OK SB840

All legal proceedings and actions against the Oklahoma Public Employees Retirement System must be brought in Oklahoma County, including petitions for judicial review under the Administrative Procedures Act.

The Board may refer hearing requests to a hearing examiner to conduct hearings and make recommended findings, with the Board entering final orders in all such matters under the Administrative Procedures Act.

Employee contributions withheld by employers are designated as trust funds held on behalf of employees and must be promptly remitted to the System.

Late charges for retirement contributions remitted more than 30 days after the due date increase from 1.5% to 3% monthly on the unpaid balance.

Repeals 74 O.S. 2001, Section 1701.1 relating to untimely posting of deferred compensation contributions.