1| STATE OF OKLAHOMA |
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2| 1st Session of the 59th Legislature (2023) |
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3|HOUSE BILL 2008 By: Davis |
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4| |
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5| |
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6| AS INTRODUCED |
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7| An Act relating to the Teachers' Retirement System of |
| Oklahoma; amending 70 O.S. 2021, Section 17-101 as |
8| amended by Section 2, Chapter 121, O.S.L. 2022 (70 |
| O.S. 2022, Section 17-101), which relates to |
9| definitions; modifying term; amending 70 O.S. 2021, |
| Section 17-105, which relates to retirement |
10| eligibility; modifying required period of time for |
| participation for purposes of retirement benefit; |
11| amending 70 O.S. 2021, Section 17-116.2, which |
| relates to benefit computations; providing certain |
12| benefit computations for certain members; amending 70 |
| O.S. 2021, Section 17-116.10, which relates to |
13| postretirement earnings limitations; modifying |
| restrictions with respect to postretirement |
14| employment; prescribing maximum amount of |
| postretirement earnings; prescribing requirements |
15| related to postretirement earnings; modifying |
| provision related to employee contributions; |
16| prohibiting accrual of postretirement service credit; |
| providing for applicability of certain provisions |
17| regardless of certain election; providing school |
| districts not subject to certain pretermination |
18| procedural requirements; prescribing maximum duration |
| of postretirement contacts; providing school |
19| districts not required to rehire certain persons |
| based upon previous employment contract; amending 70 |
20| O.S. 2021, Section 18-114.14, which relates to the |
| minimum salary schedule; modifying provisions related |
21| to employment of retired teachers; providing for |
| codification; and providing an effective date. |
22| |
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23| |
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Req. No. 5119 Page 1
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1|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: |
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2| SECTION 1. AMENDATORY 70 O.S. 2021, Section 17-101 as |
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3|amended by Section 2, Chapter 121, O.S.L. 2022 (70 O.S. 2022, |
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4|Section 17-101), is amended to read as follows: |
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5| Section 17-101. Definitions. |
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6| The following words and phrases as used in this act, unless a |
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7|different meaning is clearly required by the context, shall have the |
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8|following meanings: |
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9| (1) "Retirement system" shall mean the Teachers' Retirement |
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10|System of Oklahoma, as defined in Section 17-102 of this title. |
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11| (2) "Public school" shall mean a school district, a state |
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12|college or university, the State Board of Education, the State Board |
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13|of Career and Technology Education and any other state educational |
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14|entity conducted within the state supported wholly or partly by |
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15|public funds and operating under the authority and supervision of a |
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16|legally constituted board or agency having authority and |
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17|responsibility for any function of public education. "Public |
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18|school" shall also mean a tuition free, nonprofit alternative school |
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19|of choice that provides education, therapeutic counseling and |
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20|outreach programs which is aligned with a school district and which |
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21|receives grant funds from governmental sources. |
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22| (3) "Classified personnel" shall mean any teacher, principal, |
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23|superintendent, supervisor, administrator, librarian, certified or |
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24|registered nurse, college professor, or college president whose |
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Req. No. 5119 Page 2
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1|salary is paid wholly or in part from public funds. An employee of |
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2|any state department, board, board of regents or board of trustees, |
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3|who is in a supervisory or an administrative position, the function |
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4|of which is primarily devoted to public education, shall be |
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5|considered classified personnel under the meaning of this act, at |
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6|the discretion of the Board of Trustees of the Teachers' Retirement |
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7|System. The term "teacher" shall also include instructors and |
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8|counselors employed by the Department of Corrections and holding |
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9|valid teaching certificates issued by the State Department of |
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10|Education. Provided, that a person employed by the Department of |
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11|Corrections as an instructor or counselor shall have been actively |
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12|engaged in the teaching profession for a period of not less than |
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13|three (3) years prior to employment to be eligible to participate in |
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14|the Oklahoma Teachers' Retirement System. The Department of |
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15|Corrections shall contribute the employer's share to the Oklahoma |
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16|Teachers' Retirement System. |
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17| (4) "Nonclassified optional personnel" shall include cooks, |
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18|janitors, maintenance personnel not in a supervisory capacity, bus |
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19|drivers, noncertified or nonregistered nurses, noncertified |
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20|librarians, and clerical employees of the public schools, state |
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21|colleges, universities or any state department, board, board of |
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22|regents or board of trustees, the functions of which are primarily |
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23|devoted to public education and whose salaries are paid wholly or in |
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24|part from public funds. |
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1| (5) "Employer" shall mean the state and any of its designated |
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2|agents or agencies with responsibility and authority for public |
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3|education, such as boards of education of elementary and independent |
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4|school districts, boards of regents, boards of control or any other |
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5|agency of and within the state by which a person may be employed for |
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6|service in public education. "Employer" shall also mean the board |
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7|of directors of a tuition free, nonprofit alternative school of |
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8|choice that provides education, therapeutic counseling and outreach |
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9|programs which is aligned with a school district and which receives |
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10|grant funds from governmental sources. |
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11| (6) "Member" shall mean any teacher or other employee included |
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12|in the membership of the system as provided in Section 17-103 of |
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13|this title. |
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14| (7) "Board of Trustees" shall mean the board provided for in |
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15|Section 17-106 of this title to administer the retirement system. |
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16| (8) "Service" shall mean service as a classified or |
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17|nonclassified optional employee in the public school system, or any |
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18|other service devoted primarily to public education in the state. |
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19| (9) "Prior service" shall mean service rendered prior to July |
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20|1, 1943. |
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21| (10) "Membership service" shall mean service as a member of the |
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22|classified or nonclassified personnel as defined in paragraphs (3) |
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23|and (4) of this section. |
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24| |
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1| (11) "Creditable service" shall mean membership service plus |
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2|any prior service authorized under this title. |
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3| (12) "Annuitant" shall mean any person in receipt of a |
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4|retirement allowance as provided in this title. |
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5| (13) "Accumulated contributions" shall mean the sum of all |
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6|amounts deducted from the compensation of a member and credited to |
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7|his individual account in the Teacher Savings Fund, together with |
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8|interest as of June 30, 1968. |
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9| (14) "Earnable compensation" shall mean the full rate of the |
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10|compensation that would be payable to a member if he worked the full |
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11|normal working time. |
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12| (15) "Average salary": |
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13| (a) for those members who joined the System prior to July |
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14| 1, 1992, shall mean the average of the salaries for |
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15| the three (3) years on which the highest contributions |
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16| to the Teachers' Retirement System was paid not to |
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17| exceed the maximum contribution level specified in |
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18| Section 17-116.2 of this title or the maximum |
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19| compensation level specified in subsection (28) of |
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20| this section. Provided, no member shall retire with |
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21| an average salary in excess of Twenty-five Thousand |
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22| Dollars ($25,000.00) unless the member has made the |
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23| required election and paid the required contributions |
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24| on such salary in excess of Twenty-five Thousand |
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Req. No. 5119 Page 5
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1| Dollars ($25,000.00), or unless an eligible member |
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2| fulfills the requirements of Section 17-116.2C of this |
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3| title in order to have pre-cap removal service |
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4| included in the retirement benefit computation of the |
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5| member using the regular annual compensation of the |
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6| member for any pre-cap removal year of service so |
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7| included subject to the maximum average salary amount, |
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8| and |
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9| (b) for those members who join the System after June 30, |
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10| 1992, shall mean the average of the salaries for five |
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11| (5) consecutive years on which the highest |
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12| contribution to the Teachers' Retirement System was |
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13| paid. Only salary on which required contributions |
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14| have been made may be used in computing average |
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15| salary. |
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16| (16) "Annuity" shall mean payments for life derived from the |
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17|"accumulated contributions" of a member. All annuities shall be |
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18|payable in equal monthly installments. |
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19| (17) "Pension" shall mean payments for life derived from money |
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20|provided by the employer. All pensions shall be payable in equal |
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21|monthly installments. |
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22| (18) "Monthly retirement allowance" is one-twelfth (1/12) of |
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23|the annual retirement allowance which shall be payable monthly. |
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24| |
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1| (19) "Retirement Benefit Fund" shall mean the fund from which |
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2|all retirement benefits shall be paid based on such mortality tables |
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3|as shall be adopted by the Board of Trustees. |
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4| (20) "Actuary" shall mean a person especially skilled through |
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5|training and experience in financial calculation respecting the |
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6|expectancy and duration of life. |
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7| (21) "Actuarial equivalent" shall mean a benefit of equal value |
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8|when computed upon the basis of such mortality and other tables as |
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9|shall be adopted by the Board of Trustees. |
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10| (22) The masculine pronoun, whenever used, shall include the |
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11|feminine. |
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12| (23) "Actuarially determined cost" shall mean the single sum |
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13|which is actuarially equivalent in value to a specified pension |
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14|amount as determined on the basis of mortality and interest |
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15|assumptions adopted by the Board of Trustees. |
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16| (24) "Normal retirement age" means the earliest date upon |
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17|which: |
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18| (a) a member reaches the age sixty-two (62) with respect |
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19| to a member whose first creditable service occurs |
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20| prior to November 1, 2011, unless the member reaches a |
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21| normal retirement date pursuant to subparagraph (c) or |
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22| subparagraph (d) of this paragraph, or |
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23| (b) a member reaches the age of sixty-five (65) with |
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24| respect to a member whose first creditable service |
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1| occurs on or after November 1, 2011, or with respect |
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2| to a member whose first creditable service occurs on |
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3| or after November 1, 2011, reaches a normal retirement |
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4| date pursuant to subparagraph (d) of this paragraph |
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5| having attained a minimum age of sixty (60) years or |
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6| with respect to a member whose first creditable |
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7| service occurs on or after the effective date of this |
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8| act obtains at least thirty-five (35) years of |
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9| creditable service, or |
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10| (c) the age at which the sum of a member's age and number |
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11| of years of creditable service total eighty (80), with |
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12| respect to a member whose first creditable service |
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13| occurred prior to July 1, 1992, and who does not reach |
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14| a normal retirement age pursuant to subparagraph (a) |
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15| of this paragraph, or |
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16| (d) the age at which the sum of a member's age and number |
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17| of years of creditable service total ninety (90), with |
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18| respect to a member whose first creditable service |
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19| occurred on or after July 1, 1992, but prior to |
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20| November 1, 2011, if the member does not reach a |
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21| normal retirement age pursuant to subparagraph (a) of |
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22| this paragraph.
1|Section 26-105 of this title and for purposes pursuant to Section |
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2|17-101 et seq. of this title. For purposes of this definition, |
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3|regular annual compensation shall include: |
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4| (a) salary which accrues on a regular basis in proportion |
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5| to the service performed, including payments for staff |
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6| development, |
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7| (b) amounts that would otherwise qualify as salary under |
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8| paragraph (a) of this subsection but are not received |
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9| directly by the member pursuant to a good faith, |
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10| voluntary written salary reduction agreement in order |
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11| to finance payments to a deferred compensation or |
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12| tax-sheltered annuity program or to finance benefit |
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13| options under a cafeteria plan qualifying under the |
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14| United States Internal Revenue Code, 26 U.S.C., |
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15| Section 101 et seq., |
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16| (c) group health and disability insurance, group term |
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17| life insurance, annuities and pension plans, provided |
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18| on a periodic basis to all qualified employees of the |
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19| employer, which qualify as fringe benefits under the |
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20| United States Internal Revenue Code, and |
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21| (d) excluded from regular annual compensation are: |
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22| 1. expense reimbursement payments, |
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23| 2. office, vehicle, housing or other maintenance |
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24| allowances, |
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Req. No. 5119 Page 9
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1| 3. the flexible benefit allowance provided pursuant |
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2| to Section 26-105 of this title, |
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3| 4. payment for unused vacation and sick leave, |
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4| 5. any payment made for reason of termination or |
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5| retirement not specifically provided for in |
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6| subparagraphs (a) through (c) of this subsection, |
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7| 6. maintenance or other nonmonetary compensation, |
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8| 7. payment received as an independent contractor or |
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9| consultant, pursuant to a lawful contract which |
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10| complies with the requirements of subsection B of |
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11| Section 6-101.2 of this title, |
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12| 8. any benefit payments not made pursuant to a |
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13| valid employment agreement, |
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14| 9. compensation for clinical related activity |
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15| performed in the University of Oklahoma Health |
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16| Sciences Center (OUHSC) Professional Practice |
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17| Plan or Oklahoma State University Center for |
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18| Health Sciences (OSU-CHS) Professional Practice |
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19| Plan, |
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20| 10. any other compensation not described in |
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21| subparagraphs (a) through (c) of this subsection. |
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22| (26) "Teacher" means classified personnel and nonclassified |
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23|optional personnel. |
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24| |
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1| (27) "Active classroom teacher" means a person employed by a |
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2|school district to teach students specifically identified classes |
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3|for specifically identified subjects during the course of a |
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4|semester, and who holds a valid certificate or license issued by and |
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5|in accordance with the rules and regulations of the State Board of |
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6|Education. |
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7| (28) "Maximum compensation level" shall, except as otherwise |
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8|authorized pursuant to the provisions of Section 17-116.2C of this |
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9|title, mean: |
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10| (a) Twenty-five Thousand Dollars ($25,000.00) for |
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11| creditable service authorized and performed prior to |
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12| July 1, 1995, for members not electing a higher |
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13| maximum compensation level, |
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14| (b) Forty Thousand Dollars ($40,000.00) for creditable |
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15| service authorized and performed prior to July 1, |
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16| 1995, for members electing a maximum compensation |
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17| level in excess of Twenty-five Thousand Dollars |
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18| ($25,000.00), |
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19| (c) Twenty-seven Thousand Five Hundred Dollars |
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20| ($27,500.00) for members who, as of June 30, 1995, had |
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21| elected to have a maximum compensation level not in |
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22| excess of Twenty-five Thousand Dollars ($25,000.00), |
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23| and who were employed by an entity or institution |
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24| within The Oklahoma State System of Higher Education |
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1| for creditable service authorized and performed on or |
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2| after July 1, 1995, but not later than June 30, 1996, |
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3| if such member does not elect a higher maximum |
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4| compensation level for this period as authorized by |
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5| Section 17-116.2A of this title, |
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6| (d) Thirty-two Thousand Five Hundred Dollars ($32,500.00) |
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7| for members employed by a comprehensive university if |
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8| the member meets the requirements imposed by Section |
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9| 17-116.2A of this title and the member elects to |
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10| impose a higher maximum compensation level for service |
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11| performed on or after July 1, 1995, but not later than |
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12| June 30, 1996, |
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13| (e) Forty-four Thousand Dollars ($44,000.00) for members |
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14| who, as of June 30, 1995, had elected to have a |
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15| maximum compensation level in excess of Twenty-five |
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16| Thousand Dollars ($25,000.00), and who were employed |
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17| by an entity or institution within The Oklahoma State |
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18| System of Higher Education for creditable service |
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19| authorized and performed on or after July 1, 1995, but |
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20| not later than June 30, 1996, if such member does not |
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21| elect a higher maximum compensation level for this |
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22| period as authorized by Section 17-116.2A of this |
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23| title, |
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24| |
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1| (f) Forty-nine Thousand Dollars ($49,000.00) for members |
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2| employed by a comprehensive university if the member |
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3| meets the requirements imposed by Section 17-116.2A of |
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4| this title and the member elects to impose a higher |
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5| maximum compensation level for service performed on or |
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6| after July 1, 1995, but not later than June 30, 1996, |
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7| (g) the following amounts for creditable service |
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8| authorized and performed by members employed by a |
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9| comprehensive university, based upon the election of |
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10| the member in effect as of June 30, 1995: |
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11| 1. for members who elected a maximum compensation |
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12| level not in excess of Twenty-five Thousand |
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13| Dollars ($25,000.00): |
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14| (i) Thirty-two Thousand Five Hundred Dollars |
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15| ($32,500.00) for service authorized and |
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16| performed on or after July 1, 1996, but not |
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17| later than June 30, 1997, |
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18| (ii) Thirty-seven Thousand Five Hundred Dollars |
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19| ($37,500.00) for service authorized and |
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20| performed on or after July 1, 1997, but not |
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21| later than June 30, 1998, |
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22| (iii) Forty-two Thousand Five Hundred Dollars |
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23| ($42,500.00) for service authorized and |
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24| |
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1| performed on or after July 1, 1998, but not |
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2| later than June 30, 2000, |
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3| (iv) Forty-seven Thousand Five Hundred Dollars |
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4| ($47,500.00) for service authorized and |
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5| performed on or after July 1, 2000, but not |
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6| later than June 30, 2001, |
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7| (v) Fifty-two Thousand Five Hundred Dollars |
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8| ($52,500.00) for service authorized and |
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9| performed on or after July 1, 2001, but not |
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10| later than June 30, 2002, |
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11| (vi) Fifty-seven Thousand Five Hundred Dollars |
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12| ($57,500.00) for service authorized and |
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13| performed on or after July 1, 2002, but not |
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14| later than June 30, 2003, |
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15| (vii) Sixty-two Thousand Five Hundred Dollars |
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16| ($62,500.00) for service authorized and |
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17| performed on or after July 1, 2003, but not |
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18| later than June 30, 2004, |
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19| (viii) Sixty-seven Thousand Five Hundred Dollars |
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20| ($67,500.00) for service authorized and |
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21| performed on or after July 1, 2004, but not |
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22| later than June 30, 2005, |
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23| |
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24| |
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1| (ix) Seventy-two Thousand Five Hundred Dollars |
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2| ($72,500.00) for service authorized and |
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3| performed on or after July 1, 2005, but not |
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4| later than June 30, 2006, |
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5| (x) Seventy-seven Thousand Five Hundred Dollars |
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6| ($77,500.00) for service authorized and |
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7| performed on or after July 1, 2006, but not |
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8| later than June 30, 2007, |
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9| (xi) the full amount of regular annual |
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10| compensation for service authorized and |
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11| performed on or after July 1, 2007, and |
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12| 2. for members who elected a maximum compensation |
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13| level in excess of Twenty-five Thousand Dollars |
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14| ($25,000.00): |
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15| (i) Forty-nine Thousand Dollars ($49,000.00) for |
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16| service authorized and performed on or after |
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17| July 1, 1996, but not later than June 30, |
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18| 1997, |
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19| (ii) Fifty-four Thousand Dollars ($54,000.00) for |
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20| service authorized and performed on or after |
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21| July 1, 1997, but not later than June 30, |
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22| 1998, |
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23| |
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24| |
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1| (iii) Fifty-nine Thousand Dollars ($59,000.00) for |
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2| service authorized and performed on or after |
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3| July 1, 1998, but not later than June 30, |
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4| 2000, |
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5| (iv) Sixty-four Thousand Dollars ($64,000.00) for |
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6| service authorized and performed on or after |
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7| July 1, 2000, but not later than June 30, |
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8| 2001, |
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9| (v) Sixty-nine Thousand Dollars ($69,000.00) for |
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10| service authorized and performed on or after |
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11| July 1, 2001, but not later than June 30, |
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12| 2002, |
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13| (vi) Seventy-four Thousand Dollars ($74,000.00) |
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14| for service authorized and performed on or |
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15| after July 1, 2002, but not later than June |
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16| 30, 2003, |
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17| (vii) Seventy-nine Thousand Dollars ($79,000.00) |
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18| for service authorized and performed on or |
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19| after July 1, 2003, but not later than June |
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20| 30, 2004, |
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21| (viii) Eighty-four Thousand Dollars ($84,000.00) |
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22| for service authorized and performed on or |
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23| after July 1, 2004, but not later than June |
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24| 30, 2005, |
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Req. No. 5119 Page 16
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1| (ix) Eighty-nine Thousand Dollars ($89,000.00) |
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2| for service authorized and performed on or |
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3| after July 1, 2005, but not later than June |
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4| 30, 2006, |
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5| (x) Ninety-four Thousand Dollars ($94,000.00) |
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6| for service authorized and performed on or |
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7| after July 1, 2006, but not later than June |
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8| 30, 2007, |
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9| (xi) the full amount of regular annual |
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10| compensation for service authorized and |
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11| performed on or after July 1, 2007, |
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12| (h) the full amount of regular annual compensation of: |
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13| 1. a member of the retirement system not employed by |
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14| an entity or institution within The Oklahoma |
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15| State System of Higher Education for all |
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16| creditable service authorized and performed on or |
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17| after July 1, 1995, |
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18| 2. a member of the retirement system first employed |
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19| on or after July 1, 1995, by an entity or |
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20| institution within The Oklahoma State System of |
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21| Higher Education for all creditable service |
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22| authorized and performed on or after July 1, |
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23| 1995, but not later than June 30, 1996, |
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24| |
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Req. No. 5119 Page 17
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1| 3. a member of the retirement system employed by an |
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2| entity or institution within The Oklahoma State |
| |
3| System of Higher Education, other than a |
| |
4| comprehensive university, if the member elects to |
| |
5| impose a higher maximum compensation level for |
| |
6| service performed on or after July 1, 1995, but |
| |
7| not later than June 30, 1996, pursuant to |
| |
8| subsection B of Section 17-116.2A of this title, |
| |
9| 4. a member of the retirement system who is first |
| |
10| employed on or after July 1, 1996, by any entity |
| |
11| or institution within The Oklahoma State System |
| |
12| of Higher Education, including a comprehensive |
| |
13| university, for creditable service authorized and |
| |
14| performed on or after July 1, 1996, |
| |
15| 5. a member of the retirement system who, as of July |
| |
16| 1, 1996, is subject to a maximum compensation |
| |
17| level pursuant to paragraph (g) of this |
| |
18| subsection if the member terminates service with |
| |
19| a comprehensive university and is subsequently |
| |
20| reemployed by a comprehensive university, |
| |
21| 6. a member of the retirement system employed by a |
| |
22| comprehensive university for all service |
| |
23| performed on and after July 1, 2007, or |
| |
24| |
| |
Req. No. 5119 Page 18
___________________________________________________________________________
1| 7. an eligible member of the retirement system who |
| |
2| fulfills the requirements of Section 2 of this |
| |
3| act with respect to pre-cap removal service |
| |
4| included in the retirement benefit computation of |
| |
5| the member at the average salary of the member |
| |
6| subject to the maximum average salary amount. |
| |
7| (29) "Comprehensive university" shall mean: |
| |
8| (a) the University of Oklahoma and all of its constituent |
| |
9| agencies, including the University of Oklahoma Health |
| |
10| Sciences Center, the University of Oklahoma Law Center |
| |
11| and the Geological Survey, and |
| |
12| (b) Oklahoma State University and all of its constituent |
| |
13| agencies, including the Oklahoma State University |
| |
14| Agricultural Experiment Station, the Oklahoma State |
| |
15| University Agricultural Extension Division, the |
| |
16| Oklahoma State University College of Veterinary |
| |
17| Medicine, the Oklahoma State University Center for |
| |
18| Health Sciences, the Technical Branch at Oklahoma |
| |
19| City, the Oklahoma State University Institute of |
| |
20| Technology-Okmulgee and Oklahoma State |
| |
21| University-Tulsa. |
| |
22| (30) "Retirement contract" means the document prepared by the |
| |
23|Teachers' Retirement System upon member request, which incorporates |
| |
24|member's selected retirement option, and which must be executed and |
| |
Req. No. 5119 Page 19
___________________________________________________________________________
1|submitted to the Teachers' Retirement System no less than thirty |
| |
2|(30) days prior to the projected retirement date. |
| |
3| SECTION 2. AMENDATORY 70 O.S. 2021, Section 17-105, is |
| |
4|amended to read as follows: |
| |
5| Section 17-105. Retirement. |
| |
6| (1) (a) Any member who has attained age fifty-five (55) or who |
| |
7|has completed thirty (30) years of creditable service, as defined in |
| |
8|Section 17-101 of this title, or for any person who initially became |
| |
9|a member prior to July 1, 1992, regardless of whether there were |
| |
10|breaks in service after July 1, 1992, whose age and number of years |
| |
11|of creditable service total eighty (80) may be retired upon proper |
| |
12|application for retirement on forms established by the System and |
| |
13|executing a retirement contract. Such a retirement date will also |
| |
14|apply to any person who became a member of the sending system as |
| |
15|defined in this act, prior to July 1, 1992, regardless of whether |
| |
16|there were breaks in service after July 1, 1992. Any person who |
| |
17|became a member after June 30, 1992, but prior to November 1, 2011, |
| |
18|whose age and number of years of creditable service total ninety |
| |
19|(90) may be retired upon proper application for retirement and |
| |
20|executing a retirement contract. Any person who becomes a member on |
| |
21|or after November 1, 2011, who attains the age of sixty-five (65) |
| |
22|years or who reaches a normal retirement date pursuant to |
| |
23|subparagraph (d) of paragraph (24) of Section 17-101 of this title |
| |
24|having attained a minimum age of sixty (60) years may be retired |
| |
Req. No. 5119 Page 20
___________________________________________________________________________
1|upon proper application for retirement and executing a retirement |
| |
2|contract. The application shall be filed on the form provided by |
| |
3|the Board of Trustees for this purpose, not less than sixty (60) |
| |
4|days before the date of retirement, provided that the Executive |
| |
5|Director may waive the sixty-day deadline for good cause shown as |
| |
6|defined by the Board. |
| |
7| 1. The employer shall provide the System with the |
| |
8| following information for a retiring member, no later |
| |
9| than the fifteenth day of the month of retirement: |
| |
10| last day physically on the job; last day on payroll; |
| |
11| any regular compensation not already reported to the |
| |
12| System; and final unused sick leave balance. |
| |
13| 2. Failure to submit this information by the deadline, |
| |
14| or errors in submitted information that result in a |
| |
15| disqualification of retirement eligibility shall be |
| |
16| the responsibility of the employer. In cases where |
| |
17| the error results in disqualification of retirement |
| |
18| eligibility, it is the employer's responsibility to |
| |
19| reemploy the member, or retain the member on the |
| |
20| payroll, for the time period required to reach |
| |
21| eligibility, not exceeding two (2) months. |
| |
22| (b) An individual who becomes a member of the Teachers' |
| |
23|Retirement System on or after November 1, 2017, but before November |
| |
24|1, 2023, shall be employed by the public schools, state colleges or |
| |
Req. No. 5119 Page 21
___________________________________________________________________________
1|universities of Oklahoma for a minimum of seven (7) years and be a |
| |
2|contributing member of the Teachers' Retirement System of Oklahoma |
| |
3|for a minimum of seven (7) years to qualify for monthly retirement |
| |
4|benefits from the Teachers' Retirement System of Oklahoma. |
| |
5| (c) An individual who becomes a member of the Teachers' |
| |
6|Retirement System on or after November 1, 2023, shall be employed by |
| |
7|the public schools, state colleges or universities of Oklahoma for a |
| |
8|minimum of five (5) years and be a contributing member of the |
| |
9|Teachers' Retirement System of Oklahoma for a minimum of five (5) |
| |
10|years to qualify for monthly retirement benefits from the Teachers' |
| |
11|Retirement System of Oklahoma. |
| |
12| (c) (d) Any member with seven (7) or more years of Oklahoma |
| |
13|teaching service and whose accumulated contributions during such |
| |
14|period have not been withdrawn shall be given an indefinite |
| |
15|extension of membership beginning with the sixth year following his |
| |
16|or her last contributing membership and shall become eligible to |
| |
17|apply for retirement and be retired upon attaining age fifty-five |
| |
18|(55). |
| |
19| (2) An unclassified optional member who has retired or who |
| |
20|retires at sixty-two (62) years of age or older or whose retirement |
| |
21|is because of disability shall have his or her minimum retirement |
| |
22|benefits calculated on an average salary of Five Thousand Three |
| |
23|Hundred Fifty Dollars ($5,350.00) or, if a larger monthly allowance |
| |
24| |
| |
Req. No. 5119 Page 22
___________________________________________________________________________
1|would result, an amount arrived at pursuant to application of the |
| |
2|formula prescribed herein. |
| |
3| (3) No member shall receive a lesser retirement benefit than he |
| |
4|or she would have received under the law in effect at the time he or |
| |
5|she retired. Any individual under the Teachers' Retirement System, |
| |
6|who through error in stating the title of the position which he or |
| |
7|she held, may, at the discretion of the Board of Trustees, be |
| |
8|changed from the nonclassified optional group to the classified |
| |
9|group for the purpose of calculating retirement benefits. |
| |
10| Any individual regardless of residence, who has a minimum of ten |
| |
11|(10) years of teaching in Oklahoma schools prior to July 1, 1943, or |
| |
12|who taught in Oklahoma schools prior to 1934 and thereafter taught a |
| |
13|minimum of ten (10) years and who does not qualify under the present |
| |
14|retirement System, or who has a minimum of thirty (30) years of |
| |
15|teaching in Oklahoma schools and has reached seventy (70) years of |
| |
16|age prior to July 1, 1984, and is not otherwise eligible to receive |
| |
17|any benefits from the retirement system shall receive a minimum of |
| |
18|One Hundred Fifty Dollars ($150.00) per month in retirement benefits |
| |
19|from the Teachers' Retirement System of Oklahoma plus any general |
| |
20|increase in benefits for annuitants as may be provided hereafter by |
| |
21|the Legislature. Each individual must apply to the Teachers' |
| |
22|Retirement System for such benefit and provide evidence to the |
| |
23|Teachers' Retirement System that the service was actually rendered. |
| |
24|The surviving spouse of any person who made application for the |
| |
Req. No. 5119 Page 23
___________________________________________________________________________
1|benefit provided for by this paragraph during his or her lifetime |
| |
2|but did not receive the benefit may submit an application to the |
| |
3|System for payment of the benefit for those months during the |
| |
4|lifetime of the deceased person that he or she was eligible for but |
| |
5|did not receive the benefit. Upon approval of the application by |
| |
6|the Board of Trustees, the benefit shall be paid to the surviving |
| |
7|spouse in one lump sum. |
| |
8| (4) The value of each year of prior service is the total |
| |
9|monthly retirement benefit divided by the number of years of |
| |
10|creditable service. |
| |
11| (5) Upon application of a member who is actively engaged in |
| |
12|teaching in Oklahoma or his or her employer, any member who has been |
| |
13|a contributing member for ten (10) years may be retired by the |
| |
14|System subsequent to the execution and filing thereof, on a |
| |
15|disability retirement allowance, provided that it is found by the |
| |
16|Medical Board after medical examination of such member by a duly |
| |
17|qualified physician that such member is mentally or physically |
| |
18|incapacitated for further performance of duty, that such incapacity |
| |
19|is likely to be permanent, and that such member should be retired. |
| |
20|The System shall rely on and give full consideration to the |
| |
21|conclusions and recommendations in the certified written report of |
| |
22|the Medical Board of the Teachers' Retirement System regarding the |
| |
23|disability application of such member. If the Medical Board does |
| |
24|not find that a member applying for disability retirement is |
| |
Req. No. 5119 Page 24
___________________________________________________________________________
1|mentally or physically incapacitated for performance of duty or |
| |
2|otherwise eligible for a disability retirement, the application |
| |
3|shall then be considered by the Board of Trustees. If a member is |
| |
4|determined to be eligible for disability benefits pursuant to the |
| |
5|Social Security System, then such determination shall entitle the |
| |
6|member to the authorized disability retirement allowance provided by |
| |
7|law. For members who are not eligible for disability benefits |
| |
8|pursuant to the Social Security System, the Board of Trustees and |
| |
9|the Medical Board shall apply the same standard for which provision |
| |
10|is made in the first two sentences of this subsection for |
| |
11|determining the eligibility of a person for such disability benefits |
| |
12|in making a determination of eligibility for disability benefits as |
| |
13|authorized by this subsection. |
| |
14| (6) (a) A member who at the time of retirement has been found |
| |
15|to be permanently physically or mentally incapacitated to perform |
| |
16|the necessary duties to continue in his or her current position |
| |
17|shall receive a minimum monthly retirement payment for life or until |
| |
18|such time as the member may be found to be recovered to the point |
| |
19|where he or she may return to teaching. Any member retired before |
| |
20|July 1, 1992, shall be eligible to receive the monthly retirement |
| |
21|allowance herein provided, but such payment shall not begin until |
| |
22|the first payment due him or her after July 1, 1992, and shall not |
| |
23|be retroactive. The Board of Trustees is empowered to make such |
| |
24|rules and regulations as it considers proper to preserve equity in |
| |
Req. No. 5119 Page 25
___________________________________________________________________________
1|retirements under this provision, which shall include a provision to |
| |
2|protect the rights of the member's spouse. |
| |
3| (b) A member who has qualified for retirement benefits under |
| |
4|disability retirement shall have the total monthly payment deducted |
| |
5|from his or her accumulated contributions plus interest earned and |
| |
6|any money remaining in the member's account after the above |
| |
7|deductions at the death of the member shall be paid in a lump sum to |
| |
8|the beneficiary or to the estate of the member. Provided, if the |
| |
9|deceased disabled member had thirty (30) years or more of creditable |
| |
10|service and the death occurred after June 30, 1981, and death |
| |
11|occurred prior to the disabled member receiving twelve monthly |
| |
12|retirement payments, a surviving spouse may elect to receive the |
| |
13|retirement benefit to which the deceased member would have been |
| |
14|entitled at the time of death under the Option 2 Plan of Retirement |
| |
15|provided for in subsection (8) of this section in lieu of the death |
| |
16|benefit provided for in this subsection and in subsection (12) of |
| |
17|this section. |
| |
18| (c) Once each year the System may require any disabled |
| |
19|annuitant who has not yet attained the age of sixty (60) years to |
| |
20|undergo a medical examination, such examination to be made at the |
| |
21|place of residence for the disabled annuitant or other place |
| |
22|mutually agreed upon by a physician or physicians designated by the |
| |
23|System. Should any disabled annuitant who has not yet attained the |
| |
24|age of sixty (60) years refuse to submit to at least one medical |
| |
Req. No. 5119 Page 26
___________________________________________________________________________
1|examination in any such year by a physician or physicians designated |
| |
2|by the System his or her allowance may be discontinued until he or |
| |
3|she submits to such examination. |
| |
4| (d) Should the Medical Board report and certify to the Board of |
| |
5|Trustees that such disabled annuitant is engaged in or is able to |
| |
6|engage in a gainful occupation paying more than the difference |
| |
7|between his or her retirement allowance and the average final |
| |
8|compensation, and should the Board of Trustees concur in such report |
| |
9|then the amount of his or her pension shall be reduced to an amount |
| |
10|which, together with his or her retirement allowance and that amount |
| |
11|earnable by him or her, shall equal the amount of his or her average |
| |
12|final compensation. Should his or her earning capacity be later |
| |
13|increased, the amount of his or her pension may be further modified, |
| |
14|provided the new pension shall not exceed that amount of the pension |
| |
15|originally granted nor an amount, which when added to the amount |
| |
16|earnable by the member, together with his or her annuity, equals the |
| |
17|amount of his or her average final compensation. |
| |
18| (e) Should a disabled annuitant be restored to active service, |
| |
19|his or her disability retirement allowance shall cease and he or she |
| |
20|shall again become a member of the Teachers' Retirement System and |
| |
21|shall make regular contributions as required under this article. |
| |
22|The unused portion of his or her accumulated contributions shall be |
| |
23|reestablished to his or her credit in the Teachers' Savings Fund. |
| |
24|Any such prior service certificates on the basis of which his or her |
| |
Req. No. 5119 Page 27
___________________________________________________________________________
1|service was computed at the time of his or her retirement shall be |
| |
2|restored to full force and effect. |
| |
3| (7) Should a member before retirement under Section 1-101 et |
| |
4|seq. of this title make application for withdrawal duly filed with |
| |
5|the System, not earlier than four (4) months after the date of |
| |
6|termination of such service as a teacher, the contribution standing |
| |
7|to the credit of his or her individual account in the Teachers' |
| |
8|Savings Fund shall be paid to him or her or, in the event of his or |
| |
9|her death before retirement, shall be paid to such person or persons |
| |
10|as he or she shall have nominated by written designation, duly |
| |
11|executed and filed with the System; provided, however, if there be |
| |
12|no designated beneficiary surviving upon such death, such |
| |
13|contributions shall be paid to his or her administrators, executors, |
| |
14|or assigns, together with interest as hereinafter provided. In lieu |
| |
15|of a lump-sum settlement at the death of the member, the amount of |
| |
16|money the member has on deposit in the Teachers' Savings Fund and |
| |
17|the money the member has on deposit in the Teachers' Deposit Fund |
| |
18|may be paid in monthly payments to a designated beneficiary, who |
| |
19|must be the spouse, under the Maximum or Option 1 Plan of Retirement |
| |
20|providing the monthly payment shall be not less than Twenty-five |
| |
21|Dollars ($25.00) per month. The monthly payment shall be the |
| |
22|actuarial equivalent of the amount becoming due at the member's |
| |
23|death based on the sex of the spouse and the age the spouse has |
| |
24|attained at the last birthday prior to the member's death. Provided |
| |
Req. No. 5119 Page 28
___________________________________________________________________________
1|further, if there be no designated beneficiary surviving upon such |
| |
2|death, and the contributions standing to the credit of such member |
| |
3|do not exceed Two Hundred Dollars ($200.00), no part of such |
| |
4|contributions shall be subject to the payment of any expense of the |
| |
5|last illness or funeral of the deceased member or any expense of |
| |
6|administration of the estate of such deceased and the System, upon |
| |
7|satisfactory proof of the death of such member and of the name or |
| |
8|names of the person or persons who would be entitled to receive such |
| |
9|contributions under the laws of descent and distribution of the |
| |
10|state, may authorize the payment of accumulated contributions to |
| |
11|such person or persons. A member terminating his or her membership |
| |
12|by withdrawal after June 30, 2003, shall have the interest computed |
| |
13|at a rate of interest determined by the Board of Trustees and paid |
| |
14|to him or her subject to the following schedule: |
| |
15| (a) If termination occurs within sixteen (16) years from the |
| |
16|date membership began, fifty percent (50%) of such interest |
| |
17|accumulations shall be paid. |
| |
18| (b) With at least sixteen (16) but less than twenty-one (21) |
| |
19|years of membership, sixty percent (60%) of such interest |
| |
20|accumulations shall be paid. |
| |
21| (c) With at least twenty-one (21) but less than twenty-six (26) |
| |
22|years of membership, seventy-five percent (75%) of such interest |
| |
23|accumulations shall be paid. |
| |
24| |
| |
Req. No. 5119 Page 29
___________________________________________________________________________
1| (d) With at least twenty-six (26) years of membership, ninety |
| |
2|percent (90%) of such interest accumulations shall be paid. |
| |
3| In case of death of an active member, the interest shall be |
| |
4|calculated and restored to the member's account and paid to his or |
| |
5|her beneficiary. |
| |
6| (8) (a) In lieu of his or her retirement allowance payable |
| |
7|throughout life for such an amount as determined under this section, |
| |
8|the member may select a retirement allowance for a reduced amount |
| |
9|payable under any of the following options the present value of |
| |
10|which is the actuarial equivalent thereof. |
| |
11| (b) A member may select the option under which he or she |
| |
12|desires to retire at the end of the school year in which he or she |
| |
13|attains age seventy (70) and the option shall be binding and cannot |
| |
14|be changed. Provided further that if a member retires before age |
| |
15|seventy (70), no election of an option shall be effective in case an |
| |
16|annuitant dies before the first payment due under such option has |
| |
17|been received. |
| |
18| (c) The first payment of any benefit selected shall be made on |
| |
19|the first day of the month following approval of the retirement by |
| |
20|the System. If the named designated joint annuitant under Option 2 |
| |
21|or 3 dies at any time after the member's retirement date, but before |
| |
22|the death of the member, the member shall return to the retirement |
| |
23|benefit, including any post retirement benefit increases the member |
| |
24|would have received had the member not selected Option 2 or 3 of |
| |
Req. No. 5119 Page 30
___________________________________________________________________________
1|this subsection. The benefit shall be determined at the date of |
| |
2|death of the designated joint annuitant. This increase shall become |
| |
3|effective the first day of the month following the date of death of |
| |
4|the designated joint annuitant, and shall be payable for the |
| |
5|member's remaining lifetime. The member shall notify the Teachers' |
| |
6|Retirement System of Oklahoma of the death of the designated joint |
| |
7|annuitant in writing. In the absence of the written notice being |
| |
8|filed by the member notifying the Teachers' Retirement System of |
| |
9|Oklahoma of the death of the designated joint annuitant within six |
| |
10|(6) months of the date of death, nothing in this subsection shall |
| |
11|require the Teachers' Retirement System of Oklahoma to pay more than |
| |
12|six (6) months of retrospective benefits increase. |
| |
13| Option 1. If he or she dies before he or she has received in |
| |
14|annuity payments the present value of his or her annuity as it was |
| |
15|at the time of his or her retirement, the balance shall be paid to |
| |
16|his or her legal representatives or to such person as he or she |
| |
17|shall nominate by written designation duly acknowledged and filed |
| |
18|with the System at the time of his or her retirement; or |
| |
19| Option 2. A member takes a reduced retirement allowance for |
| |
20|life. Upon the death of the member the payments shall continue to |
| |
21|the member's designated joint annuitant for the life of the joint |
| |
22|annuitant. The written designation of the joint annuitant must be |
| |
23|duly acknowledged and filed with the System at the time of the |
| |
24|member's retirement and, except as provided in paragraph (e) of this |
| |
Req. No. 5119 Page 31
___________________________________________________________________________
1|subsection, cannot be changed after the effective date of the |
| |
2|member's retirement; or |
| |
3| Option 3. A member receives a reduced retirement allowance for |
| |
4|life. Upon the death of the member one-half (1/2) of the retirement |
| |
5|allowance paid the member shall be continued throughout the life of |
| |
6|the designated joint annuitant. A written designation of a joint |
| |
7|annuitant must be duly acknowledged and filed with the System at the |
| |
8|time of the member's retirement and, except as provided in paragraph |
| |
9|(e) of this subsection, cannot be changed after the effective date |
| |
10|of the member's retirement; or |
| |
11| Option 4. Some other benefit or benefits shall be paid either |
| |
12|to the member or to such joint annuitant as he or she shall |
| |
13|nominate, provided such other benefit or benefits, together with the |
| |
14|reduced retirement allowance, shall be certified by the actuary to |
| |
15|be of equivalent actuarial value to his or her retirement allowance |
| |
16|and shall be approved by the System. |
| |
17| (d) Provided that Option 2 and Option 3 shall not be available |
| |
18|if the member's expected benefit is less than fifty percent (50%) of |
| |
19|the lump-sum actuarial equivalent and the designated joint annuitant |
| |
20|is not the spouse of the member. |
| |
21| (e) A member who chose the maximum retirement benefit plan at |
| |
22|the time of retirement may make a one-time election to choose either |
| |
23|Option 2 or 3 and name the member's spouse as designated joint |
| |
24|annuitant if the member marries after making the initial election. |
| |
Req. No. 5119 Page 32
___________________________________________________________________________
1|Such an election shall be made within one (1) year of the date of |
| |
2|marriage. The member shall provide proof of a member's good health |
| |
3|before the System will permit a change to either Option 2 or 3 and |
| |
4|the naming of a designated joint annuitant. A medical examination |
| |
5|conducted by a licensed physician is required for purposes of |
| |
6|determining good health. Such examination must be approved by the |
| |
7|Medical Board. The member shall be required to provide proof of age |
| |
8|for the new joint annuitant. The System shall adjust the monthly |
| |
9|benefit to the actuarially equivalent amount based on the new |
| |
10|designated joint annuitant's age. The Board of Trustees shall |
| |
11|promulgate rules to implement the provisions of this subsection. |
| |
12| (f) A member who retires after the effective date of this act |
| |
13|and has selected a retirement allowance for a reduced amount payable |
| |
14|under one of the options provided for in this subsection may make a |
| |
15|one-time irrevocable election to select a different option within |
| |
16|sixty (60) days of the member's retirement date. The beneficiary or |
| |
17|joint annuitant designated by the member at the time of retirement |
| |
18|shall not be changed if the member makes the election provided for |
| |
19|in this paragraph. |
| |
20| (g) Any individual who is eligible to be a beneficiary or joint |
| |
21|annuitant of a member under this subsection, and who is also a |
| |
22|beneficiary of a trust created under the Oklahoma Discretionary and |
| |
23|Special Needs Trust Act, Section 175.81 et seq. of Title 60 of the |
| |
24|Oklahoma Statutes, or a comparable Trust Act created under the laws |
| |
Req. No. 5119 Page 33
___________________________________________________________________________
1|of another state, hereinafter collectively referred to as "Trust |
| |
2|Acts", may be a beneficiary or joint annuitant under this subsection |
| |
3|by having the trustee of the trust established for the benefit of |
| |
4|that individual named as the legal beneficiary or joint annuitant |
| |
5|under this subsection. The age of that beneficiary shall be used |
| |
6|for calculating any benefit payable to the trust under this |
| |
7|subsection. The beneficiary of such a trust shall be treated as the |
| |
8|beneficiary or joint annuitant under this subsection except that |
| |
9|payments of any benefits due under this subsection shall be payable |
| |
10|to the lawfully appointed trustee of the trust. The obligation of |
| |
11|the System to pay the beneficiary or joint annuitant under this |
| |
12|subsection shall be satisfied by payment to the trustee whom the |
| |
13|System, in good faith, believes to be the lawfully appointed |
| |
14|trustee. Any conflict between the statutes creating and governing |
| |
15|the Teachers' Retirement System in Section 17-101 et seq. of this |
| |
16|title and the provisions of any Trust Act referred to above shall be |
| |
17|resolved in favor of the statutes governing the System. If an |
| |
18|eligible beneficiary or joint annuitant is named at the time of |
| |
19|retirement, and becomes a beneficiary of a trust under one of the |
| |
20|Trust Acts described herein after that time, the System will |
| |
21|acknowledge the trust as the beneficiary upon the submission of |
| |
22|adequate documentation of the existence of the trust. All other |
| |
23|provisions of this subsection shall apply to these subsequently |
| |
24|created trusts. |
| |
Req. No. 5119 Page 34
___________________________________________________________________________
1| (h) The Board of Trustees of the System may recognize other |
| |
2|trusts set up for the benefit of individuals otherwise eligible to |
| |
3|be named as a beneficiary or joint annuitant under this subsection |
| |
4|by administrative rule if it can be done without undue additional |
| |
5|administrative expense of the System. |
| |
6| (9) The governing board of any "public school", as that term is |
| |
7|defined in Section 17-101 of this title, is hereby authorized and |
| |
8|empowered to pay additional retirement allowances or compensation to |
| |
9|any person who was in the employ of such public school for not less |
| |
10|than seven (7) school years preceding the date of his or her |
| |
11|retirement. Payments so made shall be a proper charge against the |
| |
12|current appropriation or appropriations of any such public school |
| |
13|for salaries for the fiscal year in which such payments are made. |
| |
14|Such payments shall be made in regular monthly installments in such |
| |
15|amounts as the governing board of any such public school, in its |
| |
16|judgment, shall determine to be reasonable and appropriate in view |
| |
17|of the length and type of service rendered by any such person to |
| |
18|such public school by which such person was employed at the time of |
| |
19|retirement. All such additional payments shall be uniform, based |
| |
20|upon the length of service and the type of services performed, to |
| |
21|persons formerly employed by such public school who have retired or |
| |
22|been retired in accordance with the provisions of Section 17-101 et |
| |
23|seq. of this title. |
| |
24| |
| |
Req. No. 5119 Page 35
___________________________________________________________________________
1| The governing board of any such public school may adopt rules |
| |
2|and regulations of general application outlining the terms and |
| |
3|conditions under which such additional retirement benefits shall be |
| |
4|paid, and all decisions of such board shall be final. |
| |
5| (10) In addition to the teachers' retirement herein provided, |
| |
6|teachers may voluntarily avail themselves of the Federal Social |
| |
7|Security Program upon a district basis. |
| |
8| (11) Upon the death of an in-service member, the System shall |
| |
9|pay to the designated beneficiary of the member or, if there is no |
| |
10|designated beneficiary or if the designated beneficiary predeceases |
| |
11|the member, to the estate of the member, the sum of Eighteen |
| |
12|Thousand Dollars ($18,000.00) as a death benefit. Provided, if the |
| |
13|deceased member had ten (10) years or more of creditable service, |
| |
14|the member's designated beneficiary may elect to receive the |
| |
15|retirement benefit to which the deceased member would have been |
| |
16|entitled at the time of death under the Option 2 plan of retirement |
| |
17|in lieu of the death benefit provided for in this subsection. |
| |
18|Provided further, the option provided in this subsection is only |
| |
19|available when the member has designated one individual as the |
| |
20|designated beneficiary. The beneficiary or beneficiaries of death |
| |
21|benefits in the amount not to exceed Eighteen Thousand Dollars |
| |
22|($18,000.00), but exclusive of any retirement benefit received by an |
| |
23|electing beneficiary based upon creditable service performed by the |
| |
24|deceased member, which are provided pursuant to this subsection may |
| |
Req. No. 5119 Page 36
___________________________________________________________________________
1|elect to disclaim such death benefits in which case such benefits |
| |
2|will be transferred to a person licensed as a funeral director or to |
| |
3|a lawfully recognized business entity licensed as required by law to |
| |
4|provide funeral services for the deceased member. The qualified |
| |
5|disclaimer must be in writing and will be an irrevocable and an |
| |
6|unqualified refusal to accept all or a portion of the death benefit. |
| |
7| It must be received by the transferor no more than nine (9) months |
| |
8|after the later of the day the transfer creating the interest in the |
| |
9|disclaiming person is made or the day the disclaiming person attains |
| |
10|age twenty-one (21). The interest in the death benefits must pass |
| |
11|without direction by the disclaiming person to another person. |
| |
12| (12) Upon the death of a retired member who has contributed to |
| |
13|the System, the retirement system shall pay to the designated |
| |
14|beneficiary of the member or, if there is no designated beneficiary |
| |
15|or if the designated beneficiary predeceases the member, to the |
| |
16|estate of the member, the sum of Five Thousand Dollars ($5,000.00) |
| |
17|as a death benefit. The beneficiary or beneficiaries of benefits |
| |
18|provided pursuant to this subsection may elect to disclaim such |
| |
19|death benefits in which case such benefits will be transferred to a |
| |
20|person licensed as a funeral director or to a lawfully recognized |
| |
21|business entity licensed as required by law to provide funeral |
| |
22|services for the deceased member. The qualified disclaimer must be |
| |
23|in writing and will be an irrevocable and an unqualified refusal to |
| |
24|accept all or a portion of the death benefit. It must be received |
| |
Req. No. 5119 Page 37
___________________________________________________________________________
1|by the transferor no more than nine (9) months after the later of |
| |
2|the day the transfer creating the interest in the disclaiming person |
| |
3|is made or the day the disclaiming person attains age twenty-one |
| |
4|(21). The interest in the death benefits must pass without |
| |
5|direction by the disclaiming person to another person. The benefit |
| |
6|payable pursuant to this subsection shall be deemed, for purposes of |
| |
7|federal income taxation, as life insurance proceeds and not as a |
| |
8|death benefit if the Internal Revenue Service approves this |
| |
9|provision pursuant to a private letter ruling request which shall be |
| |
10|submitted by the Board of Trustees of the System for that purpose. |
| |
11| (13) Upon the death of a member who dies leaving no living |
| |
12|beneficiary or having designated his or her estate as beneficiary, |
| |
13|the System may pay any applicable death benefit, unpaid |
| |
14|contributions, or unpaid benefit which may be subject to probate, in |
| |
15|an amount of Twenty-five Thousand Dollars ($25,000.00) or less, |
| |
16|without the intervention of the probate court or probate procedure |
| |
17|pursuant to Section 1 et seq. of Title 58 of the Oklahoma Statutes. |
| |
18| (a) Before any applicable probate procedure may be waived, the |
| |
19|System must be in receipt of the member's proof of death and the |
| |
20|following documents from those persons claiming to be the legal |
| |
21|heirs of the deceased member: |
| |
22| 1. The member's valid last will and testament, trust |
| |
23| documents or affidavit that a will does not exist; |
| |
24| |
| |
Req. No. 5119 Page 38
___________________________________________________________________________
1| 2. An affidavit or affidavits of heirship which must |
| |
2| state: |
| |
3| a. the names and signatures of all claiming heirs to |
| |
4| the deceased member's estate including the |
| |
5| claiming heirs' names, relationship to the |
| |
6| deceased, current addresses, tax I.D. numbers if |
| |
7| known and current telephone numbers, |
| |
8| b. a statement or statements by the claiming heirs |
| |
9| that no application or petition for the |
| |
10| appointment of a personal representative is |
| |
11| pending or has been granted in any jurisdiction, |
| |
12| c. a description of the personal property claimed, |
| |
13| (i.e., death benefit or unpaid contributions or |
| |
14| both) together with a statement that such |
| |
15| personal property is subject to probate, |
| |
16| d. a statement by each individual claiming heir |
| |
17| identifying the amount of personal property that |
| |
18| the heir is claiming from the System, and that |
| |
19| the heir has been notified of, is aware of and |
| |
20| consents to the identified claims of all the |
| |
21| other claiming heirs of the deceased member |
| |
22| pending with the System; |
| |
23| 3. A written agreement or agreements signed by all |
| |
24| claiming heirs of the deceased member which provides |
| |
Req. No. 5119 Page 39
___________________________________________________________________________
1| that the claiming heirs release, discharge and hold |
| |
2| harmless the System from any and all liability, |
| |
3| obligations and costs which it may incur as a result |
| |
4| of making a payment to any of the deceased member's |
| |
5| heirs; |
| |
6| 4. A corroborating affidavit from an individual other |
| |
7| than a claiming heir, who was familiar with the |
| |
8| affairs of the deceased member; |
| |
9| 5. Proof that all debts of the deceased member, including |
| |
10| payment of last sickness, hospital, medical, death, |
| |
11| funeral and burial expenses have been paid or provided |
| |
12| for. |
| |
13| (b) The Executive Director of the System shall retain complete |
| |
14|discretion in determining which requests for probate waiver may be |
| |
15|granted or denied, for any reason. Should the System have any |
| |
16|question as to the validity of any document presented by the |
| |
17|claiming heirs, or as to any statement or assertion contained |
| |
18|therein, the probate requirement provided for in Section 1 et seq. |
| |
19|of Title 58 of the Oklahoma Statutes shall not be waived. |
| |
20| (c) After paying any death benefits or unpaid contributions to |
| |
21|any claiming heirs as provided pursuant to this subsection, the |
| |
22|System is discharged and released from any and all liability, |
| |
23|obligation and costs to the same extent as if the System had dealt |
| |
24|with a personal representative of the deceased member. The System |
| |
Req. No. 5119 Page 40
___________________________________________________________________________
1|is not required to inquire into the truth of any matter specified in |
| |
2|this subsection or into the payment of any estate tax liability. |
| |
3| (14) Upon the death of a retired member, the benefit payment |
| |
4|for the month in which the retired member died, if not previously |
| |
5|paid, shall be made to the joint annuitant if still living, to the |
| |
6|beneficiary of the member if the joint annuitant is deceased, or to |
| |
7|the member's estate if there is no surviving joint annuitant or |
| |
8|beneficiary. Such benefit payment shall be made in an amount equal |
| |
9|to a full monthly benefit payment regardless of the day of the month |
| |
10|in which the retired member died. |
| |
11| SECTION 3. AMENDATORY 70 O.S. 2021, Section 17-116.2, is |
| |
12|amended to read as follows: |
| |
13| Section 17-116.2 A. 1. Beginning July 1, 1987, and prior to |
| |
14|July 1, 1995, a member who retires on or after the member's normal |
| |
15|retirement age or whose retirement is because of disability shall |
| |
16|receive an annual allowance for life, payable monthly, in an amount |
| |
17|equal to two percent (2%) of the member's highest three-year average |
| |
18|salary upon which member contributions were made, multiplied by the |
| |
19|number of the member's years of creditable service. |
| |
20| A classified member who retired prior to July 1, 1986, shall |
| |
21|have the member's retirement allowance calculated on a minimum |
| |
22|average salary of Eleven Thousand Five Hundred Dollars ($11,500.00) |
| |
23|or on the member's current minimum average salary plus Two Thousand |
| |
24|Dollars ($2,000.00), whichever is greater. Beginning July 1, 1994, |
| |
Req. No. 5119 Page 41
___________________________________________________________________________
1|a classified member who retired prior to July 1, 1993, shall have |
| |
2|the member's retirement allowance calculated on the member's current |
| |
3|minimum average salary plus Five Hundred Fifty Dollars ($550.00). |
| |
4|An unclassified member who retired prior to July 1, 1986, shall have |
| |
5|the member's retirement allowance calculated on a minimum average |
| |
6|salary of Nine Thousand Five Hundred Dollars ($9,500.00) or on the |
| |
7|member's current minimum average salary plus One Thousand Dollars |
| |
8|($1,000.00), whichever is greater. Beginning July 1, 1994, an |
| |
9|unclassified member who retired prior to July 1, 1993, shall have |
| |
10|the member's retirement allowance calculated on the member's current |
| |
11|minimum average salary plus Two Hundred Seventy-five Dollars |
| |
12|($275.00). Those individuals receiving benefits pursuant to |
| |
13|subsection (3) of Section 17-105 of this title whose benefits |
| |
14|commenced prior to July 1, 1993, shall receive an increase in |
| |
15|benefits of two and one-half percent (2 1/2%). No retirement |
| |
16|benefit payments shall be made retroactively. |
| |
17| For those members retiring before normal retirement age, except |
| |
18|for those members retiring because of a disability, the retirement |
| |
19|allowance shall be subject to adjustment in accordance with the |
| |
20|actuarial equivalent factors adopted by the Board of Trustees. |
| |
21| 2. Beginning July 1, 1995, a member, who has no service |
| |
22|performed on or after July 1, 1995, for an entity or institution |
| |
23|within The Oklahoma State System of Higher Education, who retires on |
| |
24|or after the member's normal retirement age or whose retirement is |
| |
Req. No. 5119 Page 42
___________________________________________________________________________
1|because of disability shall receive an annual allowance for life, |
| |
2|payable monthly as follows: |
| |
3| a. if the member becomes a member after June 30, 1995, |
| |
4| and was not eligible to become a member prior to July |
| |
5| 1, 1995, in an amount equal to two percent (2%) of the |
| |
6| member's average salary upon which member |
| |
7| contributions were made, multiplied by the number of |
| |
8| the member's years of creditable service, or |
| |
9| b. if the member became a member or is eligible to become |
| |
10| a member prior to July 1, 1995, and elected to have a |
| |
11| maximum compensation level in excess of Twenty-five |
| |
12| Thousand Dollars ($25,000.00) pursuant to paragraph 1 |
| |
13| of subsection C of this section or pursuant to |
| |
14| subsection E of this section, or if the member's |
| |
15| salary has never exceeded Twenty-five Thousand Dollars |
| |
16| ($25,000.00) prior to July 1, 1995, in an amount equal |
| |
17| to: |
| |
18| (1) two percent (2%) of the member's average salary |
| |
19| upon which member contributions were made not to |
| |
20| exceed Forty Thousand Dollars ($40,000.00), |
| |
21| multiplied by the number of the member's years of |
| |
22| credited service authorized and performed prior |
| |
23| to July 1, 1995, plus any years of prior service |
| |
24| authorized under this title, plus |
| |
Req. No. 5119 Page 43
___________________________________________________________________________
1| (2) two percent (2%) of the member's average salary |
| |
2| upon which member contributions were made, |
| |
3| multiplied by the number of the member's years of |
| |
4| credited service authorized and performed after |
| |
5| June 30, 1995, or |
| |
6| c. if the member became a member or is eligible to become |
| |
7| a member prior to July 1, 1995, and was eligible to |
| |
8| elect to have a maximum compensation level in excess |
| |
9| of Twenty-five Thousand Dollars ($25,000.00) and did |
| |
10| not elect or elected not to have a maximum |
| |
11| compensation level of Forty Thousand Dollars |
| |
12| ($40,000.00) pursuant to paragraph 1 of subsection C |
| |
13| of this section or pursuant to subsection E of this |
| |
14| section, in an amount equal to: |
| |
15| (1) two percent (2%) of the member's average salary |
| |
16| upon which member contributions were made not to |
| |
17| exceed Twenty-five Thousand Dollars ($25,000.00), |
| |
18| multiplied by the number of the member's years of |
| |
19| credited service authorized and performed prior |
| |
20| to July 1, 1995, plus any years of prior service |
| |
21| authorized under this title, plus |
| |
22| (2) two percent (2%) of the member's average salary |
| |
23| upon which member contributions were made, |
| |
24| |
| |
Req. No. 5119 Page 44
___________________________________________________________________________
1| multiplied by the number of the member's years of |
| |
2| credited service authorized and performed after |
| |
3| June 30, 1995. |
| |
4| 3. A member who becomes a member on or after the effective date |
| |
5|of this act and who retires on or after the member's normal |
| |
6|retirement age or whose retirement is because of disability shall |
| |
7|receive an annual allowance for life, payable monthly, in an amount |
| |
8|equal to: |
| |
9| a. one and seven-tenths percent (1.7%) of the member's |
| |
10| average salary multiplied by the number of member's |
| |
11| years of credited service, if the member has at least |
| |
12| five (5) years but not more than thirteen (13) years |
| |
13| of credited service, |
| |
14| b. two percent (2.0%) of the member's average salary |
| |
15| multiplied by the number of member's years of credited |
| |
16| service, if the member has more than thirteen (13) |
| |
17| years but not more than twenty-five (25) years of |
| |
18| credited service, |
| |
19| c. two and one-tenths percent (2.1%) of the member's |
| |
20| average salary multiplied by the number of member's |
| |
21| years of credited service, if the member has more than |
| |
22| twenty-five (25) years but not more than thirty-three |
| |
23| (33) years of credited service, or |
| |
24| |
| |
Req. No. 5119 Page 45
___________________________________________________________________________
1| d. two and two-tenths percent (2.2%) of the member's |
| |
2| average salary multiplied by the number of member's |
| |
3| years of credited service, if the member has more than |
| |
4| thirty-three (33) years of credited service. |
| |
5| B. Except as otherwise provided for in this section, the amount |
| |
6|contributed by each member to the retirement system shall be: |
| |
7| 1. Beginning July 1, 1992, through June 30, 1996, six percent |
| |
8|(6%) of the regular annual compensation of such member not in excess |
| |
9|of Twenty-five Thousand Dollars ($25,000.00) and beginning July 1, |
| |
10|1995, through June 30, 1996, six percent (6%) of the maximum |
| |
11|compensation level; |
| |
12| 2. Beginning July 1, 1996, through June 30, 1997, six and |
| |
13|one-half percent (6 1/2%) of the regular annual compensation of |
| |
14|members, who are not employed by an entity or institution within The |
| |
15|Oklahoma State System of Higher Education not in excess of |
| |
16|Twenty-five Thousand Dollars ($25,000.00) and beginning July 1, |
| |
17|1996, through June 30, 1997, six and one-half percent (6 1/2%) of |
| |
18|the regular annual compensation of members, who are employed by an |
| |
19|entity or institution within The Oklahoma State System of Higher |
| |
20|Education, not in excess of Twenty-five Thousand Dollars |
| |
21|($25,000.00); |
| |
22| 3. Beginning July 1, 1997, seven percent (7%) of the regular |
| |
23|annual compensation of the member not in excess of any applicable |
| |
24|maximum compensation level of the member; and |
| |
Req. No. 5119 Page 46
___________________________________________________________________________
1| 4. All public schools in this state shall treat the employee |
| |
2|contributions as being picked up under the provisions of Section 414 |
| |
3|(h)(2) of the Internal Revenue Code of 1986 in determining tax |
| |
4|treatment. |
| |
5|Subject to Internal Revenue Service approval, paragraph 4 of this |
| |
6|subsection shall not apply to a comprehensive university group |
| |
7|established on or before July 1, 1998, whose employee contributions |
| |
8|were consistently treated as not picked up as of July 1, 1998, and |
| |
9|at all times thereafter. |
| |
10| C. 1. Prior to July 1, 1995, an active member of the System |
| |
11|may elect to have a maximum compensation level of Forty Thousand |
| |
12|Dollars ($40,000.00). Such an election shall be made in writing and |
| |
13|filed with the System. Members whose salaries are in excess of |
| |
14|Twenty-five Thousand Dollars ($25,000.00) on July 20, 1987, shall |
| |
15|file the election with the System prior to January 1, 1988. Members |
| |
16|whose salaries exceed Twenty-five Thousand Dollars ($25,000.00) |
| |
17|after July 20, 1987, shall file the election when the salary exceeds |
| |
18|Twenty-five Thousand Dollars ($25,000.00). If a member makes such |
| |
19|an election, the member shall contribute the following amounts: |
| |
20| a. beginning July 1, 1992, through June 30, 1993, eleven |
| |
21| percent (11%) of the regular annual compensation of |
| |
22| such member that is in excess of Twenty-five Thousand |
| |
23| Dollars ($25,000.00) and is not in excess of Forty |
| |
24| Thousand Dollars ($40,000.00), |
| |
Req. No. 5119 Page 47
___________________________________________________________________________
1| b. beginning July 1, 1993, through June 30, 1994, nine |
| |
2| percent (9%) of the regular annual compensation of |
| |
3| such member that is in excess of Twenty-five Thousand |
| |
4| Dollars ($25,000.00) and is not in excess of Forty |
| |
5| Thousand Dollars ($40,000.00), and |
| |
6| c. beginning July 1, 1994, through June 30, 1995, eight |
| |
7| percent (8%) of the regular annual compensation of |
| |
8| such member that is in excess of Twenty-five Thousand |
| |
9| Dollars ($25,000.00) and is not in excess of Forty |
| |
10| Thousand Dollars ($40,000.00). Except as provided in |
| |
11| subsection E of this section, any such election shall |
| |
12| be irrevocable. |
| |
13| 2. After June 30, 1995, in addition to the amount contributed |
| |
14|by each member to the retirement system pursuant to subsection B of |
| |
15|this section, the total amount contributed by each member to the |
| |
16|retirement system shall include, beginning July 1, 1995, through |
| |
17|June 30, 1997, seven percent (7%) of the regular annual compensation |
| |
18|of each member, who is not employed by an entity or institution |
| |
19|within The Oklahoma State System of Higher Education, that is in |
| |
20|excess of Twenty-five Thousand Dollars ($25,000.00) and beginning |
| |
21|July 1, 1996, through June 30, 1997, seven percent (7%) of the |
| |
22|regular annual compensation of each member who is employed by an |
| |
23|entity or institution within The Oklahoma State System of Higher |
| |
24|Education in excess of Twenty-five Thousand Dollars ($25,000.00), |
| |
Req. No. 5119 Page 48
___________________________________________________________________________
1|but not in excess of any applicable maximum compensation level of |
| |
2|the member. |
| |
3| D. 1. Any member who was a contributing member of the |
| |
4|Retirement System between July 1, 1987, and June 30, 1995, who at |
| |
5|the time the member was eligible to make an election to increase the |
| |
6|maximum compensation level of the member, failed to make an election |
| |
7|or chose not to increase the maximum compensation level of the |
| |
8|member to Forty Thousand Dollars ($40,000.00), may elect to make |
| |
9|back contributions to the Retirement System. The member shall |
| |
10|complete a new election form and file with the Board of Trustees, |
| |
11|the form and a payment equaling the difference between the amount |
| |
12|contributed at the twenty-five-thousand-dollar level and the |
| |
13|appropriate contribution on compensation in excess of Twenty-five |
| |
14|Thousand Dollars ($25,000.00) up to a maximum of Forty Thousand |
| |
15|Dollars ($40,000.00) shall be made prior to the official retirement |
| |
16|date of the member. The required payment shall include any |
| |
17|contribution required by the employing school district, and shall |
| |
18|include interest compounded annually at ten percent (10%) per annum |
| |
19|of both employer and employee contributions. |
| |
20| 2. Any changes made pursuant to this subsection shall be |
| |
21|irrevocable. |
| |
22| E. 1. An individual who withdrew from the Teachers' Retirement |
| |
23|System and whose salary was in excess of Seven Thousand Eight |
| |
24|Hundred Dollars ($7,800.00) and had elected to contribute only on |
| |
Req. No. 5119 Page 49
___________________________________________________________________________
1|Seven Thousand Eight Hundred Dollars ($7,800.00) before his or her |
| |
2|withdrawal shall contribute on the earning ceiling as provided for |
| |
3|in this section on his or her reentry into membership in the |
| |
4|Teachers' Retirement System. |
| |
5| 2. An individual who elected to contribute on a maximum of |
| |
6|Seven Thousand Eight Hundred Dollars ($7,800.00) per annum shall, |
| |
7|beginning July 1, 1979, contribute on his or her earning ceiling as |
| |
8|provided for in this section. |
| |
9| 3. Any member who elected to contribute on Seven Thousand Eight |
| |
10|Hundred Dollars ($7,800.00) prior to January 1, 1978, and whose |
| |
11|salary was more than Seven Thousand Eight Hundred Dollars |
| |
12|($7,800.00) during the school years 1974-75 through 1978-79 may |
| |
13|elect to make back contributions to the retirement system by paying |
| |
14|the five percent (5%) contributions on the difference between Seven |
| |
15|Thousand Eight Hundred Dollars ($7,800.00) and the actual salary of |
| |
16|the member, not to exceed Ten Thousand Dollars ($10,000.00) for each |
| |
17|applicable school year, plus interest compounded annually at ten |
| |
18|percent (10%) per annum. Such payment shall be made prior to the |
| |
19|official retirement date of the member. |
| |
20| F. Each employer shall cause to be deducted from the salary of |
| |
21|each member on each and every payroll of such employer for each and |
| |
22|every payroll period, the proper percentage of his or her earnable |
| |
23|compensation as provided for in subsection B or subsection C of this |
| |
24|section. |
| |
Req. No. 5119 Page 50
___________________________________________________________________________
1| 1. Deductions shall begin with the first payroll period of the |
| |
2|school year. In determining the amount earnable by a member in a |
| |
3|payroll period, the Board of Trustees shall consider the rate of |
| |
4|annual compensation payable to such member on the first day of the |
| |
5|payroll period as continuing throughout such payroll period, and it |
| |
6|may omit deductions from compensation for any period less than a |
| |
7|full period, and to facilitate the making of deductions, it may |
| |
8|modify the deduction required of any member by such an amount as |
| |
9|shall not exceed one-tenth of one percent (1/10 of 1%) of the annual |
| |
10|compensation upon the basis of which such deduction is to be made. |
| |
11|Prior to January 1, 1991, any active contributing member who joined |
| |
12|the System subsequent to July 1, 1943, may pay the normal cost, |
| |
13|which shall mean the single sum which would have been paid under |
| |
14|existing statutes at the time the service was performed, plus |
| |
15|interest, for years of teaching service in Oklahoma from the date of |
| |
16|establishment of the System in 1943 to date of membership, in a lump |
| |
17|sum, or in installments equal to establishing one (1) year of |
| |
18|creditable service. Effective January 1, 1991, any active |
| |
19|contributing member who joined the System subsequent to July 1, |
| |
20|1943, may pay the amount determined by the Board of Trustees |
| |
21|pursuant to Section 17-116.8 of this title for years of teaching |
| |
22|service in Oklahoma from the date of establishment of the System in |
| |
23|1943 to date of membership, in a lump sum, or in installments equal |
| |
24|to establishing one (1) year of creditable service. For purposes of |
| |
Req. No. 5119 Page 51
___________________________________________________________________________
1|this option, teaching service in Oklahoma shall include the teaching |
| |
2|of vocational agricultural courses within Oklahoma for the federal |
| |
3|government. Years for which contributions are paid shall count as |
| |
4|membership service under this plan. A member may receive credit for |
| |
5|not more than five (5) years of teaching service rendered while in |
| |
6|the Peace Corps or in the public schools of a territory of the |
| |
7|United States or the public schools, American Military Dependent |
| |
8|Schools or state colleges or state universities outside this state |
| |
9|by paying his or her contributions, plus interest, and membership |
| |
10|fees to the retirement system, subject to the regulations of the |
| |
11|Board of Trustees, providing he or she is not receiving and is not |
| |
12|eligible to receive retirement credit or benefits from said service |
| |
13|in any other public retirement system of this state, or any other |
| |
14|state or territory of the United States subject to the following |
| |
15|provisions: |
| |
16| a. the member is required to have two (2) years of |
| |
17| employed service teaching earned in Oklahoma for each |
| |
18| year of Peace Corps, territorial, out-of-state, |
| |
19| noncovered in-state or military membership credit |
| |
20| granted. |
| |
21| b. prior to January 1, 1991, the out-of-state or |
| |
22| noncovered in-state payment shall be the normal cost, |
| |
23| which means the single sum which would have been paid |
| |
24| under existing law at the time the service was |
| |
Req. No. 5119 Page 52
___________________________________________________________________________
1| performed, plus interest, on the basis of what his or |
| |
2| her annual salary would have been in Oklahoma or out |
| |
3| of state, whichever is greater, had he or she been |
| |
4| employed as a teacher. Effective January 1, 1991, the |
| |
5| Peace Corps, territorial, out-of-state or noncovered |
| |
6| in-state payment shall be the amount determined by the |
| |
7| Board of Trustees pursuant to Section 17-116.8 of this |
| |
8| title. |
| |
9| 2. In addition to the deductions hereinabove provided for, any |
| |
10|member who becomes a member of the Armed Forces of the United States |
| |
11|of America during any period of national emergency, including World |
| |
12|War II, the Korean conflict, the Vietnam conflict or others as may |
| |
13|be determined by the Board of Trustees, or whose entrance into or |
| |
14|training for the teaching profession was interrupted by his or her |
| |
15|entrance into the Armed Forces, and who was or shall have become a |
| |
16|member of the Teachers' Retirement System shall be granted the |
| |
17|privilege of making up his or her five percent (5%) contributions as |
| |
18|provided for in this section until January 1, 1991, for not to |
| |
19|exceed five (5) years of service in the Armed Forces by electing to |
| |
20|pay said contributions on the basis of the rate of pay in his or her |
| |
21|contract as a teacher at the time his or her service in the Armed |
| |
22|Forces commenced or in the case of a teacher who was not teaching |
| |
23|prior to entering the Armed Forces, on the basis of the salary of |
| |
24|the first year of teaching after being honorably discharged from the |
| |
Req. No. 5119 Page 53
___________________________________________________________________________
1|Armed Forces. Effective January 1, 1991, the member will receive |
| |
2|such service upon payment of the amount determined by the Board of |
| |
3|Trustees pursuant to Section 17-116.8 of this title. Such |
| |
4|contributions shall be credited in the regular manner, and the |
| |
5|period for which said contributions were paid shall be counted as |
| |
6|creditable years of service and allocated to the period during which |
| |
7|the military service was rendered, except that the period for which |
| |
8|contributions were paid must have been continuous and shall be |
| |
9|credited in the aggregate, regardless of fiscal year limitations. |
| |
10|Notwithstanding any provision herein to the contrary, contributions, |
| |
11|benefits and service credit with respect to qualified military |
| |
12|service as defined by Section 414(u) of the Internal Revenue Code of |
| |
13|1986 shall be provided in accordance with Section 414(u) of the |
| |
14|Internal Revenue Code. |
| |
15| 3. Retirement benefits for all service credits purchased |
| |
16|pursuant to this subsection shall be determined in accordance with |
| |
17|the provisions of paragraph 2 of this subsection. |
| |
18| G. Effective July 1, 2004, the total creditable service of a |
| |
19|member who retires or terminates employment and elects a vested |
| |
20|benefit shall include not to exceed one hundred twenty (120) days of |
| |
21|unused sick leave accumulated subsequent to August 1, 1959. Twenty |
| |
22|(20) days of unused sick leave shall equal one (1) month for |
| |
23|purposes of creditable service credit. If the member becomes a |
| |
24|member or was eligible to become a member prior to July 1, 1995, the |
| |
Req. No. 5119 Page 54
___________________________________________________________________________
1|year of credit received in this section shall be treated as service |
| |
2|earned prior to July 1, 1995. This subsection shall apply to |
| |
3|members retiring or vesting on or after the effective date of this |
| |
4|act and shall not be retroactive. |
| |
5| H. Any member who: |
| |
6| 1. Shall be absent from the teaching service because of |
| |
7|election to the State Legislature or appointment to the executive |
| |
8|branch in an education-related capacity shall be allowed thirty (30) |
| |
9|days from the date as of which the person is officially elected or |
| |
10|appointed to file an election with the Teachers' Retirement System |
| |
11|to retain his or her membership in the Teachers' Retirement System |
| |
12|upon payment of the contribution required of other members and |
| |
13|employers of said members as provided for in this section and his or |
| |
14|her service credits shall continue to be accumulated during such |
| |
15|absence, provided he or she is not receiving retirement credits or |
| |
16|benefits from said service beginning after July 1, 1992, in other |
| |
17|public retirement systems; or |
| |
18| 2. Became an employee of the Oklahoma Commission for Teacher |
| |
19|Preparation on or subsequent to June 1, 2001, but prior to July 1, |
| |
20|2002, who was previously employed by a participating employer within |
| |
21|the Teachers' Retirement System of Oklahoma, may elect to cancel any |
| |
22|accumulated service credit accrued within the Oklahoma Public |
| |
23|Employees Retirement System on or after June 1, 2001, but prior to |
| |
24|July 1, 2002, by filing an election with the Oklahoma Public |
| |
Req. No. 5119 Page 55
___________________________________________________________________________
1|Employees Retirement System for the cancellation of such service |
| |
2|credit. The election shall be irrevocable and shall require the |
| |
3|Oklahoma Public Employees Retirement System to transfer all |
| |
4|accumulated employer and employee contributions made on behalf of or |
| |
5|by the person making such election to the Teachers' Retirement |
| |
6|System for such period of time. The Teachers' Retirement System |
| |
7|shall compute the employee contributions that would have been made |
| |
8|to the System by such employee if the contributions had been |
| |
9|computed pursuant to this section. In order to receive the full |
| |
10|amount of creditable service for the period of time on or after June |
| |
11|1, 2001, but not later than June 30, 2002, the employee shall be |
| |
12|required to pay any difference between the transferred employee |
| |
13|contributions and the amount computed by the Teachers' Retirement |
| |
14|System. The employee may make payment of any required amount in the |
| |
15|manner provided by and subject to the requirements of Section |
| |
16|17-116.8 of this title. After payment of all required employee |
| |
17|contributions, the Teachers' Retirement System shall credit the |
| |
18|period of time represented by the transferred employee contributions |
| |
19|as creditable service within the meaning of Section 17-101 of this |
| |
20|title. After the transfer of the employee contributions, the |
| |
21|Oklahoma Public Employees Retirement System shall cancel any service |
| |
22|credit previously accumulated for the period of time represented by |
| |
23|such transferred employee contributions. Any person who makes the |
| |
24|election provided for by this paragraph, and who continues |
| |
Req. No. 5119 Page 56
___________________________________________________________________________
1|employment with the Oklahoma Commission for Teacher Preparation on |
| |
2|or after July 1, 2002, shall continue to accrue service credit in |
| |
3|the Teachers' Retirement System of Oklahoma. The employer shall |
| |
4|make employer contributions according to the requirements of Section |
| |
5|17-108.1 of this title and shall provide for the deduction of |
| |
6|employee contributions as required by this section. |
| |
7| I. Any member who shall be absent from the teaching service |
| |
8|because of election or appointment as a local, state or national |
| |
9|education association officer, prior to January 1, 2011, shall be |
| |
10|allowed to retain his or her membership in the Teachers' Retirement |
| |
11|System upon payment of the contribution required of other members |
| |
12|and employers of said members as provided for in this section and |
| |
13|his or her service credits shall continue to be accumulated during |
| |
14|such absence. Provided, however, any one such absence shall not |
| |
15|exceed twelve (12) continuous years. No member who has less than |
| |
16|ten (10) years of contributory service on July 1, 1994, may make |
| |
17|this election after June 30, 1994. Members contributing to the |
| |
18|System on July 1, 1994, may continue to contribute under this |
| |
19|subsection until they have completed eight (8) years allowed by this |
| |
20|subsection. The member may file for retirement when otherwise |
| |
21|eligible for retirement as provided by Section 17-105 of this title. |
| |
22| J. A member may receive credit for those years of service |
| |
23|accumulated by the member while employed by an entity which is a |
| |
24|participating employer in the Oklahoma Firefighters Pension and |
| |
Req. No. 5119 Page 57
___________________________________________________________________________
1|Retirement System, the Oklahoma Police Pension and Retirement |
| |
2|System, the Uniform Retirement System for Justices and Judges, the |
| |
3|Oklahoma Law Enforcement Retirement System, or the Oklahoma Public |
| |
4|Employees Retirement System, if the member is not receiving or |
| |
5|eligible to receive retirement credit or benefits from said service |
| |
6|in any other public retirement system. A member also may receive |
| |
7|credit for those years of service with the Department of Wildlife |
| |
8|Conservation or with an employer that is a participating employer |
| |
9|within one of the state retirement systems specifically referred to |
| |
10|in this section when at the time of such service by the member the |
| |
11|employer was not such a participating employer, if the member is not |
| |
12|receiving or eligible to receive retirement credit or benefits from |
| |
13|said service in any other public retirement system. To receive the |
| |
14|service credit provided in this subsection, the member shall pay the |
| |
15|amount determined by the Board of Trustees pursuant to Section |
| |
16|17-116.8 of this title. For purposes of this subsection, creditable |
| |
17|service transferred from the Oklahoma Public Employees Retirement |
| |
18|System shall include service authorized under paragraph (f) of |
| |
19|subsection (2) of Section 913 of Title 74 of the Oklahoma Statutes |
| |
20|as amended from time to time. Members who retire prior to July 1, |
| |
21|1993, shall have their monthly benefit adjusted to include all |
| |
22|services accrued under paragraph (f) of subsection (2) of Section |
| |
23|913 of Title 74 of the Oklahoma Statutes. Provided however, any |
| |
24|adjustment of existing retirement benefits caused by reason of |
| |
Req. No. 5119 Page 58
___________________________________________________________________________
1|inclusion of such service authorized under paragraph (f) of |
| |
2|subsection (2) of Section 913 of Title 74 of the Oklahoma Statutes |
| |
3|shall not affect any retirement benefit paid prior to July 1, 1993. |
| |
4| K. 1. An active member of the Teachers' Retirement System of |
| |
5|Oklahoma may receive credit for those years of service accumulated |
| |
6|by the member while a member of the Oklahoma Public Employees |
| |
7|Retirement System if: |
| |
8| a. the member is an active member of the Teachers' |
| |
9| Retirement System of Oklahoma, and |
| |
10| b. the member provides notice to the Oklahoma Public |
| |
11| Employees Retirement System and the Teachers' |
| |
12| Retirement System of Oklahoma of the member's election |
| |
13| to transfer said service credit. The notice shall |
| |
14| include a list of the years to be transferred, and |
| |
15| c. the member is not receiving or eligible to receive |
| |
16| retirement credit or benefits from said service in any |
| |
17| other public retirement system, notwithstanding the |
| |
18| years of service sought to be transferred under this |
| |
19| subsection. |
| |
20| Members electing to take advantage of the transfer authorized by |
| |
21|this subsection who are receiving or eligible to receive retirement |
| |
22|credit or benefits from said service in any other public retirement |
| |
23|system shall have all service credit with the Oklahoma Public |
| |
24|Employees Retirement System canceled which is not transferred to the |
| |
Req. No. 5119 Page 59
___________________________________________________________________________
1|Teachers' Retirement System of Oklahoma or used as a cash offset in |
| |
2|such a transfer pursuant to subparagraph d of paragraph 2 of this |
| |
3|subsection. Service credit transferred to the Teachers' Retirement |
| |
4|System of Oklahoma under this subsection shall also be canceled with |
| |
5|the Oklahoma Public Employees Retirement System. |
| |
6| 2. For purposes of this subsection, the "sending system" shall |
| |
7|mean the Oklahoma Public Employees Retirement System. The |
| |
8|"receiving system" shall mean the Teachers' Retirement System of |
| |
9|Oklahoma. |
| |
10| a. Within thirty (30) days notification of an intent to |
| |
11| transfer is received by the sending system, the |
| |
12| sending system shall, according to its own rules and |
| |
13| regulations: |
| |
14| (1) for members who have accrued at least eight (8) |
| |
15| years of credited service with the sending |
| |
16| system, determine the present value of the |
| |
17| member's earned benefits attributable to the |
| |
18| years of service sought to be transferred, |
| |
19| discounted according to the member's age at the |
| |
20| time of transfer and computed as of the earliest |
| |
21| age at which the member would be able to retire. |
| |
22| Said computation shall assume an unreduced |
| |
23| benefit and be computed using interest and |
| |
24| mortality assumptions consistent with the |
| |
Req. No. 5119 Page 60
___________________________________________________________________________
1| actuarial assumptions adopted by the Board of |
| |
2| Trustees for purposes of preparing the annual |
| |
3| actuarial evaluation, but shall not make any |
| |
4| projections regarding future salary. For |
| |
5| employees who have accrued at least eight (8) |
| |
6| years of credited service, the sending system |
| |
7| shall use the product of this calculation for |
| |
8| purposes of determining the transfer fee to be |
| |
9| paid by the employee under subparagraph c of this |
| |
10| paragraph so long as it is greater than the |
| |
11| product of the calculation in division (2) of |
| |
12| this subparagraph, and |
| |
13| (2) determine the sum of the employee and employer |
| |
14| contributions applicable to the years of service |
| |
15| sought to be transferred plus interest consistent |
| |
16| with the actuarial assumptions adopted by the |
| |
17| Board of Trustees for purposes of preparing the |
| |
18| annual actuarial evaluation. For all nonvested |
| |
19| members, and for members who have accrued at |
| |
20| least eight (8) years of credited service, if the |
| |
21| product of this calculation is greater than the |
| |
22| product of the calculation in division (1) of |
| |
23| this subparagraph, the sending system shall use |
| |
24| the product of this calculation for purposes of |
| |
Req. No. 5119 Page 61
___________________________________________________________________________
1| determining the amount to be transferred by the |
| |
2| sending system under subparagraph c of this |
| |
3| paragraph and any transfer fee to be paid by the |
| |
4| member under subparagraph d of this paragraph. |
| |
5| b. Within thirty (30) days notification of an intent to |
| |
6| transfer is received by the receiving system, the |
| |
7| receiving system shall determine, according to the |
| |
8| system's own rules and regulations, the present value |
| |
9| of the member's incremental projected benefits |
| |
10| discounted according to the member's age at the time |
| |
11| of the transfer. Incremental projected benefits shall |
| |
12| be the difference between the projected benefit said |
| |
13| member would receive without transferring the service |
| |
14| credit and the projected benefit after transfer of |
| |
15| service credit computed as of the earliest age at |
| |
16| which the member would be able to retire. Said |
| |
17| computation shall assume an unreduced benefit and be |
| |
18| computed using interest, salary projections and |
| |
19| mortality assumptions consistent with the actuarial |
| |
20| assumptions adopted by the Board of Trustees for |
| |
21| purposes of preparing the annual actuarial evaluation. |
| |
22| c. The sending system shall, within sixty (60) days from |
| |
23| the date notification of an intent to transfer is |
| |
24| received by the sending system, transfer to the |
| |
Req. No. 5119 Page 62
___________________________________________________________________________
1| receiving system the amount determined in subparagraph |
| |
2| a of this paragraph. Except if the cost as calculated |
| |
3| under subparagraph a of this paragraph is greater than |
| |
4| the actuarial value of the incremental benefit in the |
| |
5| receiving system, as established in subparagraph b of |
| |
6| this paragraph, the sending system shall send the |
| |
7| receiving system an amount equal to the actuarial |
| |
8| value of the incremental projected benefit in the |
| |
9| receiving system. |
| |
10| d. In order to receive the credit provided for in |
| |
11| paragraph 1 of this subsection, if the cost of the |
| |
12| actuarial value of the incremental benefit to the |
| |
13| receiving system is greater than the cost as |
| |
14| calculated under subparagraph a of this paragraph for |
| |
15| the same years of service to the sending system as |
| |
16| established in subparagraphs a and b of this |
| |
17| paragraph, the employee shall elect to: |
| |
18| (1) pay any difference to receive full credit for the |
| |
19| years sought to be transferred, or |
| |
20| (2) receive prorated service credit for only the |
| |
21| amount received from the Oklahoma Public |
| |
22| Employees Retirement System pursuant to this |
| |
23| subsection. |
| |
24| |
| |
Req. No. 5119 Page 63
___________________________________________________________________________
1| Such an election shall be made in writing, filed with |
| |
2| the System prior to receiving the credit provided for |
| |
3| in paragraph 1 of this subsection, and shall be |
| |
4| irrevocable. |
| |
5| 3. Within sixty (60) days of successfully completing all of the |
| |
6|requirements for transfer under this subsection, the sending system |
| |
7|shall pay the receiving system any amount due under this subsection. |
| |
8| Within sixty (60) days of successfully completing all of the |
| |
9|requirements for transfer under this subsection, the member shall |
| |
10|pay the receiving system any amount due under this subsection. In |
| |
11|the event that the member is unable to pay the transfer fee provided |
| |
12|for in this subsection by the due date, the Board of Trustees of the |
| |
13|receiving system shall permit the member to amortize the transfer |
| |
14|fee over a period not to exceed sixty (60) months. Said payments |
| |
15|shall be made by payroll deductions unless the Board of Trustees |
| |
16|permits an alternate payment source. The amortization shall include |
| |
17|interest in an amount not to exceed the actuarially assumed interest |
| |
18|rate adopted by the Board of Trustees for investment earnings each |
| |
19|year. Any member who ceases to make payment, terminates, retires or |
| |
20|dies before completing the payments provided for in this section |
| |
21|shall receive prorated service credit for only those payments made, |
| |
22|unless the unpaid balance is paid by said member, his or her estate |
| |
23|or successor in interest within six (6) months after said member's |
| |
24|death, termination of employment or retirement, provided no |
| |
Req. No. 5119 Page 64
___________________________________________________________________________
1|retirement benefits shall be payable until the unpaid balance is |
| |
2|paid, unless said member or beneficiary affirmatively waives the |
| |
3|additional six-month period in which to pay the unpaid balance. |
| |
4| 4. Years of service transferred pursuant to this subsection |
| |
5|shall be used both in determining the member's retirement benefit |
| |
6|and in determining the years of service for retirement and/or |
| |
7|vesting purposes. Years of service rendered as a member of the |
| |
8|Oklahoma Public Employees Retirement System prior to July 1, 1992, |
| |
9|if any, shall be deemed to be years of service rendered as a member |
| |
10|of the Teachers' Retirement System of Oklahoma prior to July 1, |
| |
11|1992, and shall qualify such person as a member of the Teachers' |
| |
12|Retirement System of Oklahoma before July 1, 1992. |
| |
13| 5. Notwithstanding the requirements of subsection (5) of |
| |
14|Section 917 of Title 74 of the Oklahoma Statutes, members electing |
| |
15|to take advantage of the transfer authorized by this subsection who |
| |
16|have withdrawn their contributions from the sending system shall |
| |
17|remit to the sending system the amount of the accumulated |
| |
18|contributions the member has withdrawn plus simple interest of ten |
| |
19|percent (10%) per annum prior to making said election or the |
| |
20|election shall be deemed invalid and the transfer shall be canceled. |
| |
21| If such an election is deemed invalid and the transfer is canceled, |
| |
22|the accumulated contribution remitted to the sending system by the |
| |
23|member who originally withdrew their contributions shall be returned |
| |
24|to the member. The member's rights and obligations regarding any |
| |
Req. No. 5119 Page 65
___________________________________________________________________________
1|service credit reestablished in the sending system due to a failure |
| |
2|to satisfy the requirements of this subsection shall be determined |
| |
3|by the sending system in accordance with Section 901 et seq. of |
| |
4|Title 74 of the Oklahoma Statutes. |
| |
5| 6. If any member fails for any reason to satisfy the |
| |
6|requirements of this subsection, the election to transfer service |
| |
7|credit shall be void and of no effect, and any service credited as a |
| |
8|result of this transfer shall be canceled. If such service is |
| |
9|canceled, the years of canceled service credit which were |
| |
10|unsuccessfully transferred to the receiving system from the sending |
| |
11|system shall be reestablished in the sending system. The member's |
| |
12|rights and obligations regarding any service credit reestablished in |
| |
13|the sending system due to a failure to satisfy the requirements of |
| |
14|this subsection shall be determined by the sending system in |
| |
15|accordance with Section 901 et seq. of Title 74 of the Oklahoma |
| |
16|Statutes. |
| |
17| 7. The Board of Trustees shall promulgate such rules as are |
| |
18|necessary to implement the provisions of this subsection. |
| |
19| L. Any member whose regular annual compensation was not |
| |
20|determined as provided for by law may pay the member contribution |
| |
21|required pursuant to subsection B of this section on such amount not |
| |
22|included in the member's regular annual compensation and receive |
| |
23|credit for such amount in the calculation of the member's benefit. |
| |
24|The employees must pay the employer contributions required pursuant |
| |
Req. No. 5119 Page 66
___________________________________________________________________________
1|to Section 17-108.1 of this title. Interest at the rate of ten |
| |
2|percent (10%) per annum shall be charged to both employee and |
| |
3|employer contributions. Provided that the employing district may |
| |
4|pay all or any portion of the contributions and interest the member |
| |
5|is required to pay. Any payment by the employing district for a |
| |
6|prior year obligation shall be considered a current obligation of |
| |
7|the employer. |
| |
8| M. Any active member who elected during the 1978-79 school year |
| |
9|to pay the difference between five percent (5%) on actual salary not |
| |
10|exceeding Ten Thousand Dollars ($10,000.00) and six percent (6%) on |
| |
11|actual salary not exceeding Fifteen Thousand Dollars ($15,000.00) |
| |
12|shall receive credit for one (1) year of credited service upon |
| |
13|receipt and approval of a proper request by the Board of Trustees. |
| |
14| N. Effective July 1, 1988, any member who is employed by the |
| |
15|Governor, the State Senate, the House of Representatives or the |
| |
16|Legislative Service Bureau shall be allowed to elect to retain |
| |
17|membership in the Retirement System upon payment of the accrued and |
| |
18|current member contributions and employer contributions as provided |
| |
19|in subsection B of this section and Section 17-108.1 of this title. |
| |
20|Such contributions may be paid on behalf of the member by the |
| |
21|employing entity. Upon payment of such contributions, service |
| |
22|credits shall continue to be accumulated during such employment. |
| |
23|Accrued contributions shall be paid to the Retirement System by |
| |
24|August 1, 1989. Current contributions shall be paid to the |
| |
Req. No. 5119 Page 67
___________________________________________________________________________
1|Retirement System by the tenth of the following month beginning with |
| |
2|the month of July 1989. |
| |
3| O. Notwithstanding any requirements of this title to restrict |
| |
4|the payment of service purchases, the Board of Trustees shall |
| |
5|promulgate such rules as necessary to allow active members of the |
| |
6|System to make installment payments for the redeposit of withdrawn |
| |
7|accounts or other payments due under the provisions of this title. |
| |
8|The rules shall permit the member to amortize the balance due over a |
| |
9|period not to exceed sixty (60) months, and shall include interest |
| |
10|consistent with the actuarial assumptions adopted by the Board of |
| |
11|Trustees for purposes of preparing the annual actuarial evaluation. |
| |
12|Further, the rules shall provide that all payments must be completed |
| |
13|prior to the effective retirement date of the member. |
| |
14| P. 1. A member of the Oklahoma Public Employees Retirement |
| |
15|System who becomes a member of the Teachers' Retirement System of |
| |
16|Oklahoma because the member has become employed by an entity or |
| |
17|institution within The Oklahoma State System of Higher Education, |
| |
18|State Board of Education, State Board of Career and Technology |
| |
19|Education, Oklahoma Department of Career and Technology Education, |
| |
20|Oklahoma School of Science and Mathematics, Oklahoma Center for the |
| |
21|Advancement of Science and Technology, State Department of |
| |
22|Rehabilitation Services, Oklahoma State Regents for Higher |
| |
23|Education, Department of Corrections, State Department of Education, |
| |
24|Oklahoma Board of Private Vocational Schools, Board of Regents of |
| |
Req. No. 5119 Page 68
___________________________________________________________________________
1|Oklahoma Colleges, Oklahoma Student Loan Authority, or the Teachers' |
| |
2|Retirement System of Oklahoma, may elect to receive credit in the |
| |
3|Teachers' Retirement System of Oklahoma for those years of service |
| |
4|accumulated by the member in the Oklahoma Public Employees |
| |
5|Retirement System pursuant to this subsection. A member shall be |
| |
6|eligible to elect to receive credit for such years of service if: |
| |
7| a. the member is an active member of the Teachers' |
| |
8| Retirement System of Oklahoma, |
| |
9| b. the member provides notice to the Teachers' Retirement |
| |
10| System of Oklahoma and the Oklahoma Public Employees |
| |
11| Retirement System of the member's election to transfer |
| |
12| such retirement credit. The notice shall include a |
| |
13| list of the years to be transferred, and |
| |
14| c. the member is not receiving or eligible to receive |
| |
15| retirement credit or benefits from such service in any |
| |
16| other public retirement system, notwithstanding the |
| |
17| years of service sought to be transferred under this |
| |
18| subsection. |
| |
19|Members electing to take advantage of the transfer authorized by |
| |
20|this subsection shall have all service credit with the Oklahoma |
| |
21|Public Employees Retirement System canceled which is transferred to |
| |
22|the Teachers' Retirement System of Oklahoma. |
| |
23| 2. For purposes of this subsection, the "sending system" shall |
| |
24|mean the Oklahoma Public Employees Retirement System. The |
| |
Req. No. 5119 Page 69
___________________________________________________________________________
1|"receiving system" shall mean the Teachers' Retirement System of |
| |
2|Oklahoma. Within thirty (30) days after notification of an intent |
| |
3|to transfer is received by the sending system, the sending system |
| |
4|shall, according to its own rules, send to the receiving system all |
| |
5|employer and employee contributions made on behalf of the member |
| |
6|which were made to the sending system plus an additional amount of |
| |
7|earnings based on the actuarial assumed rate of the sending system. |
| |
8|Upon receipt of these contributions by the receiving system, the |
| |
9|receiving system shall give credit to the transferring member in an |
| |
10|amount equal to the years of service accrued in the sending system. |
| |
11| 3. If the transferring member's normal retirement date |
| |
12|calculation is based upon the sum of the member's age and number of |
| |
13|years of credited service totaling eighty (80) in the sending |
| |
14|system, then the member shall retain such calculation in the |
| |
15|receiving system. |
| |
16| 4. The Board of Trustees shall promulgate such rules as are |
| |
17|necessary to implement the provisions of this subsection. |
| |
18| Q. A former member of the Teachers' Retirement System of |
| |
19|Oklahoma who withdrew his or her contributions from the System prior |
| |
20|to January 1, 1983, and who had at least ten (10) years of service |
| |
21|in the System and purchased that service in the Oklahoma Public |
| |
22|Employees Retirement System, may elect to revoke that purchase from |
| |
23|the Oklahoma Public Employees Retirement System and to repay the |
| |
24|withdrawn contributions to the System in order to be eligible, once |
| |
Req. No. 5119 Page 70
___________________________________________________________________________
1|such member reaches the normal retirement age, to receive a |
| |
2|retirement benefit that is based upon years of service and |
| |
3|compensation at the time such member terminated employment. In |
| |
4|addition, such former member may elect to transfer service credit |
| |
5|accrued in the Oklahoma Public Employees Retirement System to the |
| |
6|Teachers' Retirement System of Oklahoma pursuant to subsection K of |
| |
7|this section. The election, pursuant to this subsection, shall be |
| |
8|made prior to September 1, 2000. The election and the repayment |
| |
9|shall be made according to rules promulgated by the Board. |
| |
10| SECTION 4. AMENDATORY 70 O.S. 2021, Section 17-116.10, |
| |
11|is amended to read as follows: |
| |
12| Section 17-116.10 A. Subject to the requirements of Section |
| |
13|6-101.2 of this title and any other applicable requirements of law, |
| |
14|a member may enter into postretirement employment with a public |
| |
15|school of Oklahoma and still receive monthly retirement benefits |
| |
16|subject to the following limitations: |
| |
17| 1. A retired member is not eligible to be employed by the |
| |
18|public schools of Oklahoma, in any capacity, for sixty (60) calendar |
| |
19|days between the retiree's last day of preretirement public |
| |
20|education employment and any postretirement public education |
| |
21|employment. For purposes of this section, the term "last day of |
| |
22|preretirement employment" shall mean the last day the employee is |
| |
23|required to be physically present on the job to complete the terms |
| |
24|of the employment contract or agreement. An employee on paid leave |
| |
Req. No. 5119 Page 71
___________________________________________________________________________
1|is still considered to be employed for purposes of this section. |
| |
2|Employment under any conditions during this time, volunteer services |
| |
3|for the purpose of obtaining a paid position at a later date, or |
| |
4|payment at a later time for services performed during this time |
| |
5|period shall cause the forfeiture of all retirement benefits |
| |
6|received during the period. Except as otherwise provided by |
| |
7|paragraphs 3 and 4 of this subsection, after the expiration of the |
| |
8|sixty (60) day period, a retired member may be employed by the |
| |
9|public schools of Oklahoma without any reduction in retirement |
| |
10|benefit; |
| |
11| 2. Unless otherwise provided in paragraph 3 of this subsection, |
| |
12|earnings from the public schools may not exceed one-half (1/2) of |
| |
13|the member's final average salary used in computing retirement |
| |
14|benefits, or the Earnings Limitation for employees allowed by the |
| |
15|Social Security Administration, whichever is less. For retired |
| |
16|members under the age of sixty-two (62) years, the limit on allowed |
| |
17|earnings from the public schools of Oklahoma for employment for the |
| |
18|performance of duties ordinarily performed by classified or |
| |
19|nonclassified personnel shall be the lesser of Fifteen Thousand |
| |
20|Dollars ($15,000.00) or one-half (1/2) of the member's final average |
| |
21|salary used in computing retirement benefits unless the earnings |
| |
22|limitation allowed by the Social Security Administration would be |
| |
23|greater than Fifteen Thousand Dollars ($15,000.00). For retired |
| |
24|members sixty-two (62) years of age or older the limit on allowed |
| |
Req. No. 5119 Page 72
___________________________________________________________________________
1|earnings from the public schools of Oklahoma for the performance of |
| |
2|duties ordinarily performed by classified or nonclassified personnel |
| |
3|shall be the lesser of Thirty Thousand Dollars ($30,000.00) or |
| |
4|one-half (1/2) of the member's final average salary used in |
| |
5|computing retirement benefits. For purposes of this paragraph, the |
| |
6|following shall apply: |
| |
7| a. earnings shall mean "regular annual compensation" as |
| |
8| defined in paragraph (25) of Section 17-101 of this |
| |
9| title, and shall include any payment by a public |
| |
10| school for services rendered by a retired member who |
| |
11| is employed for any purpose whatsoever. Supplemental |
| |
12| retirement payments paid by a former public school |
| |
13| employer pursuant to subsection 9 of Section 17-105 of |
| |
14| this title or other state law shall not be considered |
| |
15| as earnings, |
| |
16| b. the Earnings Limitation for employees allowed by the |
| |
17| Social Security Administration to workers between the |
| |
18| age of sixty-two (62) years and sixty-five (65) years |
| |
19| shall apply to retired members below the age of |
| |
20| sixty-two (62) years, |
| |
21| c. the limit on allowed earnings from the public schools |
| |
22| shall be automatically adjusted effective the first |
| |
23| day of January of each year to reflect the current |
| |
24| |
| |
Req. No. 5119 Page 73
___________________________________________________________________________
1| Earnings Limitation for employees as determined from |
| |
2| time to time by the Social Security Administration, |
| |
3| d. the earnings limit for the calendar year in which a |
| |
4| member retires shall be one-twelfth (1/12) of the |
| |
5| annual limit multiplied by the number of months the |
| |
6| member is eligible to work and receive payments from |
| |
7| the public schools of Oklahoma, |
| |
8| e. earnings in excess of the maximum limit on allowed |
| |
9| earnings from public schools of Oklahoma shall result |
| |
10| in a loss of future retirement benefits for the year |
| |
11| the postretirement employment was performed of One |
| |
12| Dollar ($1.00) for each One Dollar ($1.00) earned over |
| |
13| the maximum allowed earnings amount, |
| |
14| f. for those members age seventy (70) years and over, the |
| |
15| earnings in excess of the maximum limit allowed |
| |
16| earnings from public schools of Oklahoma shall be |
| |
17| one-half (1/2) the member's final average salary used |
| |
18| in computing retirement benefits. However, any |
| |
19| retired member receiving benefits from the Retirement |
| |
20| System who reached age seventy (70) years prior to |
| |
21| July 1, 1991, shall not be restricted by the earnings |
| |
22| limits pursuant to this subparagraph until January 1, |
| |
23| 1994. To qualify for the provisions of this |
| |
24| subparagraph, the member must be employed less than |
| |
Req. No. 5119 Page 74
___________________________________________________________________________
1| one-half (1/2) time compared to other full-time |
| |
2| employees in similar positions; |
| |
3| 3. Notwithstanding paragraph 2 of this subsection, a retired |
| |
4|classified or nonclassified member who has been retired for |
| |
5|thirty-six (36) or more months and who is employed by a public |
| |
6|school to perform duties ordinarily performed by classified or |
| |
7|nonclassified personnel shall be able to receive annualized earnings |
| |
8|from the public school with no reduction in retirement benefits |
| |
9|regardless of the amount of annualized earnings. For a period of |
| |
10|three (3) years beginning July 1, 2017, members who have retired as |
| |
11|of July 1, 2017, as active classroom teachers, who have been retired |
| |
12|and receiving a benefit for at least one (1) year, and who have not |
| |
13|been employed by any public school during that one-year period, |
| |
14|shall be eligible to be reemployed as an active classroom teacher in |
| |
15|common or career tech school districts, with no limitations on |
| |
16|earnings. For a period of three (3) years beginning July 1, 2021, |
| |
17|members who have retired as of July 1, 2020, who have been retired |
| |
18|and receiving a benefit for at least one (1) year, and who have not |
| |
19|been employed by any public school during that one-year period, |
| |
20|shall be eligible to be reemployed as an active classroom teacher in |
| |
21|common or career tech school districts, with no limitations on |
| |
22|earnings. The one-year period starts with the retiree's last day of |
| |
23|preretirement public education employment. Members returning under |
| |
24|this section shall not be subject to any earning limitations |
| |
Req. No. 5119 Page 75
___________________________________________________________________________
1|following the end of the three-year periods described in this |
| |
2|paragraph. Members returning under this section shall only be |
| |
3|employed pursuant to a temporary contract; and |
| |
4| 4. A member shall be considered to be employed by a school |
| |
5|district to perform the duties ordinarily performed by classified or |
| |
6|nonclassified personnel if the member is hired by the school |
| |
7|district in the member's individual capacity to perform the duties |
| |
8|or if the member performs the duties through employment with a |
| |
9|proprietorship, partnership, corporation, limited liability company |
| |
10|or partnership, or any other business structure that has agreed or |
| |
11|contracted to provide the services to the school district; |
| |
12| 3. For the first year a retired member is employed full-time by |
| |
13|a public school district, the maximum compensation amount shall be |
| |
14|Forty-five Thousand Four Hundred Twenty-nine Dollars ($45,429.00). |
| |
15|For all years of service after the first twelve (12) months after a |
| |
16|member retires from the System, there shall be no minimum salary |
| |
17|requirement and the provisions of Section 18-114.14 of this title |
| |
18|shall not be applicable to compensation paid by a public school |
| |
19|district to a retired member of the System for full-time employment. |
| |
20| The provisions of this paragraph shall be applicable regardless of |
| |
21|whether the member is receiving his or her retirement benefit or not |
| |
22|and shall not depend upon any election the member might exercise to |
| |
23|suspend or delay receipt of the retirement benefit amount; and |
| |
24| |
| |
Req. No. 5119 Page 76
___________________________________________________________________________
1| 4. For the second and subsequent years that a retired member is |
| |
2|employed full-time by a public school district, the maximum |
| |
3|compensation amount shall be Fifty-five Thousand Dollars |
| |
4|($55,000.00) and the provisions of Section 18-114.14 of this title |
| |
5|shall not be applicable to compensation paid by a public school |
| |
6|district for full-time employment to a retired member of the System. |
| |
7| The provisions of this paragraph shall be applicable regardless of |
| |
8|whether the member is receiving his or her retirement benefit or not |
| |
9|and shall not depend upon any election the member might exercise to |
| |
10|suspend or delay receipt of the retirement benefit amount. |
| |
11| B. A public school district that employs a retired member shall |
| |
12|be required to make contributions to the System for the retired |
| |
13|member in an amount as required in Section 17-108.1 and in paragraph |
| |
14|3 of subsection B of Section 17-116.2 of this title. A retired |
| |
15|member employed pursuant to the provisions of this section shall not |
| |
16|accrue any additional service credit in the Teachers' Retirement |
| |
17|System of Oklahoma resulting from performance of postretirement |
| |
18|employment with a school district. The provisions of this |
| |
19|subsection for payment of employer contribution amounts and the |
| |
20|provisions prohibiting accrual of additional service credit shall be |
| |
21|applicable regardless of whether the member is receiving his or her |
| |
22|retirement benefit or not and shall not depend upon any election the |
| |
23|member might exercise to suspend or delay receipt of the retirement |
| |
24|benefit amount. |
| |
Req. No. 5119 Page 77
___________________________________________________________________________
1| C. For purposes of this section, postretirement employment of |
| |
2|less than one thousand (1,000) hours per year with the Governor, the |
| |
3|State Senate, the House of Representatives or the Legislative |
| |
4|Service Bureau shall not be considered as postretirement employment |
| |
5|with a public school of Oklahoma. |
| |
6| D. The Board of Trustees of the Teachers' Retirement System of |
| |
7|Oklahoma shall promulgate such rules as are necessary to implement |
| |
8|the provisions of this section. |
| |
9| E. A member who has entered into postretirement employment with |
| |
10|a participating employer of the Teachers' Retirement System of |
| |
11|Oklahoma must fully comply with all the provisions of the rules |
| |
12|promulgated by the Board of Trustees pursuant to this section in |
| |
13|order to continue receiving his or her monthly retirement benefit. |
| |
14| SECTION 5. NEW LAW A new section of law to be codified |
| |
15|in the Oklahoma Statutes as Section 6-101.6c of Title 70, unless |
| |
16|there is created a duplication in numbering, reads as follows: |
| |
17| A school district that employs a retired member of the Teachers' |
| |
18|Retirement System of Oklahoma shall not be subject to any provisions |
| |
19|of law related to pretermination procedures and the school district |
| |
20|shall not have any legal obligation to enter into a postretirement |
| |
21|employment contract. All such postretirement employment contracts |
| |
22|shall be for a period of no longer than twelve (12) months as agreed |
| |
23|to by the school district and the retired member. No school |
| |
24|district shall be obligated to rehire a retired member with whom the |
| |
Req. No. 5119 Page 78
___________________________________________________________________________
1|district has previously entered into a postretirement employment |
| |
2|contract. |
| |
3| SECTION 6. AMENDATORY 70 O.S. 2021, Section 18-114.14, |
| |
4|is amended to read as follows: |
| |
5| Section 18-114.14 A. Beginning with the 2018-2019 school year, |
| |
6|certified personnel, as defined in Section 26-103 of this title, in |
| |
7|the public schools of Oklahoma shall receive in salary and/or fringe |
| |
8|benefits not less than the amounts specified in the following |
| |
9|schedule: |
| |
10| MINIMUM SALARY SCHEDULE |
| |
11| National |
| |
12|Years of Bachelor's Board Master's Doctor's |
| |
13|Experience Degree Certification Degree Degree |
| |
14| 0 $36,601 $37,759 $37,991 $39,381 |
| |
15| 1 $37,035 $38,193 $38,425 $39,815 |
| |
16| 2 $37,469 $38,628 $38,859 $40,249 |
| |
17| 3 $37,904 $39,062 $39,294 $40,684 |
| |
18| 4 $38,338 $39,496 $39,728 $41,118 |
| |
19| 5 $38,810 $39,968 $40,200 $41,590 |
| |
20| 6 $39,273 $40,432 $40,663 $42,054 |
| |
21| 7 $39,737 $40,895 $41,127 $42,517 |
| |
22| 8 $40,200 $41,358 $41,590 $42,980 |
| |
23| 9 $40,663 $41,822 $42,054 $43,444 |
| |
24| 10 $41,684 $42,844 $43,568 $45,945 |
| |
Req. No. 5119 Page 79
___________________________________________________________________________
1| 11 $42,177 $43,336 $44,061 $46,438 |
| |
2| 12 $42,670 $43,829 $44,554 $46,931 |
| |
3| 13 $43,162 $44,322 $45,047 $47,424 |
| |
4| 14 $43,655 $44,815 $45,539 $47,916 |
| |
5| 15 $44,167 $45,327 $46,052 $48,430 |
| |
6| 16 $44,660 $45,820 $46,545 $48,923 |
| |
7| 17 $45,153 $46,313 $47,038 $49,416 |
| |
8| 18 $45,646 $46,806 $47,531 $49,909 |
| |
9| 19 $46,139 $47,299 $48,024 $50,402 |
| |
10| 20 $46,652 $47,813 $48,538 $50,917 |
| |
11| 21 $47,145 $48,306 $49,031 $51,410 |
| |
12| 22 $47,639 $48,799 $49,524 $51,903 |
| |
13| 23 $48,132 $49,292 $50,018 $52,397 |
| |
14| 24 $48,625 $49,785 $50,511 $52,890 |
| |
15| 25 $50,049 $51,232 $51,971 $54,395 |
| |
16| Master's Degree + |
| |
17|Years of National Board |
| |
18|Experience Certification |
| |
19| 0 $39,149 |
| |
20| 1 $39,583 |
| |
21| 2 $40,018 |
| |
22| 3 $40,452 |
| |
23| 4 $40,886 |
| |
24| 5 $41,358 |
| |
Req. No. 5119 Page 80
___________________________________________________________________________
1| 6 $41,822 |
| |
2| 7 $42,285 |
| |
3| 8 $42,749 |
| |
4| 9 $43,212 |
| |
5| 10 $44,728 |
| |
6| 11 $45,221 |
| |
7| 12 $45,713 |
| |
8| 13 $46,206 |
| |
9| 14 $46,699 |
| |
10| 15 $47,212 |
| |
11| 16 $47,705 |
| |
12| 17 $48,198 |
| |
13| 18 $48,691 |
| |
14| 19 $49,184 |
| |
15| 20 $49,698 |
| |
16| 21 $50,192 |
| |
17| 22 $50,685 |
| |
18| 23 $51,178 |
| |
19| 24 $51,671 |
| |
20| 25 $53,153 |
| |
21| B. 1. When determining the Minimum Salary Schedule, "fringe |
| |
22|benefits" shall mean all or part of retirement benefits, excluding |
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23|the contributions made pursuant to subsection A of Section 17-108.1 |
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24|of this title and the flexible benefit allowance pursuant to Section |
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1|26-105 of this title from the flexible benefit allowance funds |
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2|disbursed by the State Board of Education and the State Board of |
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3|Career and Technology Education pursuant to Section 26-104 of this |
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4|title. |
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5| 2. If a school district intends to provide retirement benefits |
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6|to a teacher such that the teacher's salary would be less than the |
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7|amounts set forth in the minimum salary schedule specified in |
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8|subsection A of this section, the district shall be required to |
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9|provide written notification to the teacher prior to his or her |
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10|employment or, if already employed by the district, no later than |
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11|thirty (30) days prior to the date the district elects to provide |
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12|retirement benefits such that the teacher's salary would be less |
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13|than the minimum salary schedule. |
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14| C. Any of the degrees referred to in this section shall be from |
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15|a college recognized by the State Board of Education. The Board |
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16|shall accept teaching experience from out-of-state school districts |
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17|that are accredited by the state board of education or appropriate |
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18|state accrediting agency for the districts. The Board shall accept |
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19|teaching experience from out-of-country schools that are accredited |
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20|or otherwise endorsed by the appropriate national or regional |
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21|accrediting or endorsement authority. Out-of-country certification |
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22|documentation in a language other than English shall be analyzed by |
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23|an educational credential evaluation service in accordance with |
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24|industry standards and guidelines and approved by the State |
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1|Department of Education. The person seeking to have credit granted |
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2|for out-of-country teaching experience shall be responsible for all |
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3|costs of the analysis by a credential evaluation service. The Board |
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4|shall accept teaching experience from primary and secondary schools |
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5|that are operated by the United States Department of Defense or are |
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6|affiliated with the United States Department of State. |
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7| D. For the purpose of state salary increments and retirement, |
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8|no teacher shall be granted credit for more than five (5) years of |
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9|active duty in the military service or out-of-state or |
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10|out-of-country teaching experience as a certified teacher or its |
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11|equivalent. Nothing in this section shall prohibit boards of |
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12|education from crediting more years of experience on district salary |
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13|schedules than those allowed for state purposes. |
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14| E. The State Board of Education shall recognize, for purposes |
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15|of certification and salary increments, all the years of experience |
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16|of a: |
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17| 1. Certified teacher who teaches in the educational program of |
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18|the Department of Corrections, beginning with fiscal year 1981; |
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19| 2. Vocational rehabilitation counselor under the Department of |
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20|Human Services if the counselor was employed as a certified teacher |
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21|by the State Department of Education when the Division of Vocational |
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22|Rehabilitation was transferred from the State Board of Career and |
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23|Technology Education or the State Board of Education to the Oklahoma |
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24|Public Welfare Commission on July 1, 1968; |
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Req. No. 5119 Page 83
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1| 3. Vocational rehabilitation counselor which were completed |
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2|while employed by the Department of Human Services if such counselor |
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3|was certified as a teacher or was eligible for certification as a |
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4|teacher in Oklahoma; |
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5| 4. Certified teacher which were completed while employed by the |
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6|Child Study Center located at University Hospital, if the teacher |
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7|was certified as a teacher in Oklahoma; and |
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8| 5. Certified school psychologist or psychometrist which were |
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9|completed while employed as a doctoral intern, psychological |
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10|assistant, or psychologist with any agency of the State of Oklahoma |
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11|if the experience primarily involved work with persons of school- or |
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12|preschool-age and if the person was, at the time the experience was |
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13|acquired, certified as, or eligible for certification as, a school |
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14|psychologist or psychometrist. |
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15| F. The provisions of this section shall not apply to teachers |
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16|who have retired from the Teachers' Retirement System of Oklahoma |
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17|and who have entered into postretirement employment with a public |
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18|school in Oklahoma and are still receiving a monthly retirement |
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19|benefit. The provisions of this section shall not be applicable |
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20|even if a member has made an election to suspend or delay receipt of |
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21|the retirement benefit amount. |
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22| G. If a person employed as certified personnel, as defined in |
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23|Section 26-103 of this title, by a school district during the |
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24|2017-2018 school year was receiving a salary above the step level |
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Req. No. 5119 Page 84
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1|indicated by the State Minimum Salary Schedule for the 2017-2018 |
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2|school year, the person shall receive a salary increase amount equal |
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3|to the amount indicated in subsection A of this section for the step |
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4|level indicated for the person, provided they remain employed by the |
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5|same district, unless the hours or the duties of the certified |
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6|personnel are reduced proportionately. |
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7| SECTION 7. This act shall become effective November 1, 2023. |
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8| |
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9|59-1-5119 CMA01/18/23THOMAS E. |
|CUMMINS CONSULTING ACTUARY, INC. |
10|2512 E. 71st Street , Suite D 'b7 Tulsa, Oklahoma 74136 |
| (918) 492-9658 'b7 (918) 492- 9659 |
11| |
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12| |
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13|January18, 2023 |
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14| |
|Representative Dean Davis |
15|Room 500 |
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16| |
|Re: RBH No. 5119 |
17| |
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18|RBH No. 5119 |
| Decreases the OTRS retirement age the earlier of age 60 or |
19|completion of 35 years of service. |
|Lowers the service requirement to 5 years from 7 years |
20|If retiring at normal retirement age or due disability |
| The benefit multiplier becomes if years of service is |
21| Less than or equal 13: 1.7% of final average compensation |
| |
22| More than 13 but < 25 years: 2.0% of final average |
| compensation |
23| More than 25 but < 33 years: 2.1% of final average |
| compensation |
24| More than 33 years: 2.2% of final average compensation |
| |
Page 85
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1|Retired participant may return to employment with a participating |
|employer after 60 days continue to receive retirement benefits |
2|provided the participant does not earn more than $45,429 for the |
|first year and $55,000 for the second year and thereafter. |
3| |
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4| |
| RBH No. 5119 is a fiscal bill as defined by OPLAAA. |
5| |
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6|I am a member of the American Academy of Actuaries and meet the |
|Qualification Standards of the American Academy of Actuaries to |
7|render the actuarial opinion herein. |
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8| |
|Thomas E. Cummins |
9| |
|Thomas E. Cummins, MAAA |
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