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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 13. Benefits and Distributions |
SECTION 590:35-13-11. Administrative distributions
Latest version.
- (a) This rule applies only to a Limited Participant who is not a state employee and who is not eligible for additional contributions to the Plan after the transfer of Excess Contributions pursuant to Subchapter 13 of Chapter 10 of these rules.(b) If such Limited Participant has an account balance in the Plan of less than two hundred dollars ($200), the Plan Administrator shall distribute to the Limited Participant his or her account balance in a lump-sum as soon as administratively feasible without a written application for distributions by the Limited Participant. The Plan Administrator shall not make this distribution in a calendar year to a Limited Participant who has taken a distribution from the Plan in that same calendar year if that distribution, when aggregated with the administrative distributions provided in this rule, would equal or exceed two hundred dollars ($200).