{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-102.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-102.2","heading":"Tax qualification as a governmental retirement plan","body":"The retirement system shall satisfy the applicable qualification\n\nrequirements for governmental plans as specified in Sections 401 and\n\n414(d) of the Internal Revenue Code of 1954 or 1986, as amended from\n\ntime to time and as appropriate for a governmental plan (hereinafter\n\nreferred to as the \"Code\"). In addition to other Code provisions\n\notherwise noted, and in order to satisfy the applicable requirements\n\nunder the Code, the retirement system shall be subject to the\n\nfollowing provisions, notwithstanding any other provision of the\n\nretirement system law:\n\n(1) The Board of Trustees shall distribute the corpus and\n\nincome of the retirement system to the members and their\n\nbeneficiaries in accordance with the retirement system law.\n\n(2) Forfeitures arising from severance of employment, death, or\n\nfor any other reason may not be applied to increase the benefits any\n\nmember would otherwise receive under the retirement system law.\n\n(3) All benefits paid from the retirement system shall be\n\ndistributed in accordance with the requirements of Code Section\n\n401(a)(9) and the regulations thereto. In order to meet these\n\nrequirements, the retirement system shall be administered in\n\naccordance with the following provisions:\n\n(a) The life expectancy of a member or the member's spouse may\n\nnot be recalculated after the benefits commence.\n\n(b) If a member dies before the distribution of the member's\n\nbenefits has begun, distributions to beneficiaries must begin no\n\nlater than December 31 of the calendar year immediately following\n\nthe calendar year in which the member died.\n\n(c) The amount of benefits payable to a member's beneficiary\n\nmay not exceed the maximum determined under the incidental death\n\nbenefit requirement of the Code.\n\n(4) The Board of Trustees or its designee may not:\n\n(a) determine eligibility for benefits,\n\n(b) compute rates of contribution, or\n\n(c) compute benefits of members or beneficiaries,\n\nin a manner that discriminates in favor of members who are\n\nconsidered officers, supervisors, or highly compensated, as\n\nprohibited under Code Section 401(a)(4).\n\n(5) Benefits paid from the retirement system shall not exceed\n\nthe maximum benefits permissible under Code Section 415.\n\n(6) The Board of Trustees may not engage in a transaction\n\nprohibited by Code Section 503(b).\n\n(7) To the extent required by Code Section 401(a)(31), the\n\nretirement system shall allow members and qualified beneficiaries to\n\nelect a direct rollover of eligible distributions to another\n\neligible retirement plan.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7a94ddc55d07fea78de8b8e8d3c61703852c2f89c08b8d5525e53ab0228db852","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-102.1","next":"us-ok/okla.-stat.-tit.-70-70-17-102.3"},"notice":"GroundRules: Original legal text. Not legal advice."}