{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-912.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-912.1","heading":"Termination of Plan - Rights of participants -","body":"Distribution of assets.\n\n(1) In the event the Plan of the Public Employees Retirement\n\nSystem is terminated or partially terminated the right of all\n\nparticipants or in the event of partial termination the rights of\n\nthe affected participants, or in the event of complete\n\ndiscontinuance of contributions, whether retired or otherwise, shall\n\nbecome fully vested.\n\n(2) In the event of termination of the Plan, the Board of\n\nTrustees shall distribute the net assets of the fund, allowing a\n\nperiod of not less than six (6) nor more than nine (9) months for\n\ndissolution of disability claims, as follows:\n\n(a) First, accumulated contributions shall be allocated to\n\neach respective participant, former participant, retired member,\n\njoint annuitant or beneficiary then receiving payments. If these\n\nassets are insufficient for this purpose, they shall be allocated to\n\neach such person in the proportion which his accumulated\n\ncontributions bear to the total of all such participants'\n\naccumulated contributions. For purposes of this section,\n\ncontribution means payment into the System by an employer or\n\nemployee for the benefit of an individual employee. (b) The\n\nbalance of such assets, if any, remaining after making the\n\nallocations provided in subparagraph (a) of this section shall be\n\ndisposed of by allocating to each person then having an interest in\n\nthe fund the excess of his retirement income under the Plan less the\n\nretirement income which is equal to the actuarial equivalent of the\n\namount allocated to him under subparagraph (a) of this section.\n\nSuch allocation shall be made with the full amount of the remaining\n\nassets to be allocated to the persons in each group in the following\n\norder of precedence:\n\n(i) those retired members, joint annuitants or\n\nbeneficiaries receiving benefits,\n\n(ii) those members eligible to retire,\n\n(iii) those members eligible for early retirement,\n\n(iv) former participants electing to receive a\n\nvested benefit, and\n\n(v) all other members.\n\nIn the event the balance of the fund remaining after all\n\nallocations have been made with respect to all retirement income in\n\na preceding group is insufficient to allocate the full actuarial\n\nequivalent of such retirement income to all persons in the group for\n\nwhich it is then being applied, such balance of the fund shall be\n\nallocated to each person in such group in the proportion which the\n\nactuarial equivalent of the retirement income allocable to him\n\npursuant to such group bears to the total actuarial equivalent of\n\nthe retirement income so allocable to all persons in such group.\n\nProvided no discrimination in value results, the Board of\n\nTrustees shall distribute the amounts so allocated in one of the\n\nfollowing manners as the Board of Trustees in their discretion may\n\ndetermine:\n\n(i) by continuing payment of benefits as they become\n\ndue, or\n\n(ii) by paying, in cash, the amount allocated to any\n\nsuch person.","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":"1691c7e644096157bd50012bde568abaf574d66d69efa8833e2db65f3e91a42e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-912","next":"us-ok/okla.-stat.-tit.-74-74-913"},"notice":"GroundRules: Original legal text. Not legal advice."}