SECTION 715:10-19-1. Authority for program

  The TRS Tax-Sheltered Annuity Program ("Program") is designed to meet the requirements of section 403(b) of the Internal Revenue Code ("Code") and the federal regulations that have been promulgated to implement Code Section 403(b), specifically including Treasury Regulations Sections 1.403(b)-1 through 1.403(b)-11. The Program is administered by the Board of Trustees. However, the Board can retain a third-party to administer the Program, including providing investment options. Code Section 403(b)authorizes tax-sheltered annuity programs, setting forth requirements that must be followed. Failure to follow these requirements may cause penalties to be imposed on the individual member or cause the tax-sheltered status of the Oklahoma Teachers' Retirement System program to be disallowed. Changes to Code Section 403(b) by Congress or changes to the federal regulations usually affect the Program's administration; therefore, this Program will change as often as Congress amends or revises Code Section 403(b) and as changes are made to related federal regulations. Title 70 O.S. 17-108 allows members of Teachers' Retirement System of Oklahoma ("TRS") to participate in the Program. However, in making deposits to this Program, the member and the employing school must comply with all applicable aspects of the Internal Revenue Code. The provisions of the Program described in this Subchapter 19 are effective as of January 1, 2009, except as otherwise noted in this Subchapter.

[Source: Amended at 11 Ok Reg 4409, eff 7-14-94 through 7-14-95 (emergency); Amended at 12 Ok Reg 3285, eff 7-27-95; Amended at 27 Ok Reg 131, eff 10-2-09 (emergency); Amended at 27 Ok Reg 1282, eff 5-27-10]

Note

EDITOR’S NOTE: This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-95 (after the 7-14-95 expiration of the emergency action), the text of section 715:10-19-1 reverted back to the permanent text that was effective prior to enactment of the emergency action on 7-14-94, and remained as such until amended by again permanent action on 7-27-95.