Internal Revenue Code. A. The Uniform Retirement System for Justices and Judges is established as a qualified governmental retirement plan under Sections 401(a) and 414(d) of the federal Internal Revenue Code. The Board shall administer the System in order to comply with the applicable provisions of the federal Internal Revenue Code. B. As used in Section 1101 et seq. of Title 20 of the Oklahoma Statutes, “federal Internal Revenue Code” means the federal Internal Revenue Code of 1954 or 1986, as amended and as applicable to a governmental plan as in effect on July 1, 1999. C. For purposes of compliance with the federal Internal Revenue Code, the plan year for the System is the fiscal year beginning July 1 and the limitation year for purposes of Section 415 of the Internal Revenue Code is the calendar year. D. Forfeitures arising from severance of employment, death, or for any other reason may not be applied to increase the benefits any member would otherwise receive under the System’s law. However, forfeitures may be used to reduce the employer’s contribution.
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