{"data":{"id":"us-ok/okla.-stat.-tit.-47-47-2-301.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 47, § 47-2-301.1","heading":"Termination or partial termination of System","body":"(1) In the event the System is terminated or partially\n\nterminated the right of all participants or in the event of partial\n\ntermination the rights of the affected participants, whether retired\n\nor otherwise, shall become fully vested.\n\n(2) In the event of termination of the System, the Board shall\n\ndistribute the net assets of the fund, allowing a period of not less\n\nthan six (6) nor more than nine (9) months for dissolution of\n\ndisability claims, as follows:\n\n(a) First, accumulated contributions shall be\n\nallocated to each respective participant, former participant,\n\nretired member joint annuitant or beneficiary then receiving\n\npayments. If these assets are insufficient for this purpose, they\n\nshall be allocated to each such person in the proportion which his\n\naccumulated contributions bear to the total of all such\n\nparticipants' accumulated contributions. For purposes of this\n\nsection, contribution means payment into the System by an employer\n\nor employee for the benefit of an individual employee.\n\n(b) The balance of such assets, if any, remaining\n\nafter making the allocations provided in subparagraph (a) of this\n\nsection shall be disposed of by allocating to each person then\n\nhaving an interest in the fund the excess of his retirement income\n\nunder the System less the retirement income which is equal to the\n\nactuarial equivalent of the amount allocated to him under\n\nsubparagraph (a) of this section. Such allocation shall be made\n\nwith the full amount of the remaining assets to be allocated to the\n\npersons in each group in the following order 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\n\nvested benefit, 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 shall\n\ndistribute the amounts so allocated in one of the following manners\n\nas the Board in their discretion may determine:\n\n(i) by continuing payment of benefits as they become\n\ndue, or\n\n(ii) by paying, in cash, the amount allocated to any\n\nsuch person.","path":["OK Code","Title 47"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os47.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"dca70fe45dcc3b9db3013f66fa725981bab9cca80314b91edf1ef82166fceafc","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-47-47-2-301","next":"us-ok/okla.-stat.-tit.-47-47-2-302"},"notice":"GroundRules: Original legal text. Not legal advice."}