SECTION 590:25-3-2. Catch-up election

(a)   In addition to the maximum limits under 590:25-3-1, the Plan provides for a limited catch-up election which will permit a Participant to defer the lesser of (i) $15,000.00 annually or (ii) his or her regular maximum as allowed under the plan plus any allowable amounts that were not used for the years after 1978 ("alternate catch-up limit"). Effective January 1, 2002, the Plan provides for a limited catch-up election which will permit a Participant to defer the lesser of two times the applicable IRS limit for the year or the alternate catch-up limit.

(b)   This election is only available once. A Participant may use the catch up limitation only if not previously used under this or any other plan. The election may be made no sooner than the last three taxable years immediately preceding the taxable year in which the Participant reaches Normal retirement age. It can be made with respect to all three (3) years.

[Source: Amended at 12 Ok Reg 3249, eff 7-27-95; Amended at 19 Ok Reg 746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff 5-28-02; Amended at 21 Ok Reg 1766, eff 6-11-04]