Okla. Admin. Code § 590:25-1-3
The following words and terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Account" means any of the accounts established for a Participant under the Plan, as described in Section 8 of Subchapter 5 of Chapter 25. The following Accounts may be established for a Participant within the 457(b) Plan:
"Amendments, alterations and changes" means all Annuities, Mutual Fund(s), and Savings contracts can be altered, amended, changed or substituted for, from time to time by action of a majority of the Board and such altered, amended, changed, or substituted contract or contracts thereafter shall be used in the Plan.
"Beneficiary" means beneficiary or beneficiaries designated by the Participant in his Agreement with the Employer. If more than one designated beneficiary survives the participant, payments shall be made equally to the surviving beneficiaries unless otherwise provided in the Agreement. Nothing herein shall prevent the Participant from designating primary and secondary beneficiaries.
"Board" means the Oklahoma Public Employees Retirement System Board of Trustees, acting by and through the Plan Administrator.
"Code" means the Internal Revenue Code of 1986, as amended.
"Contracts and savings" means any deferred fixed annuity, variable annuity, mutual fund, common trust fund, savings account, or any combination thereof, authorized by applicable law or regulation to be sold or made available in the State of Oklahoma by any company or companies approved by the Board.
"Deferral" means a postponement of recognition of income taxes to be paid on salary withheld and invested with the Oklahoma State Employees Deferred Compensation Plan.
"Deferred compensation" means that portion of the Participant's compensation which the Participant and the Employer mutually agree to defer until the conditions set forth in the Deferred Compensation Plan are met.
"De-minimis account" means an inactive plan account that does not exceed the amount allowed by the Internal Revenue Code.
"Disability" means an actual and continuous physical or mental incapacity which causes the Participant to be retired with a disability retirement under the Participant's retirement plan.
"Emergency withdrawals" means withdrawals of amounts because of an unforeseeable emergency and are only permitted to the extent reasonably needed to satisfy the emergency need.
"Employee" means any officer or employee of the executive, legislative, or judicial branches of the Employer who is an active member of a public retirement system of this state, but does not include:
"Employer" means The State of Oklahoma, its agencies and any duly constituted authority or instrumentality of the State of Oklahoma.
"Gender and number" Except when otherwise indicated by the context, any masculine terminology herein shall also include the feminine, and the definition of any terms herein in the singular may also include the plural.
"Normal retirement age" means not later than April 1 of the calendar year following that in which the Participant attains age seventy (70) years and six (6) months if the Participant is no longer employed by the Employer or April 1 of the calendar year following that in which the Participant severs employment after attaining the age seventy (70) years and six (6) months and beginning no earlier than the earliest age at which the Participant can retire under any state retirement system with full benefits.
"Participant" means an individual who is eligible and agrees to defer compensation under the Plan.
"Plan" means the current Oklahoma State Employees Deferred Compensation Plan and as it may be amended from time to time.
"Plan Administrator" means the person or persons appointed by the Executive Director of the Oklahoma Employees Retirement System to administer the Plan pursuant to Section 1 of Subchapter 13 of this Chapter 25.
"Plan Year" means the twelve month period ending on June 30.
"Pre-Tax Elective Deferrals" means pre-tax voluntary deferrals made to the Plan pursuant to a Participant's election.
"Qualified Distribution" means a distribution from a Roth Elective Deferral Subaccount after the Participant has satisfied a five-year holding period and has attained age 591/2, died, or become disabled within the meaning of Code Section 72(m)(7), in accordance with Code Section 402A(d). Within the meaning of this definition, the five-year holding period is the period of five consecutive taxable years that begins with the first day of the first taxable year in which the Participant makes a designated Roth Elective Deferral under the Plan or to another retirement plan which amount was directly rolled over to the Plan and ends when five consecutive taxable years have been completed.
"Recordkeeper" means the company designated by the Board to perform recordkeeping, administrative, and/or investment services to the Plan.
"Retirement" means the first date upon which each of the following shall have occurred: Separation from Service and attainment of Normal Retirement Age.
"Roth Elective Deferrals" means after-tax voluntary deferrals designated by the Participant as Roth Elective Deferrals that are being made in lieu of all or a portion of the Pre-Tax Elective Deferrals the Participant is otherwise eligible to make under the Plan.
"Roth Rollover Contribution" means an eligible rollover distribution from another applicable retirement plan in accordance with Code Section 402A(e)(1) only if it is a direct rollover, and only to the extent the rollover is permitted under the rules of Code Sections 402(c) and 402A(c).
"Termination of service" means the severance of the Participant's employment relationship with the Employer prior to his retirement, death or disability.
"Trust" means the provisions of this document that comprise the trust established hereunder, effective January 1, 1998.
"Trust Fund" means the fund established under the Trust, with the Board of Trustees as trustee, and held by said trustee in accordance with this Plan and Trust, to which deposits and Deferred Compensation under this Plan and Trust will be made and out of which benefits under this Plan and Trust will be provided.
"Trustee" means the individuals appointed to the Board of Trustees to administer the Trust Fund in accordance with this Plan and Trust.
"Valuation Date" means each business day of the calendar year. On each Valuation Date, the Recordkeeper shall determine the value of the Trust Fund.
"Unforeseeable emergency" means severe financial hardship to the Participant, resulting from a sudden and unexpected illness or accident of the Participant or of a dependent of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
"Variable annuity contract" means a Group Variable Annuity Contract approved for sale in the State of Oklahoma by any company or companies approved by the Board.
Okla. Admin. Code § 590:25-1-3