Okla. Admin. Code § 590:10-1-11

Current through Vol. 42, No. 4, November 1, 2024

Section 590:10-1-11 - De minimis provisions

(a) In any circumstance involving an error or miscalculation concerning a retirement account or record, including, but not limited to employer and/or employee contributions and interest, in the amount of $25.00 or less, the System shall not be required to correct such error or miscalculation, solely at the discretion of the System. The System shall also not be required to correct an error or miscalculation involving a monthly retirement benefit in the amount of $5.00 or less, solely at the discretion of the System. The amounts set forth in this subsection are determined to be de minimis due to the cost to calculate, invoice, collect or correct such error or miscalculation which would exceed the amount to be corrected. This de minimis amount may be used in any plan or account managed or administered by the Board.

(b) The System shall not be required to make efforts to contact inactive members or beneficiaries if the total amount due to the member or beneficiary is One Hundred Dollars ($100.00) or less. However, the amount shall remain payable to the member or beneficiary upon his or her request. This amount of $100.00 or less is determined to be de minimis due to the cost in personnel, location services, postage, copying and other reasonable expenses necessary to locate such members and beneficiaries which would exceed the de minimis amount. This de minimis amount may be used in any plan or account managed or administered by the Board.

(c) In any circumstance involving a payment to be made by the System which represents employee contributions in the amount of $500.00 or less, where the member is deceased and has not named a beneficiary, the beneficiary is deceased or where the beneficiary cannot be located, the System may pay to any person claiming such amount on behalf of the member's estate, solely at the discretion of the System. This provision shall be applicable only after the System has made reasonable efforts to locate a named beneficiary and has been unable to do so. This amount of $500.00 or less is determined to be de minimis and reasonable in order to permit the System to make payments which would otherwise remain with the System due to the inability to locate a beneficiary or the cost to probate the member's estate. This de minimis amount may be used in any Plan or account managed or administered by the Board.

Okla. Admin. Code § 590:10-1-11

Added at 16 Ok Reg 2010, eff 6-11-99; Amended at 20 Ok Reg 1750, eff 6-12-03; Amended at 28 Ok Reg 664, eff 5-12-11