Okla. Admin. Code § 590:40-7-30

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

Section 590:40-7-30 - Commencement

(a)Events initiating benefits. In the event of a Participant's separation from service as a result of Termination of Service, Normal Retirement, Disability, or death, the Participant shall be entitled to receive a distribution of the vested funds in his or her Account under the Trust Fund. In the event that a Participant dies before the entire balance of the Account is distributed, 590:40-7-34 shall apply.

(b)Electing time for commencing of benefits. The Participant may elect, on forms prescribed by OPERS, the time at which distributions under the Plan are to commence by designating the month and year during which the first distribution is to be made; however, in no event shall payment begin later than the required beginning date, which is the later of the April 1 following the calendar year in which the Participant attains the age of 72 or such other date as may be permitted by the federal Internal Revenue Code, except as provided in 590:40-7-32, or the April 1 of the year following the calendar year in which the Participant terminates. The payment of benefits shall begin no earlier than forty-five (45) days after the occurrence of the event that gives rise to the beginning of the payment of benefits. If the Participant fails to apply for benefits after the required beginning date, the Board shall begin distribution of the Participant's entire interest as required by these rules in the form provided in 590:40-7-35.

(c)Distribution of rollover contributions. Rollover contributions as described in 590:40-7-10 are not subject to the requirements for separation of service as described in section (a) and shall be available for distribution within 30 days of acceptance of a properly completed distribution form as prescribed by OPERS.

Okla. Admin. Code § 590:40-7-30

Adopted by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/11/2016

Amended by Oklahoma Register, Volume 38, Issue 24, September 1, 2021, eff. 9/11/2021