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OK HB1053
Bill
Status
4/27/2015
Primary Sponsor
Randy McDaniel
Click for details
AI Summary
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Amends the Oklahoma Law Enforcement Retirement System to conform with Internal Revenue Code Section 401(a) and Section 414(d) requirements effective July 1, 2014, maintaining the system's IRS-qualified status
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Establishes rules for the Retirement Medical Benefit Fund subaccount under Section 401(h), requiring that funds be used exclusively for retiree health insurance premium benefits and returned to the employer upon satisfaction of all liabilities
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Requires the Board of Trustees to develop procedures for validating rollover contributions and mandates compliance with IRS Notice 2014-54 for determining tax-excludable portions of distributions after December 31, 2014
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Sets the Deferred Retirement Option Plan interest rate at 7.5% (the actuarial assumed rate) as a floor, with the Board authorized to amend this rate prospectively by resolution
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Declared an emergency measure, taking effect immediately upon passage and approval
Legislative Description
Oklahoma Law Enforcement Retirement System; compliance with Internal Revenue Code of 1986; emergency.
Retirement
Last Action
Approved by Governor 04/27/2015
4/27/2015