reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 11 - Withdrawal From Membership and Refund of Deposits › Section 715:10-11-6 - Reinstatement of an account

Current through Vol. 41, No. 20, July 1, 2024
A member who has withdrawn an account may reinstate the
				  account, and receive credit for the service, by meeting the requirements of OAC
				  715:10-5-9.
Amended at 10 Ok Reg
				  3879, eff 7-12-93; Amended at 12 Ok Reg 295, eff 10-14-94 through 7-14-95
				  (emergency)1; Amended at 12 Ok Reg 3285, eff
				  7-27-95
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-95 (after the 7-14-95 expiration of the emergency action), the text of
				  section 715:10-11-6 reverted back to the permanent text that became effective
				  7-12-93, and remained as such until amended by permanent action on
				  7-27-95.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-2 - Contributions required on all compensation

Current through Vol. 41, No. 20, July 1, 2024
Contributions shall be made on total compensation of each
				  member. Total compensation means salary and benefits from all sources including
				  federally-subsidized programs under the direct administration of a public
				  school and salaries earned by an employee for extra duties. This includes pay
				  to a teacher who also drives a school bus, members of TRS who are working
				  part-time for another school and members employed on a regular basis who are
				  employed by the same or different school in a summer school or night school
				  program. All public schools shall treat the employee contributions as being
				  picked-up under the provisions of Section 414(h)(2) of the Internal Revenue
				  Code. Individuals who join the Teachers' Retirement System during the school
				  year and who have been employed prior to becoming a member must make
				  retroactive contributions from the date their qualifying employment began. The
				  membership date of such a member is the date the first payment is received, not
				  the beginning of the school year. The member shall not receive full service
				  credit until the balance of contributions, including any contributions required
				  by the employer, are received by TRS.
Amended at 16 Ok Reg
				  743, eff 10-5-98 through 7-14-99 (emergency)1;
				  Amended at 16 Ok Reg 3567, eff 9-13-99; Amended at 19 Ok Reg 2729, eff
				  7-11-02
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-13-2 reverted back to the permanent text that was effective
				  prior to enactment of the emergency action on 10-5-98, as was last published in
				  the 1996 Edition of the OAC, and remained as such until amended by permanent
				  action on 9-13-99.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-3 - Employee contribution rates

Current through Vol. 41, No. 20, July 1, 2024
(a) Beginning with
				the 1996-97 school year, the maximum compensation level for all members, other
				than those members employed by a comprehensive university on or before June 30,
				1995, shall be the member's regular annual compensation. This includes any
				employee of a comprehensive university who transfers to another school or
				university after June 30, 1996, or who terminates paid employment status with a
				comprehensive university and returns to employment at a later date.
(b) Beginning with the 1996-97 school year,
				the maximum compensation level for those employees of a "comprehensive
				university", defined in statutes as the University of Oklahoma and all of its
				constituent agencies, including the University of Oklahoma Health Sciences
				Center, the University of Oklahoma Law Center and the Geological Survey, and
				Oklahoma State University and all of its constituent agencies, including the
				Oklahoma State Agricultural Experiment Station, the Oklahoma State University
				Agricultural Extension Division, the Oklahoma State University College of
				Veterinary Medicine, the Oklahoma State University Center for Health Sciences,
				the Technical Branch at Oklahoma City the Technical Branch at Okmulgee and
				Oklahoma State University-Tulsa, who were employed on or before June 30, 1995,
				shall contribute the following:
(1) for
				members who, prior to June 30, 1995, elected to contribute on a maximum
				compensation level not to exceed $25,000:
(A)
				$32,500 for service between July 1, 1996 and June 30, 1997,
(B) $37,500 for service between July 1, 1997
				and June 30, 1998,
(C) $42,500 for
				service between July 1, 1998 and June 30, 2000,
(D) $47,500 for service between July 1, 2000,
				and June 30, 2001,
(E) $52,500 for
				service between July 1, 2001, and June 30, 2002,
(F) $57,500.00 for service between July 1,
				2002, and June 30, 2003,
(G)
				$62,500.00 for service between July 1, 2003, and June 30, 2004,
(H) $67,500.00 for service between July 1,
				2004, and June 30, 2005,
(I)
				$72,500.00 for service between July 1, 2005, and June 30, 2006,
(J) $77,500.00 for service between July 1,
				2006, and June 30, 2007, and
(K)
				the full amount of regular annual compensation for service authorized and
				performed after June 30, 2007, and
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-3.1 - Employer contribution rates [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 19 Ok Reg 2729,
				  eff 7-11-02; Amended at 20 Ok Reg 380, eff 10-16-02 (emergency); Amended at 20
				  Ok Reg 2596, eff 7-11-03; Added at 24 Ok Reg 220, eff 10-31-06 (emergency);
				  Amended at 24 Ok Reg 1692, eff 6-11-07; Amended at 25 Ok Reg 287, eff 10-2-07
				  (emergency); Revoked at 25 Ok Reg 2598, eff
				  7-11-08
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-3.2 - Employer contribution rates for employers other than comprehensive and regional four-year universities beginning July 1, 2007 [EXPIRED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 25 Ok Reg 287,
				  eff 10-2-07 through 7-14-08
				  (emergency)1
1This emergency action expired
				  without being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new Section, the Section is no longer effective. Therefore,
				  on 7-15-08 (after the 7-14-08 expiration of the emergency action), Section
				  715:10-13-3.2 was no longer effective. For the official text of the emergency
				  rule effective from 10-2-07 through 7-14-08, see 25 Ok Reg
				  287.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-3.3 - Employer contribution rates comprehensive and regional four-year universities beginning July 1, 2007 [EXPIRED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 25 Ok Reg 287,
				  eff 10-2-07 through 7-14-08
				  (emergency)1
1This emergency action expired
				  without being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new Section, the Section is no longer effective. Therefore,
				  on 7-15-08 (after the 7-14-08 expiration of the emergency action), Section
				  715:10-13-3.3 was no longer effective. For the official text of the emergency
				  rule effective from 10-2-07 through 7-14-08, see 25 Ok Reg
				  287.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-4 - Maximum compensation level election for years prior to July 1, 1995

Current through Vol. 41, No. 20, July 1, 2024
(a) Any member, except for employees of
				institutions of higher education as provided in 70 O.S. §
									17-116.2A,
				who was a contributing member of the Retirement System between July 1, 1987,
				and June 30, 1995, who elected to limit contributions to the first $25,000 of
				annual compensation, may elect to contribute on annual compensation up to a
				maximum of $40,000. may elect to
(b) If no election was made within the time
				provided by statute, the member was deemed to have elected the $25,000
				compensation level.
(c) Except as
				provided in subsection (a) of this rule, a member may change the $25,000
				election at any time prior to his or her official retirement date.(d) If a
				member elects to change his or her election as provided by this rule, the
				member must remit to the Teachers' Retirement System the difference between the
				amount contributed and that which would have been contributed had a $40,000
				maximum been elected when the member was first eligible to do so. This
				additional payment shall include any contribution that the law requires from
				the member's employer, and interest compounded annually at ten percent (10%)
				per annum on the balance due. The balance due may be made in a single lump sum
				or in installments as provided in OAC
				715:10-5-4.
				However, the total balance must be paid prior to the effective date of
				retirement and cannot be purchased by any person after the death of the
				member.
Amended at 9 Ok Reg
				  3879, eff 7-12-93; Amended at 13 Ok Reg 3899, eff 8-5-96 through 7-14-97
				  (emergency)1; Amended at 14 Ok Reg 3216, eff
				  7-25-97; Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 17 Ok Reg
				  3071, eff 7-13-00; Amended at 18 Ok Reg 50, eff 10-3-00 (emergency); Amended at
				  18 Ok Reg 3152, eff 7-12-01
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-97 (after the 7-14-97 expiration of the emergency action), the text of
				  section 715:10-13-4 reverted back to the permanent text that became effective
				  7-12-93, as last published in the 1996 Edition of the OAC, and remained as such
				  until amended by permanent action on
				  7-25-97.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-4.1 - Maximum compensation level election for the 1995-96 school year [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 13 Ok Reg 3899,
				  eff 8-5-96 through 7-14-97 (emergency)1; Added at 14
				  Ok Reg 3216, eff 7-25-97; Amended at 18 Ok Reg 50, eff 10-3-00 (emergency);
				  Amended at 18 Ok Reg 3152, eff 7-12-01; Revoked at 29 Ok Reg 854, eff
				  8-1-12
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new section, the section is no longer effective. Therefore,
				  on 7-15-97 (after the 7-14-97 expiration of the emergency action), the text of
				  section 715:10-13-4.1 was no longer effective, and remained as such until added
				  by permanent action on 7-25-97.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-5 - Compensation corrections

Current through Vol. 41, No. 20, July 1, 2024
The statutes provide that any member whose regular annual
				  compensation was not determined as provided by law may pay the contribution on
				  such amount not included in the member's regular annual compensation and
				  receive credit for such amount in the calculation of the member's benefit. The
				  member must also pay any employer contributions due TRS which are not paid by
				  the employer. The intent of this provision and the provisions outlined above is
				  to enable members to receive credit for their total contract salary up to
				  applicable limits. Therefore, members' retirement contributions should be based
				  on the gross salary before fringe benefits are subtracted, not after. No
				  adjustments can be made until the corrections are documented as outlined in OAC
				  715:10-5-6.
				  Any loss incurred by the Retirement System as a result of the failure of a
				  school to comply with existing statutes or TRS Rules shall be paid by the
				  member or school to the Retirement Fund. Interest compounded annually at ten
				  percent (10%) per annum shall be charged on all balances due Teachers'
				  Retirement because of failure to remit the proper contribution. In cases where
				  a compensation correction should have been identified by TRS staff but was not,
				  interest may be adjusted to correct for the error in accordance with TRS
				  procedures.
Amended at 9 Ok Reg
				  3879, eff 7-12-93; Amended at 27 Ok Reg 1282, eff
				  5-27-10
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-6 - Employee contributions paid by the employer

Current through Vol. 41, No. 20, July 1, 2024
Any school may, for and on behalf of any Teachers' Retirement
				  System member, pay all or any portion of the membership contribution required
				  by statutes.
Amended at 16 Ok Reg
				  743, eff 10-5-98 through 7-14-99 (emergency)1;
				  Amended at 16 Ok Reg 3567, eff 9-13-99; Amended at 19 Ok Reg 2729, eff
				  7-11-02
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-13-6 reverted back to the permanent text that was effective
				  prior to enactment of the emergency action on 10-5-98, as last published in the
				  1996 Edition of the OAC, and remained as such until amended by permanent action
				  on 9-13-99.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-7 - Matching Funds

Current through Vol. 41, No. 20, July 1, 2024
Employers of TRS members whose compensation is paid from
				  federal funds or externally sponsored agreements such as grants, contracts, and
				  cooperative agreements shall match the contributions of these members on all,
				  or that portion of, compensation paid from these funds. Matching funds shall be
				  paid in addition to employer and employee contributions and shall be
				  transmitted at the same time and in the same manner as the members'
				  contributions. Matching contributions shall be required on all salaries funded
				  from revenues other than funds generated from local taxes or revenues
				  originating from the State of Oklahoma. No later than April 1, each year, the
				  TRS Board of Trustees shall set two contribution rates to be paid by
				  employers.
(1) Traditional Matching
				Rate: The first rate shall be applied to all services paid by federal funds or
				externally sponsored grants or agreements performed by members except those
				services that are included in the definition of "Summer School Program," as
				defined in subsection 2 below. This contribution rate shall be determined using
				cost principles established by federal regulations and shall be consistent with
				generally accepted accounting principles.
(2) Summer School Matching Rate: The second
				rate shall be applied to service performed by members during a Summer School
				Program. "Summer school program" is defined as a program offering academic
				enrichment for students from Pre-K through 12th grades during the summer term
				after the close of the school year. Members shall only be considered as
				providing service to a summer school program if such service is provided
				pursuant to a separate summer school contract between the member and the
				participating employer. The term "Summer School Program" does not include
				services performed at a participating employer offering an extended school year
				pursuant to 70 O.S. § 1-109.1 or services performed pursuant to a twelve-month
				contract with the employer. The contribution rate shall be determined using
				cost principles established by federal regulations and shall be consistent with
				generally accepted accounting principles. The Summer School Matching Rate may
				take into consideration whether, or to what extent, such service is likely to
				add to members' service credit or final average salary; however, this rate
				shall not exceed one-half (1/2) of the Traditional Matching Rate.
Amended at 17 Ok Reg
				  204, eff 9-8-99 (emergency); Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at
				  18 Ok Reg 50, eff 10-3-00 (emergency); Amended at 18 Ok Reg 3152, eff
				  7-12-01
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-9 - Monthly remittance report of contributions [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 10 Ok Reg
				  3879, eff 7-12-93; Amended at 13 Ok Reg 3899, eff 8-5-96 through 7-14-97
				  (emergency)1; Amended at 14 Ok Reg 3216, eff
				  7-25-97; Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 17 Ok Reg
				  3071, eff 7-13-00; Amended at 20 Ok Reg 380, eff 10-16-02 (emergency); Amended
				  at 20 Ok Reg 2596, eff 7-11-03; Amended at 28 Ok Reg 981, eff 5-26-11; Revoked
				  at 29 Ok Reg 854, eff 8-1-12
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-97 (after the 7-14-97 expiration of the emergency action), the text of
				  section 715:10-13-9 reverted back to the permanent text that became effective
				  7-12-93, as was last published in the 1996 Edition of the OAC, and remained as
				  such until amended by permanent action on
				  7-25-97.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-10 - Annual report of employment

Current through Vol. 41, No. 20, July 1, 2024
At the close of each fiscal year but prior to November 1,
				  the payroll office of each employer shall file a report with Teachers'
				  Retirement System that certifies the number of hours worked that year by each
				  less-than- fulltime employee. The report shall also include the names and total
				  number of hours worked by any employee receiving Teachers' Retirement System
				  retirement benefits. This report shall be known as the Employment Year End
				  Report.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-11 - Percentage limits on compensation increases

Current through Vol. 41, No. 20, July 1, 2024
Member's aggregate compensation for the last three creditable
				  years of service before retirement may not exceed the credited compensation of
				  the immediately preceding creditable year for service in the same or similar
				  positions by more than 20%. When appropriate, Teachers' Retirement System may
				  convert salary for part-time employment to its full-time equivalent in
				  determining the permissible increases in annual compensation.
(1) Teachers' Retirement System will adjust a
				member's annual compensation at the time of retirement to comply with the
				limits of this rule and will refund excess deposits to the member after the
				effective date of retirement.
(2)
				Increases due to a change in employment responsibilities or adjustments in
				salary schedules for the employees of school district shall be excluded by TRS
				in determining if an employee exceeds the 20% level. TRS retains the right to
				require individuals and the employing school to provide documentation to
				satisfy questions that may arise from increases in compensation in excess of
				20% for any school year.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-12 - Contracts bought up by employer

Current through Vol. 41, No. 20, July 1, 2024
Teachers' Retirement System will not accept contributions on
				  contract buyouts or grant creditable service, unless approved by the Board of
				  Trustees resolution before the fact or when so ordered by a court of competent
				  jurisdiction. Any payments for accumulated annual leave in excess of sixty (60)
				  days or reimbursement for unused sick leave in excess of the daily amount paid
				  to the teaching staff shall be considered a contract buy out.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-13 - Contributions while receiving workers' compensation payments

Current through Vol. 41, No. 20, July 1, 2024
Any member who is an active contributing member and receives
				  temporary total disability benefits during the period of absence from a public
				  school due to a work-related injury or illness and qualifies for payment
				  pursuant to the Workers' Compensation Act shall receive credit for said period
				  of absence, if contributions were not remitted on the member's regular annual
				  compensation while the member is receiving temporary total or partial
				  disability benefits, subject to the following requirements:
(1) the member was employed by the public
				school immediately prior to and during the period of absence,
(2) the member must notify the System in
				writing not later than four (4) months after the member's return to his or her
				job duties with the public school, or termination of the temporary total
				disability benefits, whichever is earlier, of the member's desire to receive
				service credit for the period of absence,
(3) the public school employer must certify
				to the System in writing the dates during which temporary total disability
				benefit payments were paid to the member, and
(4) the member and the public school employer
				shall each pay the respective contributions required for the period of absence
				without interest within sixty (60) days of billing by the System, or with
				interest at a rate consistent with the actuarial assumed earnings rate adopted
				by the Board of Trustees, compounded annually if paid after said sixty (60)
				days. Employee and employer contributions will be based on the member's regular
				annual compensation the member would have earned had the injury or illness not
				occurred.
(5) All balances due
				must be paid in full at least thirty(30) days prior to termination of
				employment or ninety (90) days prior to the effective date of a member's
				official retirement date.
Added at 15 Ok Reg 48,
				  eff 9-4-97 (emergency); Added at 15 Ok Reg 3481, eff 7-15-98; Amended at 29 Ok
				  Reg 854, eff 8-1-12
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-14 - Termination credit for state agency employees who are members of the Teachers' Retirement System of Oklahoma

Current through Vol. 41, No. 20, July 1, 2024
(a) An
				employee of a state agency or other governmental entity participating in the
				Teachers' Retirement System of Oklahoma, other than an employee of an Oklahoma
				public school, who has completed at least ten (10) years of full-time
				equivalent employment for that employer, and who is terminated because his or
				her position is eliminated through a reduction-in-force after July 1, 1998, and
				who is within three (3) years of becoming eligible for retirement, may purchase
				up to three (3) years of service credit in the Teachers' Retirement System if:
(1) the member, within six (6) months of his
				or her termination, files an election with the Teachers' Retirement System
				indicating an intent to purchase the termination credit;
(2) the Teachers' Retirement System is paid
				the full amount of both the employer and employee contributions that would have
				been paid to the System, based upon the maximum compensation level received by
				the member in the last full month he or she was employed by the state agency or
				governmental entity, multiplied by the number of months required for the member
				to qualify for retirement with an unreduced benefit had the member not been
				terminated; and
(3) full payment
				for the cost of the termination credit is made within sixty (60) days of filing
				the election to purchase the credit.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 13 - Contributions for Membership Service › Section 715:10-13-15 - Waiver of employer late fees

Current through Vol. 41, No. 20, July 1, 2024
(a) TRS
				statutes provide that all employer and employee contributions must be remitted
				to TRS within 30 days after the end of the month in which the work was
				performed. If they are remitted after the deadline they are assessed a 1 1/2%
				late charge, compounding monthly. The Board of Trustees may waive the late fee
				for good cause shown but may delegate this authority to staff. The Executive
				Director is authorized to waive these late fees. Good cause is generally shown
				in cases of an unforeseen circumstance such as a death or illness, acts of
				nature, or other unforeseen and unavoidable circumstance rendering the timely
				payment of contributions impossible.
(b) The System will automatically waive late
				fees assessed for any contributions received late due to the late receipt of
				federal funds or workers' compensation payments.
(c) The System will automatically waive any
				late fees assessed in the amount of $50 or less, provided the requesting
				employer has had one or less late remittances in the past 12 months.
(d) All other requests for waiver of late
				fees shall be presented to the System for review and determination of good
				cause shown for waiver. All waiver requests must be made on district/employer
				letterhead and signed by the Superintendent, CEO, or CFO.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-1 - Eligibility for service retirement

Current through Vol. 41, No. 20, July 1, 2024
Service retirement requirements shall be administered as
				  outlined in Title 70, Oklahoma Statutes, Section
				  17-105
				  [70 O.S. 17-105].
Amended at 10 Ok Reg
				  3879, eff 7-12-93; Amended at 22 Ok Reg 2255, eff 6-25-05; Amended at 29 Ok Reg
				  854, eff 8-1-12
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-2 - Age, service requirements for regular retirement

Current through Vol. 41, No. 20, July 1, 2024
Service retirement requirements shall be administered as
				  outlined in Title 70, Oklahoma Statutes, Section
				  17-105
				  [70 O.S. 17-105].
Amended at 10 Ok Reg
				  3879, eff 7-12-93; Amended at 22 Ok Reg 2255, eff 6-25-05; Amended at 29 Ok Reg
				  854, eff 8-1-12
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-3 - Date of retirement; making application

Current through Vol. 41, No. 20, July 1, 2024
The earliest effective date of retirement for any eligible
				  member is the first day of the month following the one in which employment
				  ceases, with the first annuity payment to be paid on the first day of the month
				  following the effective date of retirement.
(1) It is the member's responsibility to
				notify, by filing a retirement contract as outlined in paragraphs 4 and 5 of
				this section, the TRS Board of Trustees of the date on which retirement is to
				begin.
(2) Payments for all years
				of service, for which a member wants to receive credit, must be made no less
				than 90 days prior to the date of retirement.
(3) State law does not permit TRS to make
				retroactive retirement payments. Members should ensure that their creditable
				service record is up-to-date and accurate before they retire.
(4) Not less than ninety (90) days prior to
				retirement, the member must submit to TRS a Pre-Retirement Information
				Verification, copy of the member's proof of birth, copy of marriage certificate
				or license if married to joint annuitant, and verification of 120 days of
				accrued/unused sick leave for calculation of sick leave credit. The
				Pre-Retirement Information Verification and support pre-retirement
				documentation must be on file with TRS to enable TRS to prepare a complete
				Application to Retire.
(5) After
				submitting all required pre-retirement documentation, the member will receive
				an Application to Retire. This form must be returned to TRS no less than sixty
				(60) days prior to the effective date of retirement. Upon receipt of the
				completed Application to Retire the member will receive a final contract for
				retirement.
(6) The Final Contract
				for Retirement, properly executed before a notary, is required by statutes to
				be filed with TRS no less than thirty (30) days before the date of retirement.
				Therefore, the final contract for retirement must be completed and on file with
				TRS by the first day of the month immediately preceding the retirement date.
				The first retirement benefit payment will be made on the first day of the month
				following the effective date of retirement.
(7) For example, a retirement contract must
				be on file by May 1, for a retirement date of June 1, in order to process the
				first retirement benefit payment on July 1.
Amended at 30 Ok Reg 1476, eff
					 7-1-13
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-3.1 - Employer's verification of retirement information

Current through Vol. 41, No. 20, July 1, 2024
Employers of members actively employed during the school
				  year of retirement must submit to TRS information on the member's final year of
				  employment to complete the member's retirement.
(1) Upon receipt of the Application to Retire
				from a member, TRS shall notify the employer that final employment information
				is needed from the employer. The employer shall submit the required employment
				information via TRS' online Employer Portal not less than sixty (60) days prior
				to the member's date of retirement. Information submitted by the employer shall
				include, but not be limited to: last day the member is expected to be
				physically on the job; last day the member is expected to be on the payroll,
				the member's expected final annual compensation for that employment year, and
				an expected balance of accrued/unused sick leave.
(2) No later than the 15
				th day of the month of the member's retirement the
				employer shall confirm via the TRS Employer Portal the information provided to
				TRS in subsection (1) above, making any changes to the final information as is
				necessary. Failure to submit this information by the deadline or errors in
				submitted information that result in a disqualification of retirement
				eligibility shall be the responsibility of the employer as is provided in 70
				O.S. §
									17-105(1)(a)(2).
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-4 - Effective date of retirement contract

Current through Vol. 41, No. 20, July 1, 2024
The effective date of retirement shall be the date specified
				  on the Final Contract for Retirement completed and signed by the member. The
				  effective date of retirement can be the first of any month specified by the
				  member, except the effective retirement date cannot be earlier than the
				  following:
(1) The last day on which
				service is rendered shall be accepted as the last day of employment, when so
				certified by the employer. This is not necessarily the last day for which the
				member receives pay.
(2) If
				employment terminates on or before the tenth (10th) day of the month, the
				retirement date can be that same month.
(3) If a member's employment terminates after
				the tenth (10th) day of the month, the retirement date can be the first day of
				the following month.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-6 - Verification of date of birth

Current through Vol. 41, No. 20, July 1, 2024
The Board of Trustees has ruled that any of the documents
				  listed below shall be acceptable for verification of date of birth:
(1) Birth Certificate
(2) Valid state or federal government issued
				photo identification
(3)
				Passport
Amended at 16 Ok Reg 743, eff 10-5-98 through 7-14-99
					 (emergency) 1 ; Amended at 16 Ok Reg 3567, eff
					 9-13-99 ; Amended at 25 Ok Reg 2598, eff 7-11-08 ; Amended at 30 Ok Reg 1476,
					 eff 7-1-13
1 This emergency action expired
					 before being superseded by a permanent action. Upon expiration of an emergency
					 amendatory action, the last prior permanent text is reinstated. Therefore, on
					 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
					 section 715:10-15-6 reverted back to the permanent text that was effective
					 prior to enactment of the emergency action on 10-5-98, as was last published in
					 the 1996 Edition of the OAC, and remained as such until amended again by
					 permanent action on 9-13-99.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-7 - Standard retirement formula

Current through Vol. 41, No. 20, July 1, 2024
The standard retirement formula will be applied as directed
				  in Title 70, Oklahoma Statutes, Section
				  17-116.2
				  [70 O.S. 17-116.2]
Amended at 10 Ok Reg
				  3879, eff 7-12-93; Amended at 13 Ok Reg 3523, eff 8-26-96; Amended at 29 Ok Reg
				  854, eff 8-1-12
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-7.1 - Retirement formula for members employed by a comprehensive university [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 13 Ok Reg
				  3899, eff 8-5-96 (emergency); Added at 13 Ok Reg 3523, eff 8-26-96; Amended at
				  14 Ok Reg 3216, eff 7-25-97; Amended at 17 Ok Reg 204, eff 9-8-99 (emergency);
				  Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at 22 Ok Reg 2255, eff 6-25-05;
				  Revoked at 29 Ok Reg 854, eff 8-1-12
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-8 - Age, creditable service determination

Current through Vol. 41, No. 20, July 1, 2024
The member's age, and the age of a member's designated
				  beneficiary, at retirement shall be determined as the age attained as of the
				  last birthday. Total creditable service shall be determined to the tenth of a
				  year. Age shall be determined as of the date of retirement in the following
				  manner:
(1) If the member's date of
				birth is on or before the tenth (10th) day of the month of retirement, the age
				shall be the age of the member on the tenth (10th) day of the month.
(2) If the member's date of birth is after
				the tenth (10th) day of the month of retirement, the age shall be the age of
				the member on the first day of the month.
Amended at 16 Ok Reg
				  743, eff 10-5-98 through 7-14-99 (emergency)1;
				  Amended at 16 Ok Reg 3567, eff 9-13-99
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-15-8 reverted back to the permanent text that was effective
				  prior to the enactment of the emergency action on 10-5-98, as was last
				  published in the 1996 Edition of the OAC, and remained as such until amended by
				  permanent action on 9-13-99.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-9 - Minimum service retirement benefits

Current through Vol. 41, No. 20, July 1, 2024
Minimum service retirement benefits are payable as
				  follows:
(1) If a classified
				employee's average salary is less than $6,500, the retirement allowance shall
				be $10.83 per month for each year of service.
(2) If a nonclassified employee's average
				salary is less than $5,350, the retirement allowance shall be $8.91 per month
				for each year of service.
Amended at 10 Ok Reg
				  3879, eff 7-12-93
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-10.1 - "Pop-up" of Option 2 or Option 3 retirement plans

Current through Vol. 41, No. 20, July 1, 2024
If the designated joint annuitant under the Option 2 or 3
				  retirement plan dies at any time after the member's retirement date, but before
				  the death of the member, the member shall return to the retirement benefit,
				  including any post-retirement benefit increases the member would have received
				  had the member not selected the Option 2 or 3 retirement plan. In such an
				  event, the member's monthly retirement benefit and any amount due at the death
				  of the member shall be calculated as if the member had selected the Maximum
				  retirement allowance. The increase in the member's monthly benefit becomes
				  effective the first day of the month following the date of death of the
				  designated joint annuitant and shall be payable for the member's remaining
				  lifetime. The member shall notify TRS of the death of the designated joint
				  annuitant in writing and provide a certified copy of the joint annuitant's
				  death certificate. In the absence of timely notice, TRS shall make retroactive
				  benefit payments to the member, not to exceed six (6) months from the time the
				  member first became eligible for increased benefits to the date notification is
				  received. Notwithstanding any other provision, increased benefits will not be
				  due for any period prior to July 1, 1994.
Added at 12 Ok Reg 295,
				  eff 10-14-94 through 7-14-95 (emergency)1; Added at
				  12 Ok Reg 3285, eff 7-27-95
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new section, the section is no longer effective. Therefore,
				  on 7-15-95 (after the 7-14-95 expiration of the emergency action), the text of
				  section 715:10-15-10.1 was no longer effective, and remained as such until
				  added by permanent action on 7-27-95.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-10.3 - Partial Lump-sum Option Factors

Current through Vol. 41, No. 20, July 1, 2024
Factors have been developed by consulting actuaries and
				  adopted by the Board of Trustees to be used in the calculation of the partial
				  lump-sum payment selected by a member of the Teachers' Retirement System. The
				  Board of Trustees may adopt new tables at any time upon recommendation of the
				  consulting actuaries, when in the opinion of the Board the experience of the
				  System may justify the need for such change. Adoption of new tables will be
				  prospective and shall not affect any partial lump-sum payment selected and paid
				  prior to the adoption of new factors. The reduction factors are provided on the
				  Application to Retire.
Amended at 21 Ok Reg
				  3091, eff 8-21-03 through 7-14-04 (emergency)1;
				  Amended at 21 Ok Reg 3099, eff 8-12-04; Amended at 29 Ok Reg 854, eff
				  8-1-12
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-04 (after the 7-14-04 expiration of the emergency action), the text of
				  section 715:10-15-10.3 reverted back to the permanent text that was effective
				  prior to enactment of the emergency action on 8-21-03, as last published in the
				  2001 Edition of the OAC, and remained as such until amended by permanent action
				  on 8-12-04.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-11 - Designation of beneficiaries or joint annuitant for retirement options

Current through Vol. 41, No. 20, July 1, 2024
A designation of beneficiary or joint annuitant must be made
				  when the retirement contract is completed. A member who selects the Maximum,
				  Option 1 or Option 4 retirement plan may name more than one beneficiary. Once
				  the member has been retired for more than sixty (60) days or if no change in
				  the member's retirement plan occurs, beneficiaries named for the Maximum,
				  Option 1, or Option 4 retirement plan may be changed by the member at any time
				  in the manner prescribed by TRS. The joint annuitant for the Option 2 or Option
				  3 retirement plan cannot be changed even if the joint annuitant dies before the
				  member, providing, however, the retired member may designate a beneficiary
				  different from the joint annuitant to receive the $5,000 death benefit. The
				  member who elects the Option 4 retirement plan must name a beneficiary, who can
				  be any living person or persons, or a trust. The beneficiary does not have to
				  be a spouse or dependent. In the case of a divorce the retirement contract
				  remains in force and the member's joint annuitant (ex-spouse) will receive the
				  member's monthly benefit after the member's death (if named as a joint
				  annuitant) unless a Court, acting through a Qualified Domestic Relations Order,
				  directs otherwise. A beneficiary designation is valid for TRS purposes when
				  properly executed and on file with TRS prior to the death of the member. TRS
				  shall not be responsible for determining the competency of a member to
				  designate a beneficiary except as otherwise provided by Oklahoma
				  law.
Amended at 16 Ok Reg
				  743, eff 10-5-98 through 7-14-99 (emergency)1;
				  Amended at 16 Ok Reg 3567, eff 9-13-99; Amended at 25 Ok Reg 2598, eff
				  7-11-08
1This emergency action expired
				  before being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-15-11 reverted back to the permanent text that was effective
				  before enactment of the emergency action on 10-5-98, as was last published in
				  the 1996 Edition of the OAC, and remained as such until amended again by
				  permanent action on 9-13-99.
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-11.1 - Designation of Trustee of Oklahoma Discretionary and Special Needs Trust as joint annuitant or beneficiary

Current through Vol. 41, No. 20, July 1, 2024
(a) 70 O.S. §
									17-105(g)
				provides that any person who is eligible to be named as a beneficiary or joint
				annuitant, and who is also a beneficiary of a trust created under the Oklahoma
				Discretionary and Special Needs Trust Act, or comparable Trust Act under
				another state, may be a beneficiary or joint annuitant of a retired member by
				having the trustee of the trust established for the benefit of that individual
				named as the legal beneficiary or joint annuitant. Benefit payments shall be
				paid to the Trustee for the benefit of the beneficiary.
(b) If a beneficiary or joint annuitant, at
				the time of or subsequent to being named a beneficiary or joint annuitant of a
				TRS member, is or becomes the beneficiary of a Special Needs Trust, TRS will
				acknowledge the trust as the beneficiary or joint annuitant and make payments
				to the Trustee once the following has been submitted to and approved by TRS:
(1) Trust creation documents which include
				the following:
(A) Provision that the trust is
				non-revocable;
(B) Provision for
				only one beneficiary of the trust which cannot be changed and provision no
				other beneficiaries may be added; and,
(C) Provision that the beneficiary must hold
				all interests in the trust except for the remainder interest to be paid in the
				event of the beneficiary's death;
Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-12 - Spousal consent

Current through Vol. 41, No. 20, July 1, 2024
When selecting a retirement option, a TRS Acknowledgment of
				  Spousal Consent shall be completed. If the member is married at the time of
				  retirement, the retiring member's spouse must acknowledge that the retirement
				  options available to the member have been explained to the spouse and the
				  spouse concurs with the retirement option selected by the retiring member. If
				  the member is unmarried or unable to locate their spouse at the time of
				  retirement, the member must certify that he or she is unmarried or that at the
				  time of retirement the whereabouts of the spouse is unknown and the spouse
				  cannot be located. Spousal Consent is an integral part of the application for
				  retirement and must be on file with TRS before the member's retirement becomes
				  effective.
Amended at 16 Ok Reg
				  743, eff 10-5-98 through 7-14-99 (emergency)1;
				  Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 16 Ok Reg 3567,
				  eff 9-13-99; Amended at 17 Ok Reg 3071, eff
				  7-13-00
1This emergency action expired
				  without being superseded by a permanent action. Upon expiration of an emergency
				  amendatory action, the last prior permanent text is reinstated. Therefore, on
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-15-12 reverted back to the permanent text that was effective
				  prior to enactment of the emergency action on 10-5-98, as last published in the
				  1996 Edition of the OAC, and remained as such until amended again by emergency
				  action on 9-8-99.