Okla. Stat. tit. 70, § 70-17-116.12
This is the official text of Okla. Stat. tit. 70, § 70-17-116.12, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Reduction-in-force termination credit
Official statutory text
A. A member of the Teachers' Retirement System of Oklahoma who
has ten (10) or more years of full-time-equivalent employment with a
participating employer, and who is terminated by a state agency or
other state governmental entity because the member's position is
eliminated through a reduction-in-force after July 1, 1998, and is
within three (3) years of retirement as prescribed in Section 17-105
of Title 70 of the Oklahoma Statutes, may purchase termination
credit of a period not to exceed the lesser of three (3) years or
the number of years or months or both years and months required in
order for the member to reach normal retirement date in the same
period of time and with the same service credit which would have
otherwise accrued if the termination had not occurred.
B. In order to receive the termination credit authorized by
this section, the member shall be required to file an election with
the System indicating an intent to purchase the credit. The member
shall have a period of six (6) months from the date the member is
terminated as described in subsection A of this section within which
to file the election.
C. To purchase the termination credit, the member shall be
required to make payment to the System of an amount equal to both
the employer and employee contributions which would have been paid
to the System based upon the maximum compensation level as defined
in subsection (28) of Section 17-101 of Title 70 of the Oklahoma
Statutes, which was received by the member in the last full month
that the member was employed by the state agency or other state
governmental entity multiplied by the number of months required in
order for the combination of the participating service and member's
age to equal the amount required for the member to reach normal
retirement date with an unreduced benefit as if the member had not
been terminated.
D. The member must make full payment to the System of all
required contribution amounts within sixty (60) days of filing the
election to purchase the credit. The member must vest his or her
benefits with a declared future retirement date as of the first
month the member is eligible for normal retirement. Failure to make
the full payment to the System of the required contribution amounts,
Oklahoma Statutes - Title 70. Schools Page 796
for any reason, within the time prescribed, shall result in
cancellation of the election provided pursuant to this section, and
return of the purchase amount tendered, without interest.
E. Purchased termination credit may only be used as service
credit to qualify the member for normal retirement.
F. If the member chooses to retire at any time prior to the
member's normal retirement date or returns to employment with a
participating employer of the System at any time prior to
retirement, the purchase of termination credit pursuant to this
section shall be void, and the System will return the purchase
amount tendered, without interest.
G. In the event of the death of the member prior to retirement,
the member's spouse, if otherwise eligible for benefits pursuant to
Section 17-105 of Title 70 of the Oklahoma Statutes, may elect to
receive benefits which include the termination credit on the
member's declared future retirement date, or may elect to receive a
return of the purchase amount tendered, without interest.
has ten (10) or more years of full-time-equivalent employment with a
participating employer, and who is terminated by a state agency or
other state governmental entity because the member's position is
eliminated through a reduction-in-force after July 1, 1998, and is
within three (3) years of retirement as prescribed in Section 17-105
of Title 70 of the Oklahoma Statutes, may purchase termination
credit of a period not to exceed the lesser of three (3) years or
the number of years or months or both years and months required in
order for the member to reach normal retirement date in the same
period of time and with the same service credit which would have
otherwise accrued if the termination had not occurred.
B. In order to receive the termination credit authorized by
this section, the member shall be required to file an election with
the System indicating an intent to purchase the credit. The member
shall have a period of six (6) months from the date the member is
terminated as described in subsection A of this section within which
to file the election.
C. To purchase the termination credit, the member shall be
required to make payment to the System of an amount equal to both
the employer and employee contributions which would have been paid
to the System based upon the maximum compensation level as defined
in subsection (28) of Section 17-101 of Title 70 of the Oklahoma
Statutes, which was received by the member in the last full month
that the member was employed by the state agency or other state
governmental entity multiplied by the number of months required in
order for the combination of the participating service and member's
age to equal the amount required for the member to reach normal
retirement date with an unreduced benefit as if the member had not
been terminated.
D. The member must make full payment to the System of all
required contribution amounts within sixty (60) days of filing the
election to purchase the credit. The member must vest his or her
benefits with a declared future retirement date as of the first
month the member is eligible for normal retirement. Failure to make
the full payment to the System of the required contribution amounts,
Oklahoma Statutes - Title 70. Schools Page 796
for any reason, within the time prescribed, shall result in
cancellation of the election provided pursuant to this section, and
return of the purchase amount tendered, without interest.
E. Purchased termination credit may only be used as service
credit to qualify the member for normal retirement.
F. If the member chooses to retire at any time prior to the
member's normal retirement date or returns to employment with a
participating employer of the System at any time prior to
retirement, the purchase of termination credit pursuant to this
section shall be void, and the System will return the purchase
amount tendered, without interest.
G. In the event of the death of the member prior to retirement,
the member's spouse, if otherwise eligible for benefits pursuant to
Section 17-105 of Title 70 of the Oklahoma Statutes, may elect to
receive benefits which include the termination credit on the
member's declared future retirement date, or may elect to receive a
return of the purchase amount tendered, without interest.
Status: in_force · Read it on the official government site
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