Okla. Admin. Code § 590:10-1-5

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

Section 590:10-1-5 - Withdrawal of contributions

(a) A member of the System who has terminated employment with a participating employer shall be eligible to withdraw the amount of employee contributions and money he or she has paid into the System provided that the employee does not return to employment with such participating employer, or with another participating employer, within four (4) calendar months.

(b) The member shall file the proper application with the System. Payment shall be made by the System after receipt of all required forms and after four (4) calendar months have elapsed. Any member who applies for a withdrawal of his or her contributions and is eligible for a vested benefit shall be notified of the value of the benefit and when they would be eligible to begin receiving a benefit. The member must sign a written waiver of that benefit before withdrawal will be processed for payment. Payment of the withdrawal may be delayed beyond four (4) months in order to complete the offer of the vested benefit.

(c) In the event that a member is paid his or her contributions and the System discovers that the employee returned to employment with a participating employer within four (4) months, the employee shall be required to repay the withdrawal immediately. If the employee fails to repay the ineligible withdrawal, he or she shall not be entitled to any subsequent withdrawals until six (6) calendar months have elapsed in order to verify that they are no longer employed.

(d) Payment of these accumulated contributions may be made in less than four (4) calendar months only in the event that a member is not eligible to elect a vested benefit pursuant to this section and said member is terminally ill, as evidenced by a physician's certification that the member is not expected to live beyond four (4) months.

Okla. Admin. Code § 590:10-1-5

Amended at 21 Ok Reg 1759, eff 6-11-04