Okla. Stat. tit. 47, § 47-2-307.1
This is the official text of Okla. Stat. tit. 47, § 47-2-307.1, part of Oklahoma’s Stat. tit. 47, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 47,." Browse the sections below, each linked to its official government source.
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Service credit for membership in Public Employees
Official statutory text
Retirement System - Time of application.
A. A member may receive service credit for not to exceed five
(5) years of participating service accumulated by the member while
an employee of a state agency if the member is not receiving or
eligible to receive retirement benefits or credit for said service
from the Oklahoma Public Employees Retirement System. To receive
credit for said service prior to January 1, 1991, the employee and
employer contributions for those years of service and interest of
not to exceed five percent (5%) as determined by the Board shall be
paid to the Board. Effective January 1, 1991, to receive credit for
Oklahoma Statutes - Title 47. Motor Vehicles Page 173
said service, the member shall pay the amount determined by the
Board of Trustees pursuant to Section 19 of Enrolled Senate Bill No.
810 of the 2nd Session of the 42nd Oklahoma Legislature. Such
service credit shall not be used in determining the eligibility of
the member for retirement based upon length of service.
B. To receive credit for such service:
1. A member who became a member of the system prior to July 1,
1988, shall make application to the Board for such service prior to
January 1, 1989; and
2. A member who becomes a member of the system after June 30,
1988, shall make application to the Board for such service within
two (2) years of the date the member became a member of the system.
C. Such service credit may be paid by:
1. A cash lump-sum payment;
2. A trustee-to-trustee transfer of non-Roth funds from a
Section 403(b) annuity or custodial account, an eligible deferred
compensation plan described in Section 457(b) which is maintained by
an eligible employer described in Code Section 457(e)(1)(A), and/or
a Code Section 401(a) qualified plan;
3. A direct rollover of tax-deferred funds from a Code Section
403(b) annuity or custodial account, an eligible deferred
compensation plan described in Code Section 457(b) which is
maintained by an eligible employer described in Code Section
457(3)(1)(A), a Code Section 401(a) qualified plan, and/or a Code
Section 408(a) or 408(b) traditional or conduit Individual
Retirement Account or Annuity (IRA). Roth accounts, Coverdell
Education Savings Accounts and after-tax contributions shall not be
used to purchase such service credit; or
4. Any combination of the above methods of payment.
A. A member may receive service credit for not to exceed five
(5) years of participating service accumulated by the member while
an employee of a state agency if the member is not receiving or
eligible to receive retirement benefits or credit for said service
from the Oklahoma Public Employees Retirement System. To receive
credit for said service prior to January 1, 1991, the employee and
employer contributions for those years of service and interest of
not to exceed five percent (5%) as determined by the Board shall be
paid to the Board. Effective January 1, 1991, to receive credit for
Oklahoma Statutes - Title 47. Motor Vehicles Page 173
said service, the member shall pay the amount determined by the
Board of Trustees pursuant to Section 19 of Enrolled Senate Bill No.
810 of the 2nd Session of the 42nd Oklahoma Legislature. Such
service credit shall not be used in determining the eligibility of
the member for retirement based upon length of service.
B. To receive credit for such service:
1. A member who became a member of the system prior to July 1,
1988, shall make application to the Board for such service prior to
January 1, 1989; and
2. A member who becomes a member of the system after June 30,
1988, shall make application to the Board for such service within
two (2) years of the date the member became a member of the system.
C. Such service credit may be paid by:
1. A cash lump-sum payment;
2. A trustee-to-trustee transfer of non-Roth funds from a
Section 403(b) annuity or custodial account, an eligible deferred
compensation plan described in Section 457(b) which is maintained by
an eligible employer described in Code Section 457(e)(1)(A), and/or
a Code Section 401(a) qualified plan;
3. A direct rollover of tax-deferred funds from a Code Section
403(b) annuity or custodial account, an eligible deferred
compensation plan described in Code Section 457(b) which is
maintained by an eligible employer described in Code Section
457(3)(1)(A), a Code Section 401(a) qualified plan, and/or a Code
Section 408(a) or 408(b) traditional or conduit Individual
Retirement Account or Annuity (IRA). Roth accounts, Coverdell
Education Savings Accounts and after-tax contributions shall not be
used to purchase such service credit; or
4. Any combination of the above methods of payment.
Status: in_force · Read it on the official government site
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