{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1701","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1701","heading":"State and political subdivision employees and employees","body":"of duly constituted authorities or instrumentalities - Participation\n\nin plan - Time limit for transfers of investment options.\n\nA. The State of Oklahoma, its agencies and the political\n\nsubdivisions thereof and the employees of a duly constituted\n\nauthority or instrumentality of the State of Oklahoma, its agencies\n\nand the political subdivisions thereof, municipalities and any local\n\ngovernmental entity may enter into a written agreement to defer a\n\nportion of any employee's compensation which is derived from a state\n\nor local government. The compensation to be deferred shall be\n\nsubject to any federal limitations imposed by the Internal Revenue\n\nCode, Sections 1 et seq. of Title 26 of the United States Code. The\n\nstate or local governments may, under a written agreement, invest\n\nthe deferred compensation in life insurance, annuities, United\n\nStates Agency or Treasury Bills, Notes or Bonds, savings accounts\n\nand/or mutual funds with a company licensed or eligible to do\n\nbusiness in the state or in a contract or commingled trust or\n\nprogram. Deferred compensation programs shall exist and be in\n\naddition to, and not be a part of, any existing retirement, pension\n\nor Social Security system provided for the benefit of state and\n\nlocal government employees.\n\nB. The Oklahoma Public Employees Retirement System Board shall\n\noffer a deferred compensation program and shall be responsible for\n\nestablishing rules and regulations and participation agreement forms\n\nfor said program. The Oklahoma State Employee Benefits Council\n\nshall communicate this program with eligible participants.\n\nC. The Office of the Attorney General of this state shall be\n\nresponsible for interpreting all applicable laws and fiduciary\n\nresponsibilities for the deferred compensation programs of state and\n\nlocal governments if the programs do not maintain in-house counsel.\n\nD. Prior to January 1, 1991, the Board of Trustees of the\n\nOklahoma Public Employees Retirement System, the Plan Administrator,\n\nand the Office of Management and Enterprise Services shall jointly\n\ndevelop a system that provides for state employee participation\n\namounts in the deferred compensation plan be posted and transferred\n\nto the investment option selected by the state employee within ten\n\n(10) business days of the payday, the end of the payroll period, or\n\nthe process date for supplemental payrolls, whichever is later.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"03ef58c74ecf69177cb15798f7b8000601cdc95f463b46581b295b5fddb09285","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-168.2","next":"us-ok/okla.-stat.-tit.-74-74-1705"},"notice":"GroundRules: Original legal text. Not legal advice."}