent action on
				  9-13-99.