SECTION 260:30-3-9. Supplemental insurance or retirement plans

(a)   A private organization, including an independent insurance agency, that was not accorded payroll deduction status as of July 1, 1988, may request such status with respect to insurance policies or retirement plans that are supplemental to those provided for by the State. Such requests must be made by filing a completed Form VPD 1. A policy or retirement plan must have received applicable regulatory approvals to qualify for payroll deduction.

(b)   The Administrator shall not consider any application for payroll deduction status during a period of 12 months following the removal or revocation of such status, nor shall he consider more than 3 applications from an applicant previously denied or removed from deduction status during any 6 year period after the first denial or refusal.

(c)   Upon a determination that a supplemental insurance or supplemental retirement applicant is eligible for payroll deduction status, the Administrator shall grant probationary deduction status to continue through the end of the 12th month following the month in which probationary status is granted. If participation during the 12th month is less than 500 state employees, the Administrator shall notify the applicant that deduction status will be revoked.

(d)   The minimum participation requirement shall apply to each supplemental insurance billing unit, as identified by the Federal Employer (Tax) Identification Number, to which payments are payable, and to each retirement plan.

[Source: Added at 31 Ok Reg 1346, eff 9-12-14]