SECTION 590:40-5-15. Vesting

(a)   Employee deferrals and contributions. Each Participant shall acquire a vested interest in his or her accounts in the 401(a) plan and the 457(b) plan of one hundred percent (100%) of the Participant's contributions or deferrals, including any gains or losses on such contributions or deferrals, at all times.

(b)   Employer matching amounts. Each Participant shall acquire a vested interest in his or her Employer contributions, including any gains or losses on such contributions, in the 401(a) plan in accordance with the following vesting schedule:

(1)   At the end of the first full year of participation, the Participant shall be vested in 20% of the Employer's matching contributions;

(2)   At the end of the second full year of participation, the Participant shall be vested in 40% of the Employer's matching contributions;

(3)   At the end of the third full year of participation, the Participant shall be vested in 60% of the Employer's matching contributions;

(4)   At the end of the fourth full year of participation, the Participant shall be vested in 80% of the Employer's matching contributions; and

(5)   At the end of the fifth full year of participation and thereafter, the Participant shall be vested in 100% of the Employer's matching contributions.

(6)   For purposes of this subsection, the Participant's first day of employment shall be used to determine the first day of participation.

(c)   Full or partial termination. In the event of a full or partial termination of a Plan, or a complete discontinuance of Employer contributions to the Plan, the accounts of affected Participants under the Plan shall be 100% vested and nonforfeitable to the extent required by federal law.

[Source: Added at 32 Ok Reg 2179, eff 9-11-15; Amended at 33 Ok Reg 78, eff 9-14-15; Amended at 33 Ok Reg 1816, eff 9-11-16]