Section 17-116.19 - Teacher's Retirement System - Increase in benefitsA. Beginning July 1, 2004, any person receiving benefits from the Teacher's Retirement System of Oklahoma as of June 30, 2003, who continues to receive benefits on or after July 1, 2004, shall receive a percentage increase in said benefits on July 1, 2004, as follows: Years of Service of the Retired Member | Monthly Benefit as of June 30, 2004 | Benefit Increase |
20 years or more | Less than $1,500.00 | 4.5% |
$1,500.00 to $2,500.00 | 4.0% |
Over $2,500.00 | 3.5% |
15 to 19 years | Less than $1,000.00 | 4.0% |
$1,000.00 to $2,000.00 | 3.5% |
Greater than $2,000.00 | 3.0% |
Less than 15 years | Less than $801.00 | 3.5% |
$801.00 to $1,499.99 | 3.0% |
$1,500.00 or greater | 2.5% |
B. Beginning in July 2004, those individuals receiving benefits pursuant to subsection (3) of Section 17-105 of Title 70 of the Oklahoma Statutes whose benefits commenced prior to July 1, 2003, shall receive an increase in benefits of four percent (4%).Okla. Stat. tit. 70, § 17-116.19
Added by Laws 2004 , SB 1134, c. 536, § 20, emerg. eff. 7/1/2004.