SECTION 590:15-1-2. Administration

(a)   Administration of Plan. The Oklahoma Public Employees Retirement System shall administer the Uniform Retirement System for Justices and Judges, in accordance with the provisions outlined in 20 O.S. §§ 1101 et seq., and will coordinate with the Administrative Director of the Courts in the administration of the Uniform Retirement System for Justices and Judges.

(b)   Remittance of contributions. The Administrative Director of the Courts shall remit all required court and employee contributions on a monthly basis. All required contributions and supporting documentation must be received by the System on or before the fifteenth (15th) day of the month following the month for which the contributions are due. The Administrative Director of the Courts will be assessed a late charge of 1.5% for any contributions remitted later than thirty (30) days following the due date. The late charge will be calculated on the unpaid balance and will compound monthly until paid.

(c)   Allocation of expenses. The administrative expenses which are paid by the Oklahoma Public Employees Retirement System on behalf of the Uniform Retirement System for Justices and Judges, including operating expenses, depreciation expense, and investment related expenses other than fees for investment manager services, shall be allocated as of June 30 each year. An allocation percentage shall be calculated based on the amounts included in the audited financial statements from the prior year for the Oklahoma Public Employees Retirement System ("OPERS"), the 401(a) plan and the 457(b) plan of the Defined Contribution System, the Uniform Retirement System for Justices and Judges ("URSJJ"), the Oklahoma State Employees Deferred Compensation Plan ("DCP"), and the Oklahoma State Employees Deferred Savings Incentive Plan ("SIP") using the following factors: 1) benefits; 2) contributions; and 3) average investments. The ratio of each factor to the total for the individual plans will be calculated and the average of the sum of these ratios by plan will be the percentage used to allocate the expenses for reimbursement by the 401(a) plan and the 457 (b) plan of the Defined Contribution System, URSJJ, DCP and SIP to OPERS for the payments made on their behalf effective for the succeeding year beginning July 1.

[Source: Amended at 22 Ok Reg 131, eff 10-6-04 (emergency); Amended at 22 Ok Reg 1363, eff 5-26-05; Amended at 29 Ok Reg 503, eff 5-11-12; Amended at 34 Ok Reg 1898, eff 9-11-17]