Okla. Stat. tit. 74, § 74-935.5
This is the official text of Okla. Stat. tit. 74, § 74-935.5, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Employer match
Official statutory text
A. Except as otherwise provided by subsection B of this
section, employers of employees who become participants in the
defined contribution retirement system shall match the employee
contribution paid on a monthly or more frequent basis at the rate of
six percent (6.0%) based on the same compensation amount used to
compute the employee contribution amount.
B. If an employee selects a contribution rate of seven percent
(7.0%) or more, but not higher than allowed pursuant to the maximum
annual contribution limit prescribed by Section 415 of the Internal
Revenue Code of 1986, as amended, the employer matching amount shall
be seven percent (7.0%).
C. The initial four and five-tenths percent (4.5%) employee
contribution shall be the only mandatory contribution of an employee
participating in the defined contribution retirement system created
by this act. These funds shall be placed by the System in either a
401(a) plan or a 457(b) plan, to be determined by the Board to
maintain the plan consistent with the Internal Revenue Code. Any
employee contributions eligible to be matched under this section
over the four and five-tenths percent (4.5%) initial contribution
shall be considered voluntary deferrals of compensation and placed
in a 457(b) plan. All employer matching funds shall be placed in a
401(a) plan.
Any contribution rate that is more than the four and five-tenths
percent (4.5%) rate can be chosen by the participating employee upon
the employee's initial participation, and can be changed once per
month. The employee contribution rate chosen shall continue until
the employee elects to change the contribution rate or terminates
service or retires.
D. The employer match as set forth in subsection A of this
section may be increased at any time by the Legislature without
affecting the then-existing rights of participating employees and
beneficiaries in order to encourage participating employees to
accumulate deferred income reserves for themselves and their
dependents. The employer match may be decreased at any time by the
Legislature without affecting the then-existing rights of
participating employees and beneficiaries in order to provide
funding as may be needed to reduce the unfunded liabilities of the
defined benefit plan as set forth in Section 901 et seq. of this
title, but shall not be less than six percent (6.0%) for any year
during which the defined contribution plan is maintained.
section, employers of employees who become participants in the
defined contribution retirement system shall match the employee
contribution paid on a monthly or more frequent basis at the rate of
six percent (6.0%) based on the same compensation amount used to
compute the employee contribution amount.
B. If an employee selects a contribution rate of seven percent
(7.0%) or more, but not higher than allowed pursuant to the maximum
annual contribution limit prescribed by Section 415 of the Internal
Revenue Code of 1986, as amended, the employer matching amount shall
be seven percent (7.0%).
C. The initial four and five-tenths percent (4.5%) employee
contribution shall be the only mandatory contribution of an employee
participating in the defined contribution retirement system created
by this act. These funds shall be placed by the System in either a
401(a) plan or a 457(b) plan, to be determined by the Board to
maintain the plan consistent with the Internal Revenue Code. Any
employee contributions eligible to be matched under this section
over the four and five-tenths percent (4.5%) initial contribution
shall be considered voluntary deferrals of compensation and placed
in a 457(b) plan. All employer matching funds shall be placed in a
401(a) plan.
Any contribution rate that is more than the four and five-tenths
percent (4.5%) rate can be chosen by the participating employee upon
the employee's initial participation, and can be changed once per
month. The employee contribution rate chosen shall continue until
the employee elects to change the contribution rate or terminates
service or retires.
D. The employer match as set forth in subsection A of this
section may be increased at any time by the Legislature without
affecting the then-existing rights of participating employees and
beneficiaries in order to encourage participating employees to
accumulate deferred income reserves for themselves and their
dependents. The employer match may be decreased at any time by the
Legislature without affecting the then-existing rights of
participating employees and beneficiaries in order to provide
funding as may be needed to reduce the unfunded liabilities of the
defined benefit plan as set forth in Section 901 et seq. of this
title, but shall not be less than six percent (6.0%) for any year
during which the defined contribution plan is maintained.
Status: in_force · Read it on the official government site
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