Okla. Admin. Code § 590:10-21-5

Current through Vol. 42, No. 4, November 1, 2024

Section 590:10-21-5 - Payment of benefits

(a)Benefit amount. A Participant in the Excess Benefit Plan shall receive a benefit in an amount equal to the amount of Retirement Benefit that would have been payable to, or with respect to, a Participant by the System that could not be paid because of the application of the limitations on such Retirement Benefit under Code Section 415(b). Provided, however, that the Excess Benefit Plan will not pay any Excess Benefit which results from the 2.5% step-up election pursuant to 74 O.S. § 919.1(1)(e). An Excess Benefit under the Excess Benefit Plan shall be paid only if and to the extent the Participant is receiving a Retirement Benefit from the System.

(b)No election to defer. No election is provided at any time to the Participant, directly or indirectly, to defer compensation under this Excess Benefit Plan.

(c)Time for Payment. Each Plan Year, the Excess Benefit to which a Participant is entitled under the Excess Benefit Plan shall be paid from the Excess Benefit Fund commencing during or with the month in which all monthly payments of the Retirement Benefit (as limited by Code Section 415(b)) under the System have been paid, and such Excess Benefit shall be paid from that month to the end of the Calendar Year falling within the applicable Plan Year.

(d)Form of Benefit. The form of the Excess Benefit shall be the same form as the Participant's Retirement Benefit.

Okla. Admin. Code § 590:10-21-5

Added at 28 Ok Reg 95, eff 9-17-10 (emergency); Added at 28 Ok Reg 664, eff 5-12-11