reglab/housing_qa huggingface dataset:
70 OK Stat § 70-17-102.2 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-102.2. Tax qualification as a governmental retirement plan.

|The retirement system shall satisfy the applicable qualification requirements for governmental plans as specified in Sections 401 and 414(d) of the Internal Revenue Code of 1954 or 1986, as amended from time to time and as appropriate for a governmental plan (hereinafter referred to as the "Code"). In addition to other Code provisions otherwise noted, and in order to satisfy the applicable requirements under the Code, the retirement system shall be subject to the following provisions, notwithstanding any other provision of the retirement system law: |(1) The Board of Trustees shall distribute the corpus and income of the retirement system to the members and their beneficiaries in accordance with the retirement system law.(2) Forfeitures arising from severance of employment, death, or for any other reason may not be applied to increase the benefits any member would otherwise receive under the retirement system law.(3) All benefits paid from the retirement system shall be distributed in accordance with the requirements of Code Section 401(a)(9) and the regulations thereto. In order to meet these requirements, the retirement system shall be administered in accordance with the following provisions:(a) The life expectancy of a member or the member's spouse may not be recalculated after the benefits commence.(b) If a member dies before the distribution of the member's benefits has begun, distributions to beneficiaries must begin no later than December 31 of the calendar year immediately following the calendar year in which the member died.(c) The amount of benefits payable to a member's beneficiary may not exceed the maximum determined under the incidental death benefit requirement of the Code.(4) The Board of Trustees or its designee may not:(a) determine eligibility for benefits,(b) compute rates of contribution, or(c) compute benefits of members or beneficiaries,in a manner that discriminates in favor of members who are considered officers, supervisors, or highly compensated, as prohibited under Code Section 401(a)(4).(5) Benefits paid from the retirement system shall not exceed the maximum benefits permissible under Code Section 415.(6) The Board of Trustees may not engage in a transaction prohibited by Code Section 503(b).(7) To the extent required by Code Section 401(a)(31), the retirement system shall allow members and qualified beneficiaries to elect a direct rollover of eligible distributions to another eligible retirement plan.Added by Laws 1994, c. 380, § 1, eff. July 1, 1994.
70 OK Stat § 70-17-103.1 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-103.1. Oklahoma State University Cooperative Extension Service employees - Transfer to Teachers' Retirement System.

|Employees of the Oklahoma State University Cooperative Extension Service who are members of the Oklahoma Public Employees Retirement System shall cease accruing benefits in the Oklahoma Public Employees Retirement System and shall commence accruing benefits under the Teachers' Retirement System of Oklahoma on July 1, 1987. On January 1, 1988, the Oklahoma Public Employees Retirement System shall transfer to the Teachers' Retirement System of Oklahoma the actual amount contributed to the Oklahoma Public Employees Retirement System by the state and by each employee of the Oklahoma State University Cooperative Extension Service transferring to the Teachers' Retirement System of Oklahoma and the retirement records of those transferring employees. Service accrued by said employee of the Oklahoma State University Cooperative Extension Service under the Oklahoma Public Employees Retirement System shall be treated as credited service under the Teachers' Retirement System of Oklahoma. For purposes of this section, creditable service transferred from the Oklahoma Public Employees Retirement System shall include service authorized under paragraph (f) of subsection (2) of Section 913 of Title 74 of the Oklahoma Statutes. Members who retire prior to July 1, 1990, shall have their monthly benefit adjusted to include all services accrued under paragraph (f) of subsection (2) of Section 913 of Title 74 of the Oklahoma Statutes. Provided however, that any adjustment of existing retirement benefits caused by reason of inclusion of such service authorized under paragraph (f) of subsection (2) of Section 913 of Title 74 of the Oklahoma Statutes shall not affect any retirement benefit paid prior to July 1, 1990. |Added by Laws 1987, c. 236, § 168, emerg. eff. July 20, 1987. Amended by Laws 1990, c. 156, § 1, eff. July 1, 1990.
70 OK Stat § 70-17-105.1 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-105.1. Unpaid accumulated contributions - Payment to beneficiary or next of kin.

|In the event the total retirement payments made to a retired member and the retired member's joint annuitant, if any, are less than the member's accumulated contributions with interest as credited at the time of retirement under Section 17-105 of this title, the difference shall be paid to the member's designated beneficiary or if no designated beneficiary survives, then to the member's nearest surviving next of kin as determined by law. This provision shall apply to retired members dying on or after July 1, 1979. |Laws 1980, c. 355, § 6, eff. July 1, 1980.
70 OK Stat § 70-17-105.2 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-105.2. Partial lump-sum payment and reduced annuity.

|A. A member who is eligible to retire with at least thirty (30) years of creditable service may elect to receive a partial lump-sum payment on the date of retirement and a reduced annuity. The partial lump-sum payment shall be an amount equal to the unreduced retirement benefit, which shall be referred to as the “Maximum Retirement Allowance” for purposes of this section, which would have been paid over a period of twelve (12), twenty-four (24) or thirty-six (36) months, had the lump-sum option not been elected. Once the payout amount is elected, a reduced Maximum Retirement Allowance is then calculated using factors adopted by the Board of Trustees based upon the System’s actuarial expected rate of return and the member’s age at retirement and the payout option (twelve (12), twenty-four (24), or thirty-six (36) months) elected. This reduced Maximum Retirement Allowance shall also be reduced in accordance with any retirement options the member has elected pursuant to Section 17-105 of Title 70 of the Oklahoma Statutes. |B. The partial lump-sum payment, pursuant to this section, shall be paid in a check separate from the regular monthly retirement benefit. The total amount of the partial lump-sum payment shall be deducted from the member’s account balance consisting of the employee contributions plus interest for purposes of determining unused contributions remaining in the account. The member may elect to rollover the taxable portion of the partial lump-sum payment to an eligible retirement plan or individual retirement account (IRA). The nontaxable portion of the partial lump-sum payment can be rolled over to an IRA or another qualified retirement plan as allowed by the Internal Revenue Code and regulations. This partial lump-sum payment shall be subject to federal income tax in accordance with the Internal Revenue Code Section 72 and other such Internal Revenue Code sections and regulations as may be applicable. This partial lump-sum benefit is subject to the same restrictions for assignment and attachment as all other retirement benefits. The appropriate portion of the partial lump-sum distribution will be reported to the Internal Revenue Service (IRS) as taxable income and appropriate tax withholdings will be withheld unless the member elects to make a direct rollover of the taxable portion of the funds. Should the member have after-tax contributions, a portion of such after-tax contributions will be allocated to the partial lump-sum payment and to the remaining annuity on a prorata basis.C. The partial lump-sum option under this section may be elected only once by a member and may not be elected by a retiree.D. The board of trustees shall promulgate any rules necessary for the implementation of this section.Added by Laws 2003, c. 328, § 1, eff. July 1, 2003.
70 OK Stat § 70-17-106.2 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-106.2. Duties of fiduciaries.

|A. A fiduciary with respect to the Teachers' Retirement System of Oklahoma shall not cause the System to engage in a transaction if the fiduciary knows or should know that such transaction constitutes a direct or indirect: |1. sale or exchange, or leasing of any property from the System to a party in interest for less than adequate consideration or from a party in interest to the System for more than adequate consideration;2. lending of money or other extension of credit from the System to a party in interest without the receipt of adequate security and a reasonable rate of interest, or from a party in interest to the System with provision of excessive security or an unreasonably high rate of interest;3. furnishing of goods, services or facilities from the System to a party in interest for less than adequate consideration, or from a party in interest to the System for more than adequate consideration; or4. transfer to, or use by or for the benefit of, a party in interest of any assets of the System for less than adequate consideration.B. A fiduciary with respect to the Teachers' Retirement System of Oklahoma shall not:1. deal with the assets of the System in the fiduciary's own interest or for the fiduciary's own account;2. in the fiduciary's individual or any other capacity act in any transaction involving the System on behalf of a party whose interests are adverse to the interests of the System or the interests of its participants or beneficiaries; or3. receive any consideration for the fiduciary's own personal account from any party dealing with the System in connection with a transaction involving the assets of the System.C. A fiduciary with respect to the Teachers' Retirement System of Oklahoma may: 1. invest all or part of the assets of the System in deposits which bear a reasonable interest rate in a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such plan; or2. provide any ancillary service by a bank or similar financial institution supervised by the United States or a state, if such bank or other institution is a fiduciary of such plan.D. A person or a financial institution is a fiduciary with respect to the Teachers' Retirement System of Oklahoma to the extent that the person or the financial institution:1. exercises any discretionary authority or discretionary control respecting management of the Teachers' Retirement System of Oklahoma or exercises any authority or control respecting management or disposition of the assets of the System;2. renders investment advice for a fee or other compensation, direct or indirect, with respect to any monies or other property of the System, or has any authority or responsibility to do so; or3. has any discretionary authority or discretionary responsibility in the administration of the System.Added by Laws 1988, c. 321, § 28, operative July 1, 1988.
70 OK Stat § 70-17-106.3 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-106.3. Deposit of contributions and dedicated revenues - Warrants and vouchers.

|A. All employee and employer contributions and dedicated revenues shall be deposited in the Oklahoma Teachers' Retirement Fund in the State Treasury. The Board of Trustees shall have the responsibility for the management of the Oklahoma Teachers' Retirement Fund, and may transfer monies used for investment purposes by the Teachers' Retirement System of Oklahoma from the Oklahoma Teachers' Retirement Fund in the State Treasury to the custodian bank or trust company of the System. |B. All benefits payable pursuant to the provisions of the Teachers' Retirement System of Oklahoma, refunds of contribution and overpayments, and all administrative expenses in connection with the System shall be paid from the Oklahoma Teachers' Retirement Fund upon warrants or vouchers signed by two persons designated by the Board of Trustees. All expenses of the administration of the Tax-Sheltered Annuity Fund shall be paid from the Oklahoma Teachers' Retirement Fund. The Board of Trustees may transfer monies from the custodian bank or trust company of the System to the Oklahoma Teachers' Retirement Fund in the State Treasury for the purposes specified in this subsection.Amended by Laws 1982, c. 227, § 5, emerg. eff. May 4, 1982; Laws 1983, c. 6, § 3, emerg. eff. Feb. 24, 1983; Laws 1986, c. 131, § 19, operative July 1, 1986; Laws 1988, c. 321, § 30, operative July 1, 1988.
70 OK Stat § 70-17-106.4 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-106.4. Appeal to district court.

|Any person aggrieved by any decision of the Board of Trustees may appeal from such decision by filing a petition in the Oklahoma County District Court within thirty (30) days from the date of such decision. All actions or proceedings directly or indirectly against the Teachers' Retirement System of Oklahoma shall be brought in Oklahoma County. |Added by Laws 1997, c. 316, § 3, eff. July 1, 1997.
70 OK Stat § 70-17-107 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-107. Disposition of interest.

|The interest earned on the investments in the Teachers' Retirement System of Oklahoma shall be credited in the following manner: |1. money on deposit in the Teachers' Deposit Fund or Tax-Sheltered Annuity Fund shall be credited with interest annually compounded;2. there shall be deducted from the annual interest on investments an amount necessary for the amortization of bonds purchased and owned by the Teachers' Retirement System of Oklahoma;3. there shall be deducted from the annual interest on investments an amount of money necessary for the operation of the Teachers' Retirement System of Oklahoma; and4. any residue remaining in the Interest Fund after the requirements of paragraphs 1 through 3 of this section have been fully met shall be used for the purpose of paying retirement benefits to the retirees of the Teachers' Retirement System of Oklahoma and transferred to the Retirement Benefit Fund; the interest income shall be distributed to the various funds on June 30 each year.Added Laws 1969, c. 157, § 7. Amended by Laws 1970, c. 176, § 4, operative Aug. 2, 1970; Laws 1974, c. 246, § 2, operative July 1, 1974; Laws 1975, c. 353, § 2, operative July 1, 1975; Laws 1980, c. 270, § 1, eff. July 1, 1980; Laws 1982, c. 227, § 5, emerg. eff. May 4, 1982; Laws 1983, c. 6, § 3, emerg. eff. Feb. 24, 1983; Laws 1986, c. 131, § 19, July 1, 1986; Laws 1988, c. 321, § 30, operative July 1, 1988.
70 OK Stat § 70-17-109.1 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-109.1. Confidentiality of records.

|All information, documents and copies thereof contained in a member's retirement file shall be given confidential treatment and shall not be made public by the System without the prior written consent of the member to which it pertains, but shall be subject to subpoena or court order with the exception of the member’s name, age, amount of contributions paid in, benefits being paid, amount of credited service and any documents verifying credits, service, or benefits which shall not be subject to the confidentiality provisions of this section. |Added by Laws 1986, c. 259, § 62, operative July 1, 1986. Amended by Laws 1986, c. 260, § 1, operative July 1, 1986; Laws 2010, c. 357, § 5, eff. July 1, 2010.NOTE: Sections 17-101 through 17-119 of this title were designated Article XVII of the Oklahoma School Code by Laws 1971, c. 281, § 24-122, eff. July 2, 1971.
70 OK Stat § 70-17-110 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-110. Fraud - Errors in record.

|Any person who shall knowingly make any false statement or shall falsify or permit to be falsified, any record or records of this retirement system in any attempt to defraud such system as a result of such act shall be guilty of a felony. Should any charge or error in the records result in any member or beneficiary receiving from the retirement system more or less than he would have been entitled to receive had the records been correct, the Board of Trustees shall correct such error, and so far as practicable, shall adjust the payment in such a manner that the actuarial equivalent of the benefit to which such member or beneficiary was correctly entitled shall be paid, and to take from the Interest Fund sufficient to reimburse the Fund where an overpayment had already been made, and any such overpayment recovered from the member shall be placed in the Interest Fund. |Added by Laws 1969, c. 157, § 10, operative Aug. 2, 1969. Amended by Laws 1971, c. 281, § 24-122, eff. July 2, 1971; Laws 1997, c. 133, § 575, eff. July 1, 1998.
70 OK Stat § 70-17-111 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-111. Official bonds.

|The Treasurer of the State of Oklahoma shall upon becoming custodian of the Teachers' Retirement Fund, give a bond in the sum of Fifty Thousand Dollars ($50,000.00); the Executive Director shall give bond in the sum of Twenty-five Thousand Dollars ($25,000.00); and the Board of Trustees shall require any other employees and members of the Board of Trustees to give bond in such amounts as the Board may deem necessary, conditioned that said bonded persons will faithfully execute the duties of the respective offices. All bonds shall be made with a good and solvent surety company, authorized to do business in the State of Oklahoma; said bonds shall be made payable to the Board of Trustees and shall be approved by it and the Attorney General of Oklahoma. All expense necessary and incident to the execution of such bonds, including premiums thereon, shall be paid by the Board of Trustees from the Expense Fund. |Added by Laws 1969, c. 157, § 11, operative Aug. 2, 1969. Amended by Laws 2010, c. 357, § 6, eff. July 1, 2010.NOTE: Sections 17-101 through 17-119 of this title were designated Article XVII of the Oklahoma School Code by Laws 1971, c. 281, § 24-122, eff. July 2, 1971.
70 OK Stat § 70-17-112 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-112. Audit of funds, accounts and assets.

|It shall be the duty of the State Auditor and Inspector to audit annually the funds, accounts and assets of the Teachers' Retirement System. |Laws 1969, c. 157, § 12, operative Aug. 2, 1969; Laws 1971, c. 281, § 24-122, eff. July 2, 1971; Laws 1978, c. 238, § 8, eff. July 1, 1978.
70 OK Stat § 70-17-113 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-113. Time spent in military service - Limitations.

|In determining annual increments for teacher salaries and in computing Foundation Aid, time spent in military service during a period of national emergency shall be counted, not to exceed five (5) years prior to the current year. No more than five (5) years of such military service shall be used in determining eligibility or benefits under the Teachers' Retirement System. |Laws 1969, c. 157, § 13, operative Aug. 2, 1969; Laws 1971, c. 281, § 24-122, eff. July 2, 1971.
70 OK Stat § 70-17-114.2 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-114.2. Unclassified positions.

|A. The executive director, assistant executive director and secretary-treasurer of the system shall be unclassified positions. Twenty-two (22) full-time-equivalent employees of the system shall be unclassified administrative assistants. |B. Beginning on the effective date of this act, all offices, positions, and personnel of the Teachers’ Retirement System of Oklahoma shall be in the unclassified service, except as provided in Section 840-4.2 of Title 74 of the Oklahoma Statutes. All future appointees to positions in the Teachers’ Retirement System of Oklahoma shall be in the unclassified service.Added by Laws 1982, c. 329, § 6, eff. July 1, 1982. Amended by Laws 1985, c. 180, § 5, eff. July 1, 1985; Laws 1987, c. 231, § 4, eff. July 1, 1987; Laws 2000, c. 299, § 2, eff. July 1, 2000; Laws 2010, c. 392, § 5, emerg. eff. June 7, 2010; Laws 2011, c. 1, § 43, emerg. eff. March 18, 2011.NOTE: Laws 2010, c. 357, § 7 repealed by Laws 2011, c. 1, § 44, emerg. eff. March 18, 2011.
70 OK Stat § 70-17-116.1 (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.1. Increase in retirement benefits.

|A. Every annuitant receiving retirement benefits from the system as of June 30, 1986, shall receive, on July 1, 1986, a six percent (6%) increase in retirement benefits. |B. Any member who retires during the period beginning July 1, 1986, through October 1, 1986, shall receive a six percent (6%) increase in their monthly benefit as computed pursuant to the provisions of Sections 17-101 through 17-116 of this title and Section 17-116.2 of this title.Amended by Laws 1985, c. 180, § 6, eff. July 1, 1985; Laws 1986, c. 283, § 4, operative July 1, 1986.
70 OK Stat § 70-17-116.2D (2021)
2021 Oklahoma Statutes|Title 70. Schools|§70-17-116.2D. Forfeiture of retirement benefits.

|A. Any member of the System upon final conviction of, or pleading guilty or nolo contendere to, a felony in a state or federal court of competent jurisdiction shall forfeit all retirement benefits provided by law; however, the forfeiture of retirement benefits shall not occur if any such member of the System received a deferred sentence, but retirement benefits shall not commence prior to completion of the deferred sentence. The forfeiture of retirement benefits required by this subsection shall not include such member’s contributions to the retirement system or retirement benefits that are vested on the effective date of this act. |B. The forfeiture of retirement benefits as provided by subsection A of this section shall also apply to any member of the System who, after leaving active contributory employment, is convicted of, or pleads guilty or nolo contendere to, in a state or federal court of competent jurisdiction, a felony committed while in such employment, where the felony is for bribery, corruption, forgery or perjury or any other crime related to the duties of his or her employment, or related to campaign contributions or campaign financing for that or any other office.C. Any claims for payment of retirement benefits to any such member of the System suspended from or forfeiting his or her retirement benefits shall be rejected by the System.D. Such suspension or forfeiture shall continue until such time as the conviction or guilty plea is reversed by the highest appellate court to which the member may appeal.E. The attorney responsible for prosecuting such members of the System shall notify the System of the forfeiture of such member's retirement benefits. Upon receipt of the notice of forfeiture, the System shall immediately suspend all benefits of the member, and notify the member of his or her right to a hearing to review whether the conviction or plea qualifies for forfeiture of benefits under this section. If the conviction or plea occurs in federal court or the notice of forfeiture is not forthcoming from the state prosecutor, the System may investigate and gather court documents and contact prosecutors to determine whether the conviction or plea qualifies under this section. Upon obtaining sufficient documentation of the conviction or plea, the retirement system shall immediately suspend all benefits of the member, and notify the member of his or her right to a hearing to review whether the conviction or plea qualifies for forfeiture of benefits under this section.Added by Laws 2012, c. 46, § 1, eff. Nov. 1, 2012.