Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 17 - Post-Retirement Employee › Section 715:10-17-6 - Earnings limits

Current through Vol. 41, No. 20, July 1, 2024
(a) The earnings
				limit for the calendar year in which a member retires shall be one-twelfth
				(1/12) of the annual limit multiplied by the number of months the member is
				eligible to work and receive payments from the public schools of
				Oklahoma.
(b) Earnings from the
				public schools may not exceed one-half (1/2) of the member's final average
				salary used in computing retirement benefits, or the Earnings Limitation for
				employees allowed by the Social Security Administration, whichever is less. For
				retired members under the age of sixty-two (62) years, the limit on allowed
				earnings shall be the lesser of Fifteen Thousand Dollars ($15,000.00) or
				one-half (1/2) of the member's final average salary used in computing
				retirement benefits unless the earnings limitation allowed by the Social
				Security Administration would be greater than Fifteen Thousand Dollars
				($15,000.00). For retired members sixty-two (62) years of age or older the
				limit on allowed earnings shall be the lesser of Thirty Thousand Dollars
				($30,000.00) or one-half (1/2) of the member's final average salary used in
				computing retirement benefits.
(c)
				Earnings in excess of the maximum limit on allowed earnings from public schools
				of Oklahoma shall result in a loss of future retirement benefits, not to exceed
				the amount of the monthly benefits, for the year the postretirement employment
				was performed of One Dollar ($1.00) for each One Dollar ($1.00) earned over the
				maximum allowed earnings amount. All other limitations on post-retirement
				earnings shall be administered as directed in Title 70, Oklahoma Statutes,
				Section
				17-116.10
				[70 O.S. 17-116.10].
Amended at 10 Ok Reg 3879, eff 7-12-93 ; Amended at 11 Ok
					 Reg 4785, eff 9-12-94 through 7-14-95 (emergency) 1
					 ; Amended at 12 Ok Reg 3285, eff 7-27-95 ; Amended at 15 Ok Reg 48, eff 9-4-97
					 (emergency) ; Amended at 15 Ok Reg 3481, eff 7-15-98 ; 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 ; Amended at 19 Ok Reg 2729, eff 7-11-02 ; Amended at 20 Ok Reg 384,
					 eff 12-9-02 (emergency) ; Amended at 20 Ok Reg 2596, eff 7-11-03 ; Amended at
					 21 Ok Reg 3091, eff 8-21-03 through 7-14-04 (emergency)
					 2 ; Amended at 21 Ok Reg 3099, eff 8-12-04 ; Amended
					 at 28 Ok Reg 981, eff 5-26-11 ; Amended at 29 Ok Reg 854, eff 8-1-12 ; Amended
					 at 30 Ok Reg 73, eff 9-25-12 (emergency) ; Amended at 30 Ok Reg 1481, 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
					 7-15-95 (after the 7-14-95 expiration of the emergency action), the text of
					 section 715:10-17-6 reverted back to the permanent text that became effective
					 7-12-93, and remained as such until amended by permanent rulemaking on
					 7-27-95.
2 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
					 7-15-04 (after the 7-14-04 expiration of the emergency action), the text of
					 section 715:10-17-6 reverted back to the permanent text that became effective
					 7-11-03, as was last published in the 2003 OAC Supplement, and remained as such
					 until amended by permanent rulemaking on
					 8-12-04.