SECTION 260:40-17-1. Election of benefits and salary adjustment agreement

  Prior to the first day of an applicable period of coverage, an eligible employee may elect coverage under the provisions of the Flexible Benefits Plan. The election shall be made by the eligible employee at the time and in the manner specified by the Plan Administrator. Prior to an applicable period of coverage the employer shall provide to eligible employees the necessary authorized submission procedure information prescribed by the Plan Administrator for electing coverage. This procedure shall include a method of authorizing a salary adjustment agreement whereby the participant shall agree to a reduction in compensation equal to the participant's share of the cost of each optional benefit elected under the provisions of the Flexible Benefits Plan. The eligible employee shall be required to submit an election via an authorized submission procedure and in the time and manner required by the Plan Administrator. Prior to the due date for the next ensuing applicable period of coverage, a Participant who has participated in the plan during the previous Plan Year shall elect basic and optional benefits and execute a salary adjustment agreement. Failure of such participant to submit the required election shall be deemed an election of the default benefits as defined in 74 O.S. Section 1371.

[Source: Added at 31 Ok Reg 1358, eff 9-12-14]