{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-50-111.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-50-111.4","heading":"Transferred credited service - Computation of","body":"purchase price.\n\nA. The Oklahoma Police Pension and Retirement Board shall adopt\n\nrules for computation of the purchase price for transferred credited\n\nservice. These rules shall base the purchase price for each year\n\npurchased on the actuarial cost of the incremental projected\n\nbenefits to be purchased. The purchase price shall represent the\n\npresent value of the incremental projected benefits discounted\n\naccording to the member's age at the time of purchase. Incremental\n\nprojected benefits shall be the difference between the projected\n\nbenefit the member would receive without purchasing the transferred\n\ncredited service and the projected benefit after purchase of the\n\ntransferred credited service computed as of the earliest age at\n\nwhich the member would be able to retire. The computation shall\n\nassume an unreduced benefit and be computed using interest and\n\nmortality assumptions consistent with the actuarial assumptions\n\nadopted by the Board of Trustees for purposes of preparing the\n\nannual actuarial evaluation.\n\nB. In the event that the member is unable to pay the purchase\n\nprice provided for in this section by the due date, the Oklahoma\n\nPolice Pension and Retirement Board shall permit the members to\n\namortize the purchase price over a period not to exceed sixty (60)\n\nmonths. Payments shall be made by payroll deductions unless the\n\nOklahoma Police Pension and Retirement Board permits an alternate\n\npayment source. The amortization shall include interest in an\n\namount not to exceed the actuarially assumed interest rate adopted\n\nby the Oklahoma Police Pension and Retirement Board for investment\n\nearnings each year. Any member who ceases to make payment,\n\nterminates, retires or dies before completing the payments provided\n\nfor in this section shall receive prorated service credit for only\n\nthose payments made, unless the unpaid balance is paid by the\n\nmember, his or her estate or successor in interest within six (6)\n\nmonths after the member's death, termination of employment or\n\nretirement, provided no retirement benefits shall be payable until\n\nthe unpaid balance is paid, unless the member or beneficiary\n\naffirmatively waives the additional six-month period in which to pay\n\nthe unpaid balance. Notwithstanding anything herein to the\n\ncontrary, lump-sum payments for a transferred credited service\n\npurchase may be made by a trustee-to-trustee transfer of non-Roth\n\nfunds from a Code Section 403(b) annuity or custodial account, an\n\neligible deferred compensation plan described in Code Section 457(b)\n\nwhich is maintained by an eligible employer described in Code\n\nSection 457(e)(1)(A), and/or a Code Section 401(a) qualified plan;\n\nor a direct rollover of tax-deferred funds from a Code Section\n\n403(b) annuity or custodial account, an eligible deferred\n\ncompensation plan described in Code Section 457(b) which is\n\nmaintained by an eligible employer described in Code Section\n\n457(e)(1)(A), a Code Section 401(a) qualified plan, and/or a Code\n\nSection 408(a) or 408(b) traditional or conduit Individual\n\nRetirement Account or Annuity (IRA). The Oklahoma Police Pension\n\nand Retirement Board shall develop such procedures and may require\n\nsuch information from the distributing plan as it deems necessary to\n\nreasonably conclude that a potential rollover contribution is a\n\nvalid rollover contribution under Section 1.401(a)(31)-1, Q\u0026A-\n\n14(b)(2), of the Income Tax Regulations. Roth accounts and\n\nCoverdell Education Savings Accounts shall not be used to purchase\n\ntransferred credited service. A member making installment payments\n\nshall have the option of making a cash lump-sum payment for the\n\nbalance of the actuarial purchase price with interest due through\n\nthe date of payment by a trustee-to-trustee transfer of non-Roth\n\nfunds from a Code Section 403(b) annuity or custodial account, an\n\neligible deferred compensation plan described in Code Section 457(b)\nransferred credited service. A member making installment payments\n\nshall have the option of making a cash lump-sum payment for the\n\nbalance of the actuarial purchase price with interest due through\n\nthe date of payment by a trustee-to-trustee transfer of non-Roth\n\nfunds from a Code Section 403(b) annuity or custodial account, an\n\neligible deferred compensation plan described in Code Section 457(b)\n\nwhich is maintained by an eligible employer described in Code\n\nSection 457(e)(1)(A), and/or a Code Section 401(a) qualified plan;\n\nor a direct rollover of tax-deferred funds from a Code Section\n\n403(b) annuity or custodial account, an eligible deferred\n\ncompensation plan described in Code Section 457(b) which is\n\nmaintained by an eligible employer described in Code Section\n\n457(e)(1)(A), a Code Section 401(a) qualified plan, and/or a Code\n\nSection 408(a) or 408(b) traditional or conduit Individual\n\nRetirement Account or Annuity (IRA). Roth accounts and Coverdell\n\nEducation Savings Accounts shall not be used to purchase transferred\n\ncredited service. The State Board shall promulgate such rules as\n\nare necessary to implement the provisions of this subsection.","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":"1e7d923da2fe086f76a05fd48f0d0c595650dfe799d8e955ce41aa4fca738a72","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-50-111.3","next":"us-ok/okla.-stat.-tit.-11-11-50-111.5"},"notice":"GroundRules: Original legal text. Not legal advice."}