{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-915.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-915.3","heading":"Alternate retirement benefit option","body":"On or before January 1, 2005, the Oklahoma Public Employees\n\nRetirement System shall implement a retirement benefit option for\n\nmembers retiring prior to being Medicare-eligible. The purpose of\n\nthis option is to allow a person who retires prior to being\n\nMedicare-eligible to elect to receive an increased benefit to help\n\ncover the cost of the member and dependent health insurance\n\npremiums, if any, until such member is eligible to receive Medicare.\n\nBeginning in the month following such month that the member becomes\n\nMedicare-eligible, his or her retirement benefit will be reduced by\n\nan actuarial amount. The alternative retirement benefit option\n\nshall be devised so that the increased pre-Medicare retirement\n\nbenefit and the lower post-Medicare retirement benefit shall have a\n\nneutral actuarial cost to the System. The System may, but shall not\n\nbe required to, make individual actuarial calculations; however, the\n\nactuarial reduction necessary to provide this alternative retirement\n\nbenefit option shall be calculated after and in addition to any\n\nreduction necessary to provide a survivor benefit pursuant to\n\nSection 918 of this title. The increased pre-Medicare retirement\n\nbenefit may not equal an individual’s actual premium, but the\n\nformula used shall be based upon the retiree pre-Medicare health\n\ninsurance premiums of the plans offered by the State and Education\n\nEmployees Group Insurance Board at the time the member retires. The\n\nSystem shall on or before January 1 of each year update the formula\n\nbased upon new health insurance premium data of the plans offered by\n\nthe State and Education Employees Group Insurance Board to retired\n\nmembers. A member retiring under the alternative retirement benefit\n\noption shall have the member’s retirement benefit based upon the\n\nformula in use at the time of retirement and shall not be amended\n\nthereafter to reflect further changes in health insurance premiums.\n\nA member electing to participate in the alternative retirement\n\nbenefit option shall make an irrevocable election at the time of\n\nretirement to participate in such option. Provided further, that\n\nany married member making this election shall comply with the\n\nprovisions of Section 918 of this title. The Board of Trustees of\n\nthe Oklahoma Public Employees Retirement System shall promulgate\n\nsuch rules as are necessary to implement the provisions of this\n\nsection.\n\nNo member shall be eligible to make the election provided for in\n\nthis section until the Board receives official written notice that\n\nthis alternative retirement benefit option satisfies the tax\n\nqualification requirements for governmental plans applicable to such\n\nbenefit options as specified in the Internal Revenue Code of 1986,\n\nas amended from time to time and as applicable to governmental plans\n\nand the relevant regulatory provisions and guidance related thereto.","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":"8c4fdb9805a356b9d6b20a956a91f8cf2a9bbfba9ff479e479cc496cc37d9bdd","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-915.2","next":"us-ok/okla.-stat.-tit.-74-74-915v1"},"notice":"GroundRules: Original legal text. Not legal advice."}