Section 49-117.1 - Termination of service before normal retirement date - Refunds - Vested benefits - Retirement annuity - Rejoining SystemA. A member who terminates service before normal retirement date, other than by death or disability shall, upon application filed with the State Board, be refunded from the Fund an amount equal to the accumulated contributions the member has made to the Fund, but excluding any interest or any amount contributed by the municipality or state.B. If a member has completed ten (10) years of credited service at the date of termination, the member may elect a vested benefit in lieu of receiving the member's accumulated contributions.C. If the member who has completed ten (10) or more years of credited service as prescribed by subsection B of this section elects the vested benefit, the member shall be entitled to a monthly retirement annuity commencing on the date the member reaches fifty (50) years of age or the date the member would have had twenty (20) years of credited service had the member's employment continued uninterrupted, whichever is later. The annual amount of such retirement annuity shall be equal to two and one-half percent (2 1/2%) of the annualized final average salary multiplied by the number of years of credited service not to exceed thirty (30) years. The death benefits provided for in Section 49-113.2 of this title shall not apply to any member retiring under the provisions of this section. D. If a member who terminated employment and elected, or was eligible to elect, a vested benefit dies prior to being eligible to receive benefits, the member's beneficiary, as defined in paragraph 16 of Section 49-100.1 of this title, shall be entitled to the member's normal monthly retirement benefit on the date the deceased member would have been eligible to receive the benefit.E. If a member terminates employment and withdraws the member's accumulated contributions and then subsequently rejoins the System, he may pay to the System the sum of the accumulated contributions he has withdrawn plus five percent (5%) annual interest from the date of withdrawal and shall receive the same benefits as if he had never withdrawn his contributions; however, effective January 1, 1991, the rate of interest provided herein shall be ten percent (10%) per annum.F. Lump-sum payments for repayment of any amounts received because of a member's prior termination with interest may be repaid by a trustee-to-trustee transfer of non-Roth funds from a Code Section 403(b) annuity, a governmental Code Section 457 plan, and/or a Code Section 401(a) qualified plan.G. A firefighter shall not be permitted to withdraw from the System while employed as a firefighter in a participating municipality.Okla. Stat. tit. 11, § 49-117.1
Amended by Laws 2022 , c. 232, s. 7, eff. 11/1/2022.Amended by Laws 2016 , c. 37, s. 1, eff. 7/1/2016.Amended by Laws 2014 , c. 281, s. 6, eff. 5/12/2014.Amended by Laws 2013 , c. 388, s. 8, eff. 11/1/2013.Amended by Laws 2013 , c. 165, s. 3, eff. 11/1/2013.Added by Laws 1980, SB 265, c. 352, § 27, eff. 1/1/1981; Amended by Laws 1985, HB 1433, c. 222, § 8, emerg. eff. 7/8/1985; Amended by Laws 1987, HB 1473, c. 236, § 147, emerg. eff. 7/20/1987; Amended by Laws 1990, SB 810, c. 340, § 1, emerg. eff. 7/1/1990; Amended by Laws 1993, HB 1035, c. 126, § 4, emerg. eff. 5/3/1993; Amended by Laws 2002 , HB 2309, c. 398, § 6, emerg. eff. 7/1/2002; Amended by Laws 2003 , SB 639, c. 128, § 7, emerg. eff. 7/1/2003.