Prior to July 1, 1998, a member who chose to increase his or her maximum annual compensation level for service prior to July 1, 1994 must have paid the required statutory contributions on all compensation received each year above $25,000 up to the maximum $40,000, plus interest in the amount of seven and one-half percent (7 1/2%) compounded annually. Said interest accrues from the date of the members initial opportunity to make the election. The election is not considered complete until all required contributions and interest have been paid, unless terminated by operation of law.
Okla. Admin. Code § 590:10-5-3