Okla. Stat. tit. 70, § 70-17-116.12: Reduction-in-force termination credit

A. A member of the Teachers' Retirement System of Oklahoma 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 retirement as prescribed in Section 17-105

of Title 70 of the Oklahoma Statutes, 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 maximum compensation level as defined

in subsection (28) of Section 17-101 of Title 70 of the Oklahoma

Statutes, 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.

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 17-105 of Title 70 of the Oklahoma Statutes, 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.