{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-116.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-116.2","heading":"Retirement allowance - Calculation - Contribution","body":"rates and benefits – Service credits.\n\nA. 1. Beginning July 1, 1987, and prior to July 1, 1995, a\n\nmember who retires on or after the member's normal retirement age or\n\nwhose retirement is because of disability shall receive an annual\n\nallowance for life, payable monthly, in an amount equal to two\n\npercent (2%) of the member's highest three-year average salary upon\n\nwhich member contributions were made, multiplied by the number of\n\nthe member's years of creditable service.\n\nA classified member who retired prior to July 1, 1986, shall\n\nhave the member's retirement allowance calculated on a minimum\n\naverage salary of Eleven Thousand Five Hundred Dollars ($11,500.00)\n\nor on the member's current minimum average salary plus Two Thousand\n\nDollars ($2,000.00), whichever is greater. Beginning July 1, 1994,\n\na classified member who retired prior to July 1, 1993, shall have\n\nthe member's retirement allowance calculated on the member's current\n\nminimum average salary plus Five Hundred Fifty Dollars ($550.00).\n\nAn unclassified member who retired prior to July 1, 1986, shall have\n\nthe member's retirement allowance calculated on a minimum average\n\nsalary of Nine Thousand Five Hundred Dollars ($9,500.00) or on the\n\nmember's current minimum average salary plus One Thousand Dollars\n\n($1,000.00), whichever is greater. Beginning July 1, 1994, an\n\nunclassified member who retired prior to July 1, 1993, shall have\n\nthe member's retirement allowance calculated on the member's current\n\nminimum average salary plus Two Hundred Seventy-five Dollars\n\n($275.00). Those individuals receiving benefits pursuant to\n\nsubsection (3) of Section 17-105 of this title whose benefits\n\ncommenced prior to July 1, 1993, shall receive an increase in\n\nbenefits of two and one-half percent (2 1/2%). No retirement\n\nbenefit payments shall be made retroactively.\n\nFor those members retiring before normal retirement age, except\n\nfor those members retiring because of a disability, the retirement\n\nallowance shall be subject to adjustment in accordance with the\n\nactuarial equivalent factors adopted by the Board of Trustees.\n\n2. Beginning July 1, 1995, a member, who has no service\n\nperformed on or after July 1, 1995, for an entity or institution\n\nwithin The Oklahoma State System of Higher Education, who retires on\n\nor after the member's normal retirement age or whose retirement is\n\nbecause of disability shall receive an annual allowance for life,\n\npayable monthly as follows:\n\na. if the member becomes a member after June 30, 1995,\n\nand was not eligible to become a member prior to July\n\n1, 1995, in an amount equal to two percent (2%) of the\n\nmember's average salary upon which member\n\ncontributions were made, multiplied by the number of\n\nthe member's years of creditable service, or\n\nb. if the member became a member or is eligible to become\n\na member prior to July 1, 1995, and elected to have a\n\nmaximum compensation level in excess of Twenty-five\n\nThousand Dollars ($25,000.00) pursuant to paragraph 1\n\nof subsection C of this section or pursuant to\n\nsubsection E of this section, or if the member's\n\nsalary has never exceeded Twenty-five Thousand Dollars\n\n($25,000.00) prior to July 1, 1995, in an amount equal\n\nto:\n\n(1) two percent (2%) of the member's average salary\n\nupon which member contributions were made not to\n\nexceed Forty Thousand Dollars ($40,000.00),\n\nmultiplied by the number of the member's years of\n\ncredited service authorized and performed prior\n\nto July 1, 1995, plus any years of prior service\n\nauthorized under this title, plus\nollars\n\n($25,000.00) prior to July 1, 1995, in an amount equal\n\nto:\n\n(1) two percent (2%) of the member's average salary\n\nupon which member contributions were made not to\n\nexceed Forty Thousand Dollars ($40,000.00),\n\nmultiplied by the number of the member's years of\n\ncredited service authorized and performed prior\n\nto July 1, 1995, plus any years of prior service\n\nauthorized under this title, plus\n\n(2) two percent (2%) of the member's average salary\n\nupon which member contributions were made,\n\nmultiplied by the number of the member's years of\n\ncredited service authorized and performed after\n\nJune 30, 1995, or\n\nc. if the member became a member or is eligible to become\n\na member prior to July 1, 1995, and was eligible to\n\nelect to have a maximum compensation level in excess\n\nof Twenty-five Thousand Dollars ($25,000.00) and did\n\nnot elect or elected not to have a maximum\n\ncompensation level of Forty Thousand Dollars\n\n($40,000.00) pursuant to paragraph 1 of subsection C\n\nof this section or pursuant to subsection E of this\n\nsection, in an amount equal to:\n\n(1) two percent (2%) of the member's average salary\n\nupon which member contributions were made not to\n\nexceed Twenty-five Thousand Dollars ($25,000.00),\n\nmultiplied by the number of the member's years of\n\ncredited service authorized and performed prior\n\nto July 1, 1995, plus any years of prior service\n\nauthorized under this title, plus\n\n(2) two percent (2%) of the member's average salary\n\nupon which member contributions were made,\n\nmultiplied by the number of the member's years of\n\ncredited service authorized and performed after\n\nJune 30, 1995.\n\nB. Except as otherwise provided for in this section, the amount\n\ncontributed by each member to the retirement system shall be:\n\n1. Beginning July 1, 1992, through June 30, 1996, six percent\n\n(6%) of the regular annual compensation of such member not in excess\n\nof Twenty-five Thousand Dollars ($25,000.00) and beginning July 1,\n\n1995, through June 30, 1996, six percent (6%) of the maximum\n\ncompensation level;\n\n2. Beginning July 1, 1996, through June 30, 1997, six and one-\n\nhalf percent (6 1/2%) of the regular annual compensation of members,\n\nwho are not employed by an entity or institution within The Oklahoma\n\nState System of Higher Education not in excess of Twenty-five\n\nThousand Dollars ($25,000.00) and beginning July 1, 1996, through\n\nJune 30, 1997, six and one-half percent (6 1/2%) of the regular\n\nannual compensation of members, who are employed by an entity or\n\ninstitution within The Oklahoma State System of Higher Education,\n\nnot in excess of Twenty-five Thousand Dollars ($25,000.00);\n\n3. Beginning July 1, 1997, seven percent (7%) of the regular\n\nannual compensation of the member not in excess of any applicable\n\nmaximum compensation level of the member; and\n\n4. All public schools in this state shall treat the employee\n\ncontributions as being picked up under the provisions of Section 414\nate System of Higher Education,\n\nnot in excess of Twenty-five Thousand Dollars ($25,000.00);\n\n3. Beginning July 1, 1997, seven percent (7%) of the regular\n\nannual compensation of the member not in excess of any applicable\n\nmaximum compensation level of the member; and\n\n4. All public schools in this state shall treat the employee\n\ncontributions as being picked up under the provisions of Section 414\n\n(h)(2) of the Internal Revenue Code of 1986 in determining tax\n\ntreatment.\n\nSubject to Internal Revenue Service approval, paragraph 4 of this\n\nsubsection shall not apply to a comprehensive university group\n\nestablished on or before July 1, 1998, whose employee contributions\n\nwere consistently treated as not picked up as of July 1, 1998, and\n\nat all times thereafter.\n\nC. 1. Prior to July 1, 1995, an active member of the System\n\nmay elect to have a maximum compensation level of Forty Thousand\n\nDollars ($40,000.00). Such an election shall be made in writing and\n\nfiled with the System. Members whose salaries are in excess of\n\nTwenty-five Thousand Dollars ($25,000.00) on July 20, 1987, shall\n\nfile the election with the System prior to January 1, 1988. Members\n\nwhose salaries exceed Twenty-five Thousand Dollars ($25,000.00)\n\nafter July 20, 1987, shall file the election when the salary exceeds\n\nTwenty-five Thousand Dollars ($25,000.00). If a member makes such\n\nan election, the member shall contribute the following amounts:\n\na. beginning July 1, 1992, through June 30, 1993, eleven\n\npercent (11%) of the regular annual compensation of\n\nsuch member that is in excess of Twenty-five Thousand\n\nDollars ($25,000.00) and is not in excess of Forty\n\nThousand Dollars ($40,000.00),\n\nb. beginning July 1, 1993, through June 30, 1994, nine\n\npercent (9%) of the regular annual compensation of\n\nsuch member that is in excess of Twenty-five Thousand\n\nDollars ($25,000.00) and is not in excess of Forty\n\nThousand Dollars ($40,000.00), and\n\nc. beginning July 1, 1994, through June 30, 1995, eight\n\npercent (8%) of the regular annual compensation of\n\nsuch member that is in excess of Twenty-five Thousand\n\nDollars ($25,000.00) and is not in excess of Forty\n\nThousand Dollars ($40,000.00). Except as provided in\n\nsubsection E of this section, any such election shall\n\nbe irrevocable.\n\n2. After June 30, 1995, in addition to the amount contributed\n\nby each member to the retirement system pursuant to subsection B of\n\nthis section, the total amount contributed by each member to the\n\nretirement system shall include, beginning July 1, 1995, through\n\nJune 30, 1997, seven percent (7%) of the regular annual compensation\n\nof each member, who is not employed by an entity or institution\n\nwithin The Oklahoma State System of Higher Education, that is in\n\nexcess of Twenty-five Thousand Dollars ($25,000.00) and beginning\n\nJuly 1, 1996, through June 30, 1997, seven percent (7%) of the\n\nregular annual compensation of each member who is employed by an\n\nentity or institution within The Oklahoma State System of Higher\n\nEducation in excess of Twenty-five Thousand Dollars ($25,000.00),\n\nbut not in excess of any applicable maximum compensation level of\n\nthe member.\n\nD. 1. Any member who was a contributing member of the\n\nRetirement System between July 1, 1987, and June 30, 1995, who at\n\nthe time the member was eligible to make an election to increase the\n\nmaximum compensation level of the member, failed to make an election\n\nor chose not to increase the maximum compensation level of the\n\nmember to Forty Thousand Dollars ($40,000.00), may elect to make\n\nback contributions to the Retirement System. The member shall\n\ncomplete a new election form and file with the Board of Trustees,\n\nthe form and a payment equaling the difference between the amount\n\ncontributed at the twenty-five-thousand-dollar level and the\n\nappropriate contribution on compensation in excess of Twenty-five\n\nThousand Dollars ($25,000.00) up to a maximum of Forty Thousand\nt to make\n\nback contributions to the Retirement System. The member shall\n\ncomplete a new election form and file with the Board of Trustees,\n\nthe form and a payment equaling the difference between the amount\n\ncontributed at the twenty-five-thousand-dollar level and the\n\nappropriate contribution on compensation in excess of Twenty-five\n\nThousand Dollars ($25,000.00) up to a maximum of Forty Thousand\n\nDollars ($40,000.00) shall be made prior to the official retirement\n\ndate of the member. The required payment shall include any\n\ncontribution required by the employing school district, and shall\n\ninclude interest compounded annually at ten percent (10%) per annum\n\nof both employer and employee contributions.\n\n2. Any changes made pursuant to this subsection shall be\n\nirrevocable.\n\nE. 1. An individual who withdrew from the Teachers' Retirement\n\nSystem and whose salary was in excess of Seven Thousand Eight\n\nHundred Dollars ($7,800.00) and had elected to contribute only on\n\nSeven Thousand Eight Hundred Dollars ($7,800.00) before his or her\n\nwithdrawal shall contribute on the earning ceiling as provided for\n\nin this section on his or her reentry into membership in the\n\nTeachers' Retirement System.\n\n2. An individual who elected to contribute on a maximum of\n\nSeven Thousand Eight Hundred Dollars ($7,800.00) per annum shall,\n\nbeginning July 1, 1979, contribute on his or her earning ceiling as\n\nprovided for in this section.\n\n3. Any member who elected to contribute on Seven Thousand Eight\n\nHundred Dollars ($7,800.00) prior to January 1, 1978, and whose\n\nsalary was more than Seven Thousand Eight Hundred Dollars\n\n($7,800.00) during the school years 1974-75 through 1978-79 may\n\nelect to make back contributions to the retirement system by paying\n\nthe five percent (5%) contributions on the difference between Seven\n\nThousand Eight Hundred Dollars ($7,800.00) and the actual salary of\n\nthe member, not to exceed Ten Thousand Dollars ($10,000.00) for each\n\napplicable school year, plus interest compounded annually at ten\n\npercent (10%) per annum. Such payment shall be made prior to the\n\nofficial retirement date of the member.\n\nF. Each employer shall cause to be deducted from the salary of\n\neach member on each and every payroll of such employer for each and\n\nevery payroll period, the proper percentage of his or her earnable\n\ncompensation as provided for in subsection B or subsection C of this\n\nsection.\n\n1. Deductions shall begin with the first payroll period of the\n\nschool year. In determining the amount earnable by a member in a\n\npayroll period, the Board of Trustees shall consider the rate of\n\nannual compensation payable to such member on the first day of the\n\npayroll period as continuing throughout such payroll period, and it\n\nmay omit deductions from compensation for any period less than a\n\nfull period, and to facilitate the making of deductions, it may\n\nmodify the deduction required of any member by such an amount as\n\nshall not exceed one-tenth of one percent (1/10 of 1%) of the annual\n\ncompensation upon the basis of which such deduction is to be made.\n\nPrior to January 1, 1991, any active contributing member who joined\n\nthe System subsequent to July 1, 1943, may pay the normal cost,\n\nwhich shall mean the single sum which would have been paid under\n\nexisting statutes at the time the service was performed, plus\n\ninterest, for years of teaching service in Oklahoma from the date of\n\nestablishment of the System in 1943 to date of membership, in a lump\n\nsum, or in installments equal to establishing one (1) year of\n\ncreditable service. Effective January 1, 1991, any active\n\ncontributing member who joined the System subsequent to July 1,\n\n1943, may pay the amount determined by the Board of Trustees\n\npursuant to Section 17-116.8 of this title for years of teaching\n\nservice in Oklahoma from the date of establishment of the System in\nrship, in a lump\n\nsum, or in installments equal to establishing one (1) year of\n\ncreditable service. Effective January 1, 1991, any active\n\ncontributing member who joined the System subsequent to July 1,\n\n1943, may pay the amount determined by the Board of Trustees\n\npursuant to Section 17-116.8 of this title for years of teaching\n\nservice in Oklahoma from the date of establishment of the System in\n\n1943 to date of membership, in a lump sum, or in installments equal\n\nto establishing one (1) year of creditable service. For purposes of\n\nthis option, teaching service in Oklahoma shall include the teaching\n\nof vocational agricultural courses within Oklahoma for the federal\n\ngovernment. Years for which contributions are paid shall count as\n\nmembership service under this plan. A member may receive credit for\n\nnot more than five (5) years of teaching service rendered while in\n\nthe Peace Corps or in the public schools of a territory of the\n\nUnited States or the public schools, American Military Dependent\n\nSchools or state colleges or state universities outside this state\n\nby paying his or her contributions, plus interest, and membership\n\nfees to the retirement system, subject to the regulations of the\n\nBoard of Trustees, providing he or she is not receiving and is not\n\neligible to receive retirement credit or benefits from said service\n\nin any other public retirement system of this state, or any other\n\nstate or territory of the United States subject to the following\n\nprovisions:\n\na. the member is required to have two (2) years of\n\nemployed service teaching earned in Oklahoma for each\n\nyear of Peace Corps, territorial, out-of-state,\n\nnoncovered in-state or military membership credit\n\ngranted.\n\nb. prior to January 1, 1991, the out-of-state or\n\nnoncovered in-state payment shall be the normal cost,\n\nwhich means the single sum which would have been paid\n\nunder existing law at the time the service was\n\nperformed, plus interest, on the basis of what his or\n\nher annual salary would have been in Oklahoma or out\n\nof state, whichever is greater, had he or she been\n\nemployed as a teacher. Effective January 1, 1991, the\n\nPeace Corps, territorial, out-of-state or noncovered\n\nin-state payment shall be the amount determined by the\n\nBoard of Trustees pursuant to Section 17-116.8 of this\n\ntitle.\n\n2. In addition to the deductions hereinabove provided for, any\n\nmember who becomes a member of the Armed Forces of the United States\n\nof America during any period of national emergency, including World\n\nWar II, the Korean conflict, the Vietnam conflict or others as may\n\nbe determined by the Board of Trustees, or whose entrance into or\n\ntraining for the teaching profession was interrupted by his or her\n\nentrance into the Armed Forces, and who was or shall have become a\n\nmember of the Teachers' Retirement System shall be granted the\n\nprivilege of making up his or her five percent (5%) contributions as\n\nprovided for in this section until January 1, 1991, for not to\n\nexceed five (5) years of service in the Armed Forces by electing to\n\npay said contributions on the basis of the rate of pay in his or her\n\ncontract as a teacher at the time his or her service in the Armed\n\nForces commenced or in the case of a teacher who was not teaching\n\nprior to entering the Armed Forces, on the basis of the salary of\n\nthe first year of teaching after being honorably discharged from the\n\nArmed Forces. Effective January 1, 1991, the member will receive\n\nsuch service upon payment of the amount determined by the Board of\n\nTrustees pursuant to Section 17-116.8 of this title. Such\n\ncontributions shall be credited in the regular manner, and the\n\nperiod for which said contributions were paid shall be counted as\n\ncreditable years of service and allocated to the period during which\n\nthe military service was rendered, except that the period for which\n\ncontributions were paid must have been continuous and shall be\noard of\n\nTrustees pursuant to Section 17-116.8 of this title. Such\n\ncontributions shall be credited in the regular manner, and the\n\nperiod for which said contributions were paid shall be counted as\n\ncreditable years of service and allocated to the period during which\n\nthe military service was rendered, except that the period for which\n\ncontributions were paid must have been continuous and shall be\n\ncredited in the aggregate, regardless of fiscal year limitations.\n\nNotwithstanding any provision herein to the contrary, contributions,\n\nbenefits and service credit with respect to qualified military\n\nservice as defined by Section 414(u) of the Internal Revenue Code of\n\n1986 shall be provided in accordance with Section 414(u) of the\n\nInternal Revenue Code.\n\n3. Retirement benefits for all service credits purchased\n\npursuant to this subsection shall be determined in accordance with\n\nthe provisions of paragraph 2 of this subsection.\n\nG. Effective July 1, 2004, the total creditable service of a\n\nmember who retires or terminates employment and elects a vested\n\nbenefit shall include not to exceed one hundred twenty (120) days of\n\nunused sick leave accumulated subsequent to August 1, 1959. Twenty\n\n(20) days of unused sick leave shall equal one (1) month for\n\npurposes of creditable service credit. If the member becomes a\n\nmember or was eligible to become a member prior to July 1, 1995, the\n\nyear of credit received in this section shall be treated as service\n\nearned prior to July 1, 1995. This subsection shall apply to\n\nmembers retiring or vesting on or after the effective date of this\n\nact and shall not be retroactive.\n\nH. Any member who:\n\n1. Shall be absent from the teaching service because of\n\nelection to the State Legislature or appointment to the executive\n\nbranch in an education-related capacity shall be allowed thirty (30)\n\ndays from the date as of which the person is officially elected or\n\nappointed to file an election with the Teachers' Retirement System\n\nto retain his or her membership in the Teachers' Retirement System\n\nupon payment of the contribution required of other members and\n\nemployers of said members as provided for in this section and his or\n\nher service credits shall continue to be accumulated during such\n\nabsence, provided he or she is not receiving retirement credits or\n\nbenefits from said service beginning after July 1, 1992, in other\n\npublic retirement systems; or\n\n2. Became an employee of the Oklahoma Commission for Teacher\n\nPreparation on or subsequent to June 1, 2001, but prior to July 1,\n\n2002, who was previously employed by a participating employer within\n\nthe Teachers' Retirement System of Oklahoma, may elect to cancel any\n\naccumulated service credit accrued within the Oklahoma Public\n\nEmployees Retirement System on or after June 1, 2001, but prior to\n\nJuly 1, 2002, by filing an election with the Oklahoma Public\n\nEmployees Retirement System for the cancellation of such service\n\ncredit. The election shall be irrevocable and shall require the\n\nOklahoma Public Employees Retirement System to transfer all\n\naccumulated employer and employee contributions made on behalf of or\n\nby the person making such election to the Teachers' Retirement\n\nSystem for such period of time. The Teachers' Retirement System\n\nshall compute the employee contributions that would have been made\n\nto the System by such employee if the contributions had been\n\ncomputed pursuant to this section. In order to receive the full\n\namount of creditable service for the period of time on or after June\n\n1, 2001, but not later than June 30, 2002, the employee shall be\n\nrequired to pay any difference between the transferred employee\n\ncontributions and the amount computed by the Teachers' Retirement\n\nSystem. The employee may make payment of any required amount in the\n\nmanner provided by and subject to the requirements of Section 17-\n\n116.8 of this title. After payment of all required employee\nJune\n\n1, 2001, but not later than June 30, 2002, the employee shall be\n\nrequired to pay any difference between the transferred employee\n\ncontributions and the amount computed by the Teachers' Retirement\n\nSystem. The employee may make payment of any required amount in the\n\nmanner provided by and subject to the requirements of Section 17-\n\n116.8 of this title. After payment of all required employee\n\ncontributions, the Teachers' Retirement System shall credit the\n\nperiod of time represented by the transferred employee contributions\n\nas creditable service within the meaning of Section 17-101 of this\n\ntitle. After the transfer of the employee contributions, the\n\nOklahoma Public Employees Retirement System shall cancel any service\n\ncredit previously accumulated for the period of time represented by\n\nsuch transferred employee contributions. Any person who makes the\n\nelection provided for by this paragraph, and who continues\n\nemployment with the Oklahoma Commission for Teacher Preparation on\n\nor after July 1, 2002, shall continue to accrue service credit in\n\nthe Teachers' Retirement System of Oklahoma. The employer shall\n\nmake employer contributions according to the requirements of Section\n\n17-108.1 of this title and shall provide for the deduction of\n\nemployee contributions as required by this section.\n\nI. Any member who shall be absent from the teaching service\n\nbecause of election or appointment as a local, state or national\n\neducation association officer, prior to January 1, 2011, shall be\n\nallowed to retain his or her membership in the Teachers' Retirement\n\nSystem upon payment of the contribution required of other members\n\nand employers of said members as provided for in this section and\n\nhis or her service credits shall continue to be accumulated during\n\nsuch absence. Provided, however, any one such absence shall not\n\nexceed twelve (12) continuous years. No member who has less than\n\nten (10) years of contributory service on July 1, 1994, may make\n\nthis election after June 30, 1994. Members contributing to the\n\nSystem on July 1, 1994, may continue to contribute under this\n\nsubsection until they have completed eight (8) years allowed by this\n\nsubsection. The member may file for retirement when otherwise\n\neligible for retirement as provided by Section 17-105 of this title.\n\nJ. A member may receive credit for those years of service\n\naccumulated by the member while employed by an entity which is a\n\nparticipating employer in the Oklahoma Firefighters Pension and\n\nRetirement System, the Oklahoma Police Pension and Retirement\n\nSystem, the Uniform Retirement System for Justices and Judges, the\n\nOklahoma Law Enforcement Retirement System, or the Oklahoma Public\n\nEmployees Retirement System, if the member is not receiving or\n\neligible to receive retirement credit or benefits from said service\n\nin any other public retirement system. A member also may receive\n\ncredit for those years of service with the Department of Wildlife\n\nConservation or with an employer that is a participating employer\n\nwithin one of the state retirement systems specifically referred to\n\nin this section when at the time of such service by the member the\n\nemployer was not such a participating employer, if the member is not\n\nreceiving or eligible to receive retirement credit or benefits from\n\nsaid service in any other public retirement system. To receive the\n\nservice credit provided in this subsection, the member shall pay the\n\namount determined by the Board of Trustees pursuant to Section 17-\n\n116.8 of this title. For purposes of this subsection, creditable\n\nservice transferred from the Oklahoma Public Employees Retirement\n\nSystem shall include service authorized under paragraph (f) of\n\nsubsection (2) of Section 913 of Title 74 of the Oklahoma Statutes\n\nas amended from time to time. Members who retire prior to July 1,\n\n1993, shall have their monthly benefit adjusted to include all\n17-\n\n116.8 of this title. For purposes of this subsection, creditable\n\nservice transferred from the Oklahoma Public Employees Retirement\n\nSystem shall include service authorized under paragraph (f) of\n\nsubsection (2) of Section 913 of Title 74 of the Oklahoma Statutes\n\nas amended from time to time. Members who retire prior to July 1,\n\n1993, shall have their monthly benefit adjusted to include all\n\nservices accrued under paragraph (f) of subsection (2) of Section\n\n913 of Title 74 of the Oklahoma Statutes. Provided however, any\n\nadjustment of existing retirement benefits caused by reason of\n\ninclusion of such service authorized under paragraph (f) of\n\nsubsection (2) of Section 913 of Title 74 of the Oklahoma Statutes\n\nshall not affect any retirement benefit paid prior to July 1, 1993.\n\nK. 1. An active member of the Teachers' Retirement System of\n\nOklahoma may receive credit for those years of service accumulated\n\nby the member while a member of the Oklahoma Public Employees\n\nRetirement System if:\n\na. the member is an active member of the Teachers'\n\nRetirement System of Oklahoma, and\n\nb. the member provides notice to the Oklahoma Public\n\nEmployees Retirement System and the Teachers'\n\nRetirement System of Oklahoma of the member's election\n\nto transfer said service credit. The notice shall\n\ninclude a list of the years to be transferred, and\n\nc. the member is not receiving or eligible to receive\n\nretirement credit or benefits from said service in any\n\nother public retirement system, notwithstanding the\n\nyears of service sought to be transferred under this\n\nsubsection.\n\nMembers electing to take advantage of the transfer authorized by\n\nthis subsection who are receiving or eligible to receive retirement\n\ncredit or benefits from said service in any other public retirement\n\nsystem shall have all service credit with the Oklahoma Public\n\nEmployees Retirement System canceled which is not transferred to the\n\nTeachers' Retirement System of Oklahoma or used as a cash offset in\n\nsuch a transfer pursuant to subparagraph d of paragraph 2 of this\n\nsubsection. Service credit transferred to the Teachers' Retirement\n\nSystem of Oklahoma under this subsection shall also be canceled with\n\nthe Oklahoma Public Employees Retirement System.\n\n2. For purposes of this subsection, the \"sending system\" shall\n\nmean the Oklahoma Public Employees Retirement System. The\n\n\"receiving system\" shall mean the Teachers' Retirement System of\n\nOklahoma.\n\na. Within thirty (30) days notification of an intent to\n\ntransfer is received by the sending system, the\n\nsending system shall, according to its own rules and\n\nregulations:\n\n(1) for members who have accrued at least eight (8)\n\nyears of credited service with the sending\n\nsystem, determine the present value of the\n\nmember's earned benefits attributable to the\n\nyears of service sought to be transferred,\n\ndiscounted according to the member's age at the\n\ntime of transfer and computed as of the earliest\n\nage at which the member would be able to retire.\n\nSaid computation shall assume an unreduced\n\nbenefit and be computed using interest and\n\nmortality assumptions consistent with the\n\nactuarial assumptions adopted by the Board of\n\nTrustees for purposes of preparing the annual\n\nactuarial evaluation, but shall not make any\n\nprojections regarding future salary. For\n\nemployees who have accrued at least eight (8)\n\nyears of credited service, the sending system\n\nshall use the product of this calculation for\n\npurposes of determining the transfer fee to be\n\npaid by the employee under subparagraph c of this\n\nparagraph so long as it is greater than the\n\nproduct of the calculation in division (2) of\n\nthis subparagraph, and\nployees who have accrued at least eight (8)\n\nyears of credited service, the sending system\n\nshall use the product of this calculation for\n\npurposes of determining the transfer fee to be\n\npaid by the employee under subparagraph c of this\n\nparagraph so long as it is greater than the\n\nproduct of the calculation in division (2) of\n\nthis subparagraph, and\n\n(2) determine the sum of the employee and employer\n\ncontributions applicable to the years of service\n\nsought to be transferred plus interest consistent\n\nwith the actuarial assumptions adopted by the\n\nBoard of Trustees for purposes of preparing the\n\nannual actuarial evaluation. For all nonvested\n\nmembers, and for members who have accrued at\n\nleast eight (8) years of credited service, if the\n\nproduct of this calculation is greater than the\n\nproduct of the calculation in division (1) of\n\nthis subparagraph, the sending system shall use\n\nthe product of this calculation for purposes of\n\ndetermining the amount to be transferred by the\n\nsending system under subparagraph c of this\n\nparagraph and any transfer fee to be paid by the\n\nmember under subparagraph d of this paragraph.\n\nb. Within thirty (30) days notification of an intent to\n\ntransfer is received by the receiving system, the\n\nreceiving system shall determine, according to the\n\nsystem's own rules and regulations, the present value\n\nof the member's incremental projected benefits\n\ndiscounted according to the member's age at the time\n\nof the transfer. Incremental projected benefits shall\n\nbe the difference between the projected benefit said\n\nmember would receive without transferring the service\n\ncredit and the projected benefit after transfer of\n\nservice credit computed as of the earliest age at\n\nwhich the member would be able to retire. Said\n\ncomputation shall assume an unreduced benefit and be\n\ncomputed using interest, salary projections and\n\nmortality assumptions consistent with the actuarial\n\nassumptions adopted by the Board of Trustees for\n\npurposes of preparing the annual actuarial evaluation.\n\nc. The sending system shall, within sixty (60) days from\n\nthe date notification of an intent to transfer is\n\nreceived by the sending system, transfer to the\n\nreceiving system the amount determined in subparagraph\n\na of this paragraph. Except if the cost as calculated\n\nunder subparagraph a of this paragraph is greater than\n\nthe actuarial value of the incremental benefit in the\n\nreceiving system, as established in subparagraph b of\n\nthis paragraph, the sending system shall send the\n\nreceiving system an amount equal to the actuarial\n\nvalue of the incremental projected benefit in the\n\nreceiving system.\n\nd. In order to receive the credit provided for in\n\nparagraph 1 of this subsection, if the cost of the\n\nactuarial value of the incremental benefit to the\n\nreceiving system is greater than the cost as\n\ncalculated under subparagraph a of this paragraph for\n\nthe same years of service to the sending system as\n\nestablished in subparagraphs a and b of this\n\nparagraph, the employee shall elect to:\n\n(1) pay any difference to receive full credit for the\n\nyears sought to be transferred, or\nif the cost of the\n\nactuarial value of the incremental benefit to the\n\nreceiving system is greater than the cost as\n\ncalculated under subparagraph a of this paragraph for\n\nthe same years of service to the sending system as\n\nestablished in subparagraphs a and b of this\n\nparagraph, the employee shall elect to:\n\n(1) pay any difference to receive full credit for the\n\nyears sought to be transferred, or\n\n(2) receive prorated service credit for only the\n\namount received from the Oklahoma Public\n\nEmployees Retirement System pursuant to this\n\nsubsection.\n\nSuch an election shall be made in writing, filed with\n\nthe System prior to receiving the credit provided for\n\nin paragraph 1 of this subsection, and shall be\n\nirrevocable.\n\n3. Within sixty (60) days of successfully completing all of the\n\nrequirements for transfer under this subsection, the sending system\n\nshall pay the receiving system any amount due under this subsection.\n\nWithin sixty (60) days of successfully completing all of the\n\nrequirements for transfer under this subsection, the member shall\n\npay the receiving system any amount due under this subsection. In\n\nthe event that the member is unable to pay the transfer fee provided\n\nfor in this subsection by the due date, the Board of Trustees of the\n\nreceiving system shall permit the member to amortize the transfer\n\nfee over a period not to exceed sixty (60) months. Said payments\n\nshall be made by payroll deductions unless the Board of Trustees\n\npermits an alternate payment source. The amortization shall include\n\ninterest in an amount not to exceed the actuarially assumed interest\n\nrate adopted by the Board of Trustees for investment earnings each\n\nyear. Any member who ceases to make payment, terminates, retires or\n\ndies before completing the payments provided for in this section\n\nshall receive prorated service credit for only those payments made,\n\nunless the unpaid balance is paid by said member, his or her estate\n\nor successor in interest within six (6) months after said member's\n\ndeath, termination of employment or retirement, provided no\n\nretirement benefits shall be payable until the unpaid balance is\n\npaid, unless said member or beneficiary affirmatively waives the\n\nadditional six-month period in which to pay the unpaid balance.\n\n4. Years of service transferred pursuant to this subsection\n\nshall be used both in determining the member's retirement benefit\n\nand in determining the years of service for retirement and/or\n\nvesting purposes. Years of service rendered as a member of the\n\nOklahoma Public Employees Retirement System prior to July 1, 1992,\n\nif any, shall be deemed to be years of service rendered as a member\n\nof the Teachers' Retirement System of Oklahoma prior to July 1,\n\n1992, and shall qualify such person as a member of the Teachers'\n\nRetirement System of Oklahoma before July 1, 1992.\n\n5. Notwithstanding the requirements of subsection (5) of\n\nSection 917 of Title 74 of the Oklahoma Statutes, members electing\n\nto take advantage of the transfer authorized by this subsection who\n\nhave withdrawn their contributions from the sending system shall\n\nremit to the sending system the amount of the accumulated\n\ncontributions the member has withdrawn plus simple interest of ten\n\npercent (10%) per annum prior to making said election or the\n\nelection shall be deemed invalid and the transfer shall be canceled.\n\nIf such an election is deemed invalid and the transfer is canceled,\n\nthe accumulated contribution remitted to the sending system by the\n\nmember who originally withdrew their contributions shall be returned\n\nto the member. The member's rights and obligations regarding any\n\nservice credit reestablished in the sending system due to a failure\n\nto satisfy the requirements of this subsection shall be determined\n\nby the sending system in accordance with Section 901 et seq. of\n\nTitle 74 of the Oklahoma Statutes.\n\n6. If any member fails for any reason to satisfy the\ndrew their contributions shall be returned\n\nto the member. The member's rights and obligations regarding any\n\nservice credit reestablished in the sending system due to a failure\n\nto satisfy the requirements of this subsection shall be determined\n\nby the sending system in accordance with Section 901 et seq. of\n\nTitle 74 of the Oklahoma Statutes.\n\n6. If any member fails for any reason to satisfy the\n\nrequirements of this subsection, the election to transfer service\n\ncredit shall be void and of no effect, and any service credited as a\n\nresult of this transfer shall be canceled. If such service is\n\ncanceled, the years of canceled service credit which were\n\nunsuccessfully transferred to the receiving system from the sending\n\nsystem shall be reestablished in the sending system. The member's\n\nrights and obligations regarding any service credit reestablished in\n\nthe sending system due to a failure to satisfy the requirements of\n\nthis subsection shall be determined by the sending system in\n\naccordance with Section 901 et seq. of Title 74 of the Oklahoma\n\nStatutes.\n\n7. The Board of Trustees shall promulgate such rules as are\n\nnecessary to implement the provisions of this subsection.\n\nL. Any member whose regular annual compensation was not\n\ndetermined as provided for by law may pay the member contribution\n\nrequired pursuant to subsection B of this section on such amount not\n\nincluded in the member's regular annual compensation and receive\n\ncredit for such amount in the calculation of the member's benefit.\n\nThe employees must pay the employer contributions required pursuant\n\nto Section 17-108.1 of this title. Interest at the rate of ten\n\npercent (10%) per annum shall be charged to both employee and\n\nemployer contributions. Provided that the employing district may\n\npay all or any portion of the contributions and interest the member\n\nis required to pay. Any payment by the employing district for a\n\nprior year obligation shall be considered a current obligation of\n\nthe employer.\n\nM. Any active member who elected during the 1978-79 school year\n\nto pay the difference between five percent (5%) on actual salary not\n\nexceeding Ten Thousand Dollars ($10,000.00) and six percent (6%) on\n\nactual salary not exceeding Fifteen Thousand Dollars ($15,000.00)\n\nshall receive credit for one (1) year of credited service upon\n\nreceipt and approval of a proper request by the Board of Trustees.\n\nN. Effective July 1, 1988, any member who is employed by the\n\nGovernor, the State Senate, the House of Representatives or the\n\nLegislative Service Bureau shall be allowed to elect to retain\n\nmembership in the Retirement System upon payment of the accrued and\n\ncurrent member contributions and employer contributions as provided\n\nin subsection B of this section and Section 17-108.1 of this title.\n\nSuch contributions may be paid on behalf of the member by the\n\nemploying entity. Upon payment of such contributions, service\n\ncredits shall continue to be accumulated during such employment.\n\nAccrued contributions shall be paid to the Retirement System by\n\nAugust 1, 1989. Current contributions shall be paid to the\n\nRetirement System by the tenth of the following month beginning with\n\nthe month of July 1989.\n\nO. Notwithstanding any requirements of this title to restrict\n\nthe payment of service purchases, the Board of Trustees shall\n\npromulgate such rules as necessary to allow active members of the\n\nSystem to make installment payments for the redeposit of withdrawn\n\naccounts or other payments due under the provisions of this title.\n\nThe rules shall permit the member to amortize the balance due over a\n\nperiod not to exceed sixty (60) months, and shall include interest\n\nconsistent with the actuarial assumptions adopted by the Board of\n\nTrustees for purposes of preparing the annual actuarial evaluation.\n\nFurther, the rules shall provide that all payments must be completed\n\nprior to the effective retirement date of the member.\n.\n\nThe rules shall permit the member to amortize the balance due over a\n\nperiod not to exceed sixty (60) months, and shall include interest\n\nconsistent with the actuarial assumptions adopted by the Board of\n\nTrustees for purposes of preparing the annual actuarial evaluation.\n\nFurther, the rules shall provide that all payments must be completed\n\nprior to the effective retirement date of the member.\n\nP. 1. A member of the Oklahoma Public Employees Retirement\n\nSystem who becomes a member of the Teachers' Retirement System of\n\nOklahoma because the member has become employed by an entity or\n\ninstitution within The Oklahoma State System of Higher Education,\n\nState Board of Education, State Board of Career and Technology\n\nEducation, Oklahoma Department of Career and Technology Education,\n\nOklahoma School of Science and Mathematics, Oklahoma Center for the\n\nAdvancement of Science and Technology, State Department of\n\nRehabilitation Services, Oklahoma State Regents for Higher\n\nEducation, Department of Corrections, State Department of Education,\n\nOklahoma Board of Private Vocational Schools, Board of Regents of\n\nOklahoma Colleges, Oklahoma Student Loan Authority, or the Teachers'\n\nRetirement System of Oklahoma, may elect to receive credit in the\n\nTeachers' Retirement System of Oklahoma for those years of service\n\naccumulated by the member in the Oklahoma Public Employees\n\nRetirement System pursuant to this subsection. A member shall be\n\neligible to elect to receive credit for such years of service if:\n\na. the member is an active member of the Teachers'\n\nRetirement System of Oklahoma,\n\nb. the member provides notice to the Teachers' Retirement\n\nSystem of Oklahoma and the Oklahoma Public Employees\n\nRetirement System of the member's election to transfer\n\nsuch retirement credit. The notice shall include a\n\nlist of the years to be transferred, and\n\nc. the member is not receiving or eligible to receive\n\nretirement credit or benefits from such service in any\n\nother public retirement system, notwithstanding the\n\nyears of service sought to be transferred under this\n\nsubsection.\n\nMembers electing to take advantage of the transfer authorized by\n\nthis subsection shall have all service credit with the Oklahoma\n\nPublic Employees Retirement System canceled which is transferred to\n\nthe Teachers' Retirement System of Oklahoma.\n\n2. For purposes of this subsection, the \"sending system\" shall\n\nmean the Oklahoma Public Employees Retirement System. The\n\n\"receiving system\" shall mean the Teachers' Retirement System of\n\nOklahoma. Within thirty (30) days after notification of an intent\n\nto transfer is received by the sending system, the sending system\n\nshall, according to its own rules, send to the receiving system all\n\nemployer and employee contributions made on behalf of the member\n\nwhich were made to the sending system plus an additional amount of\n\nearnings based on the actuarial assumed rate of the sending system.\n\nUpon receipt of these contributions by the receiving system, the\n\nreceiving system shall give credit to the transferring member in an\n\namount equal to the years of service accrued in the sending system.\n\n3. If the transferring member's normal retirement date\n\ncalculation is based upon the sum of the member's age and number of\n\nyears of credited service totaling eighty (80) in the sending\n\nsystem, then the member shall retain such calculation in the\n\nreceiving system.\n\n4. The Board of Trustees shall promulgate such rules as are\n\nnecessary to implement the provisions of this subsection.\n\nQ. A former member of the Teachers' Retirement System of\n\nOklahoma who withdrew his or her contributions from the System prior\n\nto January 1, 1983, and who had at least ten (10) years of service\n\nin the System and purchased that service in the Oklahoma Public\n\nEmployees Retirement System, may elect to revoke that purchase from\n\nthe Oklahoma Public Employees Retirement System and to repay the\nion.\n\nQ. A former member of the Teachers' Retirement System of\n\nOklahoma who withdrew his or her contributions from the System prior\n\nto January 1, 1983, and who had at least ten (10) years of service\n\nin the System and purchased that service in the Oklahoma Public\n\nEmployees Retirement System, may elect to revoke that purchase from\n\nthe Oklahoma Public Employees Retirement System and to repay the\n\nwithdrawn contributions to the System in order to be eligible, once\n\nsuch member reaches the normal retirement age, to receive a\n\nretirement benefit that is based upon years of service and\n\ncompensation at the time such member terminated employment. In\n\naddition, such former member may elect to transfer service credit\n\naccrued in the Oklahoma Public Employees Retirement System to the\n\nTeachers' Retirement System of Oklahoma pursuant to subsection K of\n\nthis section. The election, pursuant to this subsection, shall be\n\nmade prior to September 1, 2000. The election and the repayment\n\nshall be made according to rules promulgated by the Board.","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":"8e31f323dc44dc1126af2ce130ef6b9d5e2b1383d3f708b2a81b4fb6cb5f8556","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-116.19","next":"us-ok/okla.-stat.-tit.-70-70-17-116.20"},"notice":"GroundRules: Original legal text. Not legal advice."}