{"data":{"id":"us-ok/okla.-stat.-tit.-20-20-1110","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 20, § 20-1110","heading":"Termination of plan","body":"(1) In the event a plan of the Retirement System is terminated\n\nor in the event of complete discontinuation of contributions or is\n\npartially terminated, the right of all participants or in the event\n\nof partial termination the rights of the affected participants,\n\nwhether retired or otherwise, shall become fully vested.\n\n(2) In the event of termination of the plan, the board of\n\ntrustees shall distribute the net assets of the fund, allowing a\n\nperiod of not less than six (6) nor more than nine (9) months for\n\ndissolution of disability claims, as follows:\n\n(a) First, accumulated contributions shall be allocated to each\n\nrespective participant, former participant, retired member, joint\n\nannuitant or beneficiary then receiving payments. If these assets\n\nare insufficient for this purpose, they shall be allocated to each\n\nsuch person in the proportion which his accumulated contributions\n\nbear to the total of all such participants' accumulated\n\ncontributions. For purposes of this section, contribution means\n\npayment into the System by an employer or employee for the benefit\n\nof an individual employee.\n\n(b) The balance of such assets, if any, remaining after making\n\nthe allocations provided in subparagraph (a) of this section shall\n\nbe disposed of by allocating to each person then having an interest\n\nin the fund the excess of his retirement income under the plan less\n\nthe retirement income which is equal to the actuarial equivalent of\n\nthe amount allocated to him under subparagraph (a) of this section.\n\nSuch allocation shall be made with the full amount of the remaining\n\nassets to be allocated to the persons in each group in the following\n\norder of precedence:\n\n(i) those retired members, joint annuitants or\n\nbeneficiaries receiving benefits,\n\n(ii) those members eligible to retire,\n\n(iii) those members eligible for early retirement,\n\n(iv) former participants electing to receive a vested\n\nbenefit, and\n\n(v) all other members.\n\nIn the event the balance of the fund remaining after all\n\nallocations have been made with respect to all retirement income in\n\na preceding group is insufficient to allocate the full actuarial\n\nequivalent of such retirement income to all persons in the group for\n\nwhich it is then being applied, such balance of the fund shall be\n\nallocated to each person in such group in the proportion which the\n\nactuarial equivalent of the retirement income allocable to him\n\npursuant to such group bears to the total actuarial equivalent of\n\nthe retirement income so allocable to all persons in such group.\n\nProvided no discrimination in value results, the board of\n\ntrustees shall distribute the amounts so allocated in one of the\n\nfollowing manners as the board of trustees in their discretion may\n\ndetermine:\n\n(i) by continuing payment of benefits as they become due,\n\nor\n\n(ii) by paying, in cash, the amount allocated to any such\n\nperson.","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":"79aa3e226e6f88f11c4fab8c94b93fa0b487c4f23efac5aa22f603adcf727adb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-20-20-1109","next":"us-ok/okla.-stat.-tit.-20-20-1111"},"notice":"GroundRules: Original legal text. Not legal advice."}