{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-3501","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-3501","heading":"Distributions to certain retired members","body":"A. As used in this section, \"public retirement system\" means:\n\n1. The Oklahoma Firefighters Pension and Retirement System;\n\n2. The Oklahoma Police Pension and Retirement System;\n\n3. The Uniform Retirement System for Justices and Judges;\n\n4. The Oklahoma Law Enforcement Retirement System;\n\n5. The Teachers' Retirement System of Oklahoma; and\n\n6. The Oklahoma Public Employees Retirement System.\n\nB. As used in this section, \"funded ratio\" means the figure\n\nderived by dividing the actuarial value of retirement system assets\n\nby the actuarial accrued liability of the retirement system. For\n\npurposes of this section, the rate of return on public retirement\n\nsystem assets for the computation of the funded ratio shall not\n\nexceed seven and one-half percent (7.5%) but shall be computed using\n\nany assumed rate of return utilized by the applicable retirement\n\nsystem if such rate of return does not exceed seven and one-half\n\npercent (7.5%). The provisions of this subsection shall only be\n\napplicable to the computation of the funded ratio for purposes of\n\nimplementing the provisions of this section and shall not be used\n\nfor any other computation or any other purpose with respect to the\n\nactuarial assumptions used by any of the public retirement systems.\n\nC. Effective October 1, 2018, a public retirement system shall\n\nmake a one-time distribution to its retired members if the member\n\nhas been retired for a period of five (5) or more years as of\n\nOctober 1, 2018, in the amount of:\n\n1. The lesser of two percent (2%) of the gross annual\n\nretirement benefit of the member or One Thousand Dollars ($1,000.00)\n\nif the funded ratio of the public retirement system would be not\n\nless than sixty percent (60%), but not greater than eighty percent\n\n(80%) after the distribution is made;\n\n2. The lesser of two percent (2%) of the gross annual\n\nretirement benefit of the member or One Thousand Two Hundred Dollars\n\n($1,200.00) if the funded ratio of the public retirement system\n\nwould be greater than eighty percent (80%), but not greater than one\n\nhundred percent (100%) after the distribution is made; or\n\n3. The lesser of two percent (2%) of the gross annual\n\nretirement benefit of the member or One Thousand Four Hundred\n\nDollars ($1,400.00) if the funded ratio of the public retirement\n\nsystem would be greater than one hundred percent (100%) after the\n\ndistribution is made.\n\nD. The Oklahoma Firefighters Pension and Retirement System\n\nshall make a distribution to persons who retired from the Oklahoma\n\nFirefighters Pension and Retirement System as a volunteer\n\nfirefighter, if the member has been retired for a period of five (5)\n\nor more years as of October 1, 2018, in the amount of the greater of\n\ntwo percent (2%) of the gross annual retirement benefit of the\n\nvolunteer firefighter or One Hundred Dollars ($100.00). The\n\nprovisions of this subsection shall only be applicable to persons\n\nwho retired from the Oklahoma Firefighters Pension and Retirement\n\nSystem as volunteer firefighters and not as paid firefighters.\n\nE. Increases in retirement benefits may only be provided\n\npursuant to a specific authorization by law.\n\nF. Effective October 1, 2018, increases in retirement benefits\n\nshall not be authorized to occur more frequently than once each two\n\n(2) years pursuant to the specific authorization required by\n\nsubsection E of this section. Increases in retirement benefits\n\nprovided to members of a public retirement system who have been a\n\nmember of that system for at least twenty (20) years shall not be\n\nless than Three Hundred Fifty Dollars ($350.00), except as set forth\n\nin subsection D of this section.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5c953a3a59f93fd35c9f8cd1c3ce04415210c7375cdb260fe5c41ddf1b0f7125","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-350","next":"us-ok/okla.-stat.-tit.-62-62-351"},"notice":"GroundRules: Original legal text. Not legal advice."}