Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 15 - Uniform Retirement System for Justices and Judges
Subchapter 3 - Excess Contributions
Section 590:15-3-3 - Transfer of excess contributions

Universal Citation: OK Admin Code 590:15-3-3

Current through Vol. 41, No. 13, March 15, 2024

On or about September 1, 2005, the Board will implement the following procedures for the transfer of the excess contributions:

(1) The Board shall cause to be sent an Application for Transfer of Excess Contributions to each member that appears to be an Eligible Member. The Application for Transfer of Excess Contributions will contain the following:

(A) An election to transfer the excess contributions or to waive the transfer and retain the option to elect at retirement a survivor benefit;

(B) A statement that by making the election to transfer the excess contributions, an Eligible Member forfeits any rights to future survivor benefits of any kind from the System;

(C) The amount of the contributions to be transferred;

(D) A statement that the Application for Transfer of Excess Contributions must be received by the System on or before December 1, 2005;

(E) A statement that failure to sign and return the Application for Transfer of Excess Contributions results in the Eligible Member waiving the option to make the transfer and such waiver is irrevocable; and

(F) A statement that the election to transfer the excess contributions 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.

(2) In the event an Eligible Member disputes the amount of transfer as set forth in the Application for Transfer of Excess Contributions, the Eligible Member shall provide a written objection to the Board within 30 days of the date the Application for Transfer of Excess Contributions was mailed to the Eligible Member. 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 of receipt. 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 are transferred to the Incentive Plan or maintained in the System as stated in the Application for Transfer of Excess Contributions.

Added at 23 Ok Reg 107, eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff 5-25-06

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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