reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-7 - Amendment

Current through Vol. 41, No. 20, July 1, 2024
The Board of Trustees may amend or modify these Plans and
				  Trusts with or without the consent of the Participant or any Beneficiary
				  thereof provided that:
(1) All
				amendments shall be accomplished under the Administrative Procedures Act. No
				amendments shall deprive the Participant of any of the benefits to which he or
				she is entitled under the Plans and Trusts regarding contributions credited to
				his or her Account prior to the effective date of the amendment;
(2) Each Plan and Trust alone, and any
				properly adopted amendment thereof, shall constitute the total Plan and Trust
				or contract between the Employer and the Participant regarding the Plan and
				Trust; no oral statement regarding the Plan and Trust may be relied upon by the
				Participant;
(3) Each Plan and
				Trust and any properly adopted amendment shall be binding on the parties
				subject to the Plan and Trust and their respective heirs, administrators,
				trustees, successors, and assigns, and on all designated Beneficiaries of the
				Participant; and
(4) No amendment
				shall authorize or permit any part of the Trust Funds for the Plans to be used
				for or diverted to purposes other than for the exclusive benefit of the
				Participants and their Beneficiaries.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-9 - Payment of expenses

Current through Vol. 41, No. 20, July 1, 2024
(a)
Forfeitures to pay expenses - 401(a) plan.
Forfeitures under
				590:40-7-21 and
				590:40-7-22 shall be
				used to pay 401(a) plan and/or Trust expenses. To the extent not paid by the
				Employer, all costs and expenses incurred in administering the 401(a) plan and
				the Trust shall be paid by the Plan and Trust through the reduction of each
				Participant's Account.
(b)
Fees payable from Trust Fund.
The fees payable for consulting,
				legal, accounting, or other reasonable and necessary services relating to the
				administration of each of the Plans and Trusts, as provided for, including
				expenses for the Board of Trustees, shall be payable by the Board of Trustees
				out of the Trust Funds, and until so paid shall constitute a first and prior
				charge and lien against the Trust Funds, to the extent not paid by the
				Employer.
(c)
Allocation of
				expenses.
The administrative expenses paid by OPERS on behalf of the
				each of the Plans, 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 OPERS defined benefit plan, the Uniform Retirement
				System for Justices and Judges ("URSJJ"), the Oklahoma State Employees Deferred
				Compensation Plan ("DCP"), the Oklahoma State Employees Deferred Savings
				Incentive Plan ("SIP"), the 401(a) plan and the 457(b) plan of the Defined
				Contribution System 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 each of the Plans, URSJJ, DCP, and SIP to OPERS
				defined benefit plan 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 40 - Defined Contribution System › Subchapter 3 - Administration of Defined Contribution System - Applicable to the 401(A) Plan and the 457(B) Plan › Section 590:40-3-10 - Records

Current through Vol. 41, No. 20, July 1, 2024
Subject to the provisions of
				  590:10-1-18,
				  all information, documents and copies thereof contained in a Participant's Plan
				  file shall be given confidential treatment and shall not be made public by
				  OPERS without prior written consent of the Participant to which it pertains,
				  but shall be subject to subpoena or court order.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 1 - ELIGIBILITY AND ICIPATION - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-2 - Termination of Participation

Current through Vol. 41, No. 20, July 1, 2024
A Participant shall cease to be eligible under the Plans
					 upon the Participant's Termination of Service, Normal Retirement, Disability,
					 or death. A Participant's participation in the Plans shall cease upon the
					 complete distribution of a Participant's Account balance.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 3 - CONTRIBUTIONS - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-5 - Employee mandatory contributions to the 401(a) plan

Current through Vol. 41, No. 20, July 1, 2024
Each Participant shall participate in the 401(a) Plan at a
					 minimum contribution rate of 4.5% of the Employee's Compensation. These funds,
					 designated as Employee contributions, shall be paid by the Employer for all
					 Participants and picked up in order to be treated as Employer Contributions
					 under the provisions of Code Section 414(h)(2) and 74 O.S. §935.8. The Employer
					 shall remit the contributions to OPERS for deposit into an Account or Accounts
					 maintained on behalf of the Participant. The mandatory 4.5 % Employee
					 contribution shall be placed by OPERS in the Code Section 401(a) plan as set
					 forth by the Board of Trustees and in accordance with this Chapter.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 3 - CONTRIBUTIONS - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-6 - Employee additional contributions to the 457(b) plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Additional contributions; deposit of funds.
Participants may contribute additional Pre-Tax Elective Deferrals and Roth Elective Deferrals, above the 4.5% required contribution rate. All deferrals above the mandatory 4.5% contribution rate shall be considered voluntary deferrals. Participants may contribute 7% of compensation and it shall be matched by the Employer. Participants may contribute more than 7% of compensation, but any such amount over 7% shall not be eligible for Employer matching amounts. All voluntary deferrals shall be subject to the maximum deferral limits allowed under the Code and as set forth in Subchapter 9 of this Chapter. Voluntary deferrals shall be paid and remitted in the same manner as the mandatory contributions. All voluntary deferrals are intended to meet the requirements of Code Sections 457(b). All voluntary deferrals over the 4.5% mandatory contribution shall be placed by OPERS in the 457(b) plan as set forth by the Board of Trustees and in accordance with Subchapter 9 of this Chapter.
(b)
Change in deferral rate.
(1) A Participant may change the voluntary deferral rate once per month by giving notice to OPERS of such change. Any request for a change in the amount of the voluntary deferral rate and any change in the corresponding Employer matching amount shall become effective the month after the notice is received and the change is approved by OPERS.
(2) A Participant may change the deferral amount designated as Pre-Tax Elective Deferrals or Roth Elective Deferrals once per month by giving notice to OPERS of such change. Any request for a change in the amount designated as Pre-Tax Elective Deferrals or Roth Elective Deferrals shall become effective the month after the notice is received and the change is approved by OPERS.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 3 - CONTRIBUTIONS - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-7 - Employer matching contributions to the 401(a) plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Employer contributions.
The
				  Employer shall contribute to the Trust Fund the amount referred to as Employer
				  contributions. The Employer contributions shall consist of the funds the
				  Employer uses to match the contributions paid by the Participant. Employer
				  contributions shall not be less than 6% of compensation, but shall be 7% of
				  compensation if the Participant elects to contribute 7% of compensation.
				  Payment of matching contributions shall be made by the Employer to OPERS within
				  five (5) business days of the payroll date for the Participant.
(b)
Placement in accounts.
All
				  Employer matching contributions shall be placed by OPERS in Accounts
				  established for the Participant under the 401(a) plan as set forth in
				  Subchapter 7 of this Chapter. In no event shall any Employer matching
				  contributions be placed in the 457(b) plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 3 - CONTRIBUTIONS - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-8 - Employer remittance of contributions for the 401(a) plan and the 457(b) plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
State
				  agencies.
The State shall remit both Employee and Employer contributions
				  within five (5) business days of the Employee's payroll pay date.
(b)
Other Employers.
Employers
				  whose deferrals and Employer contributions are not remitted to OPERS through
				  the Office of Management and Enterprise Services shall either send the
				  remittances by electronic funds transfer or place such remittances in a bank
				  account from which OPERS can debit the amount due. In both cases, the
				  remittance must occur within five (5) business days of the payroll pay date of
				  the Participant.
(c)
Deposit
				  by System.
OPERS shall deposit the contributions as soon as possible in
				  the proper Account or Accounts maintained on behalf of the Participant in
				  accordance with Subchapters 7 and 9 of this Chapter.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 5 - VESTING - APPLICABLE TO THE 401(a) PLAN AND THE 457(b) PLAN › Section 590:40-5-15 - Vesting

Current through Vol. 41, No. 20, July 1, 2024
(a)
Employee
				  deferrals and contributions.
Each Participant shall acquire a vested
				  interest in his or her accounts in the 401(a) plan and the 457(b) plan of one
				  hundred percent (100%) of the Participant's contributions or deferrals,
				  including any gains or losses on such contributions or deferrals, at all
				  times.
(b)
Employer matching
				  amounts.
Each Participant shall acquire a vested interest in his or her
				  Employer contributions, including any gains or losses on such contributions, in
				  the 401(a) plan in accordance with the following vesting schedule:
(1) At the end of the first full year of
				  participation, the Participant shall be vested in 20% of the Employer's
				  matching contributions;
(2) At the
				  end of the second full year of participation, the Participant shall be vested
				  in 40% of the Employer's matching contributions;
(3) At the end of the third full year of
				  participation, the Participant shall be vested in 60% of the Employer's
				  matching contributions;
(4) At the
				  end of the fourth full year of participation, the Participant shall be vested
				  in 80% of the Employer's matching contributions; and
(5) At the end of the fifth full year of
				  participation and thereafter, the Participant shall be vested in 100% of the
				  Employer's matching contributions.
(6) For purposes of this subsection, the
				  Participant's first day of employment shall be used to determine the first day
				  of participation.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 5 - VESTING - APPLICABLE TO THE 401(a) PLAN AND THE 457(b) PLAN › Section 590:40-5-16 - Years of service for vesting; forfeiture - 401(a) plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Full years.
Only full years
				  of participation by the Participant with an Employer shall be counted toward
				  vesting. A full year of participation shall mean a period of 365 days beginning
				  on the participant's date of employment and each 365 days thereof. Participants
				  must complete a full year of participation to be vested according to the
				  schedule set forth in
				  590:40-5-15. Partial
				  years shall not round up but shall round down to the nearest full year of
				  participation. For example, a Participant with 3 years and 300 days of
				  participation shall be vested in 100% of his or her Employee contributions, and
				  60% of the Employer contributions, and any investment gains or losses on such
				  amounts.
(b)
Breaks in
				  service.
For purposes of determining the vested interest of a
				  Participant, all full years of participation, including breaks in service,
				  shall be credited toward vesting unless there is a Termination of Service. The
				  determination of whether a Participant has completed a full year of
				  participation for vesting purposes shall be made by OPERS.
(c)
Forfeiture of contributions
from Plan.
If a Participant terminates service with an Employer or
				  otherwise becomes ineligible to participate in the 401(a) plan, the portion of
				  Employer contributions which are not vested shall be forfeited to the 401(a)
				  plan ninety (90) days after the Termination of Service. Upon reemployment with
				  an Employer and satisfying the eligibility requirements to become a
				  Participant, the reemployed Participant shall receive credit for the previously
				  vested years and days of service and be vested at the same percentage the
				  Participant was vested when service was previously terminated. However, under
				  no circumstances shall the Participant be entitled to any previously forfeited
				  Employer contributions, including any gains or losses on such contributions. A
				  person employed by the Legislative Service Bureau, State Senate or House of
				  Representatives for the full duration of a regular legislation session shall
				  not have the non-vested portion of his or her Employer contributions forfeited
				  if he or she is rehired by the Legislative Service Bureau, State Senate or
				  House of Representatives by February 1 st of the
				  following legislative session.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 5 - VESTING - APPLICABLE TO THE 401(a) PLAN AND THE 457(b) PLAN › Section 590:40-5-17 - Normal retirement age - applicable to the 401(a) plan and the 457(b) plan

Current through Vol. 41, No. 20, July 1, 2024
(a)
Normal
				  retirement age for the 401(a) plan.
The normal retirement age for
				  participants under the 401(a) plan is age 65. Upon attaining age 65, the
				  Participant is vested in the Employer contributions as set forth in 590:40-5-15
				  and no change can be made in that vesting schedule for the
				  Participant.
(b)
Normal
				  retirement age for the 457(b) plan.
A Participant in the 457(b) plan is
				  allowed to designate a normal retirement age under the 457(b) plan for purposes
				  of the special section 457 catch-up under Code Section 457(b)(3) that is no
				  earlier than age 65 and no later than age 70 ½.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 7 - BENEFICIARIES - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-20 - Beneficiaries

Current through Vol. 41, No. 20, July 1, 2024
(a)
Designating a beneficiary.
A Participant may file with OPERS a
				  beneficiary or change of beneficiary form designating the person or persons to
				  receive any amounts which may be distributed in the event of death of the
				  Participant prior to complete distribution of benefits. The Participant shall
				  have the option to designate the same or different beneficiaries for amounts in
				  the 401(a) plan and the 457(b) plan. If a Participant dies without having a
				  beneficiary form on file in both the 401(a) plan or 457(b) plan, or is not
				  survived by a designated beneficiary, payments shall be made to the beneficiary
				  designated by the Participant in either the 401(a) plan or 457(b) plan,
				  whichever is applicable.
(b)
Beneficiary designation; rights to payment.
Following the death of
				  the Participant, the Beneficiary may file with OPERS a beneficiary or change of
				  beneficiary form designating the person or persons to receive any amounts which
				  may be distributed in the event of death of the Beneficiary prior to complete
				  distribution of benefits. The Beneficiary shall have the right to apply to
				  OPERS to amend the payment option as previously elected by the
				  Participant.
(c)
Multiple
				  beneficiaries.
If more than one designated beneficiary survives the
				  Participant, or the Beneficiary in the event of death of the Participant,
				  distributions shall be made equally to the surviving beneficiaries unless
				  otherwise set forth in the beneficiary form. A Participant, or the Beneficiary
				  in the event of death of the Participant, may designate primary and contingent
				  beneficiaries.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 7 - BENEFICIARIES - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-21 - Death without beneficiary

Current through Vol. 41, No. 20, July 1, 2024
(a)
Participant.
If a Participant dies without filing a beneficiary
				  form with OPERS or is not survived by a designated Beneficiary under either the
				  401(a) plan or the 457(b) plan, the distribution of remaining benefits shall be
				  made to the properly appointed administrator, executor, personal
				  representative, or other fiduciary of the estate of the Participant. If there
				  is no estate, or if no administrator, executor, personal representative, or
				  other fiduciary of estate of the Participant has been appointed and qualified
				  within one hundred twenty (120) days after death, the distribution of benefits
				  may be made to first of the following:
(1)
				  surviving spouse;
(2) surviving
				  children in equal shares;
(3)
				  surviving parents in equal shares; or
(4) surviving siblings in equal
				  shares.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 5 - Eligibility and Participation - Applicable to the 401(A) Plan and the 457(B) Plan › Part 7 - BENEFICIARIES - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN › Section 590:40-5-22 - Beneficiary forms

Current through Vol. 41, No. 20, July 1, 2024
(a)
Requirements for acceptance.
The beneficiary form shall be
				  provided by OPERS and shall have no effect until it is signed by the
				  Participant, or in the event of death of the Participant, signed by the
				  Beneficiary. Additionally, the beneficiary form must be filed and accepted by
				  OPERS before it shall be considered effective.
(b)
Burden to file form.
The
				  Participant, or the Beneficiary in the event of death of the Participant,
				  accepts and acknowledges that he or she has the burden for executing and filing
				  with OPERS a proper beneficiary designation form.
(c)
Failure to file or accept.
If OPERS does not accept a beneficiary form for any reason, the previous
				  beneficiary form which was properly filed and accepted by OPERS shall control
				  the distribution of benefits.
(d)
Options for each plan.
OPERS shall provide a beneficiary form
				  which distinguishes the 401(a) plan and 457(b) plan, and the Participant, or
				  the Beneficiary in the event of death of the Participant, shall have the option
				  to designate the same or different beneficiaries for the amounts in the 401(a)
				  plan and the 457(b) plan.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 1 - ACCOUNTS › Section 590:40-7-1 - Establishment of Accounts

Current through Vol. 41, No. 20, July 1, 2024
OPERS shall establish Accounts for each Participant to
					 reflect the Participant's mandatory (4.5%) contribution and the matching
					 Employer Contribution. Each Account shall be subdivided further and separate
					 records shall be maintained showing the manner in which each Account is
					 invested. Separate records also shall be maintained with respect to each
					 Account showing the amount of contributions, distributions, vested balance, and
					 the amount of income, expenses, gains, and losses attributable thereto. All
					 subaccounts shall be referred to as a Participant's Account. The interest of
					 each Participant shall comprise the amount in the Account, as determined under
					 590:40-7-3,
					 plus credits, representing the Participant's allocable share of contributions,
					 profits, income, and other increments attributable to such contributions, and
					 minus debits, representing the Participant's proportionate share of losses and
					 other decrements or expenses under the Plan and all distributions under the
					 Plan made to or regarding that Participant. These records shall be maintained
					 by the Plan on a calendar quarter-end basis only and available for seven (7)
					 years.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 1 - ACCOUNTS › Section 590:40-7-2 - Statement of a Participant's Account

Current through Vol. 41, No. 20, July 1, 2024
The Recordkeeper, as soon as practicable after the end of
					 each calendar quarter of the year, or more frequently, as OPERS may determine,
					 shall mail or distribute to each Participant (including those who have incurred
					 a Termination of Service) a statement setting forth the Account of such
					 Participant as of the end of such period. Such statement shall be deemed to
					 have been accepted as correct unless written notice to the contrary is received
					 by OPERS and/or Recordkeeper within sixty (60) days after the mailing or
					 distribution of such statement to the Participant.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 1 - ACCOUNTS › Section 590:40-7-3 - Valuation of Accounts

Current through Vol. 41, No. 20, July 1, 2024
The Recordkeeper shall value the investments each business
					 day. On each Valuation Date, there shall be allocated to the Accounts of each
					 Participant the proportionate share of the increase or decrease in the fair
					 market value of the Participant's Accounts in each of the investments, based on
					 the beginning balance of such Accounts for such day. The Recordkeeper for the
					 Plan may determine the increase or decrease in the fair market value of the
					 Participant's Account in each of the investments on a cash, share or unit
					 accounting basis. Whenever an event requires a determination of the value of
					 the Participant's Accounts, the value shall be computed as of a Valuation Date
					 coincident with or following the date of the event. The Recordkeeper shall be
					 the final authority on the value of a Participant's Account. These daily
					 valuation records shall be maintained by the Recordkeeper for a period of one
					 (1) year. Thereafter, Account information will be available on a quarter-end
					 basis as provided in 590:40-7-1.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 3 - CONTRIBUTIONS › Section 590:40-7-10 - Rollover contributions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Rollovers into Plan.
Participants who maintain an Account in the
				  Plan may make rollover contributions to this Plan, provided such rollover
				  contributions meet the requirements under Code Sections 402(c)(4), 403(a)(4),
				  or 408(d)(3), or any other applicable section of the Code or
				  regulations.
(b)
Acceptance
				  of rollovers from eligible employer plans.
The Plan shall accept direct
				  rollovers of eligible pre-tax rollover distributions excluding after-tax
				  employee contributions from the following types of plans:
(1) a qualified plan described in Code
				  Section 401(a) or 403(a);
(2) an
				  annuity contract described in Code Section 403(b); and
(3) an eligible plan under Code Section
				  457(b) which is maintained by a state, political subdivision of a state, or any
				  agency or instrumentality of a state or political subdivision of a
				  state.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 3 - CONTRIBUTIONS › Section 590:40-7-11 - Mistaken Employer contribution

Current through Vol. 41, No. 20, July 1, 2024
(a)
Allocation error.
If an Employer contribution has been allocated
				  to an Account in error, the Recordkeeper shall reallocate the contributions,
				  plus any gain or less any loss, from such Account to a suspense account as soon
				  as administratively possible but not later than the Plan Year immediately
				  following the Plan Year in which the mistaken Employer Contribution was
				  made.
(b)
Suspense
				  account.
Amounts so reallocated to a suspense account shall be used to
				  reduce the Employer Contribution.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 5 - ALLOCATIONS AND VESTING › Section 590:40-7-20 - Allocation of Employer contributions

Current through Vol. 41, No. 20, July 1, 2024
Each business day the Recordkeeper receives Employer
					 contributions before the close of the market, the Recordkeeper shall allocate
					 the contribution to the Account of each Participant on whose behalf such
					 contribution was made.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 5 - ALLOCATIONS AND VESTING › Section 590:40-7-21 - Vesting

Current through Vol. 41, No. 20, July 1, 2024
A Participant shall at all times be vested at one hundred
					 percent (100%) in his or her account containing solely the Participant's
					 contributions, and the investment gains and losses on those contributions. A
					 Participant shall be vested in the Employer's matching contributions, and the
					 gains and losses on those contributions, in accordance with the vesting
					 schedule set forth in
					 590:40-5-15. All matching
					 Employer contributions, and the investment gains and losses on those
					 contributions, in the Participant's Account that are not vested at the time the
					 Participant terminates participation in the Plan shall be subject to forfeiture
					 in accordance with
					 590:40-5-16(c).
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 5 - ALLOCATIONS AND VESTING › Section 590:40-7-22 - Forfeitures

Current through Vol. 41, No. 20, July 1, 2024
Matching contributions, and the investment gains and
					 losses on those contributions, in the Account of a Participant may be forfeited
					 pursuant to Section
					 24.1
					 of Title 51 of the Oklahoma Statutes. To the extent any forfeiture occurs, such
					 forfeiture shall be retained and used by the Plan under
					 590:40-3-9.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 7 - INVESTMENTS › Section 590:40-7-25 - Investment contracts

Current through Vol. 41, No. 20, July 1, 2024
Employer and Participant contributions shall be delivered
					 by the Employer to OPERS to be invested in one or more of the following types
					 of contracts or accounts issued or made available by a company or companies
					 approved by the Board:
(1) savings
				  account in an institution or institutions as determined by the Board;
(2) deferred fixed interest contract or other
				  type of investment;
(3) deferred
				  variable interest contract or other types of investment;
(4) mutual fund, common/collective trust
				  fund, or separate account;
(5) any
				  combination of the investment options in paragraphs (1) through (4) of this
				  Section.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 7 - INVESTMENTS › Section 590:40-7-26 - Investment authority

Current through Vol. 41, No. 20, July 1, 2024
The investment options shall be selected by the Board in
					 accordance with 74 O.S. Supp. 2014, § 935.9 and
					 590:20-1-4,
					 provided such investment options satisfy the requirements of the Code for
					 qualified plan investments. All Plan assets which have not been directed by the
					 Participant shall be invested by the Board in accordance with the default
					 investment option selected by the Board as set forth in
					 590:40-7-28.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 7 - INVESTMENTS › Section 590:40-7-27 - Participant directed investments

Current through Vol. 41, No. 20, July 1, 2024
A Participant's Account shall be invested in accordance
					 with the investment direction of the Participant under the limitations
					 established by the Board of Trustees under this Chapter, the investment policy
					 or any pertinent contractual or investment fund provisions. The Employer,
					 Board, OPERS, coordinator, and Recordkeeper shall be under no duty to question
					 any investment direction of a Participant, to review any directed investments,
					 or to make suggestions to the Participant, nor shall they be held responsible
					 in any manner for investment loss or depreciation in asset value of any
					 directed investment.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 7 - INVESTMENTS › Section 590:40-7-28 - Default options

Current through Vol. 41, No. 20, July 1, 2024
(a)
Failure
				  to select.
In the event a Participant fails to select any investment
				  option upon enrollment in the Plan, the Board shall, by resolution, establish a
				  default investment option for contributions received from the Participant and a
				  default option for matching Employer contributions. Contributions invested in
				  the default option shall remain in such option until the Participant directs
				  the contributions to be invested in another investment option offered by the
				  Plan.
(b)
Termination or
				  elimination of options.
In the event of termination or elimination of
				  any investment option from continued offering under the Plan, the Board may
				  select default investment options for placement of affected funds. The Board
				  may also designate periods where Participants may have no access to select
				  investment options.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-30 - Commencement

Current through Vol. 41, No. 20, July 1, 2024
(a)
Events
				  initiating benefits.
In the event of a Participant's separation from
				  service as a result of Termination of Service, Normal Retirement, Disability,
				  or death, the Participant shall be entitled to receive a distribution of the
				  vested funds in his or her Account under the Trust Fund. In the event that a
				  Participant dies before the entire balance of the Account is distributed,
				  590:40-7-34 shall
				  apply.
(b)
Electing time for
				  commencing of benefits.
The Participant may elect, on forms prescribed
				  by OPERS, the time at which distributions under the Plan are to commence by
				  designating the month and year during which the first distribution is to be
				  made; however, in no event shall payment begin later than the required
				  beginning date, which is the later of the April 1 following the calendar year
				  in which the Participant attains the age of 72 or such other date as may be
				  permitted by the federal Internal Revenue Code, except as provided in
				  590:40-7-32, or
				  the April 1 of the year following the calendar year in which the Participant
				  terminates. The payment of benefits shall begin no earlier than forty-five (45)
				  days after the occurrence of the event that gives rise to the beginning of the
				  payment of benefits. If the Participant fails to apply for benefits after the
				  required beginning date, the Board shall begin distribution of the
				  Participant's entire interest as required by these rules in the form provided
				  in
				  590:40-7-35.
(c)
Distribution of rollover
				  contributions.
Rollover contributions as described in
				  590:40-7-10
				  are not subject to the requirements for separation of service as described in
				  section (a) and shall be available for distribution within 30 days of
				  acceptance of a properly completed distribution form as prescribed by
				  OPERS.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-31 - Benefit totals

Current through Vol. 41, No. 20, July 1, 2024
The Participant shall be entitled to the vested benefits
					 created by participation in this Plan in accordance with the provisions of this
					 Chapter. Generally, the vested benefits payable to the Participant will be the
					 equivalent of the market value of the total vested benefits created by the
					 investment selection made by the Participant, taking into consideration market
					 losses and gains.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-32 - Late retirement

Current through Vol. 41, No. 20, July 1, 2024
If the Participant continues employment after attaining 72
					 years of age, or such other date as may be permitted by the federal Internal
					 Revenue Code, all benefits payable under the Plan may be deferred until the
					 Participant retires, terminates employment, or dies. If the Participant is not
					 an active Employee, the payment of benefits must begin no later than April 1 of
					 the calendar year following the calendar year in which the Participant attained
					 age 72 or such other date as may be permitted by the federal Internal Revenue
					 Code.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-33 - Disability retirement

Current through Vol. 41, No. 20, July 1, 2024
If a Participant becomes Disabled and provides proof to
					 OPERS of such disability, the Participant shall be deemed to be retired and
					 will be paid the benefits as set forth in this Subchapter.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-34 - Death prior to January 1, 2022

Current through Vol. 41, No. 20, July 1, 2024
(a)
				  This Section shall be effective for Participant deaths prior to January 1,
				  2022.
(b)
Payment to
				  beneficiary.
If the Participant dies prior to receiving Plan benefits,
				  or the Participant dies while benefits are being paid to the Participant under
				  the Plan and before such benefits have been exhausted, the benefits payable
				  under this Plan shall be paid to the designated Beneficiary of the Participant
				  in accordance with the distribution option selected by the Participant or the
				  Beneficiary.
(c)
Distribution
				  method.
Distributions must be made primarily for the benefit of the
				  Participant (or former Participant). Therefore, distribution which begins prior
				  to the death of a Participant must be in a form such that the total benefit
				  amount will be paid over a period not to exceed the life expectancy of the
				  Participant and a designated Beneficiary. Any amount not distributed to the
				  Participant during his or her lifetime shall be distributed after the death of
				  the Participant at least as rapidly as under the method of distribution used as
				  of the date of his or her death. In addition, if the Participant dies prior to
				  the commencement of distributions, the Participant's Account shall be
				  distributed to the Beneficiary, commencing within one year of the employee's
				  death, over the life of such Beneficiary (or over a period not extending beyond
				  the life expectancy of such Beneficiary) but not to exceed 15 years; provided
				  however if such Beneficiary is the surviving spouse of the Participant, then
(1) such distributions shall, in all events,
				  commence no later than December 31 of the calendar year in which the
				  Participant would have attained age 70 ½ (or such other date as may be
				  permitted under applicable Treasury Regulations), and
(2) benefits payable to such spouse shall be
				  completed during a period not in excess of such spouse's life expectancy. Life
				  expectancies will not be recalculated annually.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-35 - Payment and distribution options

Current through Vol. 41, No. 20, July 1, 2024
Subject to the provisions of 590:40-7-30, a Participant, or
					 Beneficiary where applicable, may elect within the period and on the forms
					 prescribed by OPERS, to receive the balance of his or her Account in the form
					 of:
(1) a lump sum, payable in
				  cash;
(2) substantially level
				  periodic installments;
(3) any
				  other form approved by OPERS or the Trustees.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-37 - Minimum distribution requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Application.
Notwithstanding
				  anything herein to the contrary, the following minimum distribution
				  requirements will apply.
(b)
Compliance with Code.
The Plan will make all distributions in
				  accordance with a good faith interpretation of the requirements of Code Section
				  401(a)(9) and the Treasury Regulations thereunder, as applicable to
				  governmental plans within the meaning of Code Section 414(d), including the
				  minimum distribution incidental benefit requirement of Code Section
				  401(a)(9)(G) and Section 1.401(a)(9)-2 of the proposed Treasury Regulations, or
				  any successor rules or regulations.
(c)
Time of distribution.
The
				  entire interest of a Participant must be distributed or begin to be distributed
				  no later than the Participant's Required Beginning Date.
(d)
Limits on distribution
				  periods.
As of the first Distribution Calendar Year, distributions, if
				  not made in a single lump sum, may be made over one of the following periods
				  (or a combination thereof):
(1) the life of
				  the Participant,
(2) the life of
				  the Participant and a designated Beneficiary
(3) a period certain not extending beyond the
				  Life Expectancy of the Participant, or
(4) a period certain not extending beyond the
				  joint and last survivor expectancy of the Participant and a designated
				  Beneficiary.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-38 - Military service

Current through Vol. 41, No. 20, July 1, 2024
Notwithstanding any provision of the Plan to the contrary,
					 contributions, benefits, and service credit with respect to qualified military
					 service will be provided in accordance with the Uniformed Services Employment
					 and Reemployment Rights Act of 1994 ("USERRA"), the Heroes Earnings Assistance
					 and Relief Tax Act of 2008 ("HEART"), and Section 414(u) of the Code.
(1) To the extent required by section
				  414(u)(12) of the Code, an individual receiving differential wage payments (as
				  defined under section 3401(h)(2) of the Code) from an employer shall be treated
				  as employed by that Employer, and the differential wage payment shall be
				  treated as compensation for purposes of applying the limits on annual additions
				  under Section 415(c) of the Code. This provision shall be applied to all
				  similarly situated individuals in a reasonably equivalent manner.
(2) While a Participant is performing
				  qualified military service (as defined in chapter 43 of title 38, United States
				  Code), to the extent required by Section 401(a)(37) of the Code, survivors of
				  the Participant, are entitled to any additional benefits that the Plan would
				  provide if the Participant had resumed employment and then died, such as
				  accelerated vesting or survivor benefits that are contingent on the
				  Participant's death while employed. In any event, a deceased Participant's
				  period of qualified military service must be counted for vesting
				  purposes.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 40 - Defined Contribution System › Subchapter 7 - Defined Contribution 401(A) Plan › Part 9 - BENEFITS AND DISTRIBUTIONS › Section 590:40-7-39 - Death after December 31, 2021

Current through Vol. 41, No. 20, July 1, 2024
Notwithstanding any contrary provisions, effective for
					 Participant deaths after December 31, 2021, the following distribution
					 provisions shall take effect; provided, however, that such provisions shall be
					 subject to any regulations or other guidance issued under the SECURE
					 Act:
(1) If the Participant dies before
				  the distribution of his or her entire account (regardless of whether any
				  distributions had begun before the Participant's death) and the Participant has
				  a designated Beneficiary:
(A) The entire
				  Account shall be distributed to the designated Beneficiary by December 31 of
				  the calendar year containing the tenth anniversary of the Participant's
				  death.
(B) Notwithstanding
				  paragraph (1)(A), if the designated Beneficiary is an eligible designated
				  Beneficiary, then the eligible designated Beneficiary may elect for the
				  Participant's Account(s) to be distributed:
(i) by December 31 of the calendar year
				  containing the tenth (10th) anniversary of the Participant's death,
				  or
(ii) beginning no later than
				  December 31 of the calendar year immediately following the calendar year in
				  which the Participant died, over the life of the eligible designated
				  Beneficiary or over a period not exceeding the life expectancy of the eligible
				  designated Beneficiary. If the eligible designated Beneficiary is the surviving
				  spouse, payment under item (ii) is not required until the later of December 31
				  of the calendar year immediately following the calendar year in which the
				  Participant died or December 31 of the calendar year in which the Participant
				  would have attained age seventy and one-half (70 ½) (age seventy-two (72) with
				  respect to a Participant who would have attained age seventy and one-half (70
				  ½) after December 31, 2019). If the eligible designated Beneficiary does not
				  elect a method of distribution as provided above, the Participant's Account(s)
				  shall be distributed in accordance with item (ii).
(C) Upon either
(i) the death of an eligible designated
				  Beneficiary before distribution of the Participant's entire account
				  or
(ii) the attainment of the age
				  of majority for an eligible designated Beneficiary who is a minor child under
				  subsection (4), paragraph (B) shall no longer apply, and the remainder of the
				  account shall be distributed under paragraph (1)(A).