{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-910.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-910.3","heading":"Oklahoma Housing Finance Authority - Participating","body":"employer.\n\nA. Effective July 1, 1997, the Oklahoma Housing Finance Agency\n\nshall be an eligible participating employer in the Oklahoma Public\n\nEmployees Retirement System. Employees hired after this date shall\n\nparticipate in the Oklahoma Public Employees Retirement System.\n\nEmployees participating in the Oklahoma Housing Finance Agency\n\nbenefits plan hired prior to July 1, 1997, may elect to continue the\n\ncurrent benefits plan provided by the Oklahoma Housing Finance\n\nAgency and not to become a member of the Oklahoma Public Employees\n\nRetirement System or at any time while an active employee of the\n\nOklahoma Housing Finance Agency may:\n\n1. Elect to cease accruing benefits under the current benefits\n\nplan provided by the Oklahoma Housing Finance Agency and to purchase\n\nservice credit in the Oklahoma Public Employees Retirement System in\n\nan amount equal to the time employed with the Oklahoma Housing\n\nFinance Agency prior to the time of election and at an actuarial\n\nrate pursuant to Section 913.5 of this title;\n\n2. Elect to cease accruing benefits under the current benefits\n\nplan provided by the Oklahoma Housing Finance Agency and to purchase\n\na prorated amount of service credit in the Oklahoma Public Employees\n\nRetirement System based on the amount received from the current\n\nbenefits plan and pursuant to Section 913.5 of this title; or\n\n3. Elect to cease accruing benefits under the current benefits\n\nplan provided by the Oklahoma Housing Finance Agency, not purchase\n\nany service credit in the Oklahoma Public Employees Retirement\n\nSystem, and to start a new retirement under the Oklahoma Public\n\nEmployees Retirement System.\n\nB. Such employees hired prior to July 1, 1997, who elect to\n\nparticipate in the Oklahoma Public Employees Retirement System shall\n\ncommence accruing benefits in the Oklahoma Public Employees\n\nRetirement System after the date of election and as established by\n\nthe Oklahoma Public Employees Retirement System Board of Trustees.\n\nThe employees hired prior to July 1, 1997, electing to purchase\n\nservice credit authorized by this section shall have all such\n\nservice credit canceled which is not utilized in purchasing credit\n\nin the Oklahoma Public Employees Retirement System. The purchase of\n\nservice credit as provided in this section shall only be available\n\nupon the election of the employee. The election shall be made in\n\nwriting, filed with the Oklahoma Housing Finance Agency and the\n\nOklahoma Public Employees Retirement System prior to receiving the\n\ncredit purchased, and shall be irrevocable. The Oklahoma Housing\n\nFinance Agency shall transfer the amounts from its benefits plan to\n\nthe Oklahoma Public Employees Retirement System for those employees\n\nwho elect to purchase service credit in the Oklahoma Public\n\nEmployees Retirement System.\n\nC. Employees hired prior to July 1, 1997, and who either\n\nelected to purchase service credit in the Oklahoma Public Employees\n\nRetirement System or now desire to purchase service credit in the\n\nOklahoma Public Employees Retirement System as provided in this\n\nsection, shall be allowed up to eight (8) years from the date of\n\nelection to pay for such service credit. Payments may be made\n\nthrough payroll deductions if requested by an employee. The\n\nOklahoma Housing Finance Agency shall provide to the Oklahoma Public\n\nEmployees Retirement System all information and documents requested\n\nfrom the System concerning the status of the retirement plan offered\n\nby the Authority to its employees.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"46be3bbbba15c7dc86e1c5b4527caec4a4b82c7ff84541edda23a745681a1bf9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-910.1a","next":"us-ok/okla.-stat.-tit.-74-74-910.4"},"notice":"GroundRules: Original legal text. Not legal advice."}