Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 7 - Retirement Benefits › Section 590:10-7-8 - Direct deposit and benefit deductions

Current through Vol. 41, No. 20, July 1, 2024
(a) For members or annuitants retiring prior
				to July 1, 2001, a Retirant or annuitant may authorize the Oklahoma Public
				Employees Retirement System to deposit their monthly retirement benefit
				directly to a checking or savings account in a bank, Credit Union and/or
				Savings and Loan by electronic fund transfer or by paper check. Application for
				direct deposit will only be accepted on properly completed forms provided by
				OPERS. Prior to June 30, 2001, the direct deposit may be discontinued at any
				time upon thirty (30) days' written notice by the member, annuitant or OPERS.
				After July 1, 2001, if the electronic fund transfer creates an undue hardship
				on the retiree, the direct deposit may be discontinued only if the member or
				annuitant makes application to the Executive Director to request a waiver of
				this requirement. The waiver will be granted only upon good cause shown when it
				is determined to be in the best interest of the member or annuitant. The
				Executive Director, at his or her sole discretion, may also waive this
				requirement when it is necessary in the best interest of the System to do
				so.
(b) Effective July 1, 2001,
				newly retired members or annuitants shall be required to receive monthly
				benefit payments via electronic fund transfers to a banking or financial
				institution designated by the member. The retiree or annuitant and receiving
				institution must complete the form prescribed for this purpose by OPERS. In the
				event the electronic fund transfer creates an undue hardship on the retiree or
				annuitant, the member or annuitant may make application to the Executive
				Director to request a waiver of this requirement. The waiver will be granted
				only upon good cause shown when it is determined to be in the best interest of
				the member or annuitant. The Executive Director, at his or her sole discretion,
				may also waive this requirement when it is necessary in the best interest of
				the System to do so.
(c) A retired
				member or annuitant who is receiving benefits from the System may authorize
				deductions from his or her monthly benefit for certain eligible products or
				association dues, provided the benefit amount is sufficient to allow the entire
				deduction considering any previously existing deductions. No partial deductions
				are permitted. The System will not be responsible for any errors in the
				deductions and no adjustments for incorrect deductions will be permitted in
				subsequent months. The System will only recognize instructions received through
				the eligible product vendor or association, and not directly from the member or
				annuitant. The allowance of benefit deductions does not under any circumstances
				constitute an endorsement for any particular product or association.
(1) The only products that are eligible for
				deduction are those products which are currently offered to active state
				employees through the Employees Benefits Council and which are offered to state
				retirees as a group. Any vendor offering such a product must present proof of
				participation by at least five hundred (500) state retirees, in such form or
				manner as may be required by the System, prior to any deductions being
				authorized.
(2) The only
				associations that are eligible for deduction for membership dues are the
				Oklahoma Public Employees Association and/or any other Statewide associations
				that are limited to state employees and have at least one thousand (1000)
				dues-paying members, either retired or active. Certification from the
				Administrator of the Office of Personnel Management that an association is
				eligible for payroll deductions for active state employees is required prior to
				that association being eligible for dues deductions pursuant to this
				rule.