Okla. Stat. tit. 47, § 47-2-308.1: Election to defer commencement of retirement benefits

Any member retiring under the provisions of the System shall

have the opportunity to elect to defer the commencement of

retirement benefits by one-year periods by an election in writing

submitted to the Board not later than thirty (30) days prior to the

member's normal retirement date or the member's actual retirement

date, whichever is later. Such elections may be made successively

but may not be deferred later than age sixty-five (65). Retirement

benefits payable to members electing to defer the commencement of

payments shall be increased by five percent (5%) of the amount that

would otherwise be paid for each year payments are deferred.