Okla. Admin. Code § 550:15-1-3

Current through Vol. 42, No. 4, November 1, 2024

Section 550:15-1-3 - Back drop

(a)Definitions. For purposes of this section, the definitions as stated in 11 O.S. Section 50-111.3(H)(1) shall apply.

(b)Application.

(1) The applicant must have greater than twenty (20) years of credited service with the Oklahoma Police Pension and Retirement System to be eligible.

(2) The applicant must submit his/her completed application for participation in the Oklahoma Police Deferred Option Plan under the back drop provision. Forms will be provided by the Oklahoma Police Pension and Retirement System.

(3) The effective date of membership will be the first day of the month.

(4) Once the Board has approved a member's application, the member's participation in the Oklahoma Police Deferred Option Plan under the back drop provision is irrevocable.

(c)Contributions and benefits.

(1) At the termination date, a member's monthly pension benefit shall be determined based on the earlier attained credited service and on the final average salary as of the back drop date.

(2) The member's individual deferred option account shall be credited with an amount equal to the deferred benefit balance, the member shall terminate employment with all participating municipalities as a police officer and shall start receiving the member's accrued monthly retirement benefit from the Oklahoma Police Pension and Retirement System.

(3) A member shall not participate in the back drop pursuant to subsection H of Section 50-111.3 of Title 11 of the Oklahoma Statutes if the member has elected to participate in the Oklahoma Police Deferred Option Plan pursuant to subsections A, B, C, D, E and F of Section 50-111.3 of Title 11 of the Oklahoma Statutes.

(4) The provisions of subsections B, C, E, F and G of Section 50-111.3 of Title 11 of the Oklahoma Statutes apply to the back drop.

(d)Interest. The methodology for computing interest described in OAC 550:15-1-2(d) and in the Deferred Option Payout Provision Policy apply with regard to this section.

(e)Payment. The provisions for payments in the forward drop pursuant to OAC 550:15-1-2(e) and (f) also apply to payments in the back drop.

Okla. Admin. Code § 550:15-1-3

Added at 21 Ok Reg 1426, eff 6-1-04 ; Amended at 22 Ok Reg 42, eff 8-11-04 (emergency); Amended at 22 Ok Reg 983, eff 6-1-05 ; Amended at 30 Ok Reg 1850, eff 7-15-13