Okla. Stat. tit. 47, § 47-2-307.7: Reduction-in-force termination credit

A. A member of the Oklahoma Law Enforcement Retirement System

who has ten (10) or more years of full-time-equivalent employment

with a participating employer, and who is terminated by a state

agency or other state governmental entity because the member's

position is eliminated through a reduction-in-force after July 1,

1998, and is within three (3) years of a normal retirement date as

defined in paragraph 7 of Section 2-300 of this title may purchase

termination credit of a period not to exceed the lesser of three (3)

years or the number of years or months or both years and months

required in order for the member to reach normal retirement date in

the same period of time and with the same service credit which would

have otherwise accrued if the termination had not occurred.

B. In order to receive the termination credit authorized by

this section, the member shall be required to file an election with

the System indicating an intent to purchase the credit. The member

shall have a period of six (6) months from the date the member is

terminated as described in subsection A of this section within which

to file the election.

C. To purchase the termination credit, the member shall be

required to make payment to the System of an amount equal to both

the employer and employee contributions which would have been paid

to the System based upon the actual paid base salary as defined in

paragraph 8 of Section 2-300 of this title, which was received by

the member in the last full month that the member was employed by

the state agency or other state governmental entity multiplied by

the number of months required in order for the combination of the

participating service and member's age to equal the amount required

for the member to reach normal retirement date with an unreduced

benefit as if the member had not been terminated.

D. The member must make full payment to the System of all

required contribution amounts within sixty (60) days of filing the

election to purchase the credit. The member must vest his or her

benefits with a declared future retirement date as of the first

month the member is eligible for normal retirement. Failure to make

the full payment to the System of the required contribution amounts,

for any reason, within the time prescribed, shall result in

cancellation of the election provided pursuant to this section, and

return of the purchase amount tendered, without interest.

Notwithstanding anything herein to the contrary, termination credit

purchases may be made by:

1. A cash lump-sum payment;

2. A trustee-to-trustee transfer of non-Roth funds from a Code

Section 401(a) qualified plan;

3. A direct rollover of tax-deferred funds from a Code Section

403(b) annuity or custodial account, an eligible deferred

compensation plan described in Code Section 457(b) which is

maintained by an eligible employer described in Code Section

457(e)(1)(A), a Code Section 401(a) qualified plan, and/or a Code

Section 408(a) or 408(b) traditional or conduit Individual

Retirement Account or Annuity (IRA). Roth accounts, Coverdell

Education Savings Accounts and after-tax contributions shall not be

used to purchase such service credit; or

4. Any combination of the above methods of payment.

E. Purchased termination credit may only be used as service

credit to qualify the member for normal retirement.

F. If the member chooses to retire at any time prior to the

member's normal retirement date or returns to employment with a

participating employer of the System at any time prior to

retirement, the purchase of termination credit pursuant to this

section shall be void and the System will return the purchase amount

tendered, without interest.

G. In the event of the death of the member prior to retirement,

the member's spouse, if otherwise eligible for benefits pursuant to

Section 2-306 of this title, may elect to receive benefits which

r of the System at any time prior to

retirement, the purchase of termination credit pursuant to this

section shall be void and the System will return the purchase amount

tendered, without interest.

G. In the event of the death of the member prior to retirement,

the member's spouse, if otherwise eligible for benefits pursuant to

Section 2-306 of this title, may elect to receive benefits which

include the termination credit on the member's declared future

retirement date, or may elect to receive a return of the purchase

amount tendered, without interest.