{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-910.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-910.5","heading":"Transfer of contributions","body":"A. Any active member, as of July 1, 1998, whose compensation\n\nfor service exceeded Twenty-five Thousand Dollars ($25,000.00) per\n\nannum prior to July 1, 1994, and who, prior to July 1, 1998, had\n\nvoluntarily elected to increase the maximum compensation level\n\npursuant to statutes in effect at that time, shall have transferred,\n\npursuant to this subsection and the procedures established by the\n\nBoard, the employee contributions made on compensation for service\n\nwhich is in excess of Twenty-five Thousand Dollars ($25,000.00) per\n\nannum prior to July 1, 1994, with an amount which represents the\n\nactuarial assumed earnings of the System of seven and one-half\n\npercent (7.5%) compounded annually until the date of transfer. It\n\nis the intent of the Legislature that the excess contributions shall\n\nbe transferred directly to an account established for the employee\n\nin the Oklahoma State Employees Deferred Savings Incentive Plan.\n\nThe provisions for transfer contained in this subsection shall not\n\ntake effect until the Board receives official written notice that\n\nthis distribution satisfies the tax qualification requirements for\n\ngovernmental plans applicable to such transfers as specified in the\n\nInternal Revenue Code of 1986, as amended from time to time and as\n\napplicable to governmental plans and the relevant regulatory\n\nprovisions and guidance related thereto.\n\nB. Any member who is vested or eligible to vest and not\n\nparticipating or retired from the System, as of July 1, 1998, whose\n\ncompensation for service exceeded Twenty-five Thousand Dollars\n\n($25,000.00) per annum prior to July 1, 1994, and who, prior to July\n\n1, 1998, had voluntarily elected to increase the maximum\n\ncompensation level pursuant to statutes in effect at that time,\n\nshall be granted, pursuant to this subsection and the procedures\n\nestablished by the Board, a limited retirement benefit in addition\n\nto their normal retirement benefit in an amount equivalent to the\n\nadditional employee contributions paid by the employee and made on\n\ncompensation for service which is in excess of Twenty-five Thousand\n\nDollars ($25,000.00) per annum prior to July 1, 1994. The limited\n\nbenefit shall be payable in an amount equal to Two Hundred Dollars\n\n($200.00) per month or the amount of additional contributions\n\nactually paid, whichever is less, beginning with the first month the\n\nmember retires and begins to receive monthly retirement benefits\n\nuntil the amount of additional contributions has been paid. Upon\n\nthe death of the member, the remaining unpaid amount of additional\n\ncontributions, if any, shall be paid to the member’s beneficiary in\n\na lump sum or to the joint annuitant in the same manner as paid to\n\nthe member if an election of a survivor option has been made\n\npursuant to Section 918 of this title. Any provisions for cost of\n\nliving or other retirement benefit adjustments shall not be\n\napplicable to this limited benefit. The provisions for the limited\n\nretirement benefit contained in this subsection shall not take\n\neffect until the Board receives official written notice that this\n\ndistribution satisfies the tax qualification requirements for\n\ngovernmental plans applicable to such refunds or transfers as\n\nspecified in the Internal Revenue Code of 1986, as amended from time\n\nto time and as applicable to governmental plans and the relevant\n\nregulatory provisions and guidance related thereto.","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":"92b060b08dd0763245e7f2989ad62ce132b35e308ba55b68be1943cc60203fba","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-910.4","next":"us-ok/okla.-stat.-tit.-74-74-9100"},"notice":"GroundRules: Original legal text. Not legal advice."}