Okla. Admin. Code § 715:10-13-8

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

Section 715:10-13-8 - Procedure for making contribution deductions

The Teachers' Retirement System contribution deduction shall start with the payment for the first month of a "classified" employee's contract, or the first month of membership for an optional "non-classified" member. This contribution shall be based on the total compensation for the month but shall not apply to the compensation of a substitute teacher or any employee working on a less than one-half time basis. Individuals who join the System during the school year, and who have been employed prior to becoming a member, must make retroactive contributions from the beginning of that school year. The membership date of such a member is the date of first payment not the beginning of the school year. The member shall not receive credit for a year of service until the balance of contributions, including any contributions required by the employer, are received by TRS. Interest compounded annually at ten percent (10%) per annum shall be levied against the balance due until paid.

(1) The total deductions in any one school year shall not exceed the maximum limit prescribed by statutes as defined in OAC 715:10-13-3.

(2) In determining the amount of the contribution for a member in any payroll period, the employer shall consider the total compensation earned from all sources. The contribution shall be calculated on the gross compensation before any deductions, such as tax-sheltered annuity, income taxes, Social Security, etc. Deductions shall be made at the statutory contribution rate on each month's compensation until the maximum annual compensation level is reached. Total monthly compensation shall be reported in the monthly salary column of the remittance report. Monthly compensation includes gross wages and fringe benefits paid or provided by the remitting agency.

(3) Monthly contributions for employees of a comprehensive university, whose maximum compensation level is less than the member's regular annual compensation, may be remitted in twelve equal payments to the member's account during the school year. It shall be the responsibility of the employer to ensure any required adjustment in contributions is made if a member terminates employment or the member's salary changes during the school year.

(4) Required contributions shall be remitted monthly.

(5) As of July 1, 1979, members who signed a waiver to contribute on a maximum annual salary of $7,800 are required by law to contribute on their total compensation not to exceed any current maximum contribution level.

(6) The Department of Corrections shall contribute the employer's share to the Teachers' Retirement System. The contribution shall be the same dollar amount required of the member.

Okla. Admin. Code § 715:10-13-8

Amended at 9 Ok Reg 3879, eff 7-12-93; Amended at 13 Ok Reg 3899, eff 8-5-96 through 7-14-97 (emergency); Amended at 14 Ok Reg 3216, eff 7-25-97

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