Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 13 - Excess Contributions
Section 590:10-13-4 - Transfer of excess contributions
Current through Vol. 41, No. 13, March 15, 2024
Within ninety (90) days from the receipt of a favorable Private Letter Ruling with respect to the Transfer Legislation, the Board will implement the following procedures for the transfer of Excess Contributions:
(1) The Board shall cause to be sent a notice of transfer to each Eligible Member who has Excess Contributions. The notice of transfer will contain the following:
(2) In the event an Eligible Member disputes the amount of transfer as set forth in the Notice, the Eligible Member shall provide a written objection to the Board within 30 days of the date of the Notice of Transfer. The objection shall set forth the basis for the objection, including the specific error and the amount the Eligible Member believes is correct. The Board shall respond to the complaint within 30 days. If the Eligible Member is aggrieved by the decision, the exclusive remedy is through the administrative hearing procedures as provided in 590:1-1-6.
(3) The Board will direct that the Excess Contributions and Earnings are transferred to the Incentive Plan as stated in the notice of transfer.
Added at 16 Ok Reg 610, eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 17 Ok Reg 194, eff 9-29-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3178, eff 7-27-00