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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 40. Defined Contribution System |
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Subchapter 5. Eligibility and Participation - Applicable to The 401(A) Plan and the 457(B) Plan |
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Part 5. VESTING - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN |
SECTION 590:40-5-16. Years of service for vesting; forfeiture - 401(a) plan
Latest version.
- (a) Full years. Only full years of participation by the Participant with an Employer shall be counted toward vesting. A full year of participation shall mean a period of 365 days beginning on the participant's date of employment and each 365 days thereof. Participants must complete a full year of participation to be vested according to the schedule set forth in 590:40-5-15. Partial years shall not round up but shall round down to the nearest full year of participation. For example, a Participant with 3 years and 300 days of participation shall be vested in 100% of his or her Employee contributions, and 60% of the Employer contributions, and any investment gains or losses on such amounts.(b) Breaks in service. For purposes of determining the vested interest of a Participant, all full years of participation, including breaks in service, shall be credited toward vesting unless there is a Termination of Service. The determination of whether a Participant has completed a full year of participation for vesting purposes shall be made by OPERS.(c) Forfeiture of contributions from Plan. If a Participant terminates service with an Employer or otherwise becomes ineligible to participate in the 401(a) plan, the portion of Employer contributions which are not vested shall be forfeited to the 401(a) plan ninety (90) days after the Termination of Service. Upon reemployment with an Employer and satisfying the eligibility requirements to become a Participant, the reemployed Participant shall receive credit for the previously vested years and days of service and be vested at the same percentage the Participant was vested when service was previously terminated. However, under no circumstances shall the Participant be entitled to any previously forfeited Employer contributions, including any gains or losses on such contributions. A person employed by the Legislative Service Bureau, State Senate or House of Representatives for the full duration of a regular legislation session shall not have the non-vested portion of his or her Employer contributions forfeited if he or she is rehired by the Legislative Service Bureau, State Senate or House of Representatives by February 1st of the following legislative session.