Okla. Admin. Code § 590:40-7-45

Current through Vol. 42, No. 8, January 2, 2025

Section 590:40-7-45 - General

(a)Account limitations. In no event shall the Annual Addition for any Limitation Year to the Accounts of any Participant exceed the lesser of

(1) $40,000 (as adjusted pursuant to Code Section 415(d) or

(2) one hundred percent (100%) of the Compensation, as defined below. For purposes of applying Code Section 415(c) and for no other purpose, the definition of compensation where applicable shall be compensation actually paid or made available to the Participant by the Employer during the Limitation Year ("Maximum Permissible Amount"), except as noted below and as permitted by Treasury Regulation Section 1.415(c)-2, or successor regulation; provided, however, that Participant contributions picked up under Code Section 414(h) shall not be treated as Compensation. The Compensation limitation referred to in (2) below shall not apply to any contribution for medical benefits (within the meaning of Code Sections 401(h) or 419A(f)(2)) which is otherwise treated as an Annual Addition under Code Sections 415(1)(1) or 419A(d)(2). Participant contributions are determined without regard to rollover contributions. The 415(c) limit with respect to any Participant who at any time has been a Participant in any other defined contribution plan as defined in Code Section 414(i) maintained by the Participant's Employer in this Plan shall apply as if the total annual additions under all such defined contribution plans in which the Participant has been a Participant were payable from one (1) plan.

(b)Contribution or allocation limits. Except to the extent permitted under Code Section 414(v), if applicable, the Annual Addition that may be contributed or allocated to a Participant's Account under the Plan for any Limitation Year shall not exceed the Maximum Permissible Amount, the lesser of:

(1) Forty Thousand Dollars ($40,000), as adjusted for increases in the cost-of-living under Code Section 415(d), or

(2) One hundred percent (100%) of the Participant's Compensation, within the meaning of Code Section 415(c), for the Limitation Year.

(c)Annual Addition limits. The amount of Annual Addition which may be allocated under this Plan on a Participant's behalf for a Limitation Year shall not exceed the Maximum Permissible Amount, reduced by the sum of any Annual Additions allocated to the Participant's Account for the same Limitation Year under any other qualified defined contribution plan, under any welfare benefit fund, as defined in Code Section 419(e), or under any individual medical benefit account, as defined in Code Section 415(l)(2); as maintained by the Employer and which provide an Annual Addition during any Limitation Year.

Okla. Admin. Code § 590:40-7-45

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015

Amended by Oklahoma Register, Volume 38, Issue 24, September 1, 2021, eff. 9/11/2021