Okla. Admin. Code § 715:10-9-3

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

Section 715:10-9-3 - [Effective 9/14/2025] Monthly annuity in lieu of death benefit

The designated beneficiary of an in-service member who qualified for service retirement and had ten (10) years or more of creditable service may elect to receive, in lieu of the return of contributions and the $18,000 death benefit, the retirement benefit to which the deceased member would have been entitled at the time of death under the Option 2 retirement plan. To qualify for this option, the designated beneficiary must have been named as the sole beneficiary at the time of the member's death (see OAC 715:10-15-1 and 10-15-2 and 70 O.S. §17-105(11)). This option is only available when the beneficiary is the member's spouse, another person, or the beneficiary of a Discretionary and Special Needs Trust, provided if the designated beneficiary is not the member's spouse, IRS Regulations require that the adjusted member/beneficiary age difference cannot be more than ten (10) years. [See OAC 715:10-15-10, to determine the adjusted member/beneficiary age difference]. [See also OAC 715:10-9-7, if the member and beneficiary were divorced before death].

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 29 Ok Reg 854, eff 8-1-12

Amended at 37 Ok Reg 37, eff 9/3/2019 (emergency)

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 9/11/2023

Amended by Oklahoma Register, Volume 42, Issue 5, November 15, 2024, eff. 10/15/2024, exp. 9/14/2025 (Emergency)

¹This emergency action expired before being superseded by a permanent action.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 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of section 715:10-9-3 reverted back to the permanent text that was effective prior to enactment of the emergency action on 10-5-98, as last published in the 1996 Edition of the OAC, and remained as such until amended again by emergency action on 9-8-99.