Okla. Admin. Code § 590:10-13-4

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

Section 590:10-13-4 - Transfer of excess contributions

Within ninety (90) days from the receipt of a favorable Private Letter Ruling with respect to the Transfer Legislation, the Board will implement the following procedures for the transfer of Excess Contributions:

(1) The Board shall cause to be sent a notice of transfer to each Eligible Member who has Excess Contributions. The notice of transfer will contain the following:

(A) The amount of the Excess Contributions to be transferred;

(B) The amount of Earnings to be transferred;

(C) The effective date of the transfer, which must be at least ninety (90) days from the date of mailing of the notice of transfer;

(D) A description of the appropriate tax treatment of the transfer, as prescribed by the Private Letter Ruling;

(E) A statement that the amount will be credited to the Eligible Member in the Incentive Plan and will not trigger an employer contribution to that Plan;

(F) For Eligible Members who are not state employees or otherwise a participant in the Incentive Plan, a statement that the Eligible Member is only permitted to participate in the Incentive Plan to the extent of the Excess Contributions and will not be eligible to make additional contributions to the Incentive Plan;

(G) An enrollment form to be completed by those Eligible Members who are not state employees or otherwise a participant in the Incentive Plan;

(H) A statement which indicates the investment vehicle chosen by the Board for the initial investment of the transfer amounts and the date the transfer amount will be available for participant directed investment.

(2) In the event an Eligible Member disputes the amount of transfer as set forth in the Notice, the Eligible Member shall provide a written objection to the Board within 30 days of the date of the Notice of Transfer. The objection shall set forth the basis for the objection, including the specific error and the amount the Eligible Member believes is correct. The Board shall respond to the complaint within 30 days. If the Eligible Member is aggrieved by the decision, the exclusive remedy is through the administrative hearing procedures as provided in 590:1-1-6.

(3) The Board will direct that the Excess Contributions and Earnings are transferred to the Incentive Plan as stated in the notice of transfer.

Okla. Admin. Code § 590:10-13-4

Added at 16 Ok Reg 610, eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 17 Ok Reg 194, eff 9-29-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3178, eff 7-27-00