Okla. Stat. tit. 47 § 2-307.1

Current through Laws 2024, c. 453.

Section 2-307.1 - Service credit for membership in Public Employees Retirement System - Time of application

A. A member may receive service credit for not to exceed five (5) years of participating service accumulated by the member while an employee of a state agency if the member is not receiving or eligible to receive retirement benefits or credit for said service from the Oklahoma Public Employees Retirement System. To receive credit for said service prior to January 1, 1991, the employee and employer contributions for those years of service and interest of not to exceed five percent (5%) as determined by the Board shall be paid to the Board. Effective January 1, 1991, to receive credit for said service, the member shall pay the amount determined by the Board of Trustees pursuant to Section 19 of Enrolled Senate Bill No. 810 of the 2nd Session of the 42nd Oklahoma Legislature. Such service credit shall not be used in determining the eligibility of the member for retirement based upon length of service.

B. To receive credit for such service:

1. A member who became a member of the system prior to July 1, 1988, shall make application to the Board for such service prior to January 1, 1989; and

2. A member who becomes a member of the system after June 30, 1988, shall make application to the Board for such service within two (2) years of the date the member became a member of the system.

C. Such service credit may be paid by:

1. A cash lump-sum payment;

2. A trustee-to-trustee transfer of non-Roth funds from a Section 403(b) annuity or custodial account, an eligible deferred compensation plan described in Section 457(b) which is maintained by an eligible employer described in Code Section 457(e)(1)(A), and/or a Code Section 401(a) qualified plan;

3. A direct rollover of tax-deferred funds from a Code Section 403(b) annuity or custodial account, an eligible deferred compensation plan described in Code Section 457(b) which is maintained by an eligible employer described in Code Section 457(3)(1)(A), a Code Section 401(a) qualified plan, and/or a Code Section 408(a) or 408(b) traditional or conduit Individual Retirement Account or Annuity (IRA). Roth accounts, Coverdell Education Savings Accounts and after-tax contributions shall not be used to purchase such service credit; or

4. Any combination of the above methods of payment.

Okla. Stat. tit. 47, § 2-307.1

Amended by Laws 2016 , c. 8, s. 2, eff. 4/5/2016.

Added by Laws 1986, HB 2024, c. 253, § 5, emerg. eff. 7/1/1986; Amended by Laws 1987, HB 1473, c. 236, § 163, emerg. eff. 7/20/1987; Amended by Laws 1988, HB 1588, c. 267, § 24, eff. 7/1/1988, Amended by Laws 1990, HB 1880, c. 334, § 4, emerg. eff. 7/1/1990; Amended by Laws 2003 , HB 1647, c. 406, § 9, emerg. eff. 7/1/2003; Amended by Laws 2006, 2nd Extr. Sess., HB 1179, c. 46, § 23, emerg. eff. 7/1/2006.