Okla. Admin. Code § 590:10-19-8

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

Section 590:10-19-8 - Calculation of the Medicare Gap Benefit

(a) The mortality tables used in the calculation of the Medicare Gap Benefit shall be the same tables adopted by the Board for other OPERS calculations.

(b) The Pre-Medicare and Post Medicare Benefit payment amounts shall be calculated at the time of retirement and shall not be re-calculated after the member's effective retirement date except to correct errors or as specifically provided in these rules.

(c) The formula for the Pre-Medicare Increase is applied after the calculation of the Eligible Member's Regular Retirement Benefit which includes any required actuarial reductions made for early retirement or selection of Option A or B and shall be applied based upon the age of the member at time of retirement.

Okla. Admin. Code § 590:10-19-8

Added at 22 Ok Reg 1354, eff 5-26-05; Amended at 24 Ok Reg 1135, eff 5-11-07