Okla. Stat. tit. 74, § 74-930.5
This is the official text of Okla. Stat. tit. 74, § 74-930.5, 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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Cost of living adjustment - Calculation
Official statutory text
A. It is the intent of the Legislature to provide a cost of
living adjustment to retirants of the Oklahoma Public Employees
Retirement System which reflects a replacement of the loss of
purchasing power, while remaining consistent with the basic benefit
formula of the System.
B. To fulfill the intent as set forth in subsection A of this
section, every person receiving retirement benefits from the System
as of June 30, 1997, who continues to receive benefits on or after
Oklahoma Statutes - Title 74. State Government Page 712
July 1, 1998, shall receive an increase in retirement benefits as
follows:
1. Persons who have been retired ten (10) years or less will
receive two and one-half percent (2.5%) of the retirement benefit on
July 1, 1998, multiplied by the number of years the member has been
retired;
2. Persons who have been retired in excess of ten (10) years
will receive two and one-half percent (2.5%) of the retirement
benefit on July 1, 1998, multiplied by ten (10);
3. For purposes of calculating the increase, the member's
effective retirement date will be utilized, provided further, that a
fractional year of six (6) months or more shall be considered as one
(1) year and less than six (6) months shall be disregarded;
4. The increase provided in this section shall become effective
with the July 1998 benefit payment.
living adjustment to retirants of the Oklahoma Public Employees
Retirement System which reflects a replacement of the loss of
purchasing power, while remaining consistent with the basic benefit
formula of the System.
B. To fulfill the intent as set forth in subsection A of this
section, every person receiving retirement benefits from the System
as of June 30, 1997, who continues to receive benefits on or after
Oklahoma Statutes - Title 74. State Government Page 712
July 1, 1998, shall receive an increase in retirement benefits as
follows:
1. Persons who have been retired ten (10) years or less will
receive two and one-half percent (2.5%) of the retirement benefit on
July 1, 1998, multiplied by the number of years the member has been
retired;
2. Persons who have been retired in excess of ten (10) years
will receive two and one-half percent (2.5%) of the retirement
benefit on July 1, 1998, multiplied by ten (10);
3. For purposes of calculating the increase, the member's
effective retirement date will be utilized, provided further, that a
fractional year of six (6) months or more shall be considered as one
(1) year and less than six (6) months shall be disregarded;
4. The increase provided in this section shall become effective
with the July 1998 benefit payment.
Status: in_force · Read it on the official government site
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