Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 7 - Retirement Benefits › Section 590:10-7-14 - Permanent part-time employment

Current through Vol. 41, No. 20, July 1, 2024
(a)
				For purposes of this rule, permanent part-time employment is less than full
				time employment and is defined as employment with a participating employer of
				the System in a position which is certified by the employer to require, on an
				on-going basis, less than forty (40) hours of work per week, or 173 hours per
				calendar month, or 80 hours per bi-weekly payroll period. If a question exists
				as to whether or not a member's employment is permanent part-time employment,
				written certification signed by the participating employer or an agent of the
				participating employer will be required to qualify a member as a permanent
				part-time employee for the purpose of computing the member's final average
				compensation under the provisions of 74 O.S. §
									915(D).
(b) The provisions of this rule for the
				computation of an annualized final average compensation shall not apply to
				retirees who have returned to work unless they have waived receipt of their
				benefit and subsequently re-retire with a recomputation of their
				benefit.
(c) The phrase "last ten
				(10) years immediately preceding termination or retirement" is defined as the
				last ten (10) years of participation in the System. Any breaks in participation
				are not counted as part of the ten (10) years.
(d) Any employee having thirty-six (36) or
				more months of full-time participation in the last ten (10) years of
				participation is not considered to be permanent part-time for the purposes of
				annualization of the final average compensation.
(e) For members whose first participating
				service occurs before July 1, 2013, only the salary received during the last
				ten (10) years of participation in the System shall be considered inthe actual
				calculation of the final average compensation for permanent part-time members .
				Out of these ten (10) years, the System will use the 36 monthly entries of
				salary at the highest hourly rates received by the member. The gross salaries
				for each of the 36 months shall beadded together. The number of hours of work
				reported for each of these 36 months shall be added together. The total salary
				will be divided by the total number of hours reported, multiplied by 6,240
				hours plus the three (3) highest eligible longevity payments (if any), and
				divided by three (3) to arrive at the final average compensation.
(f) For members whose first participating
				service occurs on or after July 1, 2013, only the salary received during the
				last ten (10) years of participation in the System shall be considered in the
				actual calculation of the final average compensation for permanent part-time
				members. Out of these ten (10) years, the System will use the 60 monthly
				entries of salary at the highest hourly rates received by the member. The gross
				salaries for each of the 60 months shall be added together. The number of hours
				of work reported for each of these 60 months shall be added together. The total
				salary will be divided by the total number of hours reported, multiplied by
				10,400 hours plus the five (5) highest eligible longevity payments (if any),
				and divided by five (5) to arrive at the final average compensation.
Added at 16 Ok Reg 610,
				  eff 12-2-98 (emergency); Added at 16 Ok Reg 2010, eff
				  6-11-99