Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 15 - Limited Retirement Benefit
Section 590:10-15-2 - Definitions

The following words or terms, when used in this Subchapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Determination Letter" means the favorable determination letter issued by the Internal Revenue Service to the Board on October 10, 2000, and received by the System on October 30, 2000, applicable to continued qualification of the plan in its present form.

"Excess Contributions" means the contributions and payments actually made by a Limited Eligible Member on compensation in excess of Twenty-five Thousand Dollars ($25,000) per annum prior to June 30, 1994, that remain on deposit with the System as of the date of the receipt of retirement benefits, and includes both pre-tax Excess Contributions and post-tax Excess Contributions.

"Limited Benefit" means an additional benefit amount to be paid in addition to the Limited Eligible Member's Regular Retirement Benefit, for only so long as the Regular Retirement Benefit is payable, in the amount of $200 per month or the amount of Excess Contributions actually paid, whichever is less, until the total amount of Excess Contributions made by that Eligible Member has been paid.

"Limited Benefit Legislation" means Enrolled Senate Bill 386, enacted in 1999, as it amends Section 910.5 of Title 74 of the Oklahoma Statutes.

"Limited Eligible Member" means a member of the System who was vested or eligible to vest on July 1, 1998, but who was not active and participating nor retired, and whose compensation for services exceeded Twenty-five Thousand Dollars ($25,000) per annum prior to July 1, 1994, and who, prior to July 1, 1998, had voluntarily elected to pay retirement contributions on the maximum compensation level pursuant to statutes in effect at that time, provided such retirement contributions remain on deposit with the System.

"Maximum Limited Benefit" means the amount equal to the total Excess Contributions made by that Limited Eligible Member which has been paid to the Limited Eligible Member in monthly payments or any lesser amount of Limited Benefits which have been paid in the event the normal retirement benefit of the Eligible Member ceases due to death or forfeiture.

"Regular Retirement Benefit" means the monthly retirement benefit that the Limited Eligible Member has elected to receive and includes normal, early and disability retirements, excluding retroactive lump-sum disability payments.

"System" means the Oklahoma Public Employees Retirement System.

Added at 18 Ok Reg 548, eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff 7-26-01