Okla. Stat. tit. 74, § 74-913.4

Computation factor - Benefits.

A. 1. Except as otherwise provided in this subsection, an

elected official may elect to participate in the System and if he or

Oklahoma Statutes - Title 74. State Government Page 649

she elects to do so shall have the option of participating at any

one of the computation factors set forth in paragraph 3 or 4 of this

subsection and will receive retirement benefits in accordance with

the computation factor chosen. The election on participation in the

System must be in writing, must specify the computation factor

chosen, and must be filed with the System within ninety (90) days

after the elected official takes office. The election to

participate and the election of a computation factor shall be

irrevocable. Reelection to the same office will not permit new

elections. Failure of an elected official to file such election

form within the ninety-day period shall be deemed an irrevocable

election to participate in the System at the maximum computation

factor.

2. Contributions and benefits will be based upon the elected

official's annual compensation as defined in Section 902 of this

title. Employer and elected official contributions shall be

remitted at least monthly, or as the Board may otherwise provide, to

the System for deposit in the Oklahoma Public Employees Retirement

Fund. Effective July 1, 1994, and thereafter, the participating

employer shall contribute as provided in Section 920 of this title.

3. Except as provided in paragraph 4 of this subsection,

effective July 1, 1994, the computation factor selected and the

corresponding elected official contribution rate shall be as

follows:

Elected official Computation Alternate

Contribution Rate Factor Formula

4.5% 1.9% $12.50

6% 2.5% $20.00

7.5% 3.0% $25.00

8.5% 3.4% $27.50

9% 3.6% $30.00

10% 4.0% $40.00

4. Elected officials who are first elected or appointed to an

elected office on or after November 1, 2010, shall elect a

computation factor of either 1.9% or 4%. The elected official

contribution rate for the 1.9% computation factor is currently 4.5%

and the contribution rate for the 4% computation factor is currently

10%. All other computation factors and contribution rates set forth

in paragraph 3 of this subsection shall not be available to any

person first elected or appointed to an elected office on or after

November 1, 2010.

5. The contribution rate for elected officials who are first

elected or appointed to an elected office on or after November 1,

2011, shall be in the amount specified in paragraph (a) of

subsection (1) of Section 919.1 of this title. The amount of the

retirement benefit for elected officials who are first elected or

appointed to an elected office on or after November 1, 2011, shall

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be based on the provisions of paragraph (1) of subsection A of

Section 915 of this title.

6. The computation factors and corresponding elected official

contribution rates provided for in paragraphs 3 and 4 of this

subsection shall be based on the entire compensation as an elected

official subject to the definition and maximum compensation levels

as set forth in paragraph (9) of Section 902 of this title.

7. Elected officials who are first elected or appointed on or

after November 1, 2011, shall also be eligible to make the election

of an alternate multiplier and contribution rate pursuant to

paragraph 2 of subsection A of Section 915 of this title.

8. A statewide elected official or legislator whose first

service as an elected official occurs on or after November 1, 2015,

shall become a participant in the defined contribution system

created by Sections 935.1 through 935.11 of this title and such

elected official shall not accrue any service credit in the defined

benefit plan of the Oklahoma Public Employees Retirement System

created pursuant to Section 901 et seq. of this title.
r whose first

service as an elected official occurs on or after November 1, 2015,

shall become a participant in the defined contribution system

created by Sections 935.1 through 935.11 of this title and such

elected official shall not accrue any service credit in the defined

benefit plan of the Oklahoma Public Employees Retirement System

created pursuant to Section 901 et seq. of this title.

9. Notwithstanding the provisions of paragraph 8 of this

subsection, a statewide elected official or legislator who is first

elected or appointed on or after November 1, 2018, and who has

participating service in the defined benefit plan prior to November

1, 2015, shall be a member of the defined benefit plan.

B. The normal retirement date for an elected official shall be

the first day of the month coinciding with or following the

official's sixtieth birthday or the first day of the month

coinciding with or following the date at which the sum of the

elected official's age and number of years of credited service total

eighty (80). The normal retirement date for an elected official

first elected or appointed to an elected office on or after November

1, 2011, shall be the first day of the month coinciding with or

following the official's sixty-fifth birthday or the date upon which

the elected or appointed official attains the age of sixty-two (62)

and who has at least ten (10) years of elected or appointed service.

Any elected official first elected or appointed to an elected office

before November 1, 2011, who has a minimum of ten (10) years'

participating service may retire under the early retirement

provisions of this act, including those electing a vested benefit

and shall receive an adjustment of annual benefits in accordance

with the following percentage schedule:

Percentage of Normal

Age Retirement Benefits

60 100%

59 94%

58 88%

57 82%

56 76%

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55 70%

Any elected official first elected or appointed to an elected

office on or after November 1, 2011, who has a minimum of ten (10)

years' elected or appointed service may retire under the early

retirement provisions of this act, including those electing a vested

benefit and shall receive an adjustment of annual benefits in

accordance with the following percentage schedule:

Percentage of Normal

Age Retirement Benefits

62 100%

61 93.33%

60 86.67%

C. 1. Any elected official shall receive annual benefits

computed based upon the computation factor selected multiplied by

the member's highest annual compensation received as an elected

official prior to retirement or termination of employment multiplied

by the number of years of credited service. No elected official

shall retire using such highest annual compensation unless the

elected official has made the required election and has paid the

required contributions on such salary.

2. The retirement benefit may be computed pursuant to the

provisions of paragraph (1) of subsection A of Section 915 of this

title if the benefit would be higher. Elected officials who have a

vested benefit prior to July 1, 1980, may elect to receive annual

benefits based on the alternate formula provided above. Such annual

benefits shall be paid in equal monthly installments.

3. Elected officials who become members of the Oklahoma Public

Employees Retirement System on or after August 22, 2008, will

receive retirement benefits in accordance with the computation

factor selected pursuant to subsection A of this section multiplied

by the member's highest annual compensation received as an elected

official and only for those years of credited service the member

served as an elected official. If such elected official has

participating service as a nonelected member, then such nonelected

service shall be computed separately pursuant to the provisions of

paragraph (1) of subsection A of Section 915 of this title with the
by the member's highest annual compensation received as an elected

official and only for those years of credited service the member

served as an elected official. If such elected official has

participating service as a nonelected member, then such nonelected

service shall be computed separately pursuant to the provisions of

paragraph (1) of subsection A of Section 915 of this title with the

final benefit result added to the final benefit result for elected

service. In no event shall the elected official be entitled to

apply the computation factor selected pursuant to subsection A of

this section or the compensation received as an elected official to

the computation of nonelected service.

4. Elected officials who are first elected or appointed to an

elected office on or after August 22, 2008, may not receive a

maximum benefit greater than their single highest annual

compensation received as a member of the Oklahoma Public Employees

Retirement System.

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D. Any elected official making an election to participate at a

computation factor less than the maximum and later selecting a

higher computation factor shall contribute to the System a sum equal

to the amount which the elected official would have contributed if

the elected official had made such election at the time the elected

official first became eligible, plus interest as determined by the

Board, in order to receive the additional benefits for all service

as an elected official; otherwise, the additional benefits shall be

applicable only to service for which the elected official pays the

appropriate percent of contributions to the System.

E. The surviving spouse of a deceased elected official who was

first elected or appointed to an elected office before November 1,

2011, and who has at least six (6) years of participating service

and the surviving spouse of a deceased elected official who was

first elected or appointed to an elected office on or after November

1, 2011, and who has at least eight (8) years of participating

service shall be entitled to receive survivor benefits in the amount

herein prescribed, if married to the decedent continuously for a

period of at least three (3) years immediately preceding the elected

official's death. Provided the elected official had met the service

requirements, survivor benefits shall be payable when the deceased

member would have met the requirements for normal or early

retirement. The amount of the benefits the surviving spouse may

receive shall be fifty percent (50%) of the amount of benefits the

deceased elected official was receiving or will be eligible to

receive. Elected officials may elect a retirement option as

provided in Section 918 of this title in lieu of the survivors

benefit provided above.

F. Any elected official who served in the Armed Forces of the

United States, as defined in paragraph (23) of Section 902 of this

title, prior to membership in the Oklahoma Public Employees

Retirement System shall be granted credited service of not to exceed

five (5) years for those periods of active military service during

which the elected official was a war veteran.

G. Anyone appointed or elected to an elected position after

July 1, 1990, shall not be eligible to receive benefits as provided

in this section until such person has participated as an elected

official for six (6) years. Anyone appointed or elected to an

elected position on or after November 1, 2011, shall not be eligible

to receive benefits as provided in this section until such person

has participated as an elected official for eight (8) years.

H. Elected officials who terminate participation in the System

and who have a minimum of six (6) years of participating service

shall be entitled to elect a vested benefit and shall be entitled to

the retirement options as provided in Section 918 of this title in
ble

to receive benefits as provided in this section until such person

has participated as an elected official for eight (8) years.

H. Elected officials who terminate participation in the System

and who have a minimum of six (6) years of participating service

shall be entitled to elect a vested benefit and shall be entitled to

the retirement options as provided in Section 918 of this title in

lieu of the survivors benefit provided in subsection E of this

section. Elected officials, first elected or appointed to an

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elected office on or after November 1, 2011, who terminate

participation in the System and who have a minimum of eight (8)

years of participating service shall be entitled to elect a vested

benefit and shall be entitled to retirement options as provided in

Section 918 of this title in lieu of the survivors benefits provided

in subsection E of this section.

I. In determining the number of years of credited service, a

fractional year of six (6) months or more shall be considered as one

(1) year, and less than six (6) months or more shall be disregarded.

For members who joined the System on or after November 1, 2011, the

number of years of credited service shall be based on actual years

and months of credited service without rounding up or down.