{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-930.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-930.3","heading":"Increase in retirement benefits","body":"A. Every member receiving retirement benefits from the System\n\nas of June 30, 1994, who retired with a final average compensation\n\nof less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)\n\nand who had twenty (20) or more years of credited service within the\n\nOklahoma Public Employees Retirement System as of the member's\n\nretirement date, shall receive on July 1, 1994, a retirement benefit\n\nincrease to reflect a final average compensation of Thirteen\n\nThousand Eight Hundred Dollars ($13,800.00) multiplied by two\n\npercent (2%), further multiplied by the number of years of credited\n\nservice of the member; provided said increase shall be adjusted to\n\nreflect any options selected by the member or reduction factors\n\napplicable at the time of retirement.\n\nB. Every member receiving retirement benefits from the System\n\nas of June 30, 1994, who retired with a final average compensation\n\nof less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)\n\nand who had at least fifteen (15) but not more than nineteen (19)\n\nyears of credited service within the Oklahoma Public Employees\n\nRetirement System as of the member's retirement date, shall receive\n\non July 1, 1994, a retirement benefit increase to reflect a final\n\naverage compensation of Thirteen Thousand Eight Hundred Dollars\n\n($13,800.00) multiplied by two percent (2%), further multiplied by\n\nthe number of years of credited service of the member multiplied by\n\none-half (1/2); provided said increase shall be adjusted to reflect\n\nany options selected by the member or reduction factors applicable\n\nat the time of retirement.\n\nC. Every member receiving retirement benefits from the System\n\nas of June 30, 1994, who retired with a final average compensation\n\nof less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)\n\nand who had less than fifteen (15) years of credited service within\n\nthe Oklahoma Public Employees Retirement System as of the member's\n\nretirement date shall not be eligible for the retirement benefit\n\nincrease reflecting a minimum final average compensation as\n\notherwise provided by this section.\n\nD. Any member receiving retirement benefits from the System as\n\nof June 30, 1993, who was eligible to receive an increase in\n\nbenefits pursuant to subsection A or B of this section, but in an\n\namount less than the increase in benefits provided by this\n\nsubsection or who was not eligible to receive an increase in\n\nbenefits pursuant to subsection A or B of this section, shall\n\nreceive on July 1, 1994, an increase in retirement benefits to be\n\ncomputed as follows:\n\n1. Multiply Four Hundred Ninety-seven Dollars ($497.00) by two\n\npercent (2%);\n\n2. Multiply the sum of paragraph 1 by the number of years of\n\ncredited service of the member;\n\n3. Divide the sum of paragraph 2 by twelve (12) and this shall\n\nbe the increase in the monthly retirement benefit; and\n\n4. This increase shall be adjusted to reflect any options\n\nselected by the member at the time of retirement.\n\nE. A member receiving an increase in retirement benefits\n\npursuant to subsection D of this section shall not be eligible for\n\nan increase in retirement benefits pursuant to subsection A or B of\n\nthis section.","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":"4920c2fceb91fac36ef56a8098dbe9f90393c8a616cc4e194d249e7d8fc3edfe","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-930.11","next":"us-ok/okla.-stat.-tit.-74-74-930.4"},"notice":"GroundRules: Original legal text. Not legal advice."}