{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-116.12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-116.12","heading":"Reduction-in-force termination credit","body":"A. A member of the Teachers' Retirement System of Oklahoma who\n\nhas ten (10) or more years of full-time-equivalent employment with a\n\nparticipating employer, and who is terminated by a state agency or\n\nother state governmental entity because the member's position is\n\neliminated through a reduction-in-force after July 1, 1998, and is\n\nwithin three (3) years of retirement as prescribed in Section 17-105\n\nof Title 70 of the Oklahoma Statutes, may purchase termination\n\ncredit of a period not to exceed the lesser of three (3) years or\n\nthe number of years or months or both years and months required in\n\norder for the member to reach normal retirement date in the same\n\nperiod of time and with the same service credit which would have\n\notherwise accrued if the termination had not occurred.\n\nB. In order to receive the termination credit authorized by\n\nthis section, the member shall be required to file an election with\n\nthe System indicating an intent to purchase the credit. The member\n\nshall have a period of six (6) months from the date the member is\n\nterminated as described in subsection A of this section within which\n\nto file the election.\n\nC. To purchase the termination credit, the member shall be\n\nrequired to make payment to the System of an amount equal to both\n\nthe employer and employee contributions which would have been paid\n\nto the System based upon the maximum compensation level as defined\n\nin subsection (28) of Section 17-101 of Title 70 of the Oklahoma\n\nStatutes, which was received by the member in the last full month\n\nthat the member was employed by the state agency or other state\n\ngovernmental entity multiplied by the number of months required in\n\norder for the combination of the participating service and member's\n\nage to equal the amount required for the member to reach normal\n\nretirement date with an unreduced benefit as if the member had not\n\nbeen terminated.\n\nD. The member must make full payment to the System of all\n\nrequired contribution amounts within sixty (60) days of filing the\n\nelection to purchase the credit. The member must vest his or her\n\nbenefits with a declared future retirement date as of the first\n\nmonth the member is eligible for normal retirement. Failure to make\n\nthe full payment to the System of the required contribution amounts,\n\nfor any reason, within the time prescribed, shall result in\n\ncancellation of the election provided pursuant to this section, and\n\nreturn of the purchase amount tendered, without interest.\n\nE. Purchased termination credit may only be used as service\n\ncredit to qualify the member for normal retirement.\n\nF. If the member chooses to retire at any time prior to the\n\nmember's normal retirement date or returns to employment with a\n\nparticipating employer of the System at any time prior to\n\nretirement, the purchase of termination credit pursuant to this\n\nsection shall be void, and the System will return the purchase\n\namount tendered, without interest.\n\nG. In the event of the death of the member prior to retirement,\n\nthe member's spouse, if otherwise eligible for benefits pursuant to\n\nSection 17-105 of Title 70 of the Oklahoma Statutes, may elect to\n\nreceive benefits which include the termination credit on the\n\nmember's declared future retirement date, or may elect to receive a\n\nreturn of the purchase amount tendered, without interest.","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":"be6a107d3d16243e9edd9fce808ab86dfb0b829d7b537f1c52a45b39f453ca2d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-116.10","next":"us-ok/okla.-stat.-tit.-70-70-17-116.13"},"notice":"GroundRules: Original legal text. Not legal advice."}