Okla. Admin. Code § 590:40-11-5 - Payment to alternate payee

(a) Amount of award. The benefit awarded to the alternate payee under the order shall be credited with any interest and investment income or losses attributable to the Participant's account from the valuation date, or closest valuation date, of the account, until the date of total distribution to the alternate payee.

(b) Commencement date; form of payment. If the alternate payee so elects, the benefits shall be paid to the alternate payee as soon as administratively feasible following the date the order is approved by OPERS, or at the earliest date permitted under the Code. The benefits payable to the alternate payee shall be in any form or permissible option otherwise available to the Participant under the terms of the Plan. The alternate payee's portion of the benefits payable shall be allocated on a prorata basis from all the accounts or investment options maintained under the Plan on behalf of the Participant. Unless the alternate payee elects an immediate distribution that is permitted under the Plan at the time the order is submitted to and approved by OPERS, such benefits shall be segregated and separately maintained in a nonforfeitable account established on behalf of the alternate payee. This account shall initially be established in the same fund mix percentages as the Participant account. The alternate payee shall be responsible for paying any applicable withdrawal charges imposed under any investment account with respect to the alternate payee's share under the Plan.

(c) Taxes. The alternate payee who is the spouse or former spouse of the Participant shall be treated as a distributee of any distributions or payments made to the alternate payee under the order, and as such, Federal and Oklahoma state income taxes will be withheld from the payment to the alternate payee in accordance with applicable federal and state statutes.

(d) Change of address. It is the responsibility of the alternate payee to notify OPERS of any change in the alternate payee's address.

Notes

Okla. Admin. Code § 590:40-11-5

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015