Okla. Stat. tit. 63, § 63-485.10
This is the official text of Okla. Stat. tit. 63, § 63-485.10, part of Oklahoma’s Stat. tit. 63, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 63,." Browse the sections below, each linked to its official government source.
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Annuity contracts - Purchases as salary payments
Official statutory text
A part of the salary, not to exceed the exclusion allowances
provided in Section 403(b)(2), Internal Revenue Code, payable to any
employee of the J.D. McCarty Center for Children with Developmental
Disabilities may, at the request of the employee, be paid by the
purchase of an annuity contract from any insurance company
authorized to do business in Oklahoma by the J.D. McCarty Center for
Children with Developmental Disabilities for the employee, and the
employee shall be entitled to have such annuity contract continued
in force in succeeding years by the J.D. McCarty Center for Children
with Developmental Disabilities. The amounts so contributed or paid
by the J.D. McCarty Center for Children with Developmental
Disabilities for the annuity contract, or to continue it in force,
shall be considered as payment of salary, for the same amounts, to
the employee for State Retirement purposes, State Aid purposes, or
Social Security purposes, but not for State Income Tax purposes.
Provided that the amount received under such annuity contracts shall
be income subject to state income tax when actually received.
provided in Section 403(b)(2), Internal Revenue Code, payable to any
employee of the J.D. McCarty Center for Children with Developmental
Disabilities may, at the request of the employee, be paid by the
purchase of an annuity contract from any insurance company
authorized to do business in Oklahoma by the J.D. McCarty Center for
Children with Developmental Disabilities for the employee, and the
employee shall be entitled to have such annuity contract continued
in force in succeeding years by the J.D. McCarty Center for Children
with Developmental Disabilities. The amounts so contributed or paid
by the J.D. McCarty Center for Children with Developmental
Disabilities for the annuity contract, or to continue it in force,
shall be considered as payment of salary, for the same amounts, to
the employee for State Retirement purposes, State Aid purposes, or
Social Security purposes, but not for State Income Tax purposes.
Provided that the amount received under such annuity contracts shall
be income subject to state income tax when actually received.
Status: in_force · Read it on the official government site
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