{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-913c","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-913c","heading":"Termination credit","body":"A. A member of the Oklahoma Public Employees Retirement System\n\nwho has six (6) or more years of full-time-equivalent employment\n\nwith a participating employer, and who is terminated by a state\n\nagency or other state governmental entity because the member's\n\nposition is eliminated through a reduction-in-force after July 1,\n\n1998, and:\n\n1. Is within three (3) years of a normal retirement date as\n\ndefined in subparagraph (a) of paragraph (24) of Section 902 of this\n\ntitle; or\n\n2. Is within six (6) years of a normal retirement date as\n\ndefined in subparagraph (b) of paragraph (24) of Section 902 of this\n\ntitle or in subparagraph (c) of paragraph (24) of Section 902 of\n\nthis title,\n\nmay purchase termination credit of a period not to exceed the lesser\n\nof three (3) years or the number of years or months or both years\n\nand months required in order for the member to reach normal\n\nretirement date in the same period of time and with the same service\n\ncredit which would have otherwise accrued if the termination had not\n\noccurred.\n\nB. In order to receive the termination credit authorized by\n\nthis section, the member shall be required to file an election with\n\nthe System indicating an intent to purchase the credit. The member\n\nshall have a period of six (6) months from the date the member is\n\nterminated as described in subsection A of this section within which\n\nto file the election.\n\nC. To purchase the termination credit, the member shall be\n\nrequired to make payment to the System of an amount equal to both\n\nthe employer and employee contributions which would have been paid\n\nto the System based upon the compensation as defined in paragraph\n\n(9) of Section 902 of this title, which was received by the member\n\nin the last full month that the member was employed by the state\n\nagency or other state governmental entity multiplied by the number\n\nof months required in order for the combination of the participating\n\nservice and member's age to equal the amount required for the member\n\nto reach normal retirement date with an unreduced benefit as if the\n\nmember had not been terminated.\n\nD. The member must make full payment to the System of all\n\nrequired contribution amounts within sixty (60) days of filing the\n\nelection to purchase the credit. The member must vest his or her\n\nbenefits with a declared future retirement date as of the first\n\nmonth the member is eligible for normal retirement. Failure to make\n\nthe full payment to the System of the required contribution amounts,\n\nfor any reason, within the time prescribed, shall result in\n\ncancellation of the election provided pursuant to this section, and\n\nreturn of the purchase amount tendered, without interest.\n\nE. Purchased termination credit may only be used as service\n\ncredit to qualify the member for normal retirement. Eligible\n\nmembers may purchase termination credit or the incentive credit\n\nauthorized pursuant to Section 913b of this title, but may not\n\npurchase both termination credit and incentive credit. This\n\npurchase will not be used in the calculation for final average\n\ncompensation.\n\nF. If the member chooses to retire at any time prior to the\n\nmember's normal retirement date or returns to employment with a\n\nparticipating employer of the System at any time prior to\n\nretirement, the purchase of termination credit pursuant to this\n\nsection shall be void and the System will return the purchase amount\n\ntendered, without interest.\n\nG. In the event of the death of the member prior to retirement,\n\nthe member's spouse, if otherwise eligible for benefits pursuant to\n\nparagraph (5) of Section 918 of this title, may elect to receive\n\nbenefits which include the termination credit on the member's\n\ndeclared future retirement date, or may elect to receive a return of\n\nthe purchase amount tendered, without interest.","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":"98fcadbfc1eeeb073e35ea8b222d65eabf9b4fdd1798e2d9f879912aa7325686","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-913b","next":"us-ok/okla.-stat.-tit.-74-74-913e"},"notice":"GroundRules: Original legal text. Not legal advice."}