OK SB323

Amends Section 49-100.7 to require the Oklahoma Firefighters Pension and Retirement System Board to develop procedures and request necessary information to validate rollover contributions under Section 1.401(a)(31)-1, Q&A-14(b)(2), of the Income Tax Regulations.

Permits use of electronic media for notices, elections, and consents to plan members and beneficiaries as described in Section 1.401(a)-21 of the Income Tax Regulations, effective July 1, 2011.

Updates Section 49-106.3 rollover distribution definitions to align with current Internal Revenue Code provisions, including expanded eligible retirement plans and Roth IRA options for distributions after December 31, 2007.

Applies I.R.S. Notice 2014-54 guidance for determining non-taxable portions of benefit distributions under Section 72 of the Internal Revenue Code, effective for distributions after December 31, 2014.

Effective date: July 1, 2015.