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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 590. Oklahoma Public Employees Retirement System |
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Chapter 10. Public Employees Retirement System |
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Subchapter 13. Excess Contributions |
SECTION 590:10-13-6. Calculation of Earnings
Latest version.
- (a) Earnings shall be calculated at the actuarial assumed annual earnings of the System of seven and one-half percent (7 ½%), which shall be compounded at least annually until the date of transfer.(b) Earnings shall be computed on the principal Excess Contribution for the first compounding period and then added to the principal Excess Contribution. For the second compounding period, the Earnings are computed on the principal Excess Contribution plus the Earnings from the first compounding period, and so on, until the date of transfer.(c) Earnings shall be calculated on the principal Excess Contribution beginning with the month the contribution was deposited with the System under the normal payroll system. Any withdrawal and repayment of Excess Contributions prior to July 1, 1998, shall have Earnings calculated only from the time of repayment of the withdrawal. Earnings shall not accrue or be calculated from the initial Excess Contribution date nor will Earnings accrue for any period of time prior to the repayment of the Excess Contributions.(d) If any amount of Excess Contributions was paid pursuant to the installment payment program provided in 590:10-3-9, Earnings shall not accrue nor be calculated on any Excess Contributions until the purchase was completed and the installment payments were transferred to the Eligible Member's ledgers. By way of example, if the Eligible Member elected to amortize the payment of Excess Contributions over a sixty-month period, the Earnings do not accrue until the month following completion of the sixty-month period.