Oklahoma § 74-1707 - Oklahoma State Employees Deferred Savings Incentive Plan

§ 74-1707. Oklahoma State Employees Deferred Savings Incentive Plan

A. Effective January 1, 1998, for each qualified participant as

defined in this section who is a state employee as defined in this

section, the Oklahoma Public Employees Retirement System shall pay

each month from funds appropriated or deposited to the Oklahoma

State Employees Deferred Savings Incentive Plan Fund created

pursuant to this section the sum of Twenty-five Dollars ($25.00) to

a plan established pursuant to the Internal Revenue Code, Section

401(a), for the benefit of the employee; provided, if monies in the

fund are insufficient to fully fund the contributions in any month,

payments shall be suspended until such time as sufficient monies are

available. Employees receiving payroll other than monthly shall

have an amount contributed which is equivalent to Twenty-five

Dollars ($25.00) per month.

B. For the purposes of this section, "qualified participant"

means a state employee as defined in this section who is an active

participant in the Oklahoma State Employees Deferred Compensation

Plan making deferrals of at least Twenty-five Dollars ($25.00) per

Oklahoma Statutes - Title 74. State Government

month. A qualified participant shall not include an employee who

participates in the defined contribution system administered by the

Oklahoma Public Employees Retirement System on or after November 1,

2015. Effective July 1, 2000, each qualified participant shall be

eligible for a contribution of Twenty-five Dollars ($25.00) to the

Oklahoma State Employees Deferred Savings Incentive Plan beginning

with the first employee deferral into the Oklahoma State Employees

Deferred Compensation Plan. The Director of the Office of

Management and Enterprise Services shall be responsible for the

provision of such information and assistance as may be necessary to

determine which employees are qualified participants and shall

provide for appropriate payroll transactions to accomplish

contributions to the Oklahoma State Employees Deferred Savings

Incentive Plan and the Oklahoma State Employees Deferred

Compensation Plan. The Oklahoma Public Employees Retirement System

shall be responsible for establishing rules and plan documents for

administration of such contributions. Funds so credited shall be

held and invested in the same manner as the Oklahoma State Employees

Deferred Compensation Plan, as provided in Section 1701 of this

title.

C. For the purposes of this section, "state employee" means any

officer or employee of the executive, legislative, or judicial

branches of the government of this state who is an active member of

a public retirement system of this state, but does not include:

1. Employees of the public elementary, secondary, or area

vocational school districts;

2. Employees of The Oklahoma State System of Higher Education

except employees of the Oklahoma State Regents of Higher Education,

employees of the governing boards and employees of the Board of

Regents of the University of Oklahoma who are participating members

of the Oklahoma Public Employees Retirement System;

3. Persons on temporary, student, internship, or other limitedterm appointments except for Executive Fellows in the Carl Albert

Public Internship Program created in Section 840-3.4 of this title;

or

4. Persons employed pursuant to Section 1.6a of Title 53 of the

Oklahoma Statutes.

D. No public official shall be able to make contributions to

the Section 401(a) plan described by this section during a term of

office which commenced prior to July 1, 1997. A public official may

make contributions to the Section 401(a) plan described by this

section during a term of office which commences after July 1, 1997.

No legislator shall be eligible to make contributions to the Section

401(a) plan described by this section until such contributions have

been approved by the Board on Legislative Compensation. The

provisions of this subsection shall be applicable only in the event

that the Plan permits employee contributions.

Oklahoma Statutes - Title 74. State Government

E. There is hereby created in the State Treasury a revolving

fund to be designated the "Oklahoma State Employees Deferred Savings

Incentive Plan Fund". The fund shall be a continuing fund, not

subject to fiscal year limitations, and shall consist of any monies

the Legislature may appropriate or transfer to the fund and any

monies contributed for the fund from any other sources, public or

private. All monies accruing to the credit of said fund are hereby

appropriated and may be budgeted and expended by the Oklahoma Public

Employees Retirement System for the matching of deferred

compensation contributions pursuant to this section and in

accordance with rules promulgated by the Oklahoma Public Employees

Retirement System and for reimbursement of expenses for

administration of the Deferred Savings Incentive Plan and the

Oklahoma State Employees Deferred Compensation Plan. Expenditures

from the fund shall be made by warrants issued by the State

Treasurer against claims filed as prescribed by law with the

Director of the Office of Management and Enterprise Services for

approval and payment.

F. Effective July 1, 2000, every employer which has state

employees participating in the Oklahoma State Employees Deferred

Savings Incentive Plan shall pay to the Fund an amount equal to

Twenty-five Dollars ($25.00) each month for each qualified

participant as defined in this section, along with an amount to

reimburse the cost of administration of the Oklahoma State Employees

Deferred Savings Incentive Plan and the Oklahoma State Employees

Deferred Compensation Plan for each qualified participant, as

determined by the Board.

1. The Board shall certify each year to the Office of

Management and Enterprise Services the determined amount for the

administrative cost of the Oklahoma State Deferred Savings Incentive

Plan and the Oklahoma State Employees Deferred Compensation Plan

which will be required to be paid for each qualified participant.

The Board of Trustees shall promulgate such rules as are necessary

to implement the provisions of this subsection and provide the

methodology for the determination.

2. Each employer shall pay at least monthly to the Fund the sum

sufficient to satisfy the obligation under this section as certified

by the Board.

3. Each employer is hereby authorized to pay the employer's

contribution from the same fund that the compensation for which said

contribution is paid from or from any other funds available to it

for such purpose.

Added by Laws 1997, c. 384, § 15, eff. July 1, 1997. Amended by

Laws 1998, c. 96, § 1, eff. July 1, 1998; Laws 1999, c. 376, § 1,

eff. Sept. 1, 1999; Laws 2000, c. 359, § 1, eff. July 1, 2000; Laws

2002, c. 438, § 10, eff. July 1, 2002; Laws 2012, c. 304, § 986;

Laws 2014, c. 375, § 14, eff. Nov. 1, 2014.

Oklahoma Statutes - Title 74. State Government

NOTE: Laws 1999, c. 257, § 45 repealed by Laws 2000, c. 313, § 5,

emerg. eff. June 5, 2000, and Laws 2000, c. 359, § 2, eff. July 1,

2000. Laws 2000, c. 313, § 4 repealed by Laws 2001, c. 5, § 63,

emerg. eff. March 21, 2001.