Okla. Stat. tit. 70, § 70-17-121
This is the official text of Okla. Stat. tit. 70, § 70-17-121, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Oklahoma Teachers' Deferred Savings Incentive Plan
Official statutory text
A. Effective July 1, 1999, for each active contributing member
of the Teachers' Retirement System of Oklahoma, who is making
contributions of at least Twenty-five Dollars ($25.00) per month to
a plan account maintained by the Teachers' Retirement System of
Oklahoma pursuant to Section 403(b) of Title 26 of the United States
Code, 26 U.S.C. Section 403(b), the Teachers' Retirement System
shall pay each month from funds appropriated to the Oklahoma
Teachers' Deferred Savings Incentive Plan Fund created pursuant to
this section the sum of Twenty-five Dollars ($25.00) to a plan
established pursuant to the Internal Revenue Code, Section 401(a),
for the benefit of the participant.
B. If monies in the Oklahoma Teachers' Deferred Savings
Incentive Plan Fund are insufficient to fully fund the contributions
in any month, payments shall be suspended until such time as
sufficient monies are available.
Oklahoma Statutes - Title 70. Schools Page 801
C. The Teachers' Retirement System shall be responsible for
establishing rules and plan documents for administration of the
contributions authorized by this section. Funds so credited shall
be held and invested in the same manner as funds managed in accounts
of members contributing to an account established pursuant to
Section 403(b) of the Internal Revenue Code of 1986, as amended.
D. There is hereby created in the State Treasury a revolving
fund to be designated the "Oklahoma Teachers' Deferred Savings
Incentive Plan Fund". The fund shall be a continuing fund, not
subject to fiscal year limitations, and shall consist of any monies
the Legislature may appropriate or transfer to the fund and any
monies contributed for the fund from any other sources, public or
private. All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the Teachers'
Retirement System of Oklahoma for the matching of deferred
compensation contributions pursuant to this section and in
accordance with rules promulgated by the Teachers' Retirement System
of Oklahoma. Expenditures from the fund shall be made by warrants
issued by the State Treasurer against claims filed as prescribed by
law with the Director of the Office of Management and Enterprise
Services for approval and payment.
of the Teachers' Retirement System of Oklahoma, who is making
contributions of at least Twenty-five Dollars ($25.00) per month to
a plan account maintained by the Teachers' Retirement System of
Oklahoma pursuant to Section 403(b) of Title 26 of the United States
Code, 26 U.S.C. Section 403(b), the Teachers' Retirement System
shall pay each month from funds appropriated to the Oklahoma
Teachers' Deferred Savings Incentive Plan Fund created pursuant to
this section the sum of Twenty-five Dollars ($25.00) to a plan
established pursuant to the Internal Revenue Code, Section 401(a),
for the benefit of the participant.
B. If monies in the Oklahoma Teachers' Deferred Savings
Incentive Plan Fund are insufficient to fully fund the contributions
in any month, payments shall be suspended until such time as
sufficient monies are available.
Oklahoma Statutes - Title 70. Schools Page 801
C. The Teachers' Retirement System shall be responsible for
establishing rules and plan documents for administration of the
contributions authorized by this section. Funds so credited shall
be held and invested in the same manner as funds managed in accounts
of members contributing to an account established pursuant to
Section 403(b) of the Internal Revenue Code of 1986, as amended.
D. There is hereby created in the State Treasury a revolving
fund to be designated the "Oklahoma Teachers' Deferred Savings
Incentive Plan Fund". The fund shall be a continuing fund, not
subject to fiscal year limitations, and shall consist of any monies
the Legislature may appropriate or transfer to the fund and any
monies contributed for the fund from any other sources, public or
private. All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the Teachers'
Retirement System of Oklahoma for the matching of deferred
compensation contributions pursuant to this section and in
accordance with rules promulgated by the Teachers' Retirement System
of Oklahoma. Expenditures from the fund shall be made by warrants
issued by the State Treasurer against claims filed as prescribed by
law with the Director of the Office of Management and Enterprise
Services for approval and payment.
Status: in_force · Read it on the official government site
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