Oklahoma Administrative Code › Title 715 - Teachers' Retirement System › Chapter 10 - General Operations › Subchapter 15 - Service Retirement › Section 715:10-15-5 - Date of retirement contract is binding; revocation of contract

Current through Vol. 41, No. 20, July 1, 2024
The final contract for retirement becomes binding on the
				  effective date shown on the contract and shall be known as the date of
				  retirement. The contract may be revoked by the member, or the retirement plan
				  changed, before the date of retirement. Any change or revocation must be in
				  writing, delivered to TRS or postmarked by the United States Postal Service
				  prior to the effective date of retirement. After the retirement date, the
				  contract cannot be canceled. After the retirement date the retirement plan
				  cannot be changed except as outlined in paragraphs one (1) and two (2) below.
				  If the member elected the Option 2 or Option 3 retirement contract and the
				  member's designated joint annuitant dies before the retirement date, the member
				  may select another retirement plan without penalty. If a Maximum or Option 1
				  retiree should die during the month following the date of retirement and before
				  the first retirement benefit is due, any distribution to beneficiaries
				  designated on the member's retirement contract shall be paid pursuant to OAC
				  715:10-9-1 and
				  715:10-9-2.
(1) After the retirement date, a member who
				elected a reduced benefit under Option 1, Option 2, Option 3 or Option 4 may
				make a one-time irrevocable election to change their retirement plan within
				sixty (60) days of the retirement date. The beneficiary or joint annuitant
				designated by the member at the time of retirement shall not be changed if the
				member makes the election provided for in this paragraph. Such election must be
				made in writing, delivered to TRS or postmarked by the United States Postal
				Service prior to the sixtieth day after the date of retirement.
(2) A member who elected the Maximum benefit
				and marries after the retirement date, may make a one-time election to change
				to an Option 2 or Option 3 benefit and name the member's spouse as the
				designated joint annuitant . The member shall provide proof of the member's
				good health before the Board of Trustees will permit a change to either Option
				2 or 3 and the naming of a designated beneficiary. A medical examination
				conducted by a licensed physician is required for purposes of determining good
				health. Such examination must be approved by the Medical Board. The member
				shall be required to provide proof of age for the new joint annuitant . The
				Board of Trustees shall adjust the monthly benefit to the actuarially
				equivalent amount based on the newly designated joint annuitant's age. Such
				election must be made in writing using the forms proscribed by TRS and
				delivered to TRS or postmarked by the United States Postal Service within one
				(1) year of the date of marriage.
Amended at 16 Ok Reg
				  743, eff 10-5-98 through 7-14-99 (emergency)1;
				  Amended at 16 Ok Reg 3567, eff 9-13-99; Amended at 19 Ok Reg 2729, eff 7-11-02;
				  Amended at 27 Ok Reg 2802, eff 7-20-10 (emergency); Amended at 28 Ok Reg 981,
				  eff 5-26-11
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
				  7-15-99 (after the 7-14-99 expiration of the emergency action), the text of
				  section 715:10-15-5 reverted back to the permanent text that was effective
				  prior to enactment of the emergency action on 10-5-98, as was last published in
				  the 1996 Edition of the OAC, and remained as such until amended by permanent
				  action on 9-13-99.