SB235 Summary

• Amends 74 O.S. 2001, Section 1707 to clarify language in the Oklahoma State Employees Deferred Savings Incentive Plan statute.

• Changes "in" to "under" when referring to the definition of state employee, and changes "Fund" to "fund" for consistency in capitalization throughout the section.

• Clarifies that the Oklahoma Public Employees Retirement System shall pay Twenty-five Dollars ($25.00) monthly from the Deferred Savings Incentive Plan Fund to qualified participants who are active members in the Oklahoma State Employees Deferred Compensation Plan.

• Maintains existing provisions requiring employers to contribute $25.00 monthly per qualified participant plus administrative costs, with authorization for employers to pay contributions from compensation funds or other available sources.

• Becomes effective September 1, 2009.