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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 35. Deferred Savings Incentive Plan |
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Subchapter 1. General Provisions |
SECTION 590:35-1-1. Purpose
Latest version.
- (a) The Rules in this Chapter are adopted to insure the efficient and orderly administration of the Oklahoma State Employees Deferred Savings Incentive Plan, to establish policies and procedures for implementing and administering the Plan, and to provide guidelines for the investment of funds which have been contributed for the benefit of State Employees.(b) The Plan has been established as a money purchase pension plan pursuant to Internal Revenue Code Section 401(a). This Plan is intended to qualify as a "governmental plan" within the meaning of Internal Revenue Code Section 414(d) and is not subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan and Trust are intended to meet the requirements of Internal Revenue Code Sections 401(a) and 501(a).