Okla. Stat. tit. 20, § 20-1103.2: Limit on employee contributions – Purchase of service

credit - Rollovers.

A. Subject to the provisions of this section, employee

contributions made to the System shall not exceed the maximum annual

additions permissible under Section 415 of the federal Internal

Revenue Code. Notwithstanding any other provisions of law to the

contrary, the Board may modify a request by a member to make

contributions to the System if the amount of the contributions would

exceed the limits under Section 415(c) or Section 415(n) of the

federal Internal Revenue Code subject to the following:

1. Where the System’s law requires a lump sum payment, for the

purchase of service credit, the Board may establish a periodic

payment plan in order to avoid a contribution in excess of the

limits under Section 415(c) or 415(n) of the federal Internal

Revenue Code. The Board may by rule adopt a procedure for the pick-

up of contributions for the purchase of service. However, the

implementation of the pick-up is subject to a favorable ruling by

the Internal Revenue Service; and

2. An eligible member in the System, as defined by Section 1526

of the federal Taxpayer Relief Act of 1997, may purchase service

credit without regard to the limitations of Section 415(c)(1) of the

federal Internal Revenue Code as provided by state law in effect on

August 5, 1997.

B. Notwithstanding any other provision of law to the contrary,

the Board may by rule permit the System to accept rollovers for the

purchase of service.

C. If the Board’s options under subsection A or B of this

section will not avoid a contribution in excess of the limits under

Section 415(c) or 415(n) of the federal Internal Revenue Code, the

Board shall reduce or deny the contributions.