of duly constituted authorities or instrumentalities - Participation in plan - Time limit for transfers of investment options. A. The State of Oklahoma, its agencies and the political subdivisions thereof and the employees of a duly constituted authority or instrumentality of the State of Oklahoma, its agencies and the political subdivisions thereof, municipalities and any local governmental entity may enter into a written agreement to defer a portion of any employee's compensation which is derived from a state or local government. The compensation to be deferred shall be subject to any federal limitations imposed by the Internal Revenue Code, Sections 1 et seq. of Title 26 of the United States Code. The state or local governments may, under a written agreement, invest the deferred compensation in life insurance, annuities, United States Agency or Treasury Bills, Notes or Bonds, savings accounts and/or mutual funds with a company licensed or eligible to do business in the state or in a contract or commingled trust or program. Deferred compensation programs shall exist and be in addition to, and not be a part of, any existing retirement, pension or Social Security system provided for the benefit of state and local government employees. B. The Oklahoma Public Employees Retirement System Board shall offer a deferred compensation program and shall be responsible for establishing rules and regulations and participation agreement forms for said program. The Oklahoma State Employee Benefits Council shall communicate this program with eligible participants. C. The Office of the Attorney General of this state shall be responsible for interpreting all applicable laws and fiduciary responsibilities for the deferred compensation programs of state and local governments if the programs do not maintain in-house counsel. D. Prior to January 1, 1991, the Board of Trustees of the Oklahoma Public Employees Retirement System, the Plan Administrator, and the Office of Management and Enterprise Services shall jointly develop a system that provides for state employee participation amounts in the deferred compensation plan be posted and transferred to the investment option selected by the state employee within ten (10) business days of the payday, the end of the payroll period, or the process date for supplemental payrolls, whichever is later. Added by Laws 1972, c. 64, § 2, emerg. eff. March 28, 1972. Amended by Laws 1974, c. 23, § 1, emerg. eff. April 8, 1974; Laws 1975, c. 138, § 1, emerg. eff. May 19, 1975; Laws 1977, c. 186, § 1; Laws 1978, c. 297, § 3, emerg. eff. May 10, 1978; Laws 1979, c. 133, § 1, emerg. eff. May 3, 1979; Laws 1979, c. 241, § 15, operative July 1, 1979; Laws 1979, c. 290, § 1, emerg. eff. July 5, 1979; Laws 1990, c. 291, § 1, eff. Sept. 1, 1990; Laws 1993, c. 359, § 12, eff. July 1, 1993; Laws 2001, c. 192, § 3, eff. July 1, 2001; Laws 2012, c. 304, § 984.
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