{"data":{"id":"us-ok/okla.-stat.-tit.-20-20-1103g","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 20, § 20-1103G","heading":"Service credit - Computation of purchase price","body":"A. The Board of Trustees shall adopt rules for computation of\n\nthe purchase price for service credit. These rules shall base the\n\npurchase price for each year purchased on the actuarial cost of the\n\nincremental projected benefits to be purchased. The purchase price\n\nshall represent the present value of the incremental projected\n\nbenefits discounted according to the member's age at the time of\n\npurchase. Incremental projected benefits shall be the difference\n\nbetween the projected benefit said member would receive without\n\npurchasing the service credit and the projected benefit after\n\npurchase of the service credit computed as of the earliest age at\n\nwhich the member would be able to retire. Said 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 Board of\n\nTrustees shall permit the members to amortize the purchase price\n\nover a period not to exceed sixty (60) months. Said payments shall\n\nbe made by payroll deductions unless the Board of Trustees permits\n\nan alternate payment source. The amortization shall include\n\ninterest in an amount not to exceed the actuarially assumed interest\n\nrate adopted by the Board of Trustees for investment earnings each\n\nyear. Any member who ceases to make payment, terminates, retires or\n\ndies before completing the payments provided for in this section\n\nshall receive prorated service credit for only those payments made,\n\nunless the unpaid balance is paid by said member, his or her estate\n\nor successor in interest within six (6) months after said member's\n\ndeath, termination of employment or retirement, provided no\n\nretirement benefits shall be payable until the unpaid balance is\n\npaid, unless said member or beneficiary affirmatively waives the\n\nadditional six-month period in which to pay the unpaid balance. The\n\nBoard of Trustees shall promulgate such rules as are necessary to\n\nimplement the provisions of this subsection.\n\nC. Current contributing members who, as former members,\n\nwithdrew their accumulated contributions, may amortize the cost of\n\nreturning the withdrawn contributions over a period of not to exceed\n\nsixty (60) months. Said payments shall be made by payroll\n\ndeductions unless the Board of Trustees permits an alternate payment\n\nsource. The amortization shall include interest in an amount not to\n\nexceed the actuarially assumed interest rate adopted by the Board of\n\nTrustees for investment earnings each year. Any member who ceases\n\nto make payments, terminates, retires or dies before completing the\n\npayments provided in this subsection shall be refunded all related\n\npayments made, and all related credited service and other related\n\nbenefits shall be canceled unless the unpaid balance is paid by said\n\nmember, his or her estate or successor in interest within six (6)\n\nmonths after said member’s death, termination of employment or\n\nretirement. No retirement benefits shall be payable until the\n\nunpaid balance is paid, unless said member or beneficiary\n\naffirmatively waives the additional six-month period in which to pay\n\nthe unpaid balance. The Board of Trustees shall promulgate such\n\nrules as are necessary to implement the provisions of this\n\nsubsection.","path":["OK Code","Title 20"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os20.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b63576c57771fdb9d62c16d9f5fb9d1da1edd78c1fd4e08cabae584a81bd316c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-20-20-1103f","next":"us-ok/okla.-stat.-tit.-20-20-1103h"},"notice":"GroundRules: Original legal text. Not legal advice."}