Okla. Admin. Code § 590:15-1-14

Current through Vol. 42, No. 8, January 2, 2025

Section 590:15-1-14 - Direct deposit

(a) For members or survivors retiring prior to July 1, 2001, a Retirant or survivor may authorize the Uniform Retirement System for Justices and Judges 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 URSJJ. Prior to June 30, 2001, the direct deposit may be discontinued at any time upon thirty (30) days' written notice by the member, survivor or URSJJ. After July 1, 2001, if the electronic fund transfer creates an undue hardship on the retiree or survivor, the direct deposit may be discontinued only if the member or survivor 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 survivor. 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 survivors shall be required to receive monthly benefit payments via electronic fund transfers to a banking or financial institution designated by the member or survivor. The retiree or survivor and receiving institution must complete the form prescribed for this purpose by URSJJ. In the event the electronic fund transfer creates an undue hardship on the retiree or survivor, the member or survivor 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 survivor. 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.

Added at 18 Ok Reg 3264, eff 7-26-01; Amended at 19 Ok Reg 744, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1479, eff 5-28-02