Oklahoma § 20-1103.1 - Additional contributions - Minimum funded ratio Reporting

§ 20-1103.1. Additional contributions - Minimum funded ratio Reporting

A. On and after January 1, 2001, the Administrative Director of

the Courts, in addition to the members' contributions, shall

transfer monthly amounts for deposit in the State Judicial

Retirement Fund as set out in Section 1309 of this title equal to

two percent (2.0%) of the monthly total actual paid gross salaries

of the members of the Uniform Retirement System for Justices and

Judges. Effective July 1, 2005, such amounts transferred by the

Administrative Director of the Courts shall be as follows:

Fiscal Year Ending

Percentage of Contribution

June 30, 2006

3.0%

June 30, 2007

4.0%

June 30, 2008

5.5%

June 30, 2009

7.0%

June 30, 2010

8.5%

June 30, 2011

10.0%

June 30, 2012

11.5%

June 30, 2013

13.0%

June 30, 2014

14.5%

June 30, 2015

16.0%

June 30, 2016

17.5%

June 30, 2017

19.0%

June 30, 2018

20.5%

June 30, 2019 and thereafter

22.0%

B. The State Judicial Retirement Fund should have a funded

ratio at or near ninety percent (90%) or be receiving sufficient

contributions to amortize any unfunded liability of the fund

according to the amortization schedule adopted by the Board of

Trustees of the Oklahoma Public Employees Retirement System. The

Board of Trustees shall provide a copy of the annual actuarial

Oklahoma Statutes - Title 20. Courts

report to the Governor, the Chief Justice of the Supreme Court, the

Speaker of the House of Representatives and the President Pro

Tempore of the Senate. In addition to this report, the Board shall

provide a letter setting forth the amount of the actuarially

required contributions for the System and any other recommendations

that the Board may deem necessary.

C. The Administrative Director of the Courts shall remit to the

System all statutorily required retirement contributions due on a

monthly basis. All required court and employee contributions and

supporting documentation are due and must be received by the System

on or before the fifteenth day of the month following the month for

which the contributions are due. Court and employee contributions

remitted to the System after thirty (30) days from the above due

date shall be subject to a monthly late charge of one and one-half

percent (1.5%) of the unpaid balance to be paid by the

Administrative Director of the Courts to the System.

Added by Laws 1999, c. 257, § 12, eff. July 1, 1999. Amended by

Laws 2000, c. 37, § 8, eff. Jan. 1, 2001; Laws 2002, c. 438, § 2,

eff. July 1, 2002; Laws 2004, c. 536, § 7, eff. July 1, 2004; Laws

2009, c. 420, § 1, eff. July 1, 2009; Laws 2010, c. 435, § 5, eff.

July 1, 2010; Laws 2021, c. 190, § 2, eff. Nov. 1, 2021.