Okla. Admin. Code § 260:40-7-1

Current through Vol. 42, No. 6, December 2, 2024

Section 260:40-7-1 - Purpose

(a) The purpose of this Chapter is to establish the State Employees Flexible Benefits Plan pursuant to Section 1361 et seq. of Title 74 and Article I of the Administration Procedures Act, Sections 250.3 through 308.2 of Title 75 of the Oklahoma Statutes.

(b) The Flexible Benefits Plan shall incorporate all the Benefit Plans adopted by the Plan Administrator including a cafeteria plan as defined in the Internal Revenue Code Section 125. The cafeteria plan is intended to provide benefits for election by participants as described in this Title and is intended to be a qualified plan under Section 125(d) of the Internal Revenue Code. This cafeteria plan is intended to continue as long as it qualifies under Section 125 and is advantageous to the state and state employees. The individual selections available under the cafeteria plan consist only of a choice between certain statutory taxable and nontaxable benefits as defined in Section 125(f) of the Internal Revenue Code and regulations promulgated thereunder. The Flexible Benefits Plan may also include other Benefit Plans ineligible for inclusion under Section 125 but adopted by the Plan Administrator to be offered to state employees.

Adopted by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014