Okla. Admin. Code § 590:15-3-5

Current through Vol. 42, No. 3, October 15, 2024

Section 590:15-3-5 - Initial and residual transfers

(a) The initial transfer of Excess Contributions shall include all Eligible Members who elected to transfer their Excess Contributions and who did not object to the transfer amount. If an Eligible Member objects to the transfer amount and the objection is not resolved by the date of the initial transfer, the Excess Contributions shall not be included in the initial transfer. The Board shall provide for a residual transfer date to occur at least one year following the initial transfer date.

(b) An Eligible Member of the System who has Excess Contributions in the Plan but was not identified or included in the initial transfer must notify the System within one year of date of the initial transfer to request the transfer of the Excess Contributions as part of the residual transfer. The final transfer of all Excess Contributions shall occur at the time of the residual transfer at least one year following the initial transfer date.

Added at 23 Ok Reg 107, eff 10-3-05 (emergency); Added at 23 Ok Reg 1485, eff 5-25-06