Okla. Admin. Code § 715:10-5-38

Current through Vol. 42, No. 6, December 2, 2024

Section 715:10-5-38 - Credit for prior service as an optional employee

Members may obtain service credit for qualified employment in public educational institutions in the State of Oklahoma for work performed prior to July 1, 2021, as an optional, non-classified employee under certain circumstances.

(1) The member shall not be eligible to purchase withdrawn service as described in OAC 715:10-5-9(2) or service for which the member had ceased monthly contributions on at any prior date as described in OAC 715:10-5-9(3).

(2) The member is not receiving and is not eligible to receive retirement credit or benefits from the service in any other public retirement system of this state, the United States government, or any other state or territory of the United States.

(3) The purchase price for eligible non-classified optional service credit shall be based upon actuarial costs as defined in OAC 715:10-5-4. All requests for billings to make payment for such service credit must be made while the member is an active contributing member or within sixty (60) days after the end of the member's employment in the public schools in Oklahoma. No person may request a billing for the purchase of service credit for such employment after the member's death.

(4) The payments for such service credit may be made in one lump sum or in equal monthly installments for up to sixty (60) months, as provided in OAC 715:10-5-4 and may be made as a picked-up service credit purchase in compliance with OAC 715:10-5-35.

(5) The purchase of service must be completed, and payment received by TRS, no later than ninety (90) days prior to the effective date of a member's official retirement date.

Okla. Admin. Code § 715:10-5-38

Adopted by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/11/2022

Amended by Oklahoma Register, Volume 41, Issue 23, August 15, 2024, eff. 9/1/2024