Okla. Admin. Code § 590:25-3-1

Current through Vol. 42, No. 8, January 2, 2025

Section 590:25-3-1 - Election limits

(a) The Employee may elect to participate in this Plan and consent to the Employer deferring a predetermined amount equivalent to at least Twenty-Five Dollars ($25.00) a month, including Roth Elective Deferrals. Effective January 1, 2002, the maximum that may be deferred under the Plan for the taxable year shall not exceed the lesser of the maximum amount allowed each year as determined by the Internal Revenue Service or one hundred percent (100%) of the employee's includable compensation. For purposes of the Plan, only compensation from the Employer that is attributable to services performed for Employer may be includable in gross income. Compensation includes payments made by the later of 2 1/2 months after severance from employment or the end of the calendar year that includes the date of the Participant's severance from employment if they are payments that, absent a severance from employment, would have been paid had the Participant continued in employment with the Employer and are:

(1) Regular compensation for services during the Participant's regular working hours, or compensation for services outside the Employee's regular work hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and the compensation would have been paid to the Participant prior to a severance from employment if the Participant had continued employment with the Employer; or

(2) payments for unused accrued bona fide sick, vacation or other leave, but only if the Participant would have been able to use the leave if employment had continued; or

(3) payments pursuant to a nonqualified unfunded deferred compensation plan, but only if the payments would have been paid to the Qualified Participant at the same time if the Participant had continued employment with the Employer and only to the extent that the payment is includible in the Qualified Participant's gross income.

(b) Includable compensation excludes amounts converted under the State's Internal Revenue Code Section 125 Plan and employee retirement contributions that are tax-deferred. The deferment will commence no sooner than the first pay period of the month following the date the enrollment application is properly completed by the Employee and accepted by the Plan Administrator.

Okla. Admin. Code § 590:25-3-1

Amended at 12 Ok Reg 3249, eff 7-27-95; Amended at 15 Ok Reg 974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98; Amended at 19 Ok Reg 746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff 5-28-02; Amended at 20 Ok Reg 1753, eff 6-12-03; Amended at 27 Ok Reg 1047, eff 5-13-10

Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023