Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 7 - Retirement Benefits › Section 590:10-7-15 - [2] Post-retirement employment - calculation of benefits and service

Current through Vol. 41, No. 20, July 1, 2024
A year of post-retirement service shall be determined as 2076
				  hours of participation. All retired members who have post-retirement service
				  with a participating employer and are eligible for an additional monthly
				  benefit on or after January 1, 2000, pursuant to 74 O.S. §
									914(E)
				  shall have the additional benefit calculated using the actual hours worked and
				  reported and the actual compensation reported for which contributions have been
				  paid for each 2076 hour period. Each 2076 hour period shall be calculated
				  separately and benefits added each January 1 as appropriate. All applicable
				  option and early retirement reductions selected by the member at the time of
				  retirement shall be applied to the additional benefit. Contributions received
				  on such service shall be credited for the fiscal year in which the hours were
				  actually worked.
(b) The initial
				addition of post-retirement benefits shall be made effective with the January,
				2000 benefit payment. The additional benefits shall be cumulative and paid for
				the initial period to the extent OPERS can identify and verify post-retirement
				participation. Post-retirement employment for which the retired member has
				previously been granted additional benefits or for which a refund of
				contributions has been made will not be included.
(c) The addition of post-retirement benefits
				shall be available to retired members who remain members on or after July 1,
				1999. Joint Annuitant benefits shall be increased only if the member would have
				otherwise been eligible for the increase in benefits.
(d) For those retired members who have
				returned to employment with a participating employer and waived receipt of
				their monthly retirement benefit pursuant to 74 O.S. §
									914(E),
				retirement benefits will be recalculated only upon termination of employment
				after completion of thirty-six (36) consecutive months of full-time-equivalent
				employment, as that term is defined under
				590:10-3-6
				of these rules.
Added at 17 Ok Reg 608,
				  eff 12-2-99 through 7-14-00 (emergency)1; Added at
				  17 Ok Reg 3178, eff 7-27-00; Amended at 20 Ok Reg 1750, eff 6-12-03; Amended at
				  21 Ok Reg 1759, eff 6-11-04; Amended at 25 Ok Reg 1001, eff
				  5-11-08
1 This emergency action expired
					 before being superseded by a permanent action. Upon expiration of an emergency
					 action enacting a new Section, the text of the Section is no longer effective.
					 Therefore, on 7-15-00 (after the 7-14-00 expiration of the emergency action),
					 the text of Section 590:10-7-15 was no longer effective, and remained as such
					 until added again by permanent action on 7-27-00.
2 On 12-28-00, a different rule
					 called "Rollovers" was added by emergency rulemaking at this number
					 (590:10-7-15 ), creating a duplication in numbering. The number was later
					 changed to
					 590:10-7-16 in
					 permanent rulemaking.