Okla. Stat. tit. 47, § 47-2-308
This is the official text of Okla. Stat. tit. 47, § 47-2-308, 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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Payments on termination of membership - Reemployment
Official statutory text
A. A member who terminates his service before normal retirement
date, other than by death or disability, shall, upon application
filed with the Board, be entitled to be refunded from the 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 state. If such 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 his 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 member's
normal retirement date to be determined as if the member's
employment continued uninterrupted. The annual amount of such
retirement annuity shall be equal to two and one-half percent (2
1/2%) of final average salary multiplied by the number of years of
credited service. The death benefits provided for under Section 2-
306 of this title shall apply to any member retiring under the
provisions of this subsection.
B. A member who terminated service before the normal retirement
date of such member and elected a vested benefit in lieu of
receiving accumulated contributions may upon reemployment be allowed
full credit toward retirement for all credited service accrued for
the vested benefit. This subsection shall apply to employees of the
Oklahoma State Bureau of Investigation, the Oklahoma State Bureau of
Narcotics and Dangerous Drugs Control, the Department of Public
Safety and the Oklahoma Alcoholic Beverage Control Board whose
benefits had vested in the Oklahoma Public Employees Retirement
System prior to the establishment of the Oklahoma Law Enforcement
Retirement System. Upon reemployment of said employee by an agency
whose employees are now members of the Oklahoma Law Enforcement
Retirement System, the Oklahoma Public Employees Retirement System
shall transfer to the Oklahoma Law Enforcement Retirement System all
funds contributed by the individual member being reemployed and all
funds contributed by the state for such member.
date, other than by death or disability, shall, upon application
filed with the Board, be entitled to be refunded from the 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 state. If such 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 his 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 member's
normal retirement date to be determined as if the member's
employment continued uninterrupted. The annual amount of such
retirement annuity shall be equal to two and one-half percent (2
1/2%) of final average salary multiplied by the number of years of
credited service. The death benefits provided for under Section 2-
306 of this title shall apply to any member retiring under the
provisions of this subsection.
B. A member who terminated service before the normal retirement
date of such member and elected a vested benefit in lieu of
receiving accumulated contributions may upon reemployment be allowed
full credit toward retirement for all credited service accrued for
the vested benefit. This subsection shall apply to employees of the
Oklahoma State Bureau of Investigation, the Oklahoma State Bureau of
Narcotics and Dangerous Drugs Control, the Department of Public
Safety and the Oklahoma Alcoholic Beverage Control Board whose
benefits had vested in the Oklahoma Public Employees Retirement
System prior to the establishment of the Oklahoma Law Enforcement
Retirement System. Upon reemployment of said employee by an agency
whose employees are now members of the Oklahoma Law Enforcement
Retirement System, the Oklahoma Public Employees Retirement System
shall transfer to the Oklahoma Law Enforcement Retirement System all
funds contributed by the individual member being reemployed and all
funds contributed by the state for such member.
Status: in_force · Read it on the official government site
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