{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-918","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-918","heading":"Retirement benefit payment options","body":"(1) Except as otherwise provided for in this section and\n\nSection 918.1 of this title, a member may elect to have the\n\nretirement benefit paid under one of the options provided in this\n\nsection in lieu of having it paid in the form stated in Section 915\n\nof this title. The election of an option must be made at any time\n\nprior to retirement or prior to termination of service with a vested\n\nbenefit. A specific person must be designated as joint annuitant at\n\nthe time of election of Option A or B. Election of an option is\n\navailable with respect to the vested benefit. All retirement\n\nbenefits of a married member shall be paid pursuant to the Option A\n\nplan as provided for in this section unless the spouse of a member\n\nconsents in writing for the benefits to be paid as provided for in\n\nSection 915 of this title or pursuant to Option C as provided for in\n\nthis section. The spouse of the member is not required to consent\n\nin writing to the election of the Option B plan by the member.\n\n(2) The amount of retirement benefit payable under an option\n\nshall be based on the age and sex of the member and the age and sex\n\nof the joint annuitant, and shall be such amount as to be the\n\nactuarial equivalent of the retirement benefit otherwise payable\n\nunder Section 915 of this title.\n\n(3) The retirement options are:\n\nOption A. Joint and one-half to joint annuitant survivor. A\n\nreduced retirement benefit is payable to the retiree during his or\n\nher lifetime with one-half (1/2) of that amount continued to the\n\njoint annuitant during such joint annuitant's remaining lifetime, if\n\nany, after the death of the retiree. If the named joint annuitant\n\ndies at any time after the member's retirement date, but before the\n\ndeath of the retiree, the retiree shall return to the retirement\n\nbenefit, including any post-retirement benefit increases the member\n\nwould have received had the member not selected Option A. The\n\nbenefit shall be determined at the date of death of the named joint\n\nannuitant or July 1, 1994, whichever is later. This increase shall\n\nbecome effective the first day of the month following the date of\n\ndeath of the named joint annuitant or July 1, 1994, whichever is\n\nlater, and shall be payable for the retiree's remaining lifetime.\n\nThe retiree shall notify the Oklahoma Public Employees Retirement\n\nSystem of the death of the named joint annuitant in writing. In the\n\nabsence of the written notice being filed by the member notifying\n\nthe Oklahoma Public Employees Retirement System of the death of the\n\nnamed joint annuitant within six (6) months of the date of death,\n\nnothing in this subsection shall require the Oklahoma Public\n\nEmployees Retirement System to pay more than six (6) months of\n\nretrospective benefits increase.\n\nOption B. Joint and survivor. A reduced retirement benefit is\n\npayable to the retiree during his or her lifetime with that amount\n\ncontinued to the joint annuitant during the joint annuitant's\n\nremaining lifetime, if any, after the death of the retiree. If the\n\nnamed joint annuitant dies at any time after the member's retirement\n\ndate, but before the death of the retiree, the retiree shall return\n\nto the retirement benefit, including any post retirement benefit\n\nincreases the member would have received had the member not selected\n\nOption B. The benefit shall be determined at the date of death of\n\nthe named joint annuitant or July 1, 1994, whichever is later. This\n\nincrease shall become effective the first day of the month following\n\nthe date of death of the named joint annuitant or July 1, 1994,\n\nwhichever is later, and shall be payable for the retiree's remaining\n\nlifetime. The retiree shall notify the Oklahoma Public Employees\n\nRetirement System of the death of the named joint annuitant in\n\nwriting. In the absence of such written notice being filed by the\n\nmember notifying the Oklahoma Public Employees Retirement System of\nthe date of death of the named joint annuitant or July 1, 1994,\n\nwhichever is later, and shall be payable for the retiree's remaining\n\nlifetime. The retiree shall notify the Oklahoma Public Employees\n\nRetirement System of the death of the named joint annuitant in\n\nwriting. In the absence of such written notice being filed by the\n\nmember notifying the Oklahoma Public Employees Retirement System of\n\nthe death of the named joint annuitant within six (6) months of the\n\ndate of death, nothing in this subsection shall require the Oklahoma\n\nPublic Employees Retirement System to pay more than six (6) months\n\nof retrospective benefits increase.\n\nOption C. Life with ten (10) years certain. A reduced\n\nretirement benefit is payable to the retiree during his or her\n\nlifetime and if the retiree dies within the ten-year certain period,\n\nmeasured from the commencement of retirement benefits payments, such\n\npayments will be continued to the beneficiary during the balance of\n\nthe ten-year certain period. If the retiree dies within the ten-\n\nyear certain period, and there are no living designated\n\nbeneficiaries, the person responsible for the estate of the retiree\n\nmay elect for the estate to be paid the benefits for the remainder\n\nof the term or to receive the present value of the remaining benefit\n\npayments according to rules adopted by the Board of Trustees of the\n\nSystem. If the retiree predeceases a designated beneficiary within\n\nthe ten-year certain period, and the beneficiary dies after the\n\nbeneficiary has begun to receive benefits, the person responsible\n\nfor the estate of the beneficiary may elect for the estate to be\n\npaid the benefits for the remainder of the term or to receive the\n\npresent value of the remaining benefit payments according to rules\n\nadopted by the Board of Trustees of the System.\n\n(4) If the selection of a joint annuitant would violate the\n\ndistribution requirements contained in Section 918.1 of this title,\n\nsuch selection will not be permitted.\n\n(5) If a member who is eligible to retire in accordance with\n\nthe provisions of Section 914 of this title but is not actually\n\nretired or is eligible to vest or has elected a vested benefit dies,\n\nthe member's spouse may elect to receive benefits as a joint\n\nannuitant under Option B calculated as if the member retired on the\n\ndate of death, in lieu of receiving the member's accumulated\n\ncontributions. However, no benefits shall be payable before the\n\ndate the deceased member would have met the requirements for a\n\nnormal or early retirement. The provisions of this paragraph shall\n\nbe applicable to a surviving spouse of a deceased member who died\n\nprior to the effective date of this act, but only if no benefits or\n\ndistributions have been previously paid.\n\n(6) Benefits payable to a joint annuitant shall accrue from the\n\nfirst day of the month following the death of a member or retiree\n\nand, in the case of Option A and Option B, shall end on the last day\n\nof the month in which the joint annuitant dies.","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":"fb2d20c62792b84e2d5d6671be3e7e7700b6ae7578743011877e8d5a100784ba","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-917","next":"us-ok/okla.-stat.-tit.-74-74-918.1"},"notice":"GroundRules: Original legal text. Not legal advice."}