A. Effective July 1, 1999, each county of the state may establish a County Officer and Employee Deferred Savings Incentive Plan as authorized by this act.
B. A county electing to establish a County Officer and Employee Deferred Savings Incentive Plan shall establish a County Officer and Employee Deferred Savings Incentive Plan Fund for the payment of matching employer contributions as provided by this section, subject to the limit upon the amount of the matching employer contribution as provided by law. The participating employer shall pay the contributions from the same source of funds used in paying salary to the county officer or employee.
C. Subject to the limit imposed by subsection D of this section, for each qualified participant as defined in this section, the board of county commissioners of each county electing to establish a County Officer and Employee Deferred Savings Incentive Plan shall pay each month from the County Officer and Employee Deferred Savings Incentive Plan Fund a sum equal to the amount contributed each month by the participating county officer or employee to the deferred compensation plan account established for the participant pursuant to Section 457 of the Internal Revenue Code of 1986, as amended.
D. The board of county commissioners of each county shall set the amount of county contribution.
E. The payment of the matching employer contribution as authorized by this section by any county electing to establish a County Officer and Employee Deferred Savings Incentive Plan shall be made to a plan established pursuant to the Internal Revenue Code, Section 401(a), for the benefit of the officers and employees of the county.
F. For the purposes of this section, "qualified participant" means a:
1. "County employee" as defined by Section 957 of this title who is a participant in a deferred compensation plan established by the county pursuant to Section 457 of the Internal Revenue Code of 1986, as amended; and
2. "County officer" as defined by Section 131 of this title who is a participant in a deferred compensation plan established by the county pursuant to Section 457 of the Internal Revenue Code of 1986, as amended.
G. The board of county commissioners for each county electing to create a County Officer and Employee Deferred Savings Incentive Plan shall be responsible for establishing rules and plan documents for administration of the plan and all contributions made to the plan.
H. Pursuant to the requirements of Section 10 of Article XXIII of the Oklahoma Constitution, no county officer shall be able to receive matching contributions in the County Officer and Employee Deferred Savings Incentive Plan account described by this section during a term of office which commenced prior to the effective date of this act. A county officer may participate in the County Officer and Employee Deferred Savings Incentive Plan described by this section during a term of office which commences after the effective date of this act.
Added by Laws 1999, c. 39, § 1, eff. July 1, 1999. Amended by Laws 1999, c. 245, § 4, eff. July 1, 1999; Laws 2001, c. 44, § 1, eff. July 1, 2001; Laws 2019, c. 98, § 1, eff. Nov. 1, 2019.