Okla. Admin. Code § 590:25-9-15

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

Section 590:25-9-15 - Taxation

Benefits paid from the Deferred Compensation Plan are subject to the applicable Federal and State withholding rules and apply to all payments except those authorized for transfer to another §457 plan or rollover to an eligible retirement plan. A distribution from a Participant's Roth Elective Deferral Subaccount or Roth In-Plan Rollover Subaccount that is not a Qualified Distribution may be subject to additional taxation and/or penalties. Pursuant to Section 2 of Subchapter 15 of Chapter 25, the Board may withhold amounts necessary to cover federal and state taxes from such payments. Effective January 1, 2002, all payments will be reported on Form 1099-R.

Amended at 15 Ok Reg 974, eff 12-8-97 (emergency); Amended at 15 Ok Reg 3275, eff 7-13-98; Amended at 19 Ok Reg 746, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff 5-28-02

Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023