Employee benefits - Oklahoma

Summary of differences between federal and state regulations

Employee benefits are generally covered under the federal jurisdiction of the Employee Retirement Income Security Act (ERISA).

Federal ERISA plans generally do not have to comply with state laws. ERISA rules preempt or block state laws that relate to ERISA plans. State insurance laws, however, do apply. Oklahoma has laws governing group life insurance, which include such provisions as the following:

The employer cannot be the beneficiary.

The premium for the policy is to be paid by the policyholder, either wholly from the employer's funds or funds contributed by him, or partly from such funds and partly from funds contributed by the insured employees, or from funds contributed wholly by the insured employees. Part or the entire premium may be derived from funds contributed by the insured employees only if at least 75 percent of the employees choose to make the required contributions. If no part of the premium is to be derived from funds contributed by the insured employees, it must insure all eligible employees.

The policy must cover at least ten employees as of date of issue.

Grace period is 31 days.

State

Contact

Oklahoma Insurance Department

Regulations

Oklahoma Statutes

Title 36 Insurance

§36-4101 Group life insurance

Federal

Contact

Employee Benefits Security Administration (EBSA)

Regulations

29 CFR chapter XXV (Parts 2509 – 2590)