Okla. Admin. Code § 590:35-1-1

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

Section 590:35-1-1 - Purpose

(a) The Rules in this Chapter are adopted to insure the efficient and orderly administration of the Oklahoma State Employees Deferred Savings Incentive Plan, to establish policies and procedures for implementing and administering the Plan, and to provide guidelines for the investment of funds which have been contributed for the benefit of State Employees.

(b) The Plan has been established as a money purchase pension plan pursuant to Internal Revenue Code Section 401(a). This Plan is intended to qualify as a "governmental plan" within the meaning of Internal Revenue Code Section 414(d) and is not subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). The Plan and Trust are intended to meet the requirements of Internal Revenue Code Sections 401(a) and 501(a).

Added at 15 Ok Reg 793, eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98