{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-102.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-102.1","heading":"Termination of retirement plan","body":"\n\n(1) In the event a plan of the retirement system is terminated\n\nor partially terminated the right of all participants or in the\n\nevent of partial termination the rights of the affected\n\nparticipants, whether retired or otherwise, shall become fully\n\nvested.\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\n\neach respective participant, former participant,\n\nretired member, joint annuitant or beneficiary then\n\nreceiving payments. If these assets are insufficient\n\nfor this purpose, they shall be allocated to each such\n\nperson in the proportion which his accumulated\n\ncontributions bear to the total of all such\n\nparticipants' accumulated contributions. For purposes\n\nof this section, contribution means payment into the\n\nsystem by an employer or employee for the benefit of\n\nan individual employee.\n\n(b) The balance of such assets, if any, remaining after\n\nmaking the allocations provided in subparagraph (a) of\n\nthis section shall be disposed of by allocating to\n\neach person then having an interest in the fund the\n\nexcess of his retirement income under the plan less\n\nthe retirement income which is equal to the actuarial\n\nequivalent of the amount allocated to him under\n\nsubparagraph (a) of this section. Such allocation\n\nshall be made with the full amount of the remaining\n\nassets to be allocated to the persons in each group in\n\nthe 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 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\n\ndue, or\n\n(ii) by paying, in cash, the amount allocated to any\n\nsuch person.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"7a6e2ce70efa9c1e914538e5bf5f5ab66ac76ad143cd1c9e988fb49be0655af1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-102","next":"us-ok/okla.-stat.-tit.-70-70-17-102.2"},"notice":"GroundRules: Original legal text. Not legal advice."}