§ 74-920 — Employer's contribution.

Oklahoma § 74-920

• Jurisdiction: Oklahoma
• Title 74: State Government

Text

(1) Effective July 1, 1994, every state agency which is a participating employer shall contribute to the System an amount equal to eleven and one-half percent (11 1/2%) of the monthly compensation of each member, but not in excess of Forty Thousand Dollars ($40,000.00). (2) Effective July 1, 1995, every state agency which is a participating employer shall contribute to the System an amount equal to eleven and one-half percent (11 1/2%) of the monthly compensation of each member, not to exceed the allowable annual compensation as defined in paragraph (9) of Section 902 of this title. (3) Effective July 1, 1996, every state agency which is a participating employer shall contribute to the System an amount equal to twelve percent (12%) of the monthly compensation of each member, not to exceed the allowable annual compensation defined in paragraph (9) of Section 902 of this title. (4) Effective July 1, 1999, and through the fiscal year ending June 30, 2005, every state agency which is a participating employer shall contribute to the System an amount equal to ten percent (10%) of the monthly compensation of each member, not to exceed the allowable annual compensation defined in paragraph (9) of Section 902 of this title. (5) Effective July 1, 2005, except as otherwise provided by subsection (11) of this section, every state agency which is a participating employer shall contribute an amount to the System equal to a percentage of monthly compensation of each member, not to exceed the allowable annual compensation defined in paragraph (9) of Section 902 of this title as follows: July 1, 2005 – June 30, 2006 11 1/2% July 1, 2006 – June 30, 2007 12 1/2% July 1, 2007 – June 30, 2008 13 1/2% July 1, 2008 – June 30, 2009 14 1/2% July 1, 2009 – June 30, 2011 15 1/2% July 1, 2011 – June 30, 2012 and each year thereafter 16 1/2% (6) The Board shall certify, on or before November 1 of each year, to the Office of Management and Enterprise Services an actuarially determined estimate of the rate of contribution which will be required, together with all accumulated contributions and other assets of the System, to be paid by each participating employer to pay all liabilities which shall exist or accrue under the System, including amortization of the past service cost over a period of not to exceed forty (40) years from June 30, 1987, and the cost of administration of the System, as determined by the Board, upon recommendation of the actuary. (7) The Office of Management and Enterprise Services and the Governor shall include in the budget and in the budget request for appropriations the sum required to satisfy the state's obligation under this section as certified by the Board and shall present the same to the Legislature for allowance and appropriation. (8) Each other participating employer shall appropriate and pay to the System a sum sufficient to satisfy the obligation under this section as certified by the Board. (9) Each participating employer is hereby authorized to pay the employer's contribution from the same fund that the compensation for which said contribution is paid from or from any other funds available to it for such purpose. (10) Forfeitures arising from severance of employment, death or for any other reason may not be applied to increase the benefits any member would otherwise receive under the System's law. However, forfeitures may be used to reduce an employer's contribution. (11) Effective November 1, 2015, an employer shall be required to make payment to the Oklahoma Public Employees Retirement System of the amount described by subsection A of Section 10 of this act with respect to any employee who is a participant in the defined contribution system created pursuant to the provisions of Sections 1 through 11 of this act. The employer shall be required to make the required matching contribution amount for all employees that participate in the defined contribution system and to remit the difference between such amount and the amount the employer would otherwise have paid pursuant to the provisions of this section to the Oklahoma Public Employees Retirement System.

Legislative History

Added by Laws 1963, c. 50, § 20, emerg. eff. May 6, 1963. Amended by Laws 1965, c. 432, § 8, emerg. eff. July 9, 1965; Laws 1970, c. 296, § 8, emerg. eff. April 28, 1970; Laws 1972, c. 57, § 4, operative July 1, 1972; Laws 1975, c. 267, § 8, emerg. eff. June 5, 1975; Laws 1977, p. 1001, S.J.R. No. 6, § 6, operative July 1, 1977; Laws 1979, c. 285, § 12, eff. July 1, 1979; Laws 1980, c. 317, § 8, eff. July 1, 1980; Laws 1987, c. 206, § 93, operative July 1, 1987 (vetoed); Laws 1987, c. 236, § 189, emerg. eff. July 20, 1987; Laws 1989, c. 251, § 2, eff. Sept. 1, 1989; Laws 1990, c. 204, § 8, emerg. eff. May 10, 1990; Laws 1991, c. 239, § 4, eff. July 1, 1991; Laws 1994, c. 383, § 12, eff. July 1, 1994; Laws 1995, c. 1, § 37, emerg. eff. March 2, 1995; Laws 1999, c. 378, § 3, eff. July 1, 1999; Laws 2000, c. 6, § 27, emerg. eff. March 20, 2000; Laws 2003, c. 486, § 9, eff. Jan. 1, 2004; Laws 2004, c. 536, § 26, eff. July 1, 2004; Laws 2008, c. 415, § 10, eff. July 1, 2008; Laws 2010, c. 470, § 1, eff. July 1, 2010; Laws 2012, c. 304, § 929; Laws 2014, c. 375, § 13, eff. Nov. 1, 2014. NOTE: Laws 1994, c. 381, § 6 repealed by Laws 1995, c. 1, § 40, emerg. eff. March 2, 1995. Laws 1999, c. 257, § 43 repealed by Laws 2000, c. 6, § 33, emerg. eff. March 20, 2000.