Okla. Admin. Code § 715:10-5-7

Current through Vol. 42, No. 6, December 2, 2024

Section 715:10-5-7 - Credit for service in other Oklahoma public retirement systems

A member of the Teachers' Retirement System of Oklahoma may receive credit for employment covered by the following Oklahoma public retirement systems: the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, Oklahoma Department of Wildlife, and the Oklahoma Public Employees Retirement System (OPERS). Such service must meet the minimum Teachers' Retirement System membership requirements. (See Subchapter 3)

(1) After one full year (twelve calendar months) of TRS contributory service, a member is eligible to purchase service credited in another State retirement system. A certification of service form must be completed by the member's former State retirement system. The certification must show: the date of withdrawal, the salary by fiscal school year, and the total amount of credited service. It shall be the responsibility of the member to notify TRS of intent to claim such service and obtain proper documentation from the member's former State retirement system.

(2) Employment which did not qualify for membership in the former State retirement system shall not qualify for credit in TRS.

(3) Employment performed prior to the establishment of the State retirement system for the employment class shall not cause membership in TRS to be denied, however, the type of service rendered must be accepted by the appropriate State retirement system if the member were now enrolled in that retirement system.

(4) The purchase price for each year of such service shall be based on the actuarial cost of the incremental projected benefits being purchased (see OAC 715:10-5-4 ).

(5) Under no circumstances can the purchased creditable service exceed the total service verified or the amount of credit given by the former retirement system.

(6) Once purchased, the other State service counts towards vesting, eligibility for retirement, and final average salary. Notwithstanding, the Internal Revenue Code Section 401(a)(17) limits shall apply and the member shall not be considered an ''eligible participant'' under OAC 715:10-15-27 unless the member first joined TRS prior to July 1, 1996. However, the last year in the member's account immediately preceding retirement must be with a public education employer that participates in TRS.

(7) The member shall not be receiving, or be eligible to receive, retirement credit or benefits from said service in any other public retirement system.

Okla. Admin. Code § 715:10-5-7

Amended at 18 Ok Reg 50, eff 10-3-00 (emergency); Amended at 18 Ok Reg 3152, eff 7-12-01; Amended at 19 Ok Reg 2729, eff 7-11-02

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020