{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1707","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1707","heading":"Oklahoma State Employees Deferred Savings Incentive Plan","body":"A. Effective January 1, 1998, for each qualified participant as\n\ndefined in this section who is a state employee as defined in this\n\nsection, the Oklahoma Public Employees Retirement System shall pay\n\neach month from funds appropriated or deposited to the Oklahoma\n\nState Employees Deferred Savings Incentive Plan Fund created\n\npursuant to this section the sum of Twenty-five Dollars ($25.00) to\n\na plan established pursuant to the Internal Revenue Code, Section\n\n401(a), for the benefit of the employee; provided, if monies in the\n\nfund are insufficient to fully fund the contributions in any month,\n\npayments shall be suspended until such time as sufficient monies are\n\navailable. Employees receiving payroll other than monthly shall\n\nhave an amount contributed which is equivalent to Twenty-five\n\nDollars ($25.00) per month.\n\nB. For the purposes of this section, \"qualified participant\"\n\nmeans a state employee as defined in this section who is an active\n\nparticipant in the Oklahoma State Employees Deferred Compensation\n\nPlan making deferrals of at least Twenty-five Dollars ($25.00) per\n\nmonth. A qualified participant shall not include an employee who\n\nparticipates in the defined contribution system administered by the\n\nOklahoma Public Employees Retirement System on or after November 1,\n\n2015. Effective July 1, 2000, each qualified participant shall be\n\neligible for a contribution of Twenty-five Dollars ($25.00) to the\n\nOklahoma State Employees Deferred Savings Incentive Plan beginning\n\nwith the first employee deferral into the Oklahoma State Employees\n\nDeferred Compensation Plan. The Director of the Office of\n\nManagement and Enterprise Services shall be responsible for the\n\nprovision of such information and assistance as may be necessary to\n\ndetermine which employees are qualified participants and shall\n\nprovide for appropriate payroll transactions to accomplish\n\ncontributions to the Oklahoma State Employees Deferred Savings\n\nIncentive Plan and the Oklahoma State Employees Deferred\n\nCompensation Plan. The Oklahoma Public Employees Retirement System\n\nshall be responsible for establishing rules and plan documents for\n\nadministration of such contributions. Funds so credited shall be\n\nheld and invested in the same manner as the Oklahoma State Employees\n\nDeferred Compensation Plan, as provided in Section 1701 of this\n\ntitle.\n\nC. For the purposes of this section, \"state employee\" means any\n\nofficer or employee of the executive, legislative, or judicial\n\nbranches of the government of this state who is an active member of\n\na public retirement system of this state, but does not include:\n\n1. Employees of the public elementary, secondary, or area\n\nvocational school districts;\n\n2. Employees of The Oklahoma State System of Higher Education\n\nexcept employees of the Oklahoma State Regents of Higher Education,\n\nemployees of the governing boards and employees of the Board of\n\nRegents of the University of Oklahoma who are participating members\n\nof the Oklahoma Public Employees Retirement System;\n\n3. Persons on temporary, student, internship, or other limited-\n\nterm appointments except for Executive Fellows in the Carl Albert\n\nPublic Internship Program created in Section 840-3.4 of this title;\n\nor\n\n4. Persons employed pursuant to Section 1.6a of Title 53 of the\n\nOklahoma Statutes.\n\nD. No public official shall be able to make contributions to\n\nthe Section 401(a) plan described by this section during a term of\n\noffice which commenced prior to July 1, 1997. A public official may\n\nmake contributions to the Section 401(a) plan described by this\n\nsection during a term of office which commences after July 1, 1997.\n\nNo legislator shall be eligible to make contributions to the Section\n\n401(a) plan described by this section until such contributions have\n\nbeen approved by the Board on Legislative Compensation. The\n\nprovisions of this subsection shall be applicable only in the event\nake contributions to the Section 401(a) plan described by this\n\nsection during a term of office which commences after July 1, 1997.\n\nNo legislator shall be eligible to make contributions to the Section\n\n401(a) plan described by this section until such contributions have\n\nbeen approved by the Board on Legislative Compensation. The\n\nprovisions of this subsection shall be applicable only in the event\n\nthat the Plan permits employee contributions.\n\nE. There is hereby created in the State Treasury a revolving\n\nfund to be designated the \"Oklahoma State Employees Deferred Savings\n\nIncentive Plan Fund\". The fund shall be a continuing fund, not\n\nsubject to fiscal year limitations, and shall consist of any monies\n\nthe Legislature may appropriate or transfer to the fund and any\n\nmonies contributed for the fund from any other sources, public or\n\nprivate. All monies accruing to the credit of said fund are hereby\n\nappropriated and may be budgeted and expended by the Oklahoma Public\n\nEmployees Retirement System for the matching of deferred\n\ncompensation contributions pursuant to this section and in\n\naccordance with rules promulgated by the Oklahoma Public Employees\n\nRetirement System and for reimbursement of expenses for\n\nadministration of the Deferred Savings Incentive Plan and the\n\nOklahoma State Employees Deferred Compensation Plan. Expenditures\n\nfrom the fund shall be made by warrants issued by the State\n\nTreasurer against claims filed as prescribed by law with the\n\nDirector of the Office of Management and Enterprise Services for\n\napproval and payment.\n\nF. Effective July 1, 2000, every employer which has state\n\nemployees participating in the Oklahoma State Employees Deferred\n\nSavings Incentive Plan shall pay to the Fund an amount equal to\n\nTwenty-five Dollars ($25.00) each month for each qualified\n\nparticipant as defined in this section, along with an amount to\n\nreimburse the cost of administration of the Oklahoma State Employees\n\nDeferred Savings Incentive Plan and the Oklahoma State Employees\n\nDeferred Compensation Plan for each qualified participant, as\n\ndetermined by the Board.\n\n1. The Board shall certify each year to the Office of\n\nManagement and Enterprise Services the determined amount for the\n\nadministrative cost of the Oklahoma State Deferred Savings Incentive\n\nPlan and the Oklahoma State Employees Deferred Compensation Plan\n\nwhich will be required to be paid for each qualified participant.\n\nThe Board of Trustees shall promulgate such rules as are necessary\n\nto implement the provisions of this subsection and provide the\n\nmethodology for the determination.\n\n2. Each employer shall pay at least monthly to the Fund the sum\n\nsufficient to satisfy the obligation under this section as certified\n\nby the Board.\n\n3. Each employer is hereby authorized to pay the employer's\n\ncontribution from the same fund that the compensation for which said\n\ncontribution is paid from or from any other funds available to it\n\nfor such purpose.","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":"9e82cb2a92695c45f558f2d41eeb5e013935f75685f44eb5826946f44208b7c7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-1706","next":"us-ok/okla.-stat.-tit.-74-74-1731"},"notice":"GroundRules: Original legal text. Not legal advice."}