{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-116.2a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-116.2A","heading":"Oklahoma State System of Higher Education -","body":"Employees of entities or institutions - Retroactive election or\n\nremoval of maximum compensation level.\n\nA. Except as otherwise provided by this section, an active\n\ncontributing member of the retirement system who performed\n\nmembership service as an employee of a comprehensive university on\n\nor after July 1, 1995, but not later than June 30, 1996, may with\n\nrespect to membership service performed between those dates,\n\ninclusive, elect to:\n\n1. Retroactively impose a maximum compensation level of Thirty-\n\ntwo Thousand Five Hundred Dollars ($32,500.00), if the member was\n\nsubject to a maximum compensation level of Twenty-seven Thousand\n\nFive Hundred Dollars ($27,500.00) for service performed on or after\n\nJuly 1, 1995, but not later than June 30, 1996; or\n\n2. Retroactively impose a maximum compensation level of Forty-\n\nnine Thousand Dollars ($49,000.00), if the member was subject to a\n\nmaximum compensation level of Forty-four Thousand Dollars\n\n($44,000.00) for service performed on or after July 1, 1995, but not\n\nlater than June 30, 1996.\n\nB. Except as otherwise provided by this section, an active\n\ncontributing member of the retirement system who performed\n\nmembership service as an employee of an entity or institution within\n\nThe Oklahoma State System of Higher Education, other than a\n\ncomprehensive university, on or after July 1, 1995, but not later\n\nthan June 30, 1996, may with respect to membership service performed\n\nbetween those dates, inclusive, elect to retroactively remove the\n\nmaximum compensation level applicable to the member's compensation\n\nfor any service performed during that time period.\n\nC. A member electing a maximum compensation level or removing a\n\nmaximum compensation level pursuant to subsection A or subsection B\n\nof this section shall be required to pay to the retirement system\n\nthe full amount of employer contributions and employee contributions\n\napplicable for the period of service based upon the elections\n\nauthorized by this section, less the amount of employer\n\ncontributions and employee contributions made or credited for that\n\nperiod, plus ten percent (10%) interest from the date such\n\ncontributions would have been made until the payment is made to the\n\nretirement system. The interest charged pursuant to this subsection\n\nshall be compounded annually. A member may pay the amount\n\nprescribed by this subsection at any time prior to the date as of\n\nwhich the member files the written application for retirement with\n\nthe retirement system. An entity or institution within The Oklahoma\n\nState System of Higher Education may make payment to the retirement\n\nsystem for any part or all of the amount required by this subsection\n\nfor an employee of that entity or institution in order for\n\nretirement benefits to be computed at the applicable maximum\n\ncompensation level for membership service performed on or after July\n\n1, 1995, but not later than June 30, 1996. Any amount paid by an\n\nemployer pursuant to this subsection shall be deemed to be picked up\n\nby the employer pursuant to Section 414(h) of the Internal Revenue\n\nCode of 1986, as amended.\n\nD. If a member who elects a retroactive maximum compensation\n\nlevel or who elects to retroactively remove a maximum compensation\n\nlevel pursuant to subsection A or subsection B of this section fails\n\nto pay the amount required to receive credit for compensation earned\n\non or after July 1, 1995, but not later than June 30, 1996, the\n\nmember shall receive retirement benefits for this period of service\n\nbased upon compensation upon which both the required employer and\n\nemployee contributions were actually made.\n\nE. For purposes of computing the retirement allowance of a\n\nmember authorized to make the election authorized by subsection A or\n\nsubsection B of this section, no member electing a retroactive\n\nmaximum compensation level or retroactively removing a maximum\n\ncompensation level pursuant to subsection A or subsection B of this\noth the required employer and\n\nemployee contributions were actually made.\n\nE. For purposes of computing the retirement allowance of a\n\nmember authorized to make the election authorized by subsection A or\n\nsubsection B of this section, no member electing a retroactive\n\nmaximum compensation level or retroactively removing a maximum\n\ncompensation level pursuant to subsection A or subsection B of this\n\nsection may receive retirement benefits for the period of service\n\nbased upon compensation in excess of the amount of compensation upon\n\nwhich employer and employee contributions were actually paid unless\n\nfull payment to the retirement system is made as required by\n\nsubsection C of this section.\n\nF. No provision contained in this section shall be considered\n\nor construed to require payment of any sum by an entity or\n\ninstitution within The Oklahoma State System of Higher Education of\n\namounts owed to the retirement system by a member who makes an\n\nelection authorized by subsection A or subsection B of this section.\n\nG. A member eligible to make the election authorized by\n\nsubsection A or subsection B of this section shall:\n\n1. Make the election in writing, upon a form to be prescribed\n\nby the Board of Trustees; and\n\n2. File the election with the Board of Trustees not later than\n\nDecember 31, 1996.\n\nH. All elections authorized by the provisions of subsection A\n\nor subsection B of this section shall be permitted once, and only\n\nonce, for each employee authorized to make the election. Any\n\nelection made pursuant to the provisions of this section shall be\n\nirrevocable and shall bind the employee, the employee's heirs,\n\nbeneficiaries and other interested persons, with respect to the\n\namount of compensation upon which contributions shall be made and\n\nthe amount of retirement benefits resulting from the election so\n\nmade. Any employee who is eligible to make an election pursuant to\n\nthe provisions of this section, but who fails to do so, for whatever\n\nreason, shall forfeit any right or power by the employee to attempt\n\nto exercise the election at any later time. All elections made\n\npursuant to this section shall be operative only for service\n\nperformed and compensation received from an entity or institution\n\nwithin The Oklahoma State System of Higher Education and shall not\n\nhave any effect with respect to compensation received from any other\n\nparticipating employer within the Teachers' Retirement System of\n\nOklahoma.","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":"07df564061057a7db41a171969a43b487aa0f60987a76a5bd47827ef95d33770","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-116.22","next":"us-ok/okla.-stat.-tit.-70-70-17-116.2b"},"notice":"GroundRules: Original legal text. Not legal advice."}