Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 5 - Establishing Other Service Credits › Section 715:10-5-9 - Re-establishing withdrawn service

Current through Vol. 41, No. 20, July 1, 2024
After re-establishing participation in TRS, a member may
				  redeposit a withdrawn account to re-establish service previously withdrawn from
				  the system. For purposes of this section the following shall apply:
(1) A "classified" and "non-classified"
				member (except as noted in paragraph 2 of this section) who has returned to
				public education employment and has established one full year (twelve calendar
				months) of creditable Oklahoma service, is eligible to redeposit withdrawn
				contributions. A redeposit of withdrawn contributions must include all
				applicable interest, which shall be computed at a simple interest rate of ten
				percent (10%) per annum from the date of the withdrawal to the date repayment
				is made.
(2) Non-classified members
				who voluntarily withdrew from membership in TRS without terminating employment
				in the public schools of Oklahoma, are not eligible to redeposit or purchase
				past service for any period of employment between the date of the membership
				period covered by the withdrawn account and the date of return to membership in
				TRS.
(3) Non-classified members who
				voluntarily ceased monthly contributions to TRS while continuing to be employed
				in an eligible position shall be considered to have withdrawn from
				membership.
(4) Requests for
				redeposits should be made to TRS in writing. The request must include the name
				in which the service was rendered, the TRS Member ID number or Social Security
				number, and the number of years withdrawn.
(5) Documentation of this service is on file
				with TRS and will be verified by the staff. Service that cannot be verified
				must be purchased under the rule for establishing service prior to
				membership.
(6) Repayments of
				withdrawn accounts may be made by active contributing members of TRS in a
				single lump sum, which includes the withdrawn contributions and all applicable
				interest, or in installment payments. Such installment payments may be paid in
				12-month increments but shall be completed within 60 months. The member shall
				be responsible for maintaining the payment schedule. Payments are due on the
				first day of each month. A monthly installment not paid within sixty (60) days
				of the due date will result in immediate termination of the installment payment
				schedule. The member will be given the option of paying the remaining balance
				within six (6) months. If the balance is not paid in full in the remaining six
				(6) month period, the redeposit will be canceled. Installment payments shall
				include interest based upon actuarial assumptions adopted by the TRS Board of
				Trustees. Such installment payments shall be completed before the member's
				effective retirement date. No proration is allowed for partial payments. If
				payments terminate prior to completion of the installment agreement, the amount
				paid by the member shall be refunded without interest.
(7) Redepositing of withdrawn accounts must
				be completed, and payment made to TRS, ninety (90) days prior to the effective
				date of a member's official retirement date.
(8) No person may make a redeposit to a
				member's account after the death of the member.
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; Amended at 16 Ok Reg 743, eff 10-5-98 through 7-14-99
				  (emergency)2; Amended at 16 Ok Reg 3567, eff
				  9-13-99; Amended at 19 Ok Reg 2729, eff 7-11-02; 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 7-15-95 (after the 7-14-95
					 expiration of the emergency action), the text of section 715:10-5-9 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.
2This 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 715:10-5-9 reverted
					 back to the permanent text that became effective 7-27-95, as was last published
					 in the 1996 Edition of the OAC, and remained as such until amended by permanent
					 action on 9-13-99.