Section 1103.1 - Additional contributions - Minimum funded ratio - ReportingA. On and after January 1, 2001, the Administrative Director of the Courts, in addition to the members' contributions, shall transfer monthly amounts for deposit in the State Judicial Retirement Fund as set out in Section 1309 of this title equal to two percent (2.0%) of the monthly total actual paid gross salaries of the members of the Uniform Retirement System for Justices and Judges. Effective July 1, 2005, such amounts transferred by the Administrative Director of the Courts shall be as follows: Fiscal Year Ending | Percentage of Contribution |
June 30, 2006 | 3.0% |
June 30, 2007 | 4.0% |
June 30, 2008 | 5.5% |
June 30, 2009 | 7.0% |
June 30, 2010 | 8.5% |
June 30, 2011 | 10.0% |
June 30, 2012 | 11.5% |
June 30, 2013 | 13.0% |
June 30, 2014 | 14.5% |
June 30, 2015 | 16.0% |
June 30, 2016 | 17.5% |
June 30, 2017 | 19.0% |
June 30, 2018 | 20.5% |
June 30, 2019 and thereafter | 22.0% |
B. The State Judicial Retirement Fund should have a funded ratio at or near ninety percent (90%) or be receiving sufficient contributions to amortize any unfunded liability of the fund according to the amortization schedule adopted by the Board of Trustees of the Oklahoma Public Employees Retirement System. The Board of Trustees shall provide a copy of the annual actuarial report to the Governor, the Chief Justice of the Supreme Court, the Speaker of the House of Representatives and the President Pro Tempore of the Senate. In addition to this report, the Board shall provide a letter setting forth the amount of the actuarially required contributions for the System and any other recommendations that the Board may deem necessary.C. The Administrative Director of the Courts shall remit to the System all statutorily required retirement contributions due on a monthly basis. All required court and employee contributions and supporting documentation are due and must be received by the System on or before the fifteenth day of the month following the month for which the contributions are due. Court and employee contributions remitted to the System after thirty (30) days from the above due date shall be subject to a monthly late charge of one and one-half percent (1.5%) of the unpaid balance to be paid by the Administrative Director of the Courts to the System.Okla. Stat. tit. 20, § 1103.1
Amended by Laws 2021 , c. 190, s. 2, eff. 11/1/2021.Added by Laws 1999 , HB 1814, c. 257, §12, emerg. eff. 7/1/1999; Amended by Laws 2000 , SB 959, c. 37, §8, eff. 1/1/2001; Amended by Laws 2002 , SB 1223, c. 438, §2, emerg. eff. 7/1/2002; Amended by Laws 2004 , SB 1134, c. 536, §7, emerg. eff. 7/1/2004; Amended by Laws 2009 , SB 212, c. 420, §1, emerg. eff. 7/1/2009; Amended by Laws 2010 , SB 1889, c. 435, §5, emerg. eff. 7/1/2010.