Okla. Stat. tit. 74, § 74-930.3
This is the official text of Okla. Stat. tit. 74, § 74-930.3, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Increase in retirement benefits
Official statutory text
A. Every member receiving retirement benefits from the System
as of June 30, 1994, who retired with a final average compensation
of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)
and who had twenty (20) or more years of credited service within the
Oklahoma Public Employees Retirement System as of the member's
retirement date, shall receive on July 1, 1994, a retirement benefit
increase to reflect a final average compensation of Thirteen
Thousand Eight Hundred Dollars ($13,800.00) multiplied by two
percent (2%), further multiplied by the number of years of credited
service of the member; provided said increase shall be adjusted to
Oklahoma Statutes - Title 74. State Government Page 710
reflect any options selected by the member or reduction factors
applicable at the time of retirement.
B. Every member receiving retirement benefits from the System
as of June 30, 1994, who retired with a final average compensation
of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)
and who had at least fifteen (15) but not more than nineteen (19)
years of credited service within the Oklahoma Public Employees
Retirement System as of the member's retirement date, shall receive
on July 1, 1994, a retirement benefit increase to reflect a final
average compensation of Thirteen Thousand Eight Hundred Dollars
($13,800.00) multiplied by two percent (2%), further multiplied by
the number of years of credited service of the member multiplied by
one-half (1/2); provided said increase shall be adjusted to reflect
any options selected by the member or reduction factors applicable
at the time of retirement.
C. Every member receiving retirement benefits from the System
as of June 30, 1994, who retired with a final average compensation
of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)
and who had less than fifteen (15) years of credited service within
the Oklahoma Public Employees Retirement System as of the member's
retirement date shall not be eligible for the retirement benefit
increase reflecting a minimum final average compensation as
otherwise provided by this section.
D. Any member receiving retirement benefits from the System as
of June 30, 1993, who was eligible to receive an increase in
benefits pursuant to subsection A or B of this section, but in an
amount less than the increase in benefits provided by this
subsection or who was not eligible to receive an increase in
benefits pursuant to subsection A or B of this section, shall
receive on July 1, 1994, an increase in retirement benefits to be
computed as follows:
1. Multiply Four Hundred Ninety-seven Dollars ($497.00) by two
percent (2%);
2. Multiply the sum of paragraph 1 by the number of years of
credited service of the member;
3. Divide the sum of paragraph 2 by twelve (12) and this shall
be the increase in the monthly retirement benefit; and
4. This increase shall be adjusted to reflect any options
selected by the member at the time of retirement.
E. A member receiving an increase in retirement benefits
pursuant to subsection D of this section shall not be eligible for
an increase in retirement benefits pursuant to subsection A or B of
this section.
as of June 30, 1994, who retired with a final average compensation
of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)
and who had twenty (20) or more years of credited service within the
Oklahoma Public Employees Retirement System as of the member's
retirement date, shall receive on July 1, 1994, a retirement benefit
increase to reflect a final average compensation of Thirteen
Thousand Eight Hundred Dollars ($13,800.00) multiplied by two
percent (2%), further multiplied by the number of years of credited
service of the member; provided said increase shall be adjusted to
Oklahoma Statutes - Title 74. State Government Page 710
reflect any options selected by the member or reduction factors
applicable at the time of retirement.
B. Every member receiving retirement benefits from the System
as of June 30, 1994, who retired with a final average compensation
of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)
and who had at least fifteen (15) but not more than nineteen (19)
years of credited service within the Oklahoma Public Employees
Retirement System as of the member's retirement date, shall receive
on July 1, 1994, a retirement benefit increase to reflect a final
average compensation of Thirteen Thousand Eight Hundred Dollars
($13,800.00) multiplied by two percent (2%), further multiplied by
the number of years of credited service of the member multiplied by
one-half (1/2); provided said increase shall be adjusted to reflect
any options selected by the member or reduction factors applicable
at the time of retirement.
C. Every member receiving retirement benefits from the System
as of June 30, 1994, who retired with a final average compensation
of less than Thirteen Thousand Eight Hundred Dollars ($13,800.00)
and who had less than fifteen (15) years of credited service within
the Oklahoma Public Employees Retirement System as of the member's
retirement date shall not be eligible for the retirement benefit
increase reflecting a minimum final average compensation as
otherwise provided by this section.
D. Any member receiving retirement benefits from the System as
of June 30, 1993, who was eligible to receive an increase in
benefits pursuant to subsection A or B of this section, but in an
amount less than the increase in benefits provided by this
subsection or who was not eligible to receive an increase in
benefits pursuant to subsection A or B of this section, shall
receive on July 1, 1994, an increase in retirement benefits to be
computed as follows:
1. Multiply Four Hundred Ninety-seven Dollars ($497.00) by two
percent (2%);
2. Multiply the sum of paragraph 1 by the number of years of
credited service of the member;
3. Divide the sum of paragraph 2 by twelve (12) and this shall
be the increase in the monthly retirement benefit; and
4. This increase shall be adjusted to reflect any options
selected by the member at the time of retirement.
E. A member receiving an increase in retirement benefits
pursuant to subsection D of this section shall not be eligible for
an increase in retirement benefits pursuant to subsection A or B of
this section.
Status: in_force · Read it on the official government site
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