Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 7 - Retirement Benefits › Section 590:10-7-13 - Filing for retirement and Initial retirement benefit

Current through Vol. 41, No. 20, July 1, 2024
(a) It is the responsibility of all members
				to file a notice of retirement form with the System at least sixty (60) days
				but not more than one hundred eighty (180) days prior to the member's requested
				effective retirement date. Any member who has previously filed an application
				for vested benefit form or who has been identified by the System as eligible to
				receive a retirement benefit due to reaching the age requiring mandatory
				distribution will be considered to have met the sixty (60) day notice
				requirement; however, it is the responsibility of any such vested or other
				member to file a retirement form selecting the type of benefit to be paid prior
				to the member's requested retirement date. All retirement forms shall be
				prescribed, produced and approved by the System in order to constitute proper
				notice and retirement selection.
(b) The sixty (60) day notice requirement can
				be waived by application to the Executive Director. The application for waiver
				must state the reason for the request and the decision to grant the waiver is
				up to the Executive Director. Upon request of the member, the Board may review
				at its next regular meeting any denial of a waiver by the Executive Director.
				Members are presumed to be familiar with the plan provisions and aware of the
				notice requirement and the Executive Director will grant the waiver only for
				good cause shown. Good cause is generally shown in cases of an unforeseen
				hardship, such as illness of the member or a member's family or a reduction in
				force, layoff of employment, or other unexpected change in job status. Good
				cause is also generally shown in cases of error or delay on the part of the
				employer and the error or delay is due to no fault of the member.
(c) No retirement benefits are payable until
				the System verifies that the member has been removed from the payroll;
				therefore, the initial retirement benefit payment to new retirees shall be made
				at the end of the month following the month of retirement. Two benefit payments
				will be made at that time representing the month of retirement and the current
				month. Following this initial verification period, retirement benefits will be
				payable each month on the last day of that month.
(d) No retirement benefits shall be payable
				until the System receives a properly completed retirement form requesting such
				benefits. Unless otherwise specifically provided by law or by these rules, no
				benefits shall be payable retroactively for any time period prior to receiving
				the member's properly completed retirement form regardless of when the member
				may have become eligible for such benefits. The requested retirement date of
				the member shall be made in accordance with the requirements of this
				section.
Added at 13 Ok Reg 3327,
				  eff 7-25-96; Amended at 18 Ok Reg 3258, eff 7-26-01; Amended at 24 Ok Reg 1135,
				  eff 5-11-07; Amended at 25 Ok Reg 46, eff 8-16-07 (emergency); Amended at 25 Ok
				  Reg 1001, eff 5-11-08; Amended at 26 Ok Reg 952, eff
				  4-25-09