The following words and phrases as used in this act shall have the following meanings unless a different meaning is clearly required by the context: 1. "Participating institution" means only the entities that comprise a comprehensive university pursuant to Section 17-101 of this title and which: a. maintain an alternate retirement plan pursuant to the provisions of this act, and b. employ eligible employees; 2. "Alternate retirement plan" means any employee retirement plan that is created solely to provide benefits for eligible employees, as defined in this section, for periods of service on or after July 1, 2004. Such retirement plan shall be a plan meeting the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended, operated pursuant to the provisions of this act; 3. "Board of regents" means the board or body designated by the Oklahoma Constitution or by this title as the board of regents or governing board of a comprehensive university that is a participating institution; 4. "Eligible employee" means any employee of a participating institution who (a) was initially appointed or hired after June 30, 2004, and (b) meets the eligibility requirements of the alternate retirement plan of the participating institution that employs the eligible employee. However, the term "eligible employee" does not include a person whose employment is incidental to his or her educational program or whose employment is not continuous. Such eligible employees shall be eligible to participate in the alternate retirement plan if they make a one-time irrevocable written election pursuant to this act; and 5. "One-time irrevocable written election" means a one-time election made pursuant to this act by an eligible employee that shall be in writing and irrevocable and shall cover all future service with a participating institution regardless of a break in service.
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