{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-913.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-913.5","heading":"Service credit - Computation of purchase price -","body":"Amortizing cost of returning withdrawn or unremitted contributions.\n\nA. 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 State Board permits an\n\nalternate payment source. The amortization shall include interest\n\nin an amount not to exceed the actuarially assumed interest rate\n\nadopted by the Board of Trustees for investment earnings each year.\n\nAny member who ceases to make payment, terminates, retires or dies\n\nbefore completing the payments provided for in this section shall\n\nreceive prorated service credit for only those payments made, unless\n\nthe unpaid balance is paid by said member, his or her estate or\n\nsuccessor 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.\n\nC. Current contributing members who, as former members,\n\nwithdrew their accumulated contributions, contributing elected\n\nmembers who at the time of initial eligibility to participate as a\n\nmember of the System elected not to participate, and/or contributing\n\nelected members who at the time of eligibility to participate as a\n\nmember of the System elected to participate but did not elect to\n\nparticipate at the maximum contribution rate may amortize the cost\n\nof returning the withdrawn contributions, unremitted contributions\n\nor required actuarial cost over a period of not to exceed sixty (60)\n\nmonths. Said payments shall be made by payroll deductions unless\n\nthe Board of Trustees permits an alternate payment source. The\n\namortization shall include interest in an amount not to exceed the\n\nactuarially assumed interest rate adopted by the Board of Trustees\n\nfor investment earnings each year. Any member who ceases to make\n\npayments, terminates, retires or dies before completing the payments\n\nprovided in this subsection shall be refunded all related payments\n\nmade, and all related credited service and other related benefits\n\nshall be canceled unless the unpaid balance is paid by said member,\n\nhis or her estate or successor in interest within six (6) months\n\nafter said member's death, termination of employment or retirement.\n\nNo retirement 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.\nsix (6) months\n\nafter said member's death, termination of employment or retirement.\n\nNo retirement 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 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":"e99b2bcc0d75a769a856319cbd72fd50002f0c9c72b65679abdcb037ece5004a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-913.4","next":"us-ok/okla.-stat.-tit.-74-74-913.7"},"notice":"GroundRules: Original legal text. Not legal advice."}