Okla. Admin. Code § 715:10-13-7

Current through Vol. 42, No. 7, December 16, 2024

Section 715:10-13-7 - Matching Funds

Employers of TRS members whose compensation is paid from federal funds or externally sponsored agreements such as grants, contracts, and cooperative agreements shall match the contributions of these members on all, or that portion of, compensation paid from these funds. Matching funds shall be paid in addition to employer and employee contributions and shall be transmitted at the same time and in the same manner as the members' contributions. Matching contributions shall be required on all salaries funded from revenues other than funds generated from local taxes or revenues originating from the State of Oklahoma. No later than April 1, each year, the TRS Board of Trustees shall set two contribution rates to be paid by employers.

(1) Traditional Matching Rate: The first rate shall be applied to all services paid by federal funds or externally sponsored grants or agreements performed by members except those services that are included in the definition of "Summer School Program," as defined in subsection 2 below. This contribution rate shall be determined using cost principles established by federal regulations and shall be consistent with generally accepted accounting principles.

(2) Summer School Matching Rate: The second rate shall be applied to service performed by members during a Summer School Program. "Summer school program" is defined as a program offering academic enrichment for students from Pre-K through 12th grades during the summer term after the close of the school year. Members shall only be considered as providing service to a summer school program if such service is provided pursuant to a separate summer school contract between the member and the participating employer. The term "Summer School Program" does not include services performed at a participating employer offering an extended school year pursuant to 70 O.S. § 1-109.1 or services performed pursuant to a twelve-month contract with the employer. The contribution rate shall be determined using cost principles established by federal regulations and shall be consistent with generally accepted accounting principles. The Summer School Matching Rate may take into consideration whether, or to what extent, such service is likely to add to members' service credit or final average salary; however, this rate shall not exceed one-half (1/2) of the Traditional Matching Rate.

Okla. Admin. Code § 715:10-13-7

Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at 18 Ok Reg 50, eff 10-3-00 (emergency); Amended at 18 Ok Reg 3152, eff 7-12-01

Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/11/2022