Okla. Admin. Code § 715:10-13-4

Current through Vol. 42, No. 7, December 16, 2024

Section 715:10-13-4 - Maximum compensation level election for years prior to July 1, 1995

(a) Any member, except for employees of institutions of higher education as provided in 70 O.S. § 17-116.2A, who was a contributing member of the Retirement System between July 1, 1987, and June 30, 1995, who elected to limit contributions to the first $25,000 of annual compensation, may elect to contribute on annual compensation up to a maximum of $40,000. may elect to

(b) If no election was made within the time provided by statute, the member was deemed to have elected the $25,000 compensation level.

(c) Except as provided in subsection (a) of this rule, a member may change the $25,000 election at any time prior to his or her official retirement date.(d) If a member elects to change his or her election as provided by this rule, the member must remit to the Teachers' Retirement System the difference between the amount contributed and that which would have been contributed had a $40,000 maximum been elected when the member was first eligible to do so. This additional payment shall include any contribution that the law requires from the member's employer, and interest compounded annually at ten percent (10%) per annum on the balance due. The balance due may be made in a single lump sum or in installments as provided in OAC 715:10-5-4. However, the total balance must be paid prior to the effective date of retirement and cannot be purchased by any person after the death of the member.

Okla. Admin. Code § 715:10-13-4

Amended at 9 Ok Reg 3879, eff 7-12-93; Amended at 13 Ok Reg 3899, eff 8-5-96 through 7-14-97 (emergency)¹; Amended at 14 Ok Reg 3216, eff 7-25-97; Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at 18 Ok Reg 50, eff 10-3-00 (emergency); Amended at 18 Ok Reg 3152, eff 7-12-01

¹This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-97 (after the 7-14-97 expiration of the emergency action), the text of section 715:10-13-4 reverted back to the permanent text that became effective 7-12-93, as last published in the 1996 Edition of the OAC, and remained as such until amended by permanent action on 7-25-97.