Oklahoma § 74-935.6

§ 74-935.6.

costs.

Employer payments – Salary deductions – Administration

Oklahoma Statutes - Title 74. State Government

A. Except as otherwise provided by this section, employers

shall make payment of the required matching amount as provided by

Section 5 of this act within five (5) business days of the

participating employee's payroll pay date. The System shall ensure

the payment is credited to the defined contribution system account

or accounts maintained on behalf of the participating employee as

soon as possible.

B. All employee contributions to the defined contribution

system shall be effected by salary deductions from the salary of the

employee and shall be remitted by the participating employer to the

System for deposit into the defined contribution system account or

accounts maintained on behalf of the employee.

C. Participating employers whose salary deductions and employer

contributions are not remitted to the System through the Office of

Management and Enterprise Services shall either:

1. Send all such remittances by electronic funds transfer; or

2. Place all such remittances in a bank account from which

OPERS can debit the amount due,

both within five (5) business days of the payroll pay date of the

participating employee. Payroll data shall be remitted by the same

deadline.

D. The Office of Management and Enterprise Services shall

cooperate with the Board to ensure that any necessary programming

changes are made to the state's payroll system to carry out the

requirements of this act.

E. Each employer which has employees participating in the

defined contribution system shall pay to the System in the same

manner and at the same time required for contributions under this

section an amount to reimburse the cost of administration of the

defined contribution system, as determined by the Board.

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

Management and Enterprise Services and to participating employers

whose salary deductions and employer contributions are not remitted

to the System through the Office of Management and Enterprise

Services, the determined amount for the administrative cost of the

defined contribution system which will be required to be paid for

each participant. The Board shall promulgate such rules as

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 System the

sum sufficient to satisfy the obligation under this section as

certified by the Board.

F. The funds held on behalf of each employee participating in

the defined contribution system shall consist of the amount in the

account or accounts plus credits representing employer and employee

contributions, profits, income and other increments attributable to

such contributions, and minus debits representing any losses, other

Oklahoma Statutes - Title 74. State Government

decrements, or expenses under the system and any distributions made

to the employee under the system.

Added by Laws 2014, c. 375, § 6, eff. Nov. 1, 2014.