Employee Contributions

Oklahoma City Municipal Code ch. 40, art. III, div. 1, pt. E

in effect

Oklahoma City Municipal Code § 40-121 Rate of contributions.

§ 40-121. - Rate of contributions. Every employee, as a condition of his/her employment, shall agree to contribute by a binding and irrevocable election for a payroll deduction, to the retirement program in which he/she is a member, the sum of six percent of his/her compensation for the period of his/her employment by the City. The employee shall not have the option of receiving such specified amounts directly. Any foregoing election made pursuant to this section is subject to the requirements outlined in Section 40-126 of the System. (Ord. No. 21916, § 2, 2-12-02; Ord. No. 23758, § 3, 12-9-08, eff. 1-1-09)

Oklahoma City Municipal Code § 40-122 Right to refund of contributions upon leaving service.

§ 40-122. - Right to refund of contributions upon leaving service. If an Employee leaves the service of the City for any reason prior to the vesting of his/her rights as provided in Section 40-70, the Participant's Employee Contribution Account, regardless of amount, shall be kept on deposit with the System until such time the Employee makes an election directing the refund of his/her Employee Contribution Account. If a Participant makes an election to receive a refund of the Participant's Employee Contribution Account, he/she shall receive payment no earlier than 91 days after the Participant's date of Termination of Employment provided such Participant is not an employee of the City in any capacity at the time of the refund and has not been employed by the City in any capacity since the Participant's date of Termination of Employment. (Ord. No. 21916, § 2, 2-12-02; Ord. No. 22486, § 2, 7-7-04; Ord. No. 26063, § 7, 12-18-18)

Oklahoma City Municipal Code § 40-123 Rate of interest.

§ 40-123. - Rate of interest. (a) Interest shall be credited on the Employee's contributions made after March 1, 1968, or after completion of one year's service with the City, whichever is later. Interest shall be compounded annually at the rate of three and one-half percent per annum until June 30, 1980. Beginning July 1, 1980, contributions shall cease accruing interest. (b) Interest shall be credited on Employee contributions beginning with pay-date January 2, 1998. Interest shall be compounded annually at a rate of three and one-half percent per annum. Interest will be credited annually at December 31. The Board of Trustees and the City may adopt such accounting procedures and methods as are deemed appropriate to comply with the provisions of this subsection. (c) Effective January 1, 2001, interest shall be credited on Employee contributions. Interest shall be compounded annually at a rate set annually by the Board of Trustees, not to exceed eight percent per annum. Interest will be credited annually as of December 31. The Board of Trustees and the City may adopt such accounting procedures and methods as are deemed appropriate to comply with the provisions of this subsection. (d) In the case of a terminating Employee requesting a refund before interest has been credited, said Employee has the right to post-pone his/her refund until such time as interest is posted or forfeit the current year's interest and receive a refund of his/her Employee Contribution Account, as soon as administratively possible. (Ord. No. 21916, § 2, 2-12-02)

Oklahoma City Municipal Code § 40-124 Loss of retirement benefits upon conviction for crime against City.

§ 40-124. - Loss of retirement benefits upon conviction for crime against City. In the event a Participant is convicted in a court of competent jurisdiction of embezzlement, fraud or dishonesty, or misappropriation of the City's property, and the conviction becomes final, neither he/she nor his/her beneficiary shall be entitled to receive any benefits under the System other than his/her Employee Contribution Account as of the date of his/her discharge, regardless of his/her age and service on the date of his/her discharge. (Ord. No. 21916, § 2, 2-12-02)

Oklahoma City Municipal Code § 40-125 Accrued benefits non-forfeitable.

§ 40-125. - Accrued benefits non-forfeitable. Upon termination of the System or upon complete discontinuance of contributions under the plan, the rights of all Participants to benefits accrued to the date of such termination or discontinuance, to the extent then funded, or the amounts credited to the Participant's accounts, are non-forfeitable. (Ord. No. 21916, § 2, 2-12-02)

Oklahoma City Municipal Code § 40-126 Contributions to be deferred Compensation.

§ 40-126. - Contributions to be deferred Compensation. In accordance with Code Section 414(h), the City shall pick up the Employee contribution required by Section 40-121 for all Compensation earned after July 1, 1986. The contributions so picked up shall be treated as employer contributions in determining tax treatment under the United States Internal Revenue Code. The City shall pick up these Employee contributions from funds established and available in the salaries account, which funds would otherwise have been designated as Employee contributions and paid to the System. Employer contributions picked up by the City pursuant to this section shall be paid to the System and shall be treated for all other purposes of this and other laws of the City in the same manner and to the same extent as Employee contributions made prior to the effective date of this section. (Ord. No. 21916, § 2, 2-12-02)

Source: City of Oklahoma City, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ok/oklahoma_city/codes/code_of_ordinances?nodeId=OKMUCO2020_CH40PERESY_ARTIIIPERE_DIV1EMREPR_PTEEMCOFetched: 10/28/2026