SECTION 590:10-13-7. Residual transfer

(a)   The initial transfer of Excess Contributions and Earnings shall include all Eligible Members who did not object to the transfer amount. If an Eligible Member objects to the transfer amount and said objection is not resolved by the date of transfer, the Excess Contributions shall not be included in the initial transfer. The Board shall provide for a residual transfer date to occur at least one year following the initial transfer date.

(b)   A member of the System who has Excess Contributions in the Plan but was not identified or included in the initial transfer must notify the System within one year of date of the initial transfer to request the transfer of the Excess Contributions and Earnings. The final transfer of all Excess Contributions shall occur at the time of the residual transfer at least one year following the initial transfer date.

[Source: Added at 17 Ok Reg 194, eff 9-29-99 through 7-14-00 (emergency); Added at 17 Ok Reg 3178, eff 7-27-00]