SECTION 590:25-5-11. Deemed deferrals

  This section shall apply if an employee has made a proper election to defer compensation and the election forms are received by the Plan on a timely basis but the deferral is not made at the first available payroll period through no fault of the employee. Upon approval of the Plan Administrator, the employee may double the deferral in the first possible month following discovery of the error in order to establish participation as originally intended. Solely for purposes of determining eligibility for any employer contribution, the employee's participation in the Plan will then be deemed to have begun in the month for which that deferral should have originally occurred. The deemed deferral provision of this section shall not alter any tax ramifications that are otherwise applicable.

[Source: Added at 15 Ok Reg 1239, eff 1-26-98 (emergency); Added at 15 Ok Reg 3275, eff 7-13-98; Amended at 17 Ok Reg 610, eff 12-2-99 through 7-14-00 (emergency); Amended at 17 Ok Reg 3185, eff 7-27-00]