Oklahoma § 74-910.5 - Transfer of contributions

§ 74-910.5. Transfer of contributions

A. Any active member, as of July 1, 1998, whose compensation

for service exceeded Twenty-five Thousand Dollars ($25,000.00) per

annum prior to July 1, 1994, and who, prior to July 1, 1998, had

voluntarily elected to increase the maximum compensation level

pursuant to statutes in effect at that time, shall have transferred,

pursuant to this subsection and the procedures established by the

Board, the employee contributions made on compensation for service

which is in excess of Twenty-five Thousand Dollars ($25,000.00) per

annum prior to July 1, 1994, with an amount which represents the

actuarial assumed earnings of the System of seven and one-half

percent (7.5%) compounded annually until the date of transfer. It

is the intent of the Legislature that the excess contributions shall

be transferred directly to an account established for the employee

in the Oklahoma State Employees Deferred Savings Incentive Plan.

The provisions for transfer contained in this subsection shall not

take effect until the Board receives official written notice that

this distribution satisfies the tax qualification requirements for

governmental plans applicable to such transfers as specified in the

Internal Revenue Code of 1986, as amended from time to time and as

applicable to governmental plans and the relevant regulatory

provisions and guidance related thereto.

B. Any member who is vested or eligible to vest and not

participating or retired from the System, as of July 1, 1998, whose

compensation for service exceeded Twenty-five Thousand Dollars

($25,000.00) per annum prior to July 1, 1994, and who, prior to July

1, 1998, had voluntarily elected to increase the maximum

compensation level pursuant to statutes in effect at that time,

shall be granted, pursuant to this subsection and the procedures

established by the Board, a limited retirement benefit in addition

to their normal retirement benefit in an amount equivalent to the

additional employee contributions paid by the employee and made on

compensation for service which is in excess of Twenty-five Thousand

Dollars ($25,000.00) per annum prior to July 1, 1994. The limited

benefit shall be payable in an amount equal to Two Hundred Dollars

($200.00) per month or the amount of additional contributions

actually paid, whichever is less, beginning with the first month the

member retires and begins to receive monthly retirement benefits

Oklahoma Statutes - Title 74. State Government

until the amount of additional contributions has been paid. Upon

the death of the member, the remaining unpaid amount of additional

contributions, if any, shall be paid to the member’s beneficiary in

a lump sum or to the joint annuitant in the same manner as paid to

the member if an election of a survivor option has been made

pursuant to Section 918 of this title. Any provisions for cost of

living or other retirement benefit adjustments shall not be

applicable to this limited benefit. The provisions for the limited

retirement benefit contained in this subsection shall not take

effect until the Board receives official written notice that this

distribution satisfies the tax qualification requirements for

governmental plans applicable to such refunds or transfers as

specified in the Internal Revenue Code of 1986, as amended from time

to time and as applicable to governmental plans and the relevant

regulatory provisions and guidance related thereto.

Added by Laws 1998, c. 419, § 12, eff. July 1, 1998. Amended by

Laws 1999, c. 282, § 1, eff. July 1, 1999; Laws 2000, c. 6, § 26,

emerg. eff. March 20, 2000.

NOTE: Editorially renumbered from § 910.4 of this title to avoid a

duplication in mumbering.

NOTE: Laws 1998, c. 363, § 2, which was an identical duplicate

section, repealed by Laws 1999, c. 279, § 2, eff. July 1, 1999 and

also repealed by Laws 1999, c. 282, § 2, eff. July 1, 1999. Laws

1999, c. 279, § 1 repealed by Laws 2000, c. 6, § 33, emerg. eff.

March 20, 2000.