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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 590:40-5-7. Employer matching contributions to the 401(a) plan
Latest version.
- (a) Employer contributions. The Employer shall contribute to the Trust Fund the amount referred to as Employer contributions. The Employer contributions shall consist of the funds the Employer uses to match the contributions paid by the Participant. Employer contributions shall not be less than 6% of compensation, but shall be 7% of compensation if the Participant elects to contribute 7% of compensation. Payment of matching contributions shall be made by the Employer to OPERS within five (5) business days of the payroll date for the Participant.(b) Placement in accounts. All Employer matching contributions shall be placed by OPERS in Accounts established for the Participant under the 401(a) plan as set forth in Subchapter 7 of this Chapter. In no event shall any Employer matching contributions be placed in the 457(b) plan.