{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-935.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-935.6","heading":"Employer payments – Salary deductions – Administration","body":"costs.\n\nA. Except as otherwise provided by this section, employers\n\nshall make payment of the required matching amount as provided by\n\nSection 5 of this act within five (5) business days of the\n\nparticipating employee's payroll pay date. The System shall ensure\n\nthe payment is credited to the defined contribution system account\n\nor accounts maintained on behalf of the participating employee as\n\nsoon as possible.\n\nB. All employee contributions to the defined contribution\n\nsystem shall be effected by salary deductions from the salary of the\n\nemployee and shall be remitted by the participating employer to the\n\nSystem for deposit into the defined contribution system account or\n\naccounts maintained on behalf of the employee.\n\nC. Participating employers whose salary deductions and employer\n\ncontributions are not remitted to the System through the Office of\n\nManagement and Enterprise Services shall either:\n\n1. Send all such remittances by electronic funds transfer; or\n\n2. Place all such remittances in a bank account from which\n\nOPERS can debit the amount due,\n\nboth within five (5) business days of the payroll pay date of the\n\nparticipating employee. Payroll data shall be remitted by the same\n\ndeadline.\n\nD. The Office of Management and Enterprise Services shall\n\ncooperate with the Board to ensure that any necessary programming\n\nchanges are made to the state's payroll system to carry out the\n\nrequirements of this act.\n\nE. Each employer which has employees participating in the\n\ndefined contribution system shall pay to the System in the same\n\nmanner and at the same time required for contributions under this\n\nsection an amount to reimburse the cost of administration of the\n\ndefined contribution system, as determined by the Board.\n\n1. The Board shall certify each year to the Office of\n\nManagement and Enterprise Services and to participating employers\n\nwhose salary deductions and employer contributions are not remitted\n\nto the System through the Office of Management and Enterprise\n\nServices, the determined amount for the administrative cost of the\n\ndefined contribution system which will be required to be paid for\n\neach participant. The Board shall promulgate such rules as\n\nnecessary to implement the provisions of this subsection and provide\n\nthe methodology for the determination.\n\n2. Each employer shall pay at least monthly to the System the\n\nsum sufficient to satisfy the obligation under this section as\n\ncertified by the Board.\n\nF. The funds held on behalf of each employee participating in\n\nthe defined contribution system shall consist of the amount in the\n\naccount or accounts plus credits representing employer and employee\n\ncontributions, profits, income and other increments attributable to\n\nsuch contributions, and minus debits representing any losses, other\n\ndecrements, or expenses under the system and any distributions made\n\nto the employee under the system.","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":"37caa47e83d53e8195703878136dd20ddee14a6cf2f3bf877e8a753997b2ec55","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-935.5","next":"us-ok/okla.-stat.-tit.-74-74-935.7"},"notice":"GroundRules: Original legal text. Not legal advice."}