2014 Oklahoma Statutes
Title 74. State Government
§74-935.5. Employer match.

A. Employers of employees who become participants in the defined contribution retirement system shall match the employee contribution paid on a monthly or more frequent basis according to the following schedule based on the same compensation amount used to compute the employee contribution amount:

Employee Contribution RateEmployer Match

3.0%3.0%

4.0%4.0%

5.0%5.0%

6.0%6.0%

7.0%7.0%

B. The initial three-percent employee contribution shall be the only mandatory contribution of an employee participating in the defined contribution retirement system created by this act. These funds shall be placed by the System in either a 401(a) plan or a 457(b) plan, to be determined by the Board to maintain the plan consistent with the Internal Revenue Code. Any employee contributions eligible to be matched under this section over the three-percent initial contribution shall be considered voluntary deferrals of compensation and placed in a 457(b) plan. All employer matching funds shall be placed in a 401(a) plan.

C. Any contribution rate that is more than the three-percent rate can be chosen by the participating employee upon the employee's initial participation, and can only be changed once per calendar year during an option period as the Board determines. The employee contribution rate chosen shall continue until the next option period.

D. The employer match as set forth in subsection A of this section may be increased at any time by the Legislature without affecting the then-existing rights of participating employees and beneficiaries in order to encourage participating employees to accumulate deferred income reserves for themselves and their dependents. The employer match may be decreased at any time by the Legislature without affecting the then-existing rights of participating employees and beneficiaries in order to provide funding as may be needed to reduce the unfunded liabilities of the defined benefit plan as set forth in Section 901 et seq. of Title 74 of the Oklahoma Statutes, but shall not be less than three percent (3.0%) for any year during which the defined contribution plan is maintained.

Added by Laws 2014, c. 375, § 5, eff. Nov. 1, 2014.