Okla. Admin. Code § 590:10-15-3

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

Section 590:10-15-3 - Initial payment of limited benefits

Within ninety (90) days from the receipt of the favorable Determination Letter, the Board will implement the following procedures for the payment of the Limited Benefit:

(1) The Board shall cause to be sent a letter of eligibility to each Limited Eligible Member who has Excess Contributions and who is already receiving a Regular Retirement Benefit from the System as of December 31, 2000. The letter of eligibility will contain the following:

(A) The amount of the Excess Contributions determined by the System;

(B) The amount and duration of the Limited Benefit payments;

(C) The effective date of the first Limited Benefit payment, which must be at least ninety (90) days from the date of mailing of the letter of eligibility;

(D) A description of the appropriate tax treatment of the Limited Benefit.

(2) In the event a Limited Eligible Member disputes the amount of Excess Contributions determined by the System as set forth in the letter of eligibility, the Limited Eligible Member shall provide a written objection to the Board within 30 days of the date of the letter of eligibility. The objection shall set forth the basis for the objection, including the specific error and the amount the Limited Eligible Member believes is correct. The Board shall respond to the objection within 30 days. If the Limited Eligible Member is aggrieved by the decision, the exclusive remedy is through the administrative hearing procedures as provided in 590:1-1-6.

(3) The Board will direct that the Limited Benefit be paid to the Eligible Member as stated in the letter of eligibility.

Okla. Admin. Code § 590:10-15-3

Added at 18 Ok Reg 548, eff 12-28-00 through 7-14-01 (emergency); Added at 18 Ok Reg 3258, eff 7-26-01