Okla. Admin. Code § 590:10-7-8

Current through Vol. 42, No. 4, November 1, 2024

Section 590:10-7-8 - Direct deposit and benefit deductions

(a) For members or annuitants retiring prior to July 1, 2001, a Retirant or annuitant may authorize the Oklahoma Public Employees Retirement System to deposit their monthly retirement benefit directly to a checking or savings account in a bank, Credit Union and/or Savings and Loan by electronic fund transfer or by paper check. Application for direct deposit will only be accepted on properly completed forms provided by OPERS. Prior to June 30, 2001, the direct deposit may be discontinued at any time upon thirty (30) days' written notice by the member, annuitant or OPERS. After July 1, 2001, if the electronic fund transfer creates an undue hardship on the retiree, the direct deposit may be discontinued only if the member or annuitant makes application to the Executive Director to request a waiver of this requirement. The waiver will be granted only upon good cause shown when it is determined to be in the best interest of the member or annuitant. The Executive Director, at his or her sole discretion, may also waive this requirement when it is necessary in the best interest of the System to do so.

(b) Effective July 1, 2001, newly retired members or annuitants shall be required to receive monthly benefit payments via electronic fund transfers to a banking or financial institution designated by the member. The retiree or annuitant and receiving institution must complete the form prescribed for this purpose by OPERS. In the event the electronic fund transfer creates an undue hardship on the retiree or annuitant, the member or annuitant may make application to the Executive Director to request a waiver of this requirement. The waiver will be granted only upon good cause shown when it is determined to be in the best interest of the member or annuitant. The Executive Director, at his or her sole discretion, may also waive this requirement when it is necessary in the best interest of the System to do so.

(c) A retired member or annuitant who is receiving benefits from the System may authorize deductions from his or her monthly benefit for certain eligible products or association dues, provided the benefit amount is sufficient to allow the entire deduction considering any previously existing deductions. No partial deductions are permitted. The System will not be responsible for any errors in the deductions and no adjustments for incorrect deductions will be permitted in subsequent months. The System will only recognize instructions received through the eligible product vendor or association, and not directly from the member or annuitant. The allowance of benefit deductions does not under any circumstances constitute an endorsement for any particular product or association.

(1) The only products that are eligible for deduction are those products which are currently offered to active state employees through the Employees Benefits Council and which are offered to state retirees as a group. Any vendor offering such a product must present proof of participation by at least five hundred (500) state retirees, in such form or manner as may be required by the System, prior to any deductions being authorized.

(2) The only associations that are eligible for deduction for membership dues are the Oklahoma Public Employees Association and/or any other Statewide associations that are limited to state employees and have at least one thousand (1000) dues-paying members, either retired or active. Certification from the Administrator of the Office of Personnel Management that an association is eligible for payroll deductions for active state employees is required prior to that association being eligible for dues deductions pursuant to this rule.

Okla. Admin. Code § 590:10-7-8

Amended at 12 Ok Reg 3237, eff 7-27-95; Amended at 18 Ok Reg 3258, eff 7-26-01; Amended at 19 Ok Reg 741, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1477, eff 5-28-02