reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 15 - Trust › Section 590:25-15-1 - Establishment and acceptance of Trust

Current through Vol. 41, No. 20, July 1, 2024
The Board of Trustees acts as trustee of the Trust. The Board
				  takes, holds, invests, administers and distributes in accordance with this Plan
				  and Trust, all Deferred Compensation and assets paid or delivered to the Board
				  pursuant to the Plan for the uses and purposes herein expressed. The Board
				  shall be accountable for all Deferred Compensation received, but shall have no
				  duty to require any compensation to be deferred or to determine that the
				  amounts received comply with the Plan, or to determine that the Trust Fund is
				  adequate to provide the benefits payable pursuant to the
				  Plan.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 15 - Trust › Section 590:25-15-2 - Payments from Trust Fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The Recordkeeper shall make payments from the Trust Fund to such persons in
				such manner, at such times and in such amounts as the Board, acting through the
				Plan Administrator, shall direct. The Recordkeeper shall be fully protected in
				making, discontinuing, or stopping payments from the Trust Fund in accordance
				with the directions of the Board and/or the Plan Administrator. The
				Recordkeeper shall have no responsibility to see to the application of payments
				so made or to ascertain whether the directions of the Board and/or Plan
				Administrator comply with the Plan. When the Board and/or the Plan
				Administrator directs that any payment is to be made only during or until the
				time a certain condition exists regarding the payee, any payment made by the
				Recordkeeper in good faith, without actual notice or knowledge of the changed
				status or condition of the payee, shall be considered to have been properly
				made by the Recordkeeper and made in accordance with the direction of the Board
				and/or Plan Administrator.
(b) To
				the extent permitted by law, the Board shall be reimbursed for its expenses, if
				any, that are reasonable and necessary for the administration of the Plan and
				the Trust. The administrative expenses which are paid by the Oklahoma Public
				Employees Retirement System on behalf of the Plan and the Trust, 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 25 - Deferred Compensation › Subchapter 15 - Trust › Section 590:25-15-3 - Investment of Trust Fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The corpus or income of the Trust Fund may not be diverted to or used for other
				than the exclusive benefit of the Participants or their
				Beneficiaries.
(b) The Board shall
				perform all acts within its authority under this agreement for the exclusive
				purpose of providing benefits to Plan Participants and their beneficiaries and
				defraying reasonable expenses of administering the Plan and Trust, and shall
				perform such acts with the care, skill, prudence, and diligence under the
				circumstances then prevailing that a prudent man acting in a like capacity and
				familiar with such matters would use in the conduct of an enterprise of a like
				character and with like aims. Subject to the terms of the preceding sentence,
				the Board shall diversify the investments of the Trust Fund so as to minimize
				the risk of large losses by offering diverse investment options to
				Participants, unless under the circumstances it is clearly prudent not to do
				so. To the extent applicable for this Plan and Trust, provisions of the
				Oklahoma Statutes which reference the powers and duties of the Board are
				incorporated.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 15 - Trust › Section 590:25-15-4 - Trust Accounts

Current through Vol. 41, No. 20, July 1, 2024
No less frequently than quarterly, the Recordkeeper shall
				  provide a written account to the Board setting forth all transactions effected
				  by it subsequent to the end of the period covered by its last previous account,
				  and listing the assets of the Trust Fund at the close of the period covered by
				  such account. Each year, the Board shall publish an annual report presented in
				  simple and easily understood language. The annual report shall cover the
				  operation of the Plan and Trust, during the past year, including income,
				  disbursements, and the financial condition of the Plan and Trust and any other
				  information deemed relevant by the Board. The annual report shall be written in
				  such a manner as to permit a readily under-standable means for analyzing the
				  financial condition and performance of the Plan and Trust.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 25 - Deferred Compensation › Subchapter 15 - Trust › Section 590:25-15-5 - Miscellaneous

Current through Vol. 41, No. 20, July 1, 2024
(a) The creation of
				this Trust shall not be construed as giving any person entitled to benefits
				hereunder or other employees of the Employer, who are not Participants of the
				Plan, any equity or other interest in the assets, business, or affairs of the
				Employer.
(b) No additional bond,
				surety or security shall be required of the Board except as may be required by
				law or by the Employer.
(c) The
				Board may procure insurance indemnifying the members of the Board from personal
				loss or accountability from liability resulting from a member's action or
				inaction as a member of the Board.
(d) If any provision or provisions of this
				Plan and/or Trust shall be held illegal or invalid for any reason, said
				illegality or invalidity shall not affect the remaining provisions of this Plan
				and/or Trust, but shall be fully severable and the Plan and/or Trust shall be
				construed and enforced as if said illegal or invalid provisions had never been
				inserted herein.
(e) The Employer
				shall have the authority, but shall be under no duty, to enforce this Trust on
				behalf of any and all persons having or claiming any interest in the Trust
				Fund. In any action or proceeding affecting the Trust Fund or the
				administration thereof, or for instructions to the Board, the Employer and the
				Board shall be the only necessary parties, and no employees of the Employer or
				their beneficiaries, or any other person having or claiming to have an interest
				in the Trust Fund shall be entitled to any notice of process, and any judgment
				that may be entered in such action or proceeding shall, be binding on all
				persons having or claiming to have any interest in the Trust Fund.
(f) Entering into this Plan and Trust by the
				Employer and the Participant shall not be construed to give a contract of
				employment to the Participant or to alter or amend an existing employment
				contract of the Participant, if in fact one exists, nor shall the entering into
				this Plan and Trust be construed as affording the Participant any
				representation or guarantee regarding his continued employment.
Added at 15 Ok Reg 974,
				  eff 12-8-97 (emergency); Added at 15 Ok Reg 3275, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules of this Chapter have been adopted to establish
				policies and procedures for the process of approving qualified domestic
				relations orders, setting standards for said orders and administering the
				payment of benefits to alternate payees.
Added at 12 Ok Reg 3255,
				eff 7-27-95
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Chapter, shall
				have the following meaning, unless the context clearly indicates
				otherwise:
"Qualified Domestic Relations Order"
means an
				order issued by a district court of the State of Oklahoma pursuant to the
				domestic relations laws of this state which relates to the provision of marital
				property rights to a spouse or former spouse of a member or provision of
				support for a minor child or children and which creates or recognizes the
				existence of an alternate payee's right to, or assigns to an alternate payee
				the right to receive a portion of the benefits payable with respect to a member
				of Oklahoma Public Employees Retirements System, or The Uniform Retirement
				System for Justices and Judges.
Added at 12 Ok Reg 3255,
				eff 7-27-95; Amended at 16 Ok Reg 616, eff 12-2-98 (emergency); Amended at 16
				Ok Reg 2017, eff 6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-3 - Filing a qualified domestic relations order

Current through Vol. 41, No. 20, July 1, 2024
A member, his legal representative, a member's former spouse,
				or his legal representative may file a qualified domestic relations order with
				the System. In not more than ninety (90) days of such filing, the System will
				acknowledge receipt and notify all parties listed in the order that the order
				has been accepted or that clarification of the order must be provided. All
				qualified domestic orders filed with the System must be in accordance with
				Oklahoma Statutes and accepted by the System before they are enforceable. No
				rights or benefits are enforceable until the order is
				accepted.
Added at 12 Ok Reg 3255,
				eff 7-27-95; Amended at 16 Ok Reg 616, eff 12-2-98 (emergency); Amended at 16
				Ok Reg 2017, eff 6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-4 - Contents of qualified domestic relations order

Current through Vol. 41, No. 20, July 1, 2024
For a qualified domestic relations order (QDRO) to be accepted
				and binding on the System the order must meet the following
				requirements:
(1) The order must
			 clearly specify the following:
(A) the name
			 and last-known mailing address (if any) of the member and the name and mailing
			 address of the alternate payee covered by the order and Social Security number
			 of each,
(B) the dollar amount or
			 exact percentage of the member's benefits to be paid to the alternate
			 payee,
(C) the number of payments
			 or period to which such order applies,
(D) the characterization of the benefit as to
			 marital property rights or child support, and whether the benefit ceases upon
			 the death or remarriage of the alternate payee,
(E) each plan to which such order
			 applies,
(F) the date of marriage
			 and the date of commencement of divorce proceedings giving rise to the QDRO for
			 division of marital property,
(G)
			 if the order is for child support, the name of each child covered by the order,
			 each child's date of birth and the Social Security Number of each,
(H) if the order is for child support, the
			 exact amount (if any) awarded in continuing child support for each child and
			 the exact amount (if any) awarded for arrearages, and
(I) any conditions that will cause the QDRO
			 to terminate.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-5 - Payment to alternate payee

Current through Vol. 41, No. 20, July 1, 2024
(a)
			 Payments to an alternate payee from the Retirement Systems will be made in a
			 like manner and at the same time payment is made to the member. Payment will be
			 either a lump sum distribution of the contributions due the member upon
			 termination of service, or monthly benefit payments under the retirement
			 options available to the member at the time he or she applies for retirement
			 benefits. The alternate Payee shall not be allowed to choose a method of
			 payment that is different from the method chosen by the member. The alternate
			 payee may not receive payment of any kind prior to the member making
			 application and becoming eligible for payment of benefits.
(b) Federal and Oklahoma state income taxes
			 will be withheld from the payment to an alternate payee in accordance with
			 applicable federal and state statutes.
(c) It is the responsibility of the alternate
			 payee to notify the System of any change in the alternate payee's
			 address.
Added at 12 Ok Reg 3255,
				eff 7-27-95; Amended at 16 Ok Reg 616, eff 12-2-98 (emergency); Amended at 16
				Ok Reg 2017, eff 6-11-99; Amended at 20 Ok Reg 1758, eff
				6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-6 - Termination of a qualified domestic relations order

Current through Vol. 41, No. 20, July 1, 2024
(a) A qualified domestic relations order,
			 whether for provision of marital property or child support, will terminate when
			 the System has fully met the provisions of the order. The obligation of the
			 System to pay an alternate payee pursuant to any qualified domestic relations
			 order shall cease upon the death of the member.
(b) In the event a qualified domestic
			 relations order requires the benefits payable to an alternate payee to
			 terminate upon the remarriage of the alternate payee, the System shall
			 terminate said benefit only upon the receipt of a certified copy of a marriage
			 license, or a copy of a certified order issued by the court that originally
			 issued said qualified domestic relations order declaring the remarriage of said
			 alternate payee.
(c) If the
			 qualified domestic relations order is for continuing child support obligations,
			 the order shall cease upon the death of a minor child. If the qualified
			 domestic relations order is for arrearages owed for child support, the order
			 shall not cease upon the death of a minor child.
Added at 12 Ok Reg 3255,
				eff 7-27-95; Amended at 20 Ok Reg 1758, eff
				6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 30 - Qualified Domestic Relations Orders › Section 590:30-1-7 - System not subject to ERISA

Current through Vol. 41, No. 20, July 1, 2024
For purposes of this Chapter the Oklahoma Public Employees
				Retirement System, and the Uniform Retirement System for Justices and Judges
				are not subject to the provisions of the Employee Retirement Income Security
				Act of 1974 (ERISA), 29 U.S.C.A. Section 1001, et seq., as amended from time to
				time, or rules and regulations promulgated thereunder, and court cases
				interpreting said act. The order should not reference ERISA.
Added at 12 Ok Reg 3255,
				eff 7-27-95; Amended at 16 Ok Reg 616, eff 12-2-98 (emergency); Amended at 16
				Ok Reg 2017, eff 6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 1 - General Provisions › Section 590:35-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
(a) The Rules in
				this Chapter are adopted to insure the efficient and orderly administration of
				the Oklahoma State Employees Deferred Savings Incentive Plan, to establish
				policies and procedures for implementing and administering the Plan, and to
				provide guidelines for the investment of funds which have been contributed for
				the benefit of State Employees.
(b)
				The Plan has been established as a money purchase pension plan pursuant to
				Internal Revenue Code Section 401(a). This Plan is intended to qualify as a
				"governmental plan" within the meaning of Internal Revenue Code Section 414(d)
				and is not subject to the Employee Retirement Income Security Act of 1974
				("ERISA"). The Plan and Trust are intended to meet the requirements of Internal
				Revenue Code Sections 401(a) and 501(a).
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 1 - General Provisions › Section 590:35-1-2 - Statutory citations

Current through Vol. 41, No. 20, July 1, 2024
The Rules contained in this Chapter are the adopted Oklahoma
				  State Employees Deferred Savings Incentive Plan, as authorized by Internal
				  Revenue Code Section 401(a) and in accordance with the provisions of Section
				  1707
				  of Title 74 of the Oklahoma Statutes. The Plan consists of the following
				  provisions and is applicable to each Qualified Participant in the
				  Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 1 - General Provisions › Section 590:35-1-4 - Gender and number

Current through Vol. 41, No. 20, July 1, 2024
Except when otherwise indicated by the context, any masculine
				  terminology herein shall also include the feminine, and the definition of any
				  terms herein in the singular may also include the plural.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 3 - Eligibility and Participation › Section 590:35-3-1 - Eligibility

Current through Vol. 41, No. 20, July 1, 2024
All Qualified Participants are eligible to participate in
				  this plan. A Qualified Participant shall be eligible for an allocation of
				  contributions for the month provided a salary deferral of at least twenty-five
				  dollars ($25.00) for said month was made to the Deferred Compensation Plan even
				  if the Participant terminates participation during said
				  month.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 3 - Eligibility and Participation › Section 590:35-3-2 - Application for participation

Current through Vol. 41, No. 20, July 1, 2024
Participation in the Plan for a Qualified Participant is
				  automatic following one month of participation in the Deferred Compensation
				  Plan and completion of the enrollment documents required by the Plan.
				  Participation in this Plan is not voluntary and an otherwise eligible Qualified
				  Participant may not opt out of this Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 3 - Eligibility and Participation › Section 590:35-3-3 - Termination of Participation

Current through Vol. 41, No. 20, July 1, 2024
A Participant shall cease to be eligible for allocations of
				  contributions under the Plan upon the Participant's cessation of contributions
				  to the Deferred Compensation Plan, Termination of Service, Early Retirement,
				  Normal Retirement, death or Disability. A Participant's participation in the
				  Plan shall cease upon the complete distribution of a Participant's Account
				  balance.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 5 - Accounts › Section 590:35-5-1 - Establishment of Accounts

Current through Vol. 41, No. 20, July 1, 2024
The Plan Administrator shall cause Accounts to be established
				  for each Participant, to reflect such Participant's Employer Contributions.
				  Each Account shall be subdivided further and separate records shall be
				  maintained showing the manner in which each such Account is invested. Separate
				  records also shall be maintained with respect to each such Account showing the
				  amount of contributions thereto, distributions therefrom, and the amount of
				  income, expenses, gains and losses attributable thereto. All such subaccounts
				  are referred to herein as a Participant's "Account." In general, the interest
				  of each Participant hereunder at any time shall consist of the amount in his
				  Account, as determined under Section
				  590:35-5-3,
				  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 any and all distributions under
				  the Plan made to or in respect of that Participant). These records shall be
				  maintained by the Plan on a calendar quarter-end basis only and available for a
				  period of three (3) years.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20
				  Ok Reg 1759, eff 6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 5 - Accounts › Section 590:35-5-2 - 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 the Plan
				  Administrator may determine, shall mail or distribute to each Participant
				  (including those who have incurred a Termination of Service) a statement
				  setting forth the Account of such Participant as of the end of such period.
				  Such statement shall be deemed to have been accepted as correct unless written
				  notice to the contrary is received by the Plan Administrator and/or
				  Recordkeeper within sixty (60) days after the mailing or distribution of such
				  statement to the Participant.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 5 - Accounts › Section 590:35-5-3 - 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. 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
				  590:35-5-1
				  of these rules.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20
				  Ok Reg 1759, eff 6-12-03
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 7 - Contributions › Section 590:35-7-1 - Employer contributions

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The Employer shall contribute to the Trust Fund an amount referred to as an
				Employer Contribution. Such contribution shall be calculated as follows: in
				accordance with 74 O.S. §
									1707,
				a contribution in the amount of or equivalent to Twenty-Five Dollars ($25.00)
				per month shall be made to the Plan on behalf of each Qualified Participant, as
				soon as practicable after receipt.
(b) Notwithstanding any provision of this
				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 Internal Revenue Code.
(1) Beginning
				January 1, 2009, to the extent required by Sections 3401(h) and 414(u)(12) of
				the Internal Revenue Code, an individual receiving differential wage payments
				(while the individual is performing qualified military service as defined in
				Chapter 43 of Title 38, United States Code) from an employer shall be treated
				as employed by that employer and the differential wage payment shall be treated
				as earned compensation. This provision shall be applied to all similarly
				situated individuals in a reasonably equivalent manner.
(2) Effective January 1, 2007, death benefits
				payable under this Plan shall be paid in accordance with Section 401(a)(37) of
				the Internal Revenue Code, which provides that in the case of a Participant who
				dies while performing qualified military service (as defined in Section 414(u)
				of the Internal Revenue Code), the survivors of the Participant are entitled to
				any additional benefits (other than benefit accruals relating to the period of
				qualified military service) that the Plan would otherwise provide had the
				Participant resumed and then terminated employment with the Employer on account
				of death.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 7 - Contributions › Section 590:35-7-2 - Employee contributions

Current through Vol. 41, No. 20, July 1, 2024
Employees are not required or permitted to make contributions
				  under this Plan.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 7 - Contributions › Section 590:35-7-3 - Rollover contributions

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Qualified Participants 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) Effective
				January 1, 2002, the Plan shall accept direct rollovers of eligible pre-tax
				rollover distributions excluding after-tax employee contributions, made after
				December 31, 2001, 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 35 - Deferred Savings Incentive Plan › Subchapter 7 - Contributions › Section 590:35-7-4 - Time and method of payment of contributions

Current through Vol. 41, No. 20, July 1, 2024
The Employer shall make all contributions to the Trust Fund
				  in the form of cash. Employer Contributions for any Plan Year shall be paid to
				  the Trust Fund monthly, but in any event, no later than the 15th day of the
				  sixth calendar month following the Fiscal Year of the Employer with or within
				  which the particular limitation year ends.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 7 - Contributions › Section 590:35-7-5 - Funding vehicle

Current through Vol. 41, No. 20, July 1, 2024
There is hereby created in the State Treasury a State fund to
				  be entitled the "Oklahoma State Employees Deferred Savings Incentive Plan
				  Fund." The purpose of said fund is to receive periodic State appropriated or
				  transferred funds from the State Treasury, as provided in Section
				  1707
				  of Title 74 of the Oklahoma Statutes, and make the contributions to the Plan
				  and Trust Fund on behalf of Qualified Participants.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 7 - Contributions › Section 590:35-7-6 - Mistaken Employer Contribution

Current through Vol. 41, No. 20, July 1, 2024
(a)
				If, due to a mistake of fact, an Employer Contribution has been allocated to an
				Account in error, the Recordkeeper shall reallocate 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:
(1) If the Employer
				Contribution has experienced a gain, the amount of the Employer Contribution,
				plus any gain attributable to that contribution, or
(2) If the Employer Contribution has
				experienced a loss, the remaining amount of the Employer Contribution:
				or
(3) If the Employer Contribution
				has experienced no gain or no loss, the amount of the Employer
				Contribution.
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 9 - Allocations and Vesting › Section 590:35-9-1 - Allocation of Employer Contributions

Current through Vol. 41, No. 20, July 1, 2024
As of the Allocation Date, the Recordkeeper shall allocate
				  the Employer Contribution to the Account of each Qualified Participant (or,
				  where applicable, to a Beneficiary in respect of a Qualified Participant) on
				  whose behalf such contribution was made.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 9 - Allocations and Vesting › Section 590:35-9-2 - Vesting

Current through Vol. 41, No. 20, July 1, 2024
A Participant shall at all times be 100% vested in his
				  Account, provided that a Participant's Account may be forfeited pursuant to
				  Section
				  24.1
				  of Title 51 of the Oklahoma Statutes. To the extent any forfeitures occur, such
				  forfeitures shall be retained and used by the Plan pursuant to Section
				  590:35-19-7.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 16
				  Ok Reg 617, eff 12-2-98 (emergency); Amended at 16 Ok Reg 2019, eff
				  6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 11 - Investments › Section 590:35-11-1 - Investment authority

Current through Vol. 41, No. 20, July 1, 2024
The investment options shall be selected in accordance with
				  Section
				  1701
				  of Title 74 of the Oklahoma Statutes and Section
				  590:20-1-4
				  of these Rules, 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 Trustee in accordance with
				  the investment options selected by the Participant for his or her 457 Deferred
				  Compensation Plan assets.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 11 - Investments › Section 590:35-11-2 - Participant directed investments

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				Participant's Account shall be invested in accordance with the investment
				election of the Participant in accordance with the limitations established by
				the Board of Trustees pursuant to these rules, the investment policy or any
				pertinent contractual or investment fund provisions. The Employer, Board, Plan
				Administrator, Coordinator, and Recordkeeper shall be under no duty to question
				any investment direction of a Participant, or to review any directed
				investments, or to make suggestions to the Participant, nor shall they be held
				responsible in any manner for investment loss or depreciation in asset value of
				any directed investment.
(b) In the
				event of termination or elimination of any investment option from continued
				offering under the Plan, the Board may select default investment options for
				placement of affected funds. The Board may also designate periods where
				participants may have no access to select investment options.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 18
				  Ok Reg 554, eff 12-28-00 through 7-14-01 (emergency); Amended at 18 Ok Reg
				  3268, eff 7-26-01
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-1 - Commencement

Current through Vol. 41, No. 20, July 1, 2024
(a) In the event of
				a Participant's separation from service as a result of Early Retirement, Normal
				Retirement, death, Disability or Termination of Service, the Participant shall
				be entitled to receive a distribution of his or her Account under the Trust
				Fund. In the event that a Participant dies before the entire balance of his or
				her Account is distributed, Section
				590:35-13-5 shall apply.
(b) 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 provided by Code Section 401(a)(9). The payment of
				benefits shall begin no earlier than thirty (30) days after the occurrence of
				the event that gives rise to the beginning of the payment of benefits.
(c) Rollover contributions as
				described in
				590:35-7-3
				are not subject to the requirements for separation of service and shall be
				available for distribution within 45 days of acceptance of a properly completed
				distribution form as prescribed by OPERS.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20
				  Ok Reg 1759, eff 6-12-03; Amended at 28 Ok Reg 678, eff
				  5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-2 - Benefit totals

Current through Vol. 41, No. 20, July 1, 2024
The Participant shall be entitled to have paid to him the
				  benefits created by his participating in this Plan, in accordance with the
				  provisions of this Chapter. Generally, the benefits payable to the Participant
				  will be the equivalent of the total benefits created by the investment
				  selection made by the Participant, taking into consideration market losses and
				  gains where applicable.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 16
				  Ok Reg 617, eff 12-2-98 (emergency); Amended at 16 Ok Reg 2019, eff
				  6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-3 - Late retirement

Current through Vol. 41, No. 20, July 1, 2024
If the Participant continues his employment after attaining
				  72 years of age or such other date as may be permitted by the federal Internal
				  Revenue Code, all benefits payable under the Plan may be deferred until the
				  Participant retires, terminates his employment or dies. If the Participant is
				  not an active State 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.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-4 - Disability retirement

Current through Vol. 41, No. 20, July 1, 2024
If a Participant becomes permanently disabled and begins to
				  receive retirement benefits in accordance with any State retirement system's
				  disability provision, the Participant shall be deemed to be retired and will be
				  paid the benefits appropriate to such retirement.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 16
				  Ok Reg 617, eff 12-2-98 (emergency); Amended at 16 Ok Reg 2019, eff
				  6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-5 - 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) 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) 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 1/2 (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 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-6 - Designated beneficiary

Current through Vol. 41, No. 20, July 1, 2024
The Participant shall have the right to file with the Plan
				  Administrator a beneficiary or change of beneficiary form designating the
				  person or persons who shall receive the benefits payable under the Plan in the
				  event of the Participant's death. The Beneficiary shall have the right to apply
				  to the Plan Administrator to amend the payment option as previously elected by
				  the Participant.
(1) The form for this
				purpose shall be provided by the Plan Administrator and will have no effect
				until it is signed, filed with the Plan Administrator by the Participant or
				Beneficiary, and accepted by the Plan Administrator.
(2) If the Participant dies without having a
				Beneficiary form on file or is not survived by the designated Beneficiary, the
				payments shall be made to the beneficiary designated by the Participant
				pursuant to Section
				590:25-9-9.
(3) If the Participant dies without having a
				Beneficiary form on file or is not survived by the designated Beneficiary under
				this Plan or the Deferred Compensation Plan, the payments shall be made to the
				properly appointed fiduciary of the Participant's probate estate. Provided that
				if a fiduciary has not been appointed and qualified within one hundred twenty
				(120) days after the death, the payment may be made first, to a surviving
				spouse, second, to a surviving child or children, third, to a surviving parent
				or parents.
(4) The Participant
				accepts and acknowledges that he has the burden for executing and filing, with
				the Plan Administrator, a proper beneficiary designation form.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff
				  7-13-98
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-7 - Payment and distribution options

Current through Vol. 41, No. 20, July 1, 2024
Subject to the provisions of Section
				  590:35-13-1 herein,
				  a Participant (or Beneficiary, where applicable) may elect within the period
				  and on the forms prescribed by the Plan Administrator, to receive the balance
				  of his or her Account in the form of:
(1) Lump sum, payable in cash;
(2) Substantially level periodic
				installments;
(3) Any other form
				approved by the Plan Administrator or the Trustees.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 28
				  Ok Reg 678, eff 5-12-11
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-8 - Plan-to-plan transfers

Current through Vol. 41, No. 20, July 1, 2024
This Plan may make or receive plan-to-plan transfers to or
				  from other qualified plans, provided the requirements of federal law are
				  met.
Added at 15 Ok Reg 793,
				  eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 16
				  Ok Reg 617, eff 12-2-98 (emergency); Amended at 16 Ok Reg 2019, eff
				  6-11-99
Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-10 - Minimum distribution requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) Notwithstanding anything herein to the
				contrary, the following minimum distribution requirements will apply.
(b) All distributions required under this
				Section shall be determined and made in accordance with Code Section 401(a)(9)
				and the proposed Treasury Regulations thereunder, 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) 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 35 - Deferred Savings Incentive Plan › Subchapter 13 - Benefits and Distributions › Section 590:35-13-11 - Administrative distributions

Current through Vol. 41, No. 20, July 1, 2024
(a)
				This rule applies only to a Limited Participant who is not a state employee and
				who is not eligible for additional contributions to the Plan after the transfer
				of Excess Contributions pursuant to Subchapter 13 of Chapter 10 of these
				rules.
(b) If such Limited
				Participant has an account balance in the Plan of less than two hundred dollars
				($200), the Plan Administrator shall distribute to the Limited Participant his
				or her account balance in a lump-sum as soon as administratively feasible
				without a written application for distributions by the Limited Participant. The
				Plan Administrator shall not make this distribution in a calendar year to a
				Limited Participant who has taken a distribution from the Plan in that same
				calendar year if that distribution, when aggregated with the administrative
				distributions provided in this rule, would equal or exceed two hundred dollars
				($200).
Added at 17 Ok Reg 3187,
				  eff 7-27-00