Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 5 - Contributions and Compensation › Section 590:10-5-7 - Statutory compensation contributions

Current through Vol. 41, No. 20, July 1, 2024
(a) All currently appointed members of the
				Oklahoma Tax Commission on July 1, 2000, may make an election to contribute on
				the highest statutory salary for his or her position. This irrevocable election
				shall be made in writing and must be received by the System no later than
				September 28, 2000. This election to make additional contributions is binding
				upon all future appointments to the same Tax Commission office. The required
				contributions shall be made beginning with the first of the month following the
				filing of the election or the first of the month following the month in which
				the statutory salary is constitutionally limited, whichever is later.
(b) New members appointed to the Oklahoma Tax
				Commission after July 1, 2000, shall make an election to contribute on the
				highest statutory salary for his or her position within 90 days of taking such
				office. This election shall be effective upon the constitutional limitation of
				his or her
salary at some
later time during his or her appointment
				to the Oklahoma Tax Commission. This election to make additional contributions
				is binding upon all future appointments to the same Tax Commission
				office.
(c) Upon making the
				election provided in subsection (a) or (b) of this section, the employer and
				the employee contributions statutorily required for the System shall be
				remitted utilizing the normal payroll process. In the event the payroll process
				is unable to withhold and remit the contributions for the statutory salary
				amount, it shall be the responsibility of the Oklahoma Tax Commission to
				develop a process to withhold or receive the appropriate employee contribution
				and then to remit the appropriate employee and employer contributions for the
				statutory salary amount directly to the System.
(d) Upon making the election provided in
				subsection (a) of this section, a member of the Oklahoma Tax Commission whose
				salary is constitutionally limited on July 1, 2000, may also elect to use the
				highest salary allowed by law for the position to which the member was
				appointed which occurred prior to the election. To complete the election, the
				member must pay all employee contributions which would have been made since the
				time his or her salary became constitutionally limited, subject to any
				statutory salary caps under the Plan. This irrevocable election shall be made
				in writing and must be received by the System no later than September 28, 2000.
				Payment of all contributions due, plus an amount equal to the actuarially
				assumed interest rate adopted by the Board of Trustees for investment earnings,
				must be remitted to the System by both the employer and the employee no later
				than December 31, 2000. Such payments do not qualify as "pre-tax" contributions
				under the "employer pick-up" provisions of Section 414(h) of the Internal
				Revenue Code.
Added at 18 Ok Reg 9,
				  eff 10-3-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff
				  7-26-01