Okla. Stat. tit. 70, § 70-17-116.2B
This is the official text of Okla. Stat. tit. 70, § 70-17-116.2B, 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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Oklahoma State System of Higher Education -
Official statutory text
Employees of entities or institutions - Amount of retirement
benefits.
A. Beginning July 1, 2004, a member who has any creditable
service as an employee of an entity or institution within The
Oklahoma State System of Higher Education on or after July 1, 1995,
who retires on or after the member's normal retirement age or whose
retirement is because of disability shall receive an annual
allowance for life, payable monthly, as follows:
1. If the member becomes a member after June 30, 1995, and was
not eligible to become a member prior to July 1, 1995, in an amount
equal to two percent (2%) of the member's average salary upon which
member contributions were made, multiplied by the number of the
member's years of creditable service;
2. If the member became a member or is eligible to become a
member prior to July 1, 1995, and elected to have a maximum
compensation level in excess of Twenty-five Thousand Dollars
($25,000.00) pursuant to paragraph 1 of subsection C of Section 17-
116.2 of this title or pursuant to subsection E of Section 17-116.2
of this title, or if the member's salary never exceeded Twenty-five
Thousand Dollars ($25,000.00) prior to July 1, 1995, in an amount
equal to:
a. two percent (2%) of the member's average salary upon
which member contributions were made, not to exceed
Forty Thousand Dollars ($40,000.00), multiplied by the
number of the member's years of creditable service
authorized and performed prior to July 1, 1995, plus
any years of prior service authorized under this
title, plus
b. two percent (2%) of the average of the member's
maximum compensation level upon which member
contributions were made for those years between July
1, 1995, and June 30, 2007, in which the member's
regular annual compensation meets or exceeds the
maximum compensation level in effect for the member
for the period July 1, 1995, through June 30, 2007,
multiplied by the number of the member's years of
creditable service for the period July 1, 1995,
through June 30, 2007, in which the member's regular
annual compensation meets or exceeds the maximum
Oklahoma Statutes - Title 70. Schools Page 782
compensation in effect for the member for the period
July 1, 1995, through June 30, 2007, plus
c. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
authorized and performed for an employer other than a
comprehensive university or for service performed for
an employer other than an entity or institution within
The Oklahoma State System of Higher Education on or
after July 1, 1995, but not later than June 30, 2007,
plus
d. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
in which contributions were made that did not meet or
exceed the member's maximum compensation level in
effect for the member for the period July 1, 1995,
through June 30, 2007, and the number of the member's
years of creditable service authorized and performed
after June 30, 2007;
3. If the member became a member or is eligible to become a
member prior to July 1, 1995, and was eligible to elect to have a
maximum compensation level in excess of Twenty-five Thousand Dollars
($25,000.00) and did not elect or elected not to have a maximum
compensation level of Forty Thousand Dollars ($40,000.00) pursuant
to paragraph 1 of subsection C of Section 17-116.2 of this title or
pursuant to subsection E of Section 17-116.2 of this title, in an
amount equal to:
a. two percent (2%) of the member's average salary upon
which member contributions were made, not to exceed
Twenty-five Thousand Dollars ($25,000.00), multiplied
by the number of the member's years of creditable
service authorized and performed prior to July 1,
1995, plus any years of prior service authorized under
this title, plus
of Section 17-116.2 of this title, in an
amount equal to:
a. two percent (2%) of the member's average salary upon
which member contributions were made, not to exceed
Twenty-five Thousand Dollars ($25,000.00), multiplied
by the number of the member's years of creditable
service authorized and performed prior to July 1,
1995, plus any years of prior service authorized under
this title, plus
b. two percent (2%) of the average of the member's
maximum compensation level upon which member
contributions were made for those years of service
between July 1, 1995, and June 30, 2007, in which the
member's regular annual compensation meets or exceeds
the maximum compensation level in effect for the
member for the period July 1, 1995, through June 30,
2007, multiplied by the number of the member's years
of creditable service for the period July 1, 1995,
through June 30, 2007, in which the member's regular
annual compensation meets or exceeds the maximum
Oklahoma Statutes - Title 70. Schools Page 783
compensation in effect for the member for the period
July 1, 1995, through June 30, 2007, plus
c. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
authorized and performed for an employer other than a
comprehensive university or for service performed for
an employer other than an entity or institution within
The Oklahoma State System of Higher Education on or
after July 1, 1995, but not later than June 30, 2007,
plus
d. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
in which contributions were made that did not meet or
exceed the member's maximum compensation level in
effect for the member for the period July 1, 1995,
through June 30, 2007, and the number of the member's
years of creditable service authorized and performed
after June 30, 2007;
4. Any member who retired on or after July 1, 1995, shall be
eligible to have the benefits recalculated in accordance with the
terms and provisions of paragraphs 2 and 3 of this section. In the
event such calculation results in an increase in benefits, such
benefits will be adjusted commencing January 1, 2005, and
thereafter. No such recalculation shall be applied in a retroactive
manner to result in any increase in benefits which have been paid
between July 1, 1995, and December 31, 2004;
5. For purposes of this section, the term "average of the
member's maximum compensation level" means an average of the annual
salary on which the maximum contributions were made to the Teachers'
Retirement System of Oklahoma for the period between July 1, 1995,
and June 30, 2007. The average for each member will be applied in
accordance with paragraph (15) of Section 17-101 of this title;
6. In the event there are insufficient number of years for the
time period between July 1, 1995, and June 30, 2007, to reach the
high three (3) or high consecutive five (5) years in accordance with
paragraph (15) of Section 17-101 of this title, the member's maximum
compensation level shall be determined by an average of the salary
on which maximum contributions were made. In no case shall the
member's maximum compensation level exceed the average salary as
determined by paragraph (15) of Section 17-101 of this title; and
7. Beginning July 1, 2018, an active member of the Teachers'
Retirement System of Oklahoma who is employed and participating with
an entity or institution within The Oklahoma State System of Higher
Education may purchase not to exceed two (2) years of incentive
credit if:
Oklahoma Statutes - Title 70. Schools Page 784
a. the member has reached his or her normal retirement
date or is within two (2) years of reaching the
member's normal retirement date as authorized in
Section 17-105 of this title, or
articipating with
an entity or institution within The Oklahoma State System of Higher
Education may purchase not to exceed two (2) years of incentive
credit if:
Oklahoma Statutes - Title 70. Schools Page 784
a. the member has reached his or her normal retirement
date or is within two (2) years of reaching the
member's normal retirement date as authorized in
Section 17-105 of this title, or
b. the member is eligible for or is within two (2) years
of being eligible for early retirement pursuant to
paragraph 1 of subsection A of Section 17-116.2 of
this title.
B. Purchased incentive credit may only be used as participation
service to qualify the member for normal or early retirement.
C. To receive the incentive credit, the member shall pay the
amount determined by the Board pursuant to Section 17-116.8 of this
title.
benefits.
A. Beginning July 1, 2004, a member who has any creditable
service as an employee of an entity or institution within The
Oklahoma State System of Higher Education on or after July 1, 1995,
who retires on or after the member's normal retirement age or whose
retirement is because of disability shall receive an annual
allowance for life, payable monthly, as follows:
1. If the member becomes a member after June 30, 1995, and was
not eligible to become a member prior to July 1, 1995, in an amount
equal to two percent (2%) of the member's average salary upon which
member contributions were made, multiplied by the number of the
member's years of creditable service;
2. If the member became a member or is eligible to become a
member prior to July 1, 1995, and elected to have a maximum
compensation level in excess of Twenty-five Thousand Dollars
($25,000.00) pursuant to paragraph 1 of subsection C of Section 17-
116.2 of this title or pursuant to subsection E of Section 17-116.2
of this title, or if the member's salary never exceeded Twenty-five
Thousand Dollars ($25,000.00) prior to July 1, 1995, in an amount
equal to:
a. two percent (2%) of the member's average salary upon
which member contributions were made, not to exceed
Forty Thousand Dollars ($40,000.00), multiplied by the
number of the member's years of creditable service
authorized and performed prior to July 1, 1995, plus
any years of prior service authorized under this
title, plus
b. two percent (2%) of the average of the member's
maximum compensation level upon which member
contributions were made for those years between July
1, 1995, and June 30, 2007, in which the member's
regular annual compensation meets or exceeds the
maximum compensation level in effect for the member
for the period July 1, 1995, through June 30, 2007,
multiplied by the number of the member's years of
creditable service for the period July 1, 1995,
through June 30, 2007, in which the member's regular
annual compensation meets or exceeds the maximum
Oklahoma Statutes - Title 70. Schools Page 782
compensation in effect for the member for the period
July 1, 1995, through June 30, 2007, plus
c. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
authorized and performed for an employer other than a
comprehensive university or for service performed for
an employer other than an entity or institution within
The Oklahoma State System of Higher Education on or
after July 1, 1995, but not later than June 30, 2007,
plus
d. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
in which contributions were made that did not meet or
exceed the member's maximum compensation level in
effect for the member for the period July 1, 1995,
through June 30, 2007, and the number of the member's
years of creditable service authorized and performed
after June 30, 2007;
3. If the member became a member or is eligible to become a
member prior to July 1, 1995, and was eligible to elect to have a
maximum compensation level in excess of Twenty-five Thousand Dollars
($25,000.00) and did not elect or elected not to have a maximum
compensation level of Forty Thousand Dollars ($40,000.00) pursuant
to paragraph 1 of subsection C of Section 17-116.2 of this title or
pursuant to subsection E of Section 17-116.2 of this title, in an
amount equal to:
a. two percent (2%) of the member's average salary upon
which member contributions were made, not to exceed
Twenty-five Thousand Dollars ($25,000.00), multiplied
by the number of the member's years of creditable
service authorized and performed prior to July 1,
1995, plus any years of prior service authorized under
this title, plus
of Section 17-116.2 of this title, in an
amount equal to:
a. two percent (2%) of the member's average salary upon
which member contributions were made, not to exceed
Twenty-five Thousand Dollars ($25,000.00), multiplied
by the number of the member's years of creditable
service authorized and performed prior to July 1,
1995, plus any years of prior service authorized under
this title, plus
b. two percent (2%) of the average of the member's
maximum compensation level upon which member
contributions were made for those years of service
between July 1, 1995, and June 30, 2007, in which the
member's regular annual compensation meets or exceeds
the maximum compensation level in effect for the
member for the period July 1, 1995, through June 30,
2007, multiplied by the number of the member's years
of creditable service for the period July 1, 1995,
through June 30, 2007, in which the member's regular
annual compensation meets or exceeds the maximum
Oklahoma Statutes - Title 70. Schools Page 783
compensation in effect for the member for the period
July 1, 1995, through June 30, 2007, plus
c. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
authorized and performed for an employer other than a
comprehensive university or for service performed for
an employer other than an entity or institution within
The Oklahoma State System of Higher Education on or
after July 1, 1995, but not later than June 30, 2007,
plus
d. two percent (2%) of the member's average salary upon
which member contributions were made, multiplied by
the number of the member's years of creditable service
in which contributions were made that did not meet or
exceed the member's maximum compensation level in
effect for the member for the period July 1, 1995,
through June 30, 2007, and the number of the member's
years of creditable service authorized and performed
after June 30, 2007;
4. Any member who retired on or after July 1, 1995, shall be
eligible to have the benefits recalculated in accordance with the
terms and provisions of paragraphs 2 and 3 of this section. In the
event such calculation results in an increase in benefits, such
benefits will be adjusted commencing January 1, 2005, and
thereafter. No such recalculation shall be applied in a retroactive
manner to result in any increase in benefits which have been paid
between July 1, 1995, and December 31, 2004;
5. For purposes of this section, the term "average of the
member's maximum compensation level" means an average of the annual
salary on which the maximum contributions were made to the Teachers'
Retirement System of Oklahoma for the period between July 1, 1995,
and June 30, 2007. The average for each member will be applied in
accordance with paragraph (15) of Section 17-101 of this title;
6. In the event there are insufficient number of years for the
time period between July 1, 1995, and June 30, 2007, to reach the
high three (3) or high consecutive five (5) years in accordance with
paragraph (15) of Section 17-101 of this title, the member's maximum
compensation level shall be determined by an average of the salary
on which maximum contributions were made. In no case shall the
member's maximum compensation level exceed the average salary as
determined by paragraph (15) of Section 17-101 of this title; and
7. Beginning July 1, 2018, an active member of the Teachers'
Retirement System of Oklahoma who is employed and participating with
an entity or institution within The Oklahoma State System of Higher
Education may purchase not to exceed two (2) years of incentive
credit if:
Oklahoma Statutes - Title 70. Schools Page 784
a. the member has reached his or her normal retirement
date or is within two (2) years of reaching the
member's normal retirement date as authorized in
Section 17-105 of this title, or
articipating with
an entity or institution within The Oklahoma State System of Higher
Education may purchase not to exceed two (2) years of incentive
credit if:
Oklahoma Statutes - Title 70. Schools Page 784
a. the member has reached his or her normal retirement
date or is within two (2) years of reaching the
member's normal retirement date as authorized in
Section 17-105 of this title, or
b. the member is eligible for or is within two (2) years
of being eligible for early retirement pursuant to
paragraph 1 of subsection A of Section 17-116.2 of
this title.
B. Purchased incentive credit may only be used as participation
service to qualify the member for normal or early retirement.
C. To receive the incentive credit, the member shall pay the
amount determined by the Board pursuant to Section 17-116.8 of this
title.
Status: in_force · Read it on the official government site
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