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§ 954. Annual appropriation--Maximum contributions

Oklahoma Statutes AnnotatedTitle 19. Counties and County OfficersEffective: July 1, 2022

Oklahoma Statutes Annotated
Title 19. Counties and County Officers
Chapter 25. County Employees' Retirement Systems
Effective: July 1, 2022
19 Okl.St.Ann. § 954
§ 954. Annual appropriation--Maximum contributions
It shall be the mandatory duty of the board of county commissioners of any county establishing a retirement fund and system to appropriate annually, for the sole use of the retirement fund within its general fund and subject to the approval of the county excise board, a sum which shall be equal to or exceed the contributions made to the retirement fund by the employees. Such appropriation shall not exceed the sum of the current annual salaries of all employees to be covered in the following percentages:
July 1, 2007--June 30, 2008
13 1/2%
July 1, 2008--June 30, 2009
14 1/2%
July 1, 2009--June 30, 2010
15 1/2%
July 1, 2010--June 30, 2019
16 1/2%
July 1, 2019--June 30, 2020
and each year thereafter
18 1/2%
Beginning July 1, 2019, the total employer and employee contributions shall not exceed eighteen and one-half percent (18.5%) of the monthly compensation of each member. The governing body of the participating employers listed in this section may vary the percentage contribution of the employer and employee, provided the total percentage contributed by the employer and employee equals the total percentage contribution required by this section. Payment of such shall be paid to the fund upon verified claims by the treasurer of the fund approved by the board of trustees and attested by its clerk. For any contribution made on or after July 1, 2021, to June 30, 2022, of less than eighteen and one-half percent (18.5%), an employer may retroactively make a one-time lump sum contribution of an amount equal to the difference between the actual total contribution that was made and the total contribution amount equal to eighteen and one-half percent (18.5%).

Credits

Laws 1961, p. 218, § 4, emerg. eff. July 14, 1961; Laws 1967, c. 222, § 2, emerg. eff. May 2, 1967; Laws 1989, c. 336, § 2, eff. July 1, 1989; Laws 2007, c. 126, § 1, eff. July 1, 2007; Laws 2019, c. 380, § 1, eff. July 1, 2019; Laws 2022, c. 25, § 1, eff. July 1, 2022.
19 Okl. St. Ann. § 954, OK ST T. 19 § 954
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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