Okla. Admin. Code § 590:35-13-1

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

Section 590:35-13-1 - Commencement

(a) In the event of a Participant's separation from service as a result of Early Retirement, Normal Retirement, death, Disability or Termination of Service, the Participant shall be entitled to receive a distribution of his or her Account under the Trust Fund. In the event that a Participant dies before the entire balance of his or her Account is distributed, Section 590:35-13-5 shall apply.

(b) The Participant may elect, on forms prescribed by OPERS, the time at which distributions under the Plan are to commence by designating the month and year during which the first distribution is to be made; however, in no event shall payment begin later than the required beginning date provided by Code Section 401(a)(9). The payment of benefits shall begin no earlier than thirty (30) days after the occurrence of the event that gives rise to the beginning of the payment of benefits.

(c) Rollover contributions as described in 590:35-7-3 are not subject to the requirements for separation of service and shall be available for distribution within 45 days of acceptance of a properly completed distribution form as prescribed by OPERS.

Okla. Admin. Code § 590:35-13-1

Added at 15 Ok Reg 793, eff 11-12-97 (emergency); Added at 15 Ok Reg 3282, eff 7-13-98; Amended at 20 Ok Reg 1759, eff 6-12-03; Amended at 28 Ok Reg 678, eff 5-12-11

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/11/2016