Okla. Stat. tit. 47, § 47-2-301.1

(1) In the event the System is terminated or partially

terminated the right of all participants or in the event of partial

termination the rights of the affected participants, whether retired

or otherwise, shall become fully vested.

(2) In the event of termination of the System, the Board shall

distribute the net assets of the fund, allowing a period of not less

than six (6) nor more than nine (9) months for dissolution of

disability claims, as follows:

(a) First, accumulated contributions shall be

allocated to each respective participant, former participant,

retired member joint annuitant or beneficiary then receiving

payments. If these assets are insufficient for this purpose, they

shall be allocated to each such person in the proportion which his

accumulated contributions bear to the total of all such

participants' accumulated contributions. For purposes of this

section, contribution means payment into the System by an employer

or employee for the benefit of an individual employee.

(b) The balance of such assets, if any, remaining

after making the allocations provided in subparagraph (a) of this

section shall be disposed of by allocating to each person then

having an interest in the fund the excess of his retirement income

under the System less the retirement income which is equal to the

actuarial equivalent of the amount allocated to him under

subparagraph (a) of this section. Such allocation shall be made

with the full amount of the remaining assets to be allocated to the

persons in each group in the following order of precedence:

(i) those retired members, joint annuitants or

beneficiaries receiving benefits,

(ii) those members eligible to retire,

(iii) those members eligible for early retirement,

(iv) former participants electing to receive a

vested benefit, and

(v) all other members.

In the event the balance of the fund remaining after all

allocations have been made with respect to all retirement income in

a preceding group is insufficient to allocate the full actuarial

equivalent of such retirement income to all persons in the group for

which it is then being applied, such balance of the fund shall be

allocated to each person in such group in the proportion which the

actuarial equivalent of the retirement income allocable to him

pursuant to such group bears to the total actuarial equivalent of

the retirement income so allocable to all persons in such group.

Provided no discrimination in value results, the Board shall

distribute the amounts so allocated in one of the following manners

as the Board in their discretion may determine:

Oklahoma Statutes - Title 47. Motor Vehicles Page 119

(i) by continuing payment of benefits as they become

due, or

(ii) by paying, in cash, the amount allocated to any

such person.