reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 70. Schools › §70-17-102. Establishment of system - Powers and privileges - Name.

A retirement system is hereby established and placed under the management of the Board of Trustees for the purpose of providing retirement allowances and other benefits under the provisions of this act for teachers of the State of Oklahoma.
The Board of Trustees shall have the power and privileges of a corporation and shall be known as the "Board of Trustees of the Teachers' Retirement System of Oklahoma", and by such name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held in trust for the purpose for which received.
Laws 1969, c. 157, § 2, operative Aug. 2, 1969; Laws 1971, c. 281, § 24-122, eff. July 2, 1971.
2023 Oklahoma Statutes › Title 70. Schools › §70-17-102.1. Termination of retirement plan.

(1) In the event a plan of the retirement system is terminated or partially terminated the right of all participants or in the event of partial termination the rights of the affected participants, whether retired or otherwise, shall become fully vested.
(2) In the event of termination of the plan, the Board of Trustees shall distribute the net assets of the fund, allowing a period of not less than six (6) nor more than nine (9) months for dissolution of disability claims, as follows:
(a)
First, accumulated contributions shall be allocated to each respective participant, former participant, retired member, joint annuitant or beneficiary then receiving payments. If these assets are insufficient for this purpose, they shall be allocated to each such person in the proportion which his accumulated contributions bear to the total of all such participants' accumulated contributions. For purposes of this section, contribution means payment into the system by an employer or employee for the benefit of an individual employee.
(b)
The balance of such assets, if any, remaining after making the allocations provided in subparagraph (a) of this section shall be disposed of by allocating to each person then having an interest in the fund the excess of his retirement income under the plan less the retirement income which is equal to the actuarial equivalent of the amount allocated to him under subparagraph (a) of this section. Such allocation shall be made with the full amount of the remaining assets to be allocated to the persons in each group in the following order of precedence:
(i)
those retired members, joint annuitants or beneficiaries receiving benefits,
(ii)
those members eligible to retire,
(iii)
those members eligible for early retirement,
(iv)
former participants electing to receive a vested benefit, and
(v)
all other members.
In the event the balance of the fund remaining after all allocations have been made with respect to all retirement income in a preceding group is insufficient to allocate the full actuarial equivalent of such retirement income to all persons in the group for which it is then being applied, such balance of the fund shall be allocated to each person in such group in the proportion which the actuarial equivalent of the retirement income allocable to him pursuant to such group bears to the total actuarial equivalent of the retirement income so allocable to all persons in such group.
Provided no discrimination in value results, the Board of Trustees shall distribute the amounts so allocated in one of the following manners as the Board of Trustees in their discretion may determine:
(i)
by continuing payment of benefits as they become due, or
(ii)
by paying, in cash, the amount allocated to any such person.
Added by Laws 1978, c. 238, § 2, eff. July 1, 1978.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; or
4. 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; or
3. 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; or
2. 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; or
3. has any discretionary authority or discretionary responsibility in the administration of the System.
Added by Laws 1988, c. 321, § 28, operative July 1, 1988.
2023 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.
2023 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.
2023 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; and
4. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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 Benefit
of the Retired Member
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%).
Added by Laws 2004, c. 536, § 20, eff. July 1, 2004.
2023 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.
2023 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.
2023 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; and
3. 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; and
3. 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.
2023 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.
2023 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.
2023 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.
2023 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.