Okla. Stat. tit. 11, § 11-50-111.1

- Refund of accumulated contributions - Election of vested benefit -

Monthly retirement annuity - Rejoining System - Death without named

beneficiary.

A. A member who terminates service before normal retirement

date, other than by death or disability, shall, upon application

filed with the Oklahoma Police Pension and Retirement Board, be

refunded from the Oklahoma Police Pension and Retirement Fund an

amount equal to the accumulated contributions the member has made to

the fund, but excluding any interest or any amount contributed by

the municipality or state. If a member withdraws the member’s

accumulated contributions, such member shall not have any recourse

against the System for any type of additional benefits including,

but not limited to, disability benefits. If a member has completed

ten (10) years of credited service at the date of termination, the

member may elect a vested benefit in lieu of receiving the member’s

accumulated contributions.

If the member who has completed ten (10) or more years of

credited service elects the vested benefit, the member shall be

entitled to a monthly retirement annuity commencing on the date the

member reaches fifty (50) years of age or the date the member would

have had twenty (20) years of credited service had the member’s

employment continued uninterrupted, whichever is later. The annual

amount of such retirement annuity shall be equal to two and one-half

percent (2 1/2%) of the annualized final average salary multiplied

by the number of years of credited service. For a monthly

retirement annuity commencing on or after the effective date of this

act, the annual amount of such retirement annuity shall be computed

pursuant to the annualized final average salary as defined pursuant

to paragraph 17 of Section 50-101 of this title multiplied by the

number of years of credited service.

Oklahoma Statutes - Title 11. Cities and Towns Page 631

If a terminated member has elected a vested benefit and

subsequently returns to work as a police officer of a participating

municipality, his or her vested benefit will be set aside and prior

credited service will be reinstated.

B. If a member who terminates employment and elects a vested

benefit dies prior to being eligible to receive benefits, the

member’s beneficiary shall be entitled to the member’s normal

monthly accrued retirement benefits on the date the deceased member

would have been eligible to receive the benefit.

C. Whenever a member has terminated or hereafter terminates

covered employment and has withdrawn or hereafter withdraws the

member’s accumulated contributions and has rejoined or hereafter

rejoins the System, the member, upon proper application and approval

by the Board, may pay to the System the sum of the accumulated

contributions the member has withdrawn or hereafter withdraws plus

ten percent (10%) annual interest from the date of withdrawal and

shall receive the same benefits as if the member had never withdrawn

the contributions. A lump-sum payment for repayment of any amounts

received because of a member’s prior termination may be repaid by

trustee-to-trustee transfers of non-Roth funds from a Section 403(b)

annuity, an eligible Section 457(b) plan, and/or a Section 401(a)

qualified plan. Those members who at the time of termination of

employment could not withdraw any of their accumulated contributions

shall receive credited service for the time employed as an officer

prior to any such termination upon proper application and approval

by the Board. To receive credit for such service, all required

contributions and interest shall be paid within ninety (90) days of

Board approval of the application. The provisions of this

subsection shall not apply to any member who is receiving benefits

from the System as of July 1, 1987.

D. If an active member dies and does not leave a surviving

beneficiary under paragraph 13 of Section 50-101 of this title, the
credit for such service, all required

contributions and interest shall be paid within ninety (90) days of

Board approval of the application. The provisions of this

subsection shall not apply to any member who is receiving benefits

from the System as of July 1, 1987.

D. If an active member dies and does not leave a surviving

beneficiary under paragraph 13 of Section 50-101 of this title, the

accumulated contributions made to the System by the member shall be

paid to the member’s estate or, if properly designated by the

member, a trust.