{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-17-116.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-17-116.8","heading":"Service credit - Computation of purchase price","body":"A. The Board of Trustees shall adopt rules for computation of\n\nthe purchase price for service credit. These rules shall base the\n\npurchase price for each year purchased on the actuarial cost of the\n\nincremental projected benefits to be purchased. The purchase price\n\nshall represent the present value of the incremental projected\n\nbenefits discounted according to the member's age at the time of\n\npurchase. Incremental projected benefits shall be the difference\n\nbetween the projected benefit said member would receive without\n\npurchasing the service credit and the projected benefit after\n\npurchase of the service credit computed as of the earliest age at\n\nwhich the member would be able to retire. Said computation shall\n\nassume an unreduced benefit and be computed using interest and\n\nmortality assumptions consistent with the actuarial assumptions\n\nadopted by the Board of Trustees for purposes of preparing the\n\nannual actuarial evaluation.\n\nB. In the event that the member is unable to pay the purchase\n\nprice provided for in this section by the due date, the Board of\n\nTrustees shall permit the members to amortize the purchase price\n\nover a period not to exceed sixty (60) months. Said payments shall\n\nbe made by payroll deductions unless the Board of Trustees permits\n\nan 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. The\n\nBoard of Trustees shall promulgate such rules as are necessary to\n\nimplement the provisions of this subsection.","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":"b9f2b8d69dbc0dcb2058d9b1d412a0c8eca8333cca3fe8f1fd4bff593cc245d6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-17-116.7","next":"us-ok/okla.-stat.-tit.-70-70-17-116.9"},"notice":"GroundRules: Original legal text. Not legal advice."}