{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-935.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-935.5","heading":"Employer match","body":"A. Except as otherwise provided by subsection B of this\n\nsection, employers of employees who become participants in the\n\ndefined contribution retirement system shall match the employee\n\ncontribution paid on a monthly or more frequent basis at the rate of\n\nsix percent (6.0%) based on the same compensation amount used to\n\ncompute the employee contribution amount.\n\nB. If an employee selects a contribution rate of seven percent\n\n(7.0%) or more, but not higher than allowed pursuant to the maximum\n\nannual contribution limit prescribed by Section 415 of the Internal\n\nRevenue Code of 1986, as amended, the employer matching amount shall\n\nbe seven percent (7.0%).\n\nC. The initial four and five-tenths percent (4.5%) employee\n\ncontribution shall be the only mandatory contribution of an employee\n\nparticipating in the defined contribution retirement system created\n\nby this act. These funds shall be placed by the System in either a\n\n401(a) plan or a 457(b) plan, to be determined by the Board to\n\nmaintain the plan consistent with the Internal Revenue Code. Any\n\nemployee contributions eligible to be matched under this section\n\nover the four and five-tenths percent (4.5%) initial contribution\n\nshall be considered voluntary deferrals of compensation and placed\n\nin a 457(b) plan. All employer matching funds shall be placed in a\n\n401(a) plan.\n\nAny contribution rate that is more than the four and five-tenths\n\npercent (4.5%) rate can be chosen by the participating employee upon\n\nthe employee's initial participation, and can be changed once per\n\nmonth. The employee contribution rate chosen shall continue until\n\nthe employee elects to change the contribution rate or terminates\n\nservice or retires.\n\nD. The employer match as set forth in subsection A of this\n\nsection may be increased at any time by the Legislature without\n\naffecting the then-existing rights of participating employees and\n\nbeneficiaries in order to encourage participating employees to\n\naccumulate deferred income reserves for themselves and their\n\ndependents. The employer match may be decreased at any time by the\n\nLegislature without affecting the then-existing rights of\n\nparticipating employees and beneficiaries in order to provide\n\nfunding as may be needed to reduce the unfunded liabilities of the\n\ndefined benefit plan as set forth in Section 901 et seq. of this\n\ntitle, but shall not be less than six percent (6.0%) for any year\n\nduring which the defined contribution plan is maintained.","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":"1795e655bfcca51f23c529b6f3f8a6e59c4b30f613a6272c72284a4d31b8ade9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-935.4","next":"us-ok/okla.-stat.-tit.-74-74-935.6"},"notice":"GroundRules: Original legal text. Not legal advice."}