Oklahoma § 20-1104.1 - Maximum benefits permitted – Qualified governmental

§ 20-1104.1. Maximum benefits permitted – Qualified governmental

excess benefit arrangements.

A. Benefits payable from the System may not exceed the maximum

benefits specified by Section 415(b) of the federal Internal Revenue

Code.

B. Subject to approval by the Internal Revenue Service, the

Board may establish and maintain a qualified governmental excess

benefit arrangement under Section 415(m) of the federal Internal

Revenue Code. The Board may establish by rule the necessary and

appropriate procedures for the administration of such benefit

arrangement under the federal Internal Revenue Code. If the amount

of any annual benefit would exceed the limitations imposed by

Section 415 of the federal Internal Revenue Code, that excess amount

may be paid from this benefit arrangement. The amount of any

contribution that would exceed the limitations imposed by Section

Oklahoma Statutes - Title 20. Courts

415 of the federal Internal Revenue Code would be credited to this

benefit arrangement. If established, the qualified excess benefit

arrangement must be a separate portion of the retirement plan. The

qualified excess benefit arrangement is subject to the following

requirements:

1. The benefit arrangement shall be maintained solely for the

purpose of providing to members in the retirement plan that part of

the member’s annual benefit otherwise payable under the terms of the

act that exceed the limitation on benefits imposed by Section 415 of

the federal Internal Revenue Code; and

2. Members do not have an election, directly or indirectly, to

defer compensation to the excess benefit arrangement.

Added by Laws 1999, c. 257, § 18, eff. July 1, 1999.