Okla. Admin. Code § 715:10-15-24

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

Section 715:10-15-24 - Due-date of retirement benefit payments

(a) Monthly benefit payments are due the first day of each month to all eligible retirees. Payments are deposited in the United States Postal Service, or paid to a designated agent providing electronic fund transfers, on the last day of each month. The benefit payment for the month in which the retired member died, if not previously paid, shall be made to the member's beneficiary, or, if the member has no beneficiary, to the member's estate. The amount of the benefit payment for the month in which the member died shall be equal to the full monthly benefit payment, regardless of the day of the month on which the retired member died. TRS cannot be responsible for payments lost in the mail, except that duplicate payments will be processed after fifteen (15) days.

(b) Effective January 1, 2000, newly retired members shall be required to receive monthly benefit payments via electronic fund transfers to a banking or financial institution designated. The retiree and receiving institution must complete the form prescribed for this purpose by the Teachers' Retirement System. In the event the electronic fund transfer creates an undue hardship on the retiree, the executive director of the Teachers' Retirement System may waive this requirement when it is determined to be in the best interest of the member and the Retirement System.

Amended at 16 Ok Reg 743, eff 10-5-98 through 7-14-99 (emergency)¹; Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 16 Ok Reg 3567, eff 9-13-99; Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at 28 Ok Reg 981, eff 5-26-11

¹This emergency action expired without being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of section 715:10-15-24 reverted back to the permanent text that was effective prior to the enactment of the emergency action on 10-5-98, as was last published in the 1996 Edition of the OAC, and remained as such until amended again by emergency action on 9-8-99.