SECTION 590:40-5-6. Employee additional contributions to the 457(b) plan.

(a)   Additional contributions; deposit of funds. Participants may contribute additional voluntary deferrals, above the 4.5% required contribution rate. All deferrals above the mandatory 4.5% contribution rate shall be considered voluntary deferrals. Participants may contribute 7% of compensation and it shall be matched by the Employer. Participants may contribute more than 7% of compensation, but any such amount over 7% shall not be eligible for Employer matching amounts. All voluntary deferrals shall be subject to the maximum deferral limits allowed under the Code and as set forth in Subchapter 9 of this Chapter. Voluntary deferrals shall be paid and remitted in the same manner as the mandatory contributions. All voluntary deferrals are intended to meet the requirements of Code Sections 457(b). All voluntary deferrals over the 4.5% mandatory contribution shall be placed by OPERS in the 457(b) plan as set forth by the Board of Trustees and in accordance with Subchapter 9 of this Chapter.

(b)   Change in deferral rate. A Participant may change the voluntary contribution rate once per month by giving notice to OPERS of such change. Any request for a change in the amount of the voluntary contribution rate and any change in the corresponding Employer matching amount shall become effective the month after the notice is received and the change is approved by OPERS.

(c)   Notice. Any notice required under this Section means communication on forms approved by OPERS or the Recordkeeper, through the website of OPERS or the Recordkeeper, or through a dedicated telephone service of OPERS or the Recordkeeper.

[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; Amended at 34 Ok Reg 1900, eff 9-11-17]