Okla. Admin. Code § 715:10-15-10.3

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

Section 715:10-15-10.3 - Partial Lump-sum Option Factors

Factors have been developed by consulting actuaries and adopted by the Board of Trustees to be used in the calculation of the partial lump-sum payment selected by a member of the Teachers' Retirement System. The Board of Trustees may adopt new tables at any time upon recommendation of the consulting actuaries, when in the opinion of the Board the experience of the System may justify the need for such change. Adoption of new tables will be prospective and shall not affect any partial lump-sum payment selected and paid prior to the adoption of new factors. The reduction factors are provided on the Application to Retire.

Okla. Admin. Code § 715:10-15-10.3

Amended at 21 Ok Reg 3091, eff 8-21-03 through 7-14-04 (emergency)¹; Amended at 21 Ok Reg 3099, eff 8-12-04; Amended at 29 Ok Reg 854, eff 8-1-12

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018

¹This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-04 (after the 7-14-04 expiration of the emergency action), the text of section 715:10-15-10.3 reverted back to the permanent text that was effective prior to enactment of the emergency action on 8-21-03, as last published in the 2001 Edition of the OAC, and remained as such until amended by permanent action on 8-12-04.