{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-49-117.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-49-117.1","heading":"Termination of service before normal retirement date","body":"- Refunds - Vested benefits - Retirement annuity - Rejoining System.\n\nA. A member who terminates service before normal retirement\n\ndate, other than by death or disability shall, upon application\n\nfiled with the State Board, be refunded from the Fund an amount\n\nequal to the sum of:\n\n1. Accumulated contributions the member has made to the Fund;\n\n2. Payments made to repurchase credited service pursuant to\n\nthis section;\n\n3. Payments made to transfer credited service from another\n\nretirement system pursuant to subsection A of Section 49-117.2 or\n\nSection 49-117.3 of this title; and\n\n4. Payments made to purchase prior military service credit\n\npursuant to subsection E of Section 49-138 of this title.\n\nA refund made pursuant to this paragraph shall exclude interest\n\nearned or paid with respect to any contribution or payment described\n\nin subparagraphs 1 through 4 of this subsection, and any amount\n\ncontributed by the municipality or state, and interest earned with\n\nrespect to such contributed amount.\n\nB. If a member has completed ten (10) years of credited service\n\nat the date of termination, the member may elect a vested benefit in\n\nlieu of receiving the refund described in subsection A of this\n\nsection.\n\nC. If the member who has completed ten (10) or more years of\n\ncredited service as prescribed by subsection B of this section\n\nelects the vested benefit, the member shall be entitled to a monthly\n\nretirement annuity commencing on the date the member reaches fifty\n\n(50) years of age or the date the member would have had twenty (20)\n\nyears of credited service had the member's employment continued\n\nuninterrupted, whichever is later. The annual amount of such\n\nretirement annuity shall be equal to two and one-half percent (2\n\n1/2%) of the annualized final average salary multiplied by the\n\nnumber of years of credited service not to exceed thirty (30) years.\n\nThe death benefits provided for in Section 49-113.2 of this title\n\nshall not apply to any member retiring under the provisions of this\n\nsection.\n\nD. If a member who terminated employment and elected, or was\n\neligible to elect, a vested benefit dies prior to being eligible to\n\nreceive benefits, the member's beneficiary, as defined in paragraph\n\n16 of Section 49-100.1 of this title, shall be entitled to the\n\nmember's normal monthly retirement benefit on the date the deceased\n\nmember would have been eligible to receive the benefit.\n\nE. If a member terminates employment and withdraws the member's\n\naccumulated contributions and then subsequently rejoins the System,\n\nhe may pay to the System the sum of the accumulated contributions he\n\nhas withdrawn plus ten percent (10%) annual interest from the date\n\nof withdrawal to the date of repayment and shall receive the same\n\nbenefits as if he had never withdrawn his contributions.\n\nF. Members may make the repayment described in subsection E of\n\nthis section in cash by a trustee-to-trustee transfer or direct\n\nrollover of non-Roth funds from a Code Section 403(b) annuity or\n\ncustodial account, an eligible deferred compensation plan described\n\nin Code Section 457(b) which is maintained by an eligible employer\n\ndescribed in Code Section 457(e)(1)(A), a Code Section 401(a)\n\nqualified plan, or a combination thereof, provided that after-tax\n\nfunds in retirement plans shall not be used to make a repayment.\n\nG. In the event the member does not pay the purchase price in\n\nwhole or part pursuant to subsection F of this section, the State\n\nBoard may permit the member to pay the remaining purchase price in\n\ncash by certified check, to amortize the remaining purchase price\n\nover a period not to exceed sixty (60) months, or other method\n\napproved by the State Board. Any amortized payments under this\n\nsubsection shall be made by payroll deductions on an after-tax basis\n\nand shall not be picked up by the member's employer. The amortized\nBoard may permit the member to pay the remaining purchase price in\n\ncash by certified check, to amortize the remaining purchase price\n\nover a period not to exceed sixty (60) months, or other method\n\napproved by the State Board. Any amortized payments under this\n\nsubsection shall be made by payroll deductions on an after-tax basis\n\nand shall not be picked up by the member's employer. The amortized\n\npayments shall include interest at a rate not to exceed the\n\nactuarially assumed interest rate adopted by the State Board for\n\ninvestment earnings each year. Any member who ceases to make\n\npayment, terminates, retires, or dies before completing the payments\n\nprovided for in this subsection shall receive prorated service\n\ncredit for only those payments made, not including interest, unless\n\nthe unpaid balance, including interest, is paid by the member, the\n\nmember's surviving spouse, the member's beneficiary, or the member's\n\nestate or successor in interest within ninety (90) days after the\n\nfirst to occur of said member's termination, retirement, or death;\n\nprovided that no retirement benefits shall be payable until the\n\nearliest of the date the unpaid balance is paid in full or ninety\n\n(90) days after the first to occur of the member's termination,\n\nretirement, or death.\n\nH. A firefighter shall not be permitted to withdraw from the\n\nSystem while employed as a firefighter in a participating\n\nmunicipality.\n\nI. The State Board shall promulgate such rules or procedures as\n\nare necessary to implement the provisions of this section.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"89601aa475c21f56a965ecdbe14c44b86786f008fb7382949b98e1e5ace3018d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-49-117","next":"us-ok/okla.-stat.-tit.-11-11-49-117.2"},"notice":"GroundRules: Original legal text. Not legal advice."}