Okla. Stat. tit. 70, § 70-17-206

This is the official text of Okla. Stat. tit. 70, § 70-17-206, 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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Election to participate in alternative retirement plan

Official statutory text

or Teachers Retirement Plan System of Oklahoma.

A. An eligible employee shall have thirty (30) days from such

eligible employee's initial date of hire or the date the alternate

retirement plan is adopted by the participating institution,

whichever is later, to make a one-time irrevocable written election

to participate in the alternate retirement plan or the Teachers'

Retirement System of Oklahoma. If an eligible employee fails to

make an election within the thirty-day period such eligible employee

shall participate in the Teachers' Retirement System of Oklahoma.

If an eligible employee makes the election to participate in the

alternate retirement plan such eligible employee shall not

participate in the Teachers' Retirement System of Oklahoma nor make

employee contributions to the Teachers' Retirement System of

Oklahoma and the participating institution shall not make employer

contributions to the Teachers' Retirement System of Oklahoma except

as otherwise required by Section 17-201 et seq. of this title. If

an eligible employee elects to participate in the Teachers'

Retirement System of Oklahoma, then the eligible employee shall make

employee contributions to the Teachers' Retirement System of

Oklahoma and the participating institution shall pay the employer

contributions of such eligible employee to the Teachers' Retirement

System of Oklahoma for the month that the eligible employee was

hired through the month that the election is made and as long as the

eligible employee participates in the Teachers' Retirement System of

Oklahoma.

B. An eligible employee who elects to participate in the

alternate retirement plan shall be ineligible for participation in

the Teachers' Retirement System of Oklahoma. Ineligibility to

participate in the Teachers' Retirement System of Oklahoma shall

continue so long as such eligible employee remains employed by a

participating institution. If such eligible employee assumes a

different position, which is governed by a state retirement system

other than the alternate retirement plan authorized in Section 17-

201 et seq. of this title, the eligible employee shall be subject to

the retirement system rules applicable to that new position.

However, such eligible employee shall not be eligible for service

Oklahoma Statutes - Title 70. Schools Page 805

credit in the Teachers' Retirement System of Oklahoma for service

performed while participating in an alternate retirement plan.

Status: in_force · Read it on the official government site

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