Okla. Admin. Code § 715:10-13-14

Current through Vol. 42, No. 7, December 16, 2024

Section 715:10-13-14 - Termination credit for state agency employees who are members of the Teachers' Retirement System of Oklahoma

(a) An employee of a state agency or other governmental entity participating in the Teachers' Retirement System of Oklahoma, other than an employee of an Oklahoma public school, who has completed at least ten (10) years of full-time equivalent employment for that employer, and who is terminated because his or her position is eliminated through a reduction-in-force after July 1, 1998, and who is within three (3) years of becoming eligible for retirement, may purchase up to three (3) years of service credit in the Teachers' Retirement System if:

(1) the member, within six (6) months of his or her termination, files an election with the Teachers' Retirement System indicating an intent to purchase the termination credit;

(2) the Teachers' Retirement System is paid the full amount of both the employer and employee contributions that would have been paid to the System, based upon the maximum compensation level received by the member in the last full month he or she was employed by the state agency or governmental entity, multiplied by the number of months required for the member to qualify for retirement with an unreduced benefit had the member not been terminated; and

(3) full payment for the cost of the termination credit is made within sixty (60) days of filing the election to purchase the credit.

(b) If the member fails to pay the full amount of the required contribution amounts to the System within 60 days of filing the election to purchase the termination credit, the termination credit shall be cancelled, and the Teachers' Retirement System shall return the purchase amount to the member, without interest.

(c) The purchased termination credit may be used only as service credit to qualify the member for normal retirement.

(d) If the member chooses to retire before his or her normal retirement date, or returns to employment with a participating employer before retirement, the member will not receive the termination credit, and the System will return to the member the purchase amount that has been paid, without interest.

(e) If the member dies before retirement, his or her spouse, if eligible to receive benefits, may elect to receive the benefit at the time the member would have become eligible to retire, or receive a return of the purchase amount that has been paid, without interest.

Okla. Admin. Code § 715:10-13-14

Added at 16 Ok Reg 743, eff 10-5-98 through 7-14-99 (emergency)¹; Added at 16 Ok Reg 3567, eff 9-13-99; Amended at 19 Ok Reg 2729, eff 7-11-02

¹This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the Section is no longer effective. Therefore, on 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of section 715:10-13-14 was no longer effective, and remained as such until added by permanent action on 9-13-99.