Okla. Stat. tit. 19, § 19-956.2
This is the official text of Okla. Stat. tit. 19, § 19-956.2, part of Oklahoma’s Stat. tit. 19, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 19,." Browse the sections below, each linked to its official government source.
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Alternative method of determining retirement benefits -
Official statutory text
Vesting restrictions.
Oklahoma Statutes - Title 19. Counties and County Officers Page 494
A. In lieu of the retirement benefits specified in Section 956
of this title, upon approval by the board of trustees and the board
of county commissioners, a county authorized to provide a retirement
system pursuant to the provisions of Section 951 et seq. of this
title, with a population in excess of six hundred seventy-five
thousand (675,000), may provide for retirement benefits for the
retirement system based upon the contributions of the individual
employee, if any, contributions of the county for the benefit of
such employee, if any, together with earnings accruals thereon for
such periods of time as the board of trustees and the board of
county commissioners, in their discretion, may determine best meets
the purpose of the retirement system. Notwithstanding any other
provision in this section, a retirement benefits plan based upon the
contributions by or for the benefit of an employee hired prior to
November 1, 2005, as provided in this subsection shall be subject to
the following vesting restrictions:
1. Twenty percent (20%) vesting after two (2) years of service;
2. Forty percent (40%) vesting after three (3) years of
service;
3. Sixty percent (60%) vesting after four (4) years of service;
and
4. One hundred percent (100%) vesting after five (5) years of
service.
These vesting restrictions are for the benefit of a
participating member or other designated beneficiary after the
employment of the member is permanently terminated with a
participating employer of the retirement plan. An employee is
permanently terminated after termination from employment with a
participating employer after passage of the period of time specified
in the retirement plan. Pending permanent termination of an
employee, the nonvested portion of the monies will be held in escrow
until the time for reinstatement has lapsed as specified in the
retirement plan. After the time for reinstatement has lapsed, any
nonvested forfeitures shall be used to offset prospective employer
contributions or to pay expenses associated with the retirement
plan.
B. A retirement benefits plan based upon the contributions by
or for the benefit of an employee hired on or after November 1,
2005, as provided in this subsection shall be subject to full
vesting after five (5) years of service. There shall be no partial
vesting for employees hired on or after November 1, 2005.
C. Notwithstanding other provisions of law, the accumulated
vested benefits of a member, as provided in this section, who dies
before retirement or permanent termination of employment, may be
withdrawn from time to time in whole or in part by the beneficiary
of the deceased member upon application to the Board of Trustees in
a manner prescribed by the Board of Trustees.
Oklahoma Statutes - Title 19. Counties and County Officers Page 495
D. If a county elects to provide benefits pursuant to this
section, all persons participating in the existing system shall be
given the option of remaining subject to the existing retirement
system. All persons becoming members of the retirement system after
the effective date of this act would be required to participate in
the defined contribution benefit system specified in this section.
Upon approval of the board of trustees and the board of county
commissioners, the existing liabilities under the defined benefits
system provided in Section 956 of this title and the liabilities
accrued under the defined contribution benefit system provided in
this section may be funded by annuities purchased from annuity or
insurance companies licensed to do business in this state as
recommended by the board of trustees and approved by the board of
county commissioners.
E. All administrative costs associated with the operation of a
defined benefit retirement system shall be paid exclusively from the
defined contribution benefit system provided in
this section may be funded by annuities purchased from annuity or
insurance companies licensed to do business in this state as
recommended by the board of trustees and approved by the board of
county commissioners.
E. All administrative costs associated with the operation of a
defined benefit retirement system shall be paid exclusively from the
contributions made by the employer on behalf of employees electing
to participate in the defined benefit retirement system, the
contributions made by individual employees electing to participate
in the defined benefit retirement system and any income generated
from investment of the funds of the defined benefit retirement
system.
F. No costs associated with the operation of a defined
contribution retirement system may be paid from funds used in the
operation of a defined benefit retirement system. Said costs
associated with the operation of the defined contribution retirement
system shall be paid for by the county from the county general fund
as defined by Section 331 of Title 62 of the Oklahoma Statutes or
from any other monies available which are not specifically
prohibited from being used for this purpose.
Oklahoma Statutes - Title 19. Counties and County Officers Page 494
A. In lieu of the retirement benefits specified in Section 956
of this title, upon approval by the board of trustees and the board
of county commissioners, a county authorized to provide a retirement
system pursuant to the provisions of Section 951 et seq. of this
title, with a population in excess of six hundred seventy-five
thousand (675,000), may provide for retirement benefits for the
retirement system based upon the contributions of the individual
employee, if any, contributions of the county for the benefit of
such employee, if any, together with earnings accruals thereon for
such periods of time as the board of trustees and the board of
county commissioners, in their discretion, may determine best meets
the purpose of the retirement system. Notwithstanding any other
provision in this section, a retirement benefits plan based upon the
contributions by or for the benefit of an employee hired prior to
November 1, 2005, as provided in this subsection shall be subject to
the following vesting restrictions:
1. Twenty percent (20%) vesting after two (2) years of service;
2. Forty percent (40%) vesting after three (3) years of
service;
3. Sixty percent (60%) vesting after four (4) years of service;
and
4. One hundred percent (100%) vesting after five (5) years of
service.
These vesting restrictions are for the benefit of a
participating member or other designated beneficiary after the
employment of the member is permanently terminated with a
participating employer of the retirement plan. An employee is
permanently terminated after termination from employment with a
participating employer after passage of the period of time specified
in the retirement plan. Pending permanent termination of an
employee, the nonvested portion of the monies will be held in escrow
until the time for reinstatement has lapsed as specified in the
retirement plan. After the time for reinstatement has lapsed, any
nonvested forfeitures shall be used to offset prospective employer
contributions or to pay expenses associated with the retirement
plan.
B. A retirement benefits plan based upon the contributions by
or for the benefit of an employee hired on or after November 1,
2005, as provided in this subsection shall be subject to full
vesting after five (5) years of service. There shall be no partial
vesting for employees hired on or after November 1, 2005.
C. Notwithstanding other provisions of law, the accumulated
vested benefits of a member, as provided in this section, who dies
before retirement or permanent termination of employment, may be
withdrawn from time to time in whole or in part by the beneficiary
of the deceased member upon application to the Board of Trustees in
a manner prescribed by the Board of Trustees.
Oklahoma Statutes - Title 19. Counties and County Officers Page 495
D. If a county elects to provide benefits pursuant to this
section, all persons participating in the existing system shall be
given the option of remaining subject to the existing retirement
system. All persons becoming members of the retirement system after
the effective date of this act would be required to participate in
the defined contribution benefit system specified in this section.
Upon approval of the board of trustees and the board of county
commissioners, the existing liabilities under the defined benefits
system provided in Section 956 of this title and the liabilities
accrued under the defined contribution benefit system provided in
this section may be funded by annuities purchased from annuity or
insurance companies licensed to do business in this state as
recommended by the board of trustees and approved by the board of
county commissioners.
E. All administrative costs associated with the operation of a
defined benefit retirement system shall be paid exclusively from the
defined contribution benefit system provided in
this section may be funded by annuities purchased from annuity or
insurance companies licensed to do business in this state as
recommended by the board of trustees and approved by the board of
county commissioners.
E. All administrative costs associated with the operation of a
defined benefit retirement system shall be paid exclusively from the
contributions made by the employer on behalf of employees electing
to participate in the defined benefit retirement system, the
contributions made by individual employees electing to participate
in the defined benefit retirement system and any income generated
from investment of the funds of the defined benefit retirement
system.
F. No costs associated with the operation of a defined
contribution retirement system may be paid from funds used in the
operation of a defined benefit retirement system. Said costs
associated with the operation of the defined contribution retirement
system shall be paid for by the county from the county general fund
as defined by Section 331 of Title 62 of the Oklahoma Statutes or
from any other monies available which are not specifically
prohibited from being used for this purpose.
Status: in_force · Read it on the official government site
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