Okla. Stat. tit. 70, § 70-17-116.8
This is the official text of Okla. Stat. tit. 70, § 70-17-116.8, 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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Service credit - Computation of purchase price
Official statutory text
A. The Board of Trustees shall adopt rules for computation of
the purchase price for service credit. These rules shall base the
purchase price for each year purchased on the actuarial cost of the
incremental projected benefits to be purchased. The purchase price
shall represent the present value of the incremental projected
benefits discounted according to the member's age at the time of
purchase. Incremental projected benefits shall be the difference
between the projected benefit said member would receive without
purchasing the service credit and the projected benefit after
purchase of the service credit computed as of the earliest age at
which the member would be able to retire. Said computation shall
assume an unreduced benefit and be computed using interest and
mortality assumptions consistent with the actuarial assumptions
adopted by the Board of Trustees for purposes of preparing the
annual actuarial evaluation.
B. In the event that the member is unable to pay the purchase
price provided for in this section by the due date, the Board of
Trustees shall permit the members to amortize the purchase price
over a period not to exceed sixty (60) months. Said payments shall
Oklahoma Statutes - Title 70. Schools Page 792
be made by payroll deductions unless the Board of Trustees permits
an alternate payment source. The amortization shall include
interest in an amount not to exceed the actuarially assumed interest
rate adopted by the Board of Trustees for investment earnings each
year. Any member who ceases to make payment, terminates, retires or
dies before completing the payments provided for in this section
shall receive prorated service credit for only those payments made,
unless the unpaid balance is paid by said member, his or her estate
or successor in interest within six (6) months after said member's
death, termination of employment or retirement, provided no
retirement benefits shall be payable until the unpaid balance is
paid, unless said member or beneficiary affirmatively waives the
additional six-month period in which to pay the unpaid balance. The
Board of Trustees shall promulgate such rules as are necessary to
implement the provisions of this subsection.
the purchase price for service credit. These rules shall base the
purchase price for each year purchased on the actuarial cost of the
incremental projected benefits to be purchased. The purchase price
shall represent the present value of the incremental projected
benefits discounted according to the member's age at the time of
purchase. Incremental projected benefits shall be the difference
between the projected benefit said member would receive without
purchasing the service credit and the projected benefit after
purchase of the service credit computed as of the earliest age at
which the member would be able to retire. Said computation shall
assume an unreduced benefit and be computed using interest and
mortality assumptions consistent with the actuarial assumptions
adopted by the Board of Trustees for purposes of preparing the
annual actuarial evaluation.
B. In the event that the member is unable to pay the purchase
price provided for in this section by the due date, the Board of
Trustees shall permit the members to amortize the purchase price
over a period not to exceed sixty (60) months. Said payments shall
Oklahoma Statutes - Title 70. Schools Page 792
be made by payroll deductions unless the Board of Trustees permits
an alternate payment source. The amortization shall include
interest in an amount not to exceed the actuarially assumed interest
rate adopted by the Board of Trustees for investment earnings each
year. Any member who ceases to make payment, terminates, retires or
dies before completing the payments provided for in this section
shall receive prorated service credit for only those payments made,
unless the unpaid balance is paid by said member, his or her estate
or successor in interest within six (6) months after said member's
death, termination of employment or retirement, provided no
retirement benefits shall be payable until the unpaid balance is
paid, unless said member or beneficiary affirmatively waives the
additional six-month period in which to pay the unpaid balance. The
Board of Trustees shall promulgate such rules as are necessary to
implement the provisions of this subsection.
Status: in_force · Read it on the official government site
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