reglab/housing_qa huggingface dataset:
70 OK Stat § 70-17-116.6 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.6. Teachers' Retirement Reserve Fund.

|There is hereby created in the State Treasury a special fund which shall be designated the "Teachers' Retirement Reserve Fund". Said fund shall consist of such monies as the Legislature may transfer to such fund. The monies in said fund shall only be used to support or benefit public pension programs and shall be paid out pursuant to direction of the Legislature. |Added by Laws 1985, c. 335, § 9, emerg. eff. July 30, 1985. Renumbered from § 934 of Title 74 by Laws 1986, c. 283, § 7, operative July 1, 1986.
70 OK Stat § 70-17-116.7 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.7. Supplemental pension benefits - Audits - Reports.

|A. After the effective date of this act, before entering into any type of contract that creates an unfunded liability and is for the purpose of enhancing pension benefits for employees beyond the provisions of the Teachers' Retirement System of Oklahoma, a state institution of higher education, technology center school district, or public school district, unless otherwise provided by law, shall forward to the Office of the Attorney General a copy of the contract and a copy of an actuarial report indicating the amount of unfunded liability that would be created pursuant to the contract. The Attorney General shall review the contract to ensure that the contract conforms to state law. No such contract shall be signed by the education entity until the Attorney General approves the contract. Any such contract entered into without complying with the requirements of this section shall be void. |B. In order to make the Legislature and Governor more aware of the effect of unfunded pension benefits and other post-employment benefits on state finances, annual audits conducted pursuant to law on state institutions of higher education, technology center school districts, and school districts shall be prepared in accordance with appropriate accounting standards pertaining to unfunded pension benefits and other post-employment benefits. The State Regents for Higher Education, the State Board of Career and Technology Education and the State Board of Education, jointly, shall have the information pertaining to benefits compiled into an annual report that shall be distributed to the Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate.Added by Laws 1990, c. 237, § 1, emerg. eff. May 21, 1990. Amended by Laws 2001, c. 33, § 117, eff. July 1, 2001.
70 OK Stat § 70-17-116.8 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.8. Service credit - Computation of purchase price.

|A. The Board of Trustees shall adopt rules for computation of the purchase price for service credit. These rules shall base the purchase price for each year purchased on the actuarial cost of the incremental projected benefits to be purchased. The purchase price shall represent the present value of the incremental projected benefits discounted according to the member's age at the time of purchase. Incremental projected benefits shall be the difference between the projected benefit said member would receive without purchasing the service credit and the projected benefit after purchase of the service credit computed as of the earliest age at which the member would be able to retire. Said computation shall assume an unreduced benefit and be computed using interest and mortality assumptions consistent with the actuarial assumptions adopted by the Board of Trustees for purposes of preparing the annual actuarial evaluation. |B. In the event that the member is unable to pay the purchase price provided for in this section by the due date, the Board of Trustees shall permit the members to amortize the purchase price over a period not to exceed sixty (60) months. Said payments shall be made by payroll deductions unless the Board of Trustees permits an alternate payment source. The amortization shall include interest in an amount not to exceed the actuarially assumed interest rate adopted by the Board of Trustees for investment earnings each year. Any member who ceases to make payment, terminates, retires or dies before completing the payments provided for in this section shall receive prorated service credit for only those payments made, unless the unpaid balance is paid by said member, his or her estate or successor in interest within six (6) months after said member's death, termination of employment or retirement, provided no retirement benefits shall be payable until the unpaid balance is paid, unless said member or beneficiary affirmatively waives the additional six-month period in which to pay the unpaid balance. The Board of Trustees shall promulgate such rules as are necessary to implement the provisions of this subsection.Added by Laws 1990, c. 340, § 30, eff. July 1, 1990. Amended by Laws 1990, c. 334, § 8, operative July 1, 1990; Laws 1993, c. 322, § 18, emerg. eff. June 7, 1993.
70 OK Stat § 70-17-116.9 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.9. Prior teaching service credit - Back contributions.

|Any member of the Teachers' Retirement System of Oklahoma, who taught kindergarten on public school property prior to the state-supported kindergarten, and who subsequently taught in the public schools and has met the necessary qualifications, may receive credit in the System for such teaching service by, prior to January 1, 1991, making back contributions of ten percent (10%) of salary plus ten percent (10%) interest to the System as required by the Board of Trustees. Effective January 1, 1991, to receive the credit in the System for such teaching service, the member shall pay the amount determined by the Board of Trustees pursuant to Section 17-116.8 of this title. |Added by Laws 1990, c. 340, § 31, eff. July 1, 1990. Amended by Laws 2019, c. 268, § 5, eff. July 1, 2019.
70 OK Stat § 70-17-116.13 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.13. Calculation of retirement allowance - Increase in benefits.

|A. Beginning July 1, 1998, a classified member who retired prior to July 1, 1997, shall have the member's retirement allowance calculated on the member's current average salary plus One Thousand Four Hundred Dollars ($1,400.00). |B. Beginning July 1, 1998, a nonclassified member who retired prior to July 1, 1997, shall have the member's retirement allowance calculated on the member's current average salary plus Seven Hundred Dollars ($700.00).C. Beginning July 1, 1998, those individuals receiving benefits pursuant to subsection (3) of Section 17-105 of this title whose benefits commenced prior to July 1, 1997, shall receive an increase in benefits of five and four-tenths percent (5.4%).Added by Laws 1998, c. 317, § 8, eff. July 1, 1998. Amended by Laws 1998, c. 363, § 1, eff. July 1, 1998; Laws 1999, c. 151, § 1, eff. July 1, 1999.NOTE: Editorially renumbered from § 17-116.12 of this title to avoid a duplication in numbering.
70 OK Stat § 70-17-116.15 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.15. Transferred employees of George Nigh Rehabilitation Institute – Election to become members of Teachers’ Retirement System of Oklahoma.

|A. An employee transferred pursuant to the provisions of Section 3 of this act may elect to become a member of the Teachers’ Retirement System of Oklahoma pursuant to the election authorized by subsection A of Section 3 of this act. If the employee makes an election to become a member of the Teachers’ Retirement System of Oklahoma, the employee may acquire service credit in the Teachers’ Retirement System pursuant to the provisions of Section 17-116.2 of Title 70 of the Oklahoma Statutes. |B. On and after the date that an employee makes an election to become a member of the Teachers’ Retirement System pursuant to subsection A of Section 3 of this act, the employer to which the employee is transferred shall make required contributions pursuant to Section 17-108.1 of Title 70 of the Oklahoma Statutes and the employee shall make required contributions imposed pursuant to Section 17-116.2 of Title 70 of the Oklahoma Statutes.C. On and after the date that an employee files the election to become a member of the Teachers’ Retirement System, the employer to which the employee is transferred and the employee making the election shall be subject to all requirements of the provisions of Sections 17-101 et seq. of Title 70 of the Oklahoma Statutes governing the Teachers’ Retirement System of Oklahoma.Added by Laws 1999, c. 347, § 5, eff. July 1, 1999.
70 OK Stat § 70-17-116.16 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.16. Credit for employment in adjunct position.

|Effective July 1, 2000, a member of the Teachers’ Retirement System of Oklahoma who was employed in an adjunct position in an institution under The Oklahoma State System of Higher Education prior to becoming a member of the System, may purchase a maximum of five (5) years of credit for such employment, pursuant to this section. One (1) year of service credit may be purchased for any school year in which the member worked eighteen (18) credit hours or more in such an adjunct position. The purchase of service credit shall be made pursuant to Section 17-116.8 of Title 70 of the Oklahoma Statutes and shall be considered contributing service for purposes of vesting and retirement. The Board of Trustees shall promulgate such rules as are necessary to implement the provisions of this section. |Added by Laws 2000, c. 182, § 1, eff. July 1, 2000.
70 OK Stat § 70-17-116.17 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.17. Benefit calculations and increase.

|A. Beginning July 1, 2000, a classified member who retired prior to July 1, 1999, who continues to receive benefits on or after July 1, 2000, shall have the member’s retirement allowance calculated on the member’s current average salary plus Five Hundred Dollars ($500.00). |B. Beginning July 1, 2000, a nonclassified member who retired prior to July 1, 1999, who continues to receive benefits on or after July 1, 2000, shall have the member’s retirement allowance calculated on the member’s current average salary plus Two Hundred Fifty Dollars ($250.00).C. Beginning July 1, 2000, 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, 1999, shall receive an increase in benefits of one and eight-tenths percent (1.8%).Added by Laws 2000, c. 377, § 11, eff. July 1, 2000.NOTE: Editorially renumbered from § 17-116.4 of this title to avoid a duplication in numbering.
70 OK Stat § 70-17-116.18 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.18. Increase in benefits.

|A. Any person receiving retirement benefits from the Teachers’ Retirement System of Oklahoma as of June 30, 2001, who continues to receive benefits on or after July 1, 2002, shall, beginning in July 2002, receive an increase in retirement benefits equal to three percent (3%). |B. Such persons who are otherwise eligible for the benefit increase in subsection A of this section, who retired from the system with thirty (30) years of credited service, shall receive, in lieu of the benefit increase in subsection A of this section, an increase in retirement benefits equal to four percent (4%) beginning in July 2002.Added by Laws 2002, c. 479, § 1, eff. July 1, 2002.
70 OK Stat § 70-17-116.19 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.19. Teacher's Retirement System - Increase in benefits.

|A. 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 Monthly Benefitof the Retired Memberas of June 30, 2004Benefit Increase20 years or moreLess than $1,500.004.5%$1,500.00 to $2,500.004.0%Over $2,500.003.5%15 to 19 yearsLess than $1,000.004.0%$1,000.00 to $2,000.003.5%Greater than $2,000.003.0%Less than 15 yearsLess than $801.003.5%$801.00 to $1,499.993.0%$1,500.00 or greater2.5%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%).Added by Laws 2004, c. 536, § 20, eff. July 1, 2004.
70 OK Stat § 70-17-116.20 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.20. Increase in benefits - July 1, 2006.

|A. Any person receiving benefits from the Teachers’ Retirement System of Oklahoma as of June 30, 2005, other than those benefits specified in subsection B of this section, who continues to receive benefits on or after July 1, 2006, shall receive a two-percent increase in said benefits beginning in July 2006. |B. Any person receiving benefits pursuant to subsection (3) of Section 17-105 of Title 70 of the Oklahoma Statutes whose benefits commenced prior to July 1, 2005, and who continues to receive benefits on or after July 1, 2006, shall receive a two-percent increase in said benefits beginning in July 2006.Added by Laws 2006, 2nd Ex. Sess., c. 46, § 9, eff. July 1, 2006.
70 OK Stat § 70-17-116.21 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.21. Increase in benefits - July 1, 2008.

|A. Any person receiving benefits from the Teachers’ Retirement System of Oklahoma as of June 30, 2007, other than those benefits specified in subsection B of this section, who continues to receive benefits on or after July 1, 2008, shall receive a two-percent increase in said benefits beginning in July 2008. |B. Any person receiving benefits pursuant to subsection (3) of Section 17-105 of Title 70 of the Oklahoma Statutes whose benefits commenced prior to July 1, 2007, and who continues to receive benefits on or after July 1, 2008, shall receive a two-percent increase in said benefits beginning in July 2008.Added by Laws 2008, c. 415, § 5, eff. July 1, 2008.
70 OK Stat § 70-17-116.22 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.22. Increase in benefits – July 1, 2020 - Offset.

|A. Any person receiving benefits from the Teachers' Retirement System of Oklahoma as of June 30, 2019, other than those benefits specified in subsection B of this section, who continues to receive benefits on or after July 1, 2020, shall receive an increase in benefits as follows: |1. Zero percent (0%) if the person has been retired for less than two (2) years as of July 1, 2020;2. Two percent (2%) if the person has been retired for at least two (2) years but less than five (5) years as of July 1, 2020; and3. Four percent (4%) if the person has been retired for five (5) years or more as of July 1, 2020.B. Any person receiving benefits pursuant to subsection (3) of Section 17-105 of Title 70 of the Oklahoma Statutes whose benefits commenced prior to July 1, 2020, and who continues to receive benefits on or after July 1, 2020, shall receive an increase in benefits as follows:1. Zero percent (0%) if the person has been retired for less than two (2) years as of July 1, 2020;2. Two percent (2%) if the person has been retired for at least two (2) years but less than five (5) years as of July 1, 2020; and3. Four percent (4%) if the person has been retired for five (5) years or more as of July 1, 2020.Added by Laws 2020, c. 121, § 6, eff. July 1, 2020.
70 OK Stat § 70-17-120 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-120. Submission of contributions.

|The employer of each member shall submit all required school reports and all employer and employee contributions of each member due the Retirement System for payroll periods ending during the calendar month within ten (10) days of the last day of each calendar month. Any required school reports and employer and employee contribution amounts not submitted to the Retirement System after thirty (30) days from the end of the payroll month shall be subject to a monthly late charge of one and one-half percent (1 1/2%) of the unpaid balance to be paid by the employer to the Retirement System compounding monthly for each month payment is not received. The System may waive late fees for good cause shown. |Added by Laws 1992, c. 376, § 11, eff. July 1, 1992. Amended by Laws 2011, c. 290, § 2; Laws 2016, c. 129, § 5, eff. Nov. 1, 2016; Laws 2019, c. 268, § 6, eff. July 1, 2019.
70 OK Stat § 70-17-121 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-121. Oklahoma Teachers' Deferred Savings Incentive Plan.

|A. Effective July 1, 1999, for each active contributing member of the Teachers' Retirement System of Oklahoma, who is making contributions of at least Twenty-five Dollars ($25.00) per month to a plan account maintained by the Teachers' Retirement System of Oklahoma pursuant to Section 403(b) of Title 26 of the United States Code, 26 U.S.C. Section 403(b), the Teachers' Retirement System shall pay each month from funds appropriated to the Oklahoma Teachers' Deferred Savings Incentive Plan Fund created pursuant to this section the sum of Twenty-five Dollars ($25.00) to a plan established pursuant to the Internal Revenue Code, Section 401(a), for the benefit of the participant. |B. If monies in the Oklahoma Teachers' Deferred Savings Incentive Plan Fund are insufficient to fully fund the contributions in any month, payments shall be suspended until such time as sufficient monies are available.C. The Teachers' Retirement System shall be responsible for establishing rules and plan documents for administration of the contributions authorized by this section. Funds so credited shall be held and invested in the same manner as funds managed in accounts of members contributing to an account established pursuant to Section 403(b) of the Internal Revenue Code of 1986, as amended.D. There is hereby created in the State Treasury a revolving fund to be designated the "Oklahoma Teachers' Deferred Savings Incentive Plan Fund". The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of any monies the Legislature may appropriate or transfer to the fund and any monies contributed for the fund from any other sources, public or private. All monies accruing to the credit of said fund are hereby appropriated and may be budgeted and expended by the Teachers' Retirement System of Oklahoma for the matching of deferred compensation contributions pursuant to this section and in accordance with rules promulgated by the Teachers' Retirement System of Oklahoma. Expenditures from the fund shall be made by warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment.Added by Laws 1999, c. 179, § 1, eff. July 1, 1999. Amended by Laws 2012, c. 304, § 607.
70 OK Stat § 70-17-122 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-122. Participation in retired teachers' organization.

|When a member of the Teachers’ Retirement System of Oklahoma makes an application to retire, the System shall provide to such member an application to participate in a retired teachers’ organization along with a form allowing the member to elect to have annual membership dues in a retired teachers’ organization prorated and authorizing the System to withhold such dues monthly from the member’s retirement benefits. Any retired teachers’ organization which wants to participate, pursuant to this section, or to participate in a general mailing to all retired educators, with the approval of the Board of Trustees of the Teachers’ Retirement System, shall provide to the System and pay for the cost, including postage costs if required by the Teachers’ Retirement System, of printed materials and of the applications to be a member of the organization and the forms authorizing the System to withhold membership dues of the organization. The Board of Trustees shall approve the format and content of the authorization to make sure it complies with all relevant legal requirements. The System shall not be held responsible or liable for not providing the application to be a member of a participating retired teachers’ organization or the authorization form if such organization does not timely provide to the System such materials and applications and approved authorization forms in sufficient quantities to meet the retirement application demands of the retiring members. |Added by Laws 2003, c. 243, § 1, eff. July 1, 2003.
70 OK Stat § 70-17-122.1 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-122.1. Qualification as retired teachers' organization.

|To qualify as a retired teachers’ organization pursuant to Section 17-122 of this title, the organization shall be primarily organized for the purpose of representing the interests of retired teachers in this state and providing member benefits. |Added by Laws 2003, c. 243, § 2, eff. July 1, 2003. Amended by Laws 2009, c. 34, § 1, eff. Nov. 1, 2009.
70 OK Stat § 70-17-201 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-201. Alternate Retirement Plan for Comprehensive Universities Act – Short title.

|Sections 1 through 8 of this act shall be known and may be cited as the “Alternate Retirement Plan for Comprehensive Universities Act”. |Added by Laws 2004, c. 385, § 1, eff. July 1, 2004.
70 OK Stat § 70-17-202 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-202. Definitions.

|The following words and phrases as used in this act shall have the following meanings unless a different meaning is clearly required by the context: |1. "Participating institution" means only the entities that comprise a comprehensive university pursuant to Section 17-101 of this title and which:a.maintain an alternate retirement plan pursuant to the provisions of this act, andb.employ eligible employees;2. "Alternate retirement plan" means any employee retirement plan that is created solely to provide benefits for eligible employees, as defined in this section, for periods of service on or after July 1, 2004. Such retirement plan shall be a plan meeting the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended, operated pursuant to the provisions of this act;3. "Board of regents" means the board or body designated by the Oklahoma Constitution or by this title as the board of regents or governing board of a comprehensive university that is a participating institution;4. "Eligible employee" means any employee of a participating institution who (a) was initially appointed or hired after June 30, 2004, and (b) meets the eligibility requirements of the alternate retirement plan of the participating institution that employs the eligible employee. However, the term "eligible employee" does not include a person whose employment is incidental to his or her educational program or whose employment is not continuous. Such eligible employees shall be eligible to participate in the alternate retirement plan if they make a one-time irrevocable written election pursuant to this act; and5. "One-time irrevocable written election" means a one-time election made pursuant to this act by an eligible employee that shall be in writing and irrevocable and shall cover all future service with a participating institution regardless of a break in service.Added by Laws 2004, c. 385, § 2, eff. July 1, 2004. Amended by Laws 2017, c. 285, § 1, eff. Nov. 1, 2017.
70 OK Stat § 70-17-203 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-203. Alternative retirement plans authorized – Permitted investments.

|Alternate retirement plans for eligible employees are hereby authorized at participating institutions in lieu of the retirement plan offered by the Teachers' Retirement System of Oklahoma. Alternate retirement plans shall, for eligible employees, provide retirement and death benefits to such employees through the purchase of annuity contracts, qualified retirement trusts or custodial accounts, fixed or variable in nature, or a combination thereof, at the option of the participating institution. |Added by Laws 2004, c. 385, § 3, eff. July 1, 2004. Amended by Laws 2017, c. 285, § 2, eff. Nov. 1, 2017.