- (a) In addition to the maximum limits under 590:25-3-1, the Plan provides for a special catch-up for all Participants who have attained age 50 before the close of the plan year. Such additional contributions shall be in accordance with, and subject to the limitations of Section 414(v) of the Internal Revenue Code. Effective January 1, 2025, the adjusted dollar amount under Section 414(v)(2)(E) of the Internal Revenue Code shall apply to Participants who will attain age 60 but will not attain age 64 by the end of the calendar year. The applicable dollar amount and the adjusted dollar amount under this paragraph (a) shall be increased by cost-of-living to the extent provided under Section 414(v) of the Internal Revenue Code for such calendar year. Such catch-up contributions shall not be considered for purposes of the provisions of the plan implementing the required limitations of section 457 of the Internal Revenue Code. This catch-up may not be used in the same years the Participant is using the election under 590:25-3-2.
- (b) Effective January 1, 2026, or such later effective date determined by the Secretary of the Treasury through guidance, with respect to a Participant whose wages within the meaning of Section 3121(a) of the Internal Revenue Code from the Employer for the preceding calendar year exceed the limitation under Section 414(v)(7)(A) of the Internal Revenue Code, paragraph (a) of this section shall apply only if the Participant elects, or is deemed to have elected, the additional amount of Elective Deferrals to be made as Roth Elective Deferrals. The wage limitation under this paragraph (b) shall be increased by cost-of-living to the extent provided under Section 414(v) of the Internal Revenue Code for such calendar year.
Added at 19 Ok Reg 746, eff 12-20-01 (emergency)
Added at 19 Ok Reg 1481, eff 5-28-02
Amended at 42 Ok Reg, Number 20, effective 7-11-25