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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 3. CONTRIBUTIONS - APPLICABLE TO THE 401(A) PLAN AND THE 457(B) PLAN |
SECTION 590:40-5-5. Employee mandatory contributions to the 401(a) plan
Latest version.
- Each Participant shall participate in the 401(a) Plan at a minimum contribution rate of 4.5% of the Employee's Compensation. These funds, designated as Employee contributions, shall be paid by the Employer for all Participants and picked up in order to be treated as Employer Contributions under the provisions of Code Section 414(h)(2) and 74 O.S. §935.8. The Employer shall remit the contributions to OPERS for deposit into an Account or Accounts maintained on behalf of the Participant. The mandatory 4.5% Employee contribution shall be placed by OPERS in the Code Section 401(a) plan as set forth by the Board of Trustees and in accordance with this Chapter.