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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 15. Limitations on Annual Additions |
SECTION 590:35-15-1. General
Latest version.
- (a) In no event shall the Annual Addition for any Plan Year (which shall be the "Limitation year" within the meaning of Treasury Regulations Section 1.415-2(b)) to the Accounts of any Qualified Participant exceed the lesser of (i) $30,000, or (ii) twenty-five percent (25%) of the Compensation, as defined below, actually paid or made available to the Qualified Participant by the Employer during the Limitation Year ("Maximum Permissible Amount"). The Compensation limitation referred to in (2) below shall not apply to any contribution for medical benefits (within the meaning of Code Sections 401(h) or 419A(f)(2)) which is otherwise treated as an Annual Addition under Code Sections 415(1)(1) or 419A(d)(2).(b) This Section shall be effective for Plan Years beginning after December 31, 2001. Except to the extent permitted under Code Section 414(v), if applicable, the Annual Addition that may be contributed or allocated to a Participant's Account under the Plan for any Limitation Year shall not exceed the Maximum Permissible Amount, the lesser of:(1) Forty Thousand Dollars ($40,000), as adjusted for increases in the cost-of-living under Code Section 415(d), or(2) One hundred percent (100%) of the Participant's Compensation, within the meaning of Code Section 415(c)(3), for the Limitation Year.(c) The amount of Annual Addition which may be allocated under this Plan on a Qualified Participant's behalf for a Limitation Year shall not exceed the Maximum Permissible Amount, reduced by the sum of any Annual Additions allocated to the Qualified Participant's Account for the same Limitation Year under any other qualified defined contribution plan, under any welfare benefit fund, as defined in Code Section 419(e), or under any individual medical benefit account, as defined in Code Section 415(l)(2); as maintained by the Employer and which provide an Annual Addition during any Limitation Year.