Okla. Stat. tit. 70, § 70-17-102.1

Oklahoma Statutes - Title 70. Schools Page 717

(1) In the event a plan of the retirement 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 plan, the Board of

Trustees 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 plan 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.

Oklahoma Statutes - Title 70. Schools Page 718

Provided no discrimination in value results, the Board of

Trustees shall distribute the amounts so allocated in one of the

following manners as the Board of Trustees in their discretion may

determine:

(i) by continuing payment of benefits as they become

due, or

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

such person.