{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4109","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4109","heading":"Group annuity; nonforfeiture benefits","body":"In group annuity contracts there shall be a provision or\n\nprovisions, with an appropriate reference thereto in the\n\ncertificate, specifying the nature and basis of ascertainment of the\n\nbenefits which will be available to an annuitant who contributes to\n\nthe cost of the annuity and the conditions of payment thereof in the\n\nevent of either the termination of employment of the annuitant,\n\nexcept by death, or the discontinuance of stipulated payments under\n\nthe contract. Such provision or provisions shall, in either of such\n\nevents, make available to an annuitant who contributes to the cost\n\nof the annuity a paid-up annuity payable commencing at a fixed date\n\nin an amount at least equal to that purchased by the contributions\n\nof the annuitant, determinable as of the respective dates of payment\n\nof the several contributions, as shown by a schedule in the contract\n\nfor that purpose, based upon the same mortality table, rate of\n\ninterest and loading formula used in computing the stipulated\n\npayments under such contract. Such provision or provisions may, by\n\nway of exception to the foregoing, provide that if the amount of the\n\nannuity determined as aforesaid from such fixed commencement date\n\nwould be less than One Hundred Twenty Dollars ($120.00) annually,\n\nthe insurer may at its option, in lieu of granting such paid-up\n\nannuity, pay a cash surrender value at least equal to that\n\nhereinafter provided.\n\nIf cash surrender value, in lieu of such paid-up annuity, is\n\nallowed to the annuitant by the terms of such contract, it may be\n\neither in a single sum or in equal installments over a period of not\n\nmore than twelve (12) months and it shall at least equal either (a)\n\nor (b), whichever is less:\n\n(a) The amount of reserve attributable to the annuitant's\n\ncontributions less a surrender charge not exceeding thirty-five\n\npercent (35%) of the average annual contribution made by the\n\nannuitant; or\n\n(b) The amount which would be payable as a death benefit at the\n\ndate of surrender. Such contract shall also provide that in case of\n\nthe death of an annuitant before the commencement date of the\n\nannuity, the insurer shall pay a death benefit at least equal to the\n\naggregate amount of the annuitant's contributions without interest.\n\nIf any benefits are available to the holder in either of such\n\nevents, the contract shall contain a provision or provisions\n\nspecifying the nature and basis of ascertainment of such benefits.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d6cc966eeeedd3fe1df6245946cf7ad27f3f7e3e1b2f9460134b0ea06f79146c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4108","next":"us-ok/okla.-stat.-tit.-36-36-4110"},"notice":"GroundRules: Original legal text. Not legal advice."}