Okla. Admin. Code § 715:10-9-1

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

Section 715:10-9-1 - Return of contributions when death occurs before retirement

Upon the death of a member, who has not retired, the designated beneficiary on file with TRS prior to the member's death, or estate (if there is no designated beneficiary, or if the designated beneficiary predeceases the member) shall receive the member's total contributions, plus one hundred percent (100%) of all interest earned through the end of the fiscal year. Interest shall cease to accumulate with the payment of any portion of the member's contributions and interest to any beneficiary. Interest on death claims shall bear a rate equivalent to that of the actuarially assumed rate of return for the System as determined by the Board of Trustees from time to time, calculated according to the following schedule:

(1) July 1, 1968, through June 30, 1977, four and one-half percent (4 1/2%), compounded annually.

(2) July 1, 1977, through June 30, 1981, seven percent (7), compounded annually.

(3) July 1, 1981, through June 30, 2019, eight percent (8%), compounded annually.

(4) July 1, 2019 through June 30, 2020, seven and one-half percent (7 1/2%), compounded annually.

(5) July 1, 2020 to present (until changed by the Board of Trustees), seven percent (7%), compounded annually. See OAC 715:10-9-7, if the member and beneficiary were divorced before death.

Okla. Admin. Code § 715:10-9-1

Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at 19 Ok Reg 2729, eff 7-11-02

Amended by Oklahoma Register, Volume 36, Issue 22, August 1, 2019, eff. 8/11/2019

Amended by Oklahoma Register, Volume 38, Issue 05, November 16, 2020, eff. 10/15/2020

Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 8/26/2021