Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 19 - Medicare Gap Benefit Option › Section 590:10-19-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Subchapter,
				  shall have the following meaning, unless the context clearly indicates
				  otherwise:
"Board"
means the Board of Trustees for the
				  Oklahoma Public Employees Retirement System.
"Eligible Member"
means a member of the System
				  who retires on or after the Option Effective Date and who is not
				  Medicare-eligible at the time of retirement, except as otherwise provided in
				  this Subchapter.
"Medicare Gap Benefit"
means an adjusted
				  retirement benefit which is greater than the member's Regular Retirement
				  Benefit for months of payments prior to and including the month the member
				  becomes Medicare-eligible and an actuarially reduced benefit which is less than
				  the member's Regular Retirement Benefit for months of payments after becoming
				  Medicare-eligible and for the remaining lifetime of the member.
"Medicare Gap Benefit Election"
means an
				  irrevocable election made by an Eligible Member prior to his or her effective
				  date of retirement to receive the alternative benefit option payable pursuant
				  to this Subchapter.
"Medicare-eligible"
means age 65 or older, or
				  such other age at which a member becomes eligible for Medicare benefits under
				  federal law in effect at the time a member applies for an OPERS retirement
				  benefit. For purposes of this Subchapter, age is calculated as of the first day
				  of the month of birth. For example, a member born September 15, 1940, is
				  considered to be 65 and Medicare-eligible on or after September 1, 2005.
"Minimum Medicare Gap Benefit"
means a gross
				  monthly benefit payment of $200.00 per month after all applicable actuarial
				  reductions for either the Pre-Medicare benefit or the Post Medicare
				  benefit.
"Option Effective Date"
means May 1, 2006, which
				  is the date when the System made the Medicare Gap Benefit option available to
				  Eligible Members.
"Post Medicare Benefit"
means the actuarially
				  reduced monthly benefit payment for all months of retirement after the member
				  becomes Medicare-eligible.
"Pre-Medicare Benefit"
means the increased
				  monthly benefit payment for all months of retirement prior to and including the
				  month the member becomes Medicare-eligible.
"Pre-Medicare Increase"
means the amount added
				  to the Regular Retirement Benefit to equal the Pre-Medicare Benefit.
"Regular Retirement Benefit"
means the monthly
				  retirement benefit that the Eligible Member would receive absent the Medicare
				  Gap Benefit Election, which includes the actuarial adjustments as a result of
				  the member's election of early retirement and/or survivor benefit options. It
				  does not include amounts refunded of additional contributions paid to a member
				  in the form of a limited retirement benefit under 74 O.S. §
									910.5.
"System" or "OPERS"
means the Oklahoma Public
				  Employees Retirement System.
Added at 22 Ok Reg 1354,
				  eff 5-26-05; 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