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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 590:40-5-8. Employer remittance of contributions for the 401(a) plan and the 457(b) plan
Latest version.
- (a) State agencies. The State shall remit both Employee and Employer contributions within five (5) business days of the Employee's payroll pay date.(b) Other Employers. Employers whose deferrals and Employer contributions are not remitted to OPERS through the Office of Management and Enterprise Services shall either send the remittances by electronic funds transfer or place such remittances in a bank account from which OPERS can debit the amount due. In both cases, the remittance must occur within five (5) business days of the payroll pay date of the Participant.(c) Deposit by System. OPERS shall deposit the contributions as soon as possible in the proper Account or Accounts maintained on behalf of the Participant in accordance with Subchapters 7 and 9 of this Chapter.