Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 5 - Contributions and Compensation
Section 590:10-5-7 - Statutory compensation contributions

(a) All currently appointed members of the Oklahoma Tax Commission on July 1, 2000, may make an election to contribute on the highest statutory salary for his or her position. This irrevocable election shall be made in writing and must be received by the System no later than September 28, 2000. This election to make additional contributions is binding upon all future appointments to the same Tax Commission office. The required contributions shall be made beginning with the first of the month following the filing of the election or the first of the month following the month in which the statutory salary is constitutionally limited, whichever is later.

(b) New members appointed to the Oklahoma Tax Commission after July 1, 2000, shall make an election to contribute on the highest statutory salary for his or her position within 90 days of taking such office. This election shall be effective upon the constitutional limitation of his or her salary at some later time during his or her appointment to the Oklahoma Tax Commission. This election to make additional contributions is binding upon all future appointments to the same Tax Commission office.

(c) Upon making the election provided in subsection (a) or (b) of this section, the employer and the employee contributions statutorily required for the System shall be remitted utilizing the normal payroll process. In the event the payroll process is unable to withhold and remit the contributions for the statutory salary amount, it shall be the responsibility of the Oklahoma Tax Commission to develop a process to withhold or receive the appropriate employee contribution and then to remit the appropriate employee and employer contributions for the statutory salary amount directly to the System.

(d) Upon making the election provided in subsection (a) of this section, a member of the Oklahoma Tax Commission whose salary is constitutionally limited on July 1, 2000, may also elect to use the highest salary allowed by law for the position to which the member was appointed which occurred prior to the election. To complete the election, the member must pay all employee contributions which would have been made since the time his or her salary became constitutionally limited, subject to any statutory salary caps under the Plan. This irrevocable election shall be made in writing and must be received by the System no later than September 28, 2000. Payment of all contributions due, plus an amount equal to the actuarially assumed interest rate adopted by the Board of Trustees for investment earnings, must be remitted to the System by both the employer and the employee no later than December 31, 2000. Such payments do not qualify as "pre-tax" contributions under the "employer pick-up" provisions of Section 414(h) of the Internal Revenue Code.