{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-930.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-930.5","heading":"Cost of living adjustment - Calculation","body":"A. It is the intent of the Legislature to provide a cost of\n\nliving adjustment to retirants of the Oklahoma Public Employees\n\nRetirement System which reflects a replacement of the loss of\n\npurchasing power, while remaining consistent with the basic benefit\n\nformula of the System.\n\nB. To fulfill the intent as set forth in subsection A of this\n\nsection, every person receiving retirement benefits from the System\n\nas of June 30, 1997, who continues to receive benefits on or after\n\nJuly 1, 1998, shall receive an increase in retirement benefits as\n\nfollows:\n\n1. Persons who have been retired ten (10) years or less will\n\nreceive two and one-half percent (2.5%) of the retirement benefit on\n\nJuly 1, 1998, multiplied by the number of years the member has been\n\nretired;\n\n2. Persons who have been retired in excess of ten (10) years\n\nwill receive two and one-half percent (2.5%) of the retirement\n\nbenefit on July 1, 1998, multiplied by ten (10);\n\n3. For purposes of calculating the increase, the member's\n\neffective retirement date will be utilized, provided further, that a\n\nfractional year of six (6) months or more shall be considered as one\n\n(1) year and less than six (6) months shall be disregarded;\n\n4. The increase provided in this section shall become effective\n\nwith the July 1998 benefit payment.","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":"bc95f167c9513eeba5fdec2c580de22a3ce18da8b5a5f70a15898f7bfeb681df","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-930.4","next":"us-ok/okla.-stat.-tit.-74-74-930.6"},"notice":"GroundRules: Original legal text. Not legal advice."}