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Oklahoma House Bill HB2755

Oklahoma 2023 Regular Session

Oklahoma House Bill HB2755 Compare Versions

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2828 STATE OF OKLAHOMA
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3030 1st Session of the 59th Legislature (2023)
3131
3232 HOUSE BILL 2755 By: Miller
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3838 AS INTRODUCED
3939
4040 An Act relating to retirement; amending 70 O.S. 2021,
4141 Section 17-116.2, which relates to the Teachers'
4242 Retirement System; providing that certain members may
4343 receive credit for certain teaching service; and
4444 providing an effective date .
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5454 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
5555 SECTION 1. AMENDATORY 70 O.S. 2021, Section 17 -116.2, is
5656 amended to read as follows:
5757 Section 17-116.2 A. 1. Beginning July 1, 1987, and prior to
5858 July 1, 1995, a member who retires on or after the member 's normal
5959 retirement age or whose retirement is be cause of disability shall
6060 receive an annual allowance for life, payable monthly, in an amount
6161 equal to two percent ( 2%) of the member's highest three-year average
6262 salary upon which member contributions were made, multiplied by the
6363 number of the member 's years of creditable service. RBH No. 5900
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9090 A classified member who retired prio r to July 1, 1986, shall
9191 have the member's retirement allowance calculated on a minimum
9292 average salary of Eleven Thousand Five Hundred Dollars ($11,500.00)
9393 or on the member's current minimum av erage salary plus Two Thousand
9494 Dollars ($2,000.00), whichever i s greater. Beginning July 1, 1994,
9595 a classified member who retired prior to July 1, 1993, shall have
9696 the member's retirement allowance calculated on the member 's current
9797 minimum average salary plus Five Hundred Fifty Dollars ($550.00).
9898 An unclassified member who retired prior to July 1, 1986, shall have
9999 the member's retirement allowance calculated on a minimum average
100100 salary of Nine Thousand Five Hundred Dollars ($9,500.00) or on the
101101 member's current minimum average salary plus One Thousand Dollars
102102 ($1,000.00), whichever is greater. Beginning July 1, 1994, an
103103 unclassified member who retired prior to July 1, 1993, shall have
104104 the member's retirement allowance calculated on the member 's current
105105 minimum average salary plus Two Hundred Seventy -five Dollars
106106 ($275.00). Those individuals receiving benefits pursuan t to
107107 subsection (3) of Section 17 -105 of this title whose benefits
108108 commenced prior to July 1, 1993, shall receive an increase in
109109 benefits of two and one-half percent (2 1/2%). No retirement
110110 benefit payments shall be made retroactively.
111111 For those members retiring before normal retirement age, except
112112 for those members retiring because of a disability, the retirement RBH No. 5900
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139139 allowance shall be subject t o adjustment in accordance with the
140140 actuarial equivalent factor s adopted by the Board of Trustees.
141141 2. Beginning July 1, 1995, a member, who has no service
142142 performed on or after July 1, 1995, for an entity or institution
143143 within The Oklahoma State System of Higher Education, who retires on
144144 or after the member's normal retirement age or whose retirement is
145145 because of disability shall receive an annual allowance for life,
146146 payable monthly as follows:
147147 a. if the member becomes a member after June 30, 1995,
148148 and was not eligible to become a member prior to July
149149 1, 1995, in an amount equal to two percent (2%) of the
150150 member's average salary upon which member
151151 contributions were made, multiplied by the number of
152152 the member's years of creditable service, or
153153 b. if the member became a member or is eligible to become
154154 a member prior to July 1, 1995, and elected to have a
155155 maximum compensation level in excess of Twenty -five
156156 Thousand Dollars ($25,000.00) pursuant to paragraph 1
157157 of subsection C of this section or pursuant to
158158 subsection E of this section, or if the member 's
159159 salary has never exceeded Twenty-five Thousand Dollars
160160 ($25,000.00) prior to July 1, 1995, in an amount equal
161161 to: RBH No. 5900
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188188 (1) two percent (2%) of the member 's average salary
189189 upon which member contributions were made not to
190190 exceed Forty Thousand Dollars ($40,000.00),
191191 multiplied by the number of the member 's years of
192192 credited service authorized and performed prior
193193 to July 1, 1995, plus any years of prior service
194194 authorized under this title, plus
195195 (2) two percent (2%) of the member's average salary
196196 upon which member contributions were m ade,
197197 multiplied by the number of the member 's years of
198198 credited service authorized and performed after
199199 June 30, 1995, or
200200 c. if the member became a member or is eligible to become
201201 a member prior to July 1, 1995, and was eligible to
202202 elect to have a maximum c ompensation level in excess
203203 of Twenty-five Thousand Dollars ($25,000.00) and did
204204 not elect or elected not to have a maximum
205205 compensation level of Forty Thousand Dollars
206206 ($40,000.00) pursuant to paragraph 1 of subsection C
207207 of this section or pursuant to sub section E of this
208208 section, in an amount equal to:
209209 (1) two percent (2%) of the member 's average salary
210210 upon which member contributions were made not to
211211 exceed Twenty-five Thousand Dollars ($25,0 00.00), RBH No. 5900
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238238 multiplied by the number of the member 's years of
239239 credited service authorized and performed prior
240240 to July 1, 1995, plus any years of prior service
241241 authorized under this title, plus
242242 (2) two percent (2%) of the member 's average salary
243243 upon which member contributions were made,
244244 multiplied by the number of the mem ber's years of
245245 credited service authorized and perfor med after
246246 June 30, 1995.
247247 B. Except as otherwise provided for in this section, the amount
248248 contributed by each member to the retirement syste m shall be:
249249 1. Beginning July 1, 1992, through June 30, 1996, six percent
250250 (6%) of the regular annual compensation o f such member not in excess
251251 of Twenty-five Thousand Dollars ($25,000.00) and beginning July 1,
252252 1995, through June 30, 1996, six percent (6%) of the maximum
253253 compensation level;
254254 2. Beginning July 1, 1996, through June 30, 1997, six and one -
255255 half percent (6 1/2%) of the regular annual compensation of members,
256256 who are not employed by an entity or institution within The Oklahoma
257257 State System of Higher Education not in excess of Twenty-five
258258 Thousand Dollars ($2 5,000.00) and beginning July 1, 1996, through
259259 June 30, 1997, six and one-half percent (6 1/2%) of the regular
260260 annual compensation of members, who are employed by an entity or RBH No. 5900
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287287 institution within The Oklahoma State System of Higher Education,
288288 not in excess of Twenty-five Thousand Dollars ($25,000.00);
289289 3. Beginning July 1, 1997, seven percent (7%) of the regular
290290 annual compensation of the member not in excess of any applicable
291291 maximum compensation level of the member; and
292292 4. All public schools in this state shall treat the employee
293293 contributions as being picke d up under the provisions of Section 414
294294 (h)(2) of the Internal Revenue Code of 1986 in determining tax
295295 treatment.
296296 Subject to Internal Reve nue Service approval, paragraph 4 of this
297297 subsection shall not a pply to a comprehensive university group
298298 established on or before July 1, 1998, whose employee contributions
299299 were consistently treated as not picked up as of July 1, 1998, and
300300 at all times thereafter.
301301 C. 1. Prior to July 1, 1995, an active member of the System
302302 may elect to have a maximum compensation level of Forty Thousand
303303 Dollars ($40,000.00). Such an election shall be made in writing and
304304 filed with the System. Members whose salaries are in excess of
305305 Twenty-five Thousand Dollars ($25,000.00) on July 2 0, 1987, shall
306306 file the election with the System prio r to January 1, 1988. Members
307307 whose salaries exceed Twenty -five Thousand Dollars ($25,000.00)
308308 after July 20, 1987, shall file the election when the salary exceeds
309309 Twenty-five Thousand Dollars ($25,000.0 0). If a member makes such
310310 an election, the member s hall contribute the following amounts: RBH No. 5900
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337337 a. beginning July 1, 1992, through June 30, 1993, eleven
338338 percent (11%) of the regular annual compens ation of
339339 such member that is in excess of Twenty -five Thousand
340340 Dollars ($25,000.00) and is not in excess of Forty
341341 Thousand Dollars ($40,000.00),
342342 b. beginning July 1, 1993, through June 30, 1994, nine
343343 percent (9%) of the regular annual compensation of
344344 such member that is in excess of Twenty-five Thousand
345345 Dollars ($25,000.00) and is not in excess of Forty
346346 Thousand Dollars ($40,000.00), and
347347 c. beginning July 1, 1994, through June 30, 1995, eight
348348 percent (8%) of the regular annual compensation of
349349 such member that is in excess of Twenty-five Thousand
350350 Dollars ($25,000.00) and is not in excess of Forty
351351 Thousand Dollars ($40,000. 00). Except as provided in
352352 subsection E of this section, any such election shall
353353 be irrevocable.
354354 2. After June 30, 1995, in addition to t he amount contributed
355355 by each member to the retirement system pu rsuant to subsection B of
356356 this section, the total amo unt contributed by each member to the
357357 retirement system shall include, beginning July 1, 1995, through
358358 June 30, 1997, seven percent (7%) of the regular annual compensation
359359 of each member, who is not empl oyed by an entity or institution
360360 within The Oklahoma State System of Higher Education, that is in RBH No. 5900
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387387 excess of Twenty-five Thousand Dollars ($25,000.00) and beginning
388388 July 1, 1996, through June 3 0, 1997, seven percent (7%) of the
389389 regular annual compensation o f each member who is employed by an
390390 entity or institution within The Oklahoma State System of Higher
391391 Education in excess of Twenty -five Thousand Dollars ($25,000.00),
392392 but not in excess of any applicable maximum compensation level of
393393 the member.
394394 D. 1. Any member who was a contributing member of the
395395 Retirement System between July 1, 1987, and June 30, 1995, who at
396396 the time the member was eligible to make an election to increase the
397397 maximum compensation level of the member, failed to make an election
398398 or chose not to increase the maximum compensation level of t he
399399 member to Forty Thousand Dollars ($40,000.00), may elect to make
400400 back contributions to the Retirement System. The member shall
401401 complete a new election form and file with the Board of Trustees,
402402 the form and a payment equaling the difference between the amount
403403 contributed at the twenty -five-thousand-dollar level and the
404404 appropriate contribution on compensation in excess of Twenty -five
405405 Thousand Dollars ($25,000.00) up to a maximum of Forty Thousand
406406 Dollars ($40,000.00) shall be made prior to the official r etirement
407407 date of the member. The required payment shall include any
408408 contribution required by the employing school district, and shall
409409 include interest compounded annually at ten percent (10%) per annum
410410 of both employer and employee contributions. RBH No. 5900
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437437 2. Any changes made pursuant to this subsection shall be
438438 irrevocable.
439439 E. 1. An individual who withdrew from the Teachers ' Retirement
440440 System and whose salary was in excess of Seven Thousand Eight
441441 Hundred Dollars ($7,800.00) and had elected to contribute only on
442442 Seven Thousand Eight Hundred Dollars ($7,800.00) before his or her
443443 withdrawal shall contribute on the earning ceiling as provided for
444444 in this section on his or her reentry into membership in the
445445 Teachers' Retirement System.
446446 2. An individual who elected t o contribute on a maximum of
447447 Seven Thousand Eight Hundred Dollars ($7,800.00) per annum shall,
448448 beginning July 1, 1979, contribute on his or her earning ceiling as
449449 provided for in this section.
450450 3. Any member who elected to contribute on Seven Thousand Eigh t
451451 Hundred Dollars ($7,800.00) prior to January 1, 1978, and whose
452452 salary was more than Seven Thousand Eight Hundred Dollars
453453 ($7,800.00) during the school years 1974-75 through 1978-79 may
454454 elect to make back contributions to the retirement system by paying
455455 the five percent (5%) contributions on the difference between Seven
456456 Thousand Eight Hundred Dollars ($7,800.00) and the actual salary of
457457 the member, not to exceed Ten Thousand Dollars ($10,000.00) for eac h
458458 applicable school year, plus interest compounded an nually at ten
459459 percent (10%) per annum. Such payment shall be made prior to the
460460 official retirement date of the member. RBH No. 5900
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487487 F. Each employer shall cause to be deducted from the salary of
488488 each member on each and every payroll of such employer for each and
489489 every payroll period, the proper percentage of his or her earnable
490490 compensation as provided for in subsection B or subsection C of this
491491 section.
492492 1. Deductions shall begin with the first payroll period of th e
493493 school year. In determining the amount earnable by a member in a
494494 payroll period, the Board of Trustees shall consider the rate of
495495 annual compensation payable to such member on the first day of the
496496 payroll period as continuing throughout such payroll per iod, and it
497497 may omit deductions from compensation for any period less than a
498498 full period, and to facilitate the making of deductions, it may
499499 modify the deduction required of any member by such an amount as
500500 shall not exceed one-tenth of one percent (1/10 of 1%) of the annual
501501 compensation upon the basis of whi ch such deduction is to be made.
502502 Prior to January 1, 1991, any active contributing member who joined
503503 the System subsequent to July 1, 1943 , may pay the normal cost,
504504 which shall mean the single sum which would have been paid under
505505 existing statutes at the time the service was performed, plus
506506 interest, for years of teaching service in Oklahoma from the date of
507507 establishment of the System in 19 43 to date of membership, in a lump
508508 sum, or in installments equa l to establishing one (1) year of
509509 creditable service. Effective January 1, 1991, any active
510510 contributing member who joined the System subsequent to July 1, RBH No. 5900
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537537 1943, may pay the amount determined by the Board of Trustees
538538 pursuant to Section 17 -116.8 of this title for years of teaching
539539 service in Oklahoma from t he date of establishment of the System in
540540 1943 to date of membership, in a lump sum, or in installments equal
541541 to establishing one (1) year of creditable service. For purposes of
542542 this option, teaching se rvice in Oklahoma shall include the teaching
543543 of vocational agricultural courses within Oklahoma for the federal
544544 government. Years for which contributions are paid shall count as
545545 membership service under this plan. A member may receive credit for
546546 not more than five (5) years of teaching service rendered whi le in
547547 the Peace Corps, AmeriCorps Volunteers in Service to America , or in
548548 the public schools of a territory of the United States or the public
549549 schools, American Military Dependent Schoo ls or state colleges or
550550 state universities outside this state by paying his or her
551551 contributions, plus interest, and membership fees to the retirement
552552 system, subject to the regulations of the Board of Trustees,
553553 providing he or she is not receiving and is not eligible to receive
554554 retirement credit or benefits from said service in any other public
555555 retirement system of this state, or any other state or territory of
556556 the United States subject to the following provisions:
557557 a. the member is required to have two (2) years of
558558 employed service teaching earned in Oklahoma for each
559559 year of Peace Corps, AmeriCorps Volunteers in Service RBH No. 5900
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586586 to America, territorial, out-of-state, noncovered in -
587587 state or military membership credit granted.
588588 b. prior to January 1, 1991, the out -of-state or
589589 noncovered in-state payment shall be the normal cost,
590590 which means the single sum which would have been paid
591591 under existing law at the time the service was
592592 performed, plus interest, on the basis of what his or
593593 her annual salary would have been in Oklahoma or out
594594 of state, whichever is greater , had he or she been
595595 employed as a teacher. Effective January 1, 1991, the
596596 The Peace Corps, AmeriCorps Volunteers in Service to
597597 America, territorial, out-of-state or noncovered in -
598598 state payment shall be the amount determined by the
599599 Board of Trustees pursuant to Section 17 -116.8 of this
600600 title.
601601 2. In addition to the deductions hereinabove provided for, any
602602 member who becomes a member of the Armed Forces of the United States
603603 of America during any period of national emergency, inclu ding World
604604 War II, the Korean conflict, the Vietnam c onflict or others as may
605605 be determined by the Board of Trustees, or whose entrance into or
606606 training for the teaching profession was interrupted by his or her
607607 entrance into the Armed Forces, and who was o r shall have become a
608608 member of the Teachers ' Retirement System shall be granted the
609609 privilege of making up his or her five percent (5%) contributions as RBH No. 5900
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636636 provided for in this section until January 1, 1991, for not to
637637 exceed five (5) years of service in the Armed Forces by electing to
638638 pay said contributions o n the basis of the rate of pay in his or her
639639 contract as a teacher at the time his or her service in the Armed
640640 Forces commenced or in the case of a teacher who w as not teaching
641641 prior to entering the Arme d Forces, on the basis of the salary of
642642 the first year of teaching after being honorably discharged from the
643643 Armed Forces. Effective January 1, 1991, the member will receive
644644 such service upon payment of the amount determined by the Board of
645645 Trustees pursuant to Section 17-116.8 of this title. Such
646646 contributions shall be credited in the regular manner, and the
647647 period for which said contributions were paid shall be counted as
648648 creditable years of service and allocate d to the period during which
649649 the military service was rendered, except that the period for whic h
650650 contributions were paid must have been continuous and shall be
651651 credited in the aggregate, regardless of fiscal year limitations.
652652 Notwithstanding any provision herein to the contrary, contributions,
653653 benefits and service credit with respect to qualified m ilitary
654654 service as defined by Section 414(u) of the Internal Revenue Code of
655655 1986 shall be provided in accordance with Section 414(u) of the
656656 Internal Revenue Cod e.
657657 3. Retirement benefits for all service credits purchased
658658 pursuant to this subsection shall be determined in accordance with
659659 the provisions of paragraph 2 of this subsection. RBH No. 5900
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686686 G. Effective July 1, 2004, the total creditable service of a
687687 member who retires or terminates employment and elects a v ested
688688 benefit shall include not to exceed one hundred twenty (120) days of
689689 unused sick leave accumulated subsequent to August 1, 1959. Twenty
690690 (20) days of unused sick leave shall equal one (1) month for
691691 purposes of creditable service credit. If the membe r becomes a
692692 member or was eligible to become a member prior to July 1, 1995, the
693693 year of credit received in this section shall be treated as service
694694 earned prior to July 1, 1995. This subsection shall apply to
695695 members retiring or vesting on or after the e ffective date of this
696696 act and shall not be retroactiv e.
697697 H. Any member who:
698698 1. Shall be absent from the teaching service because of
699699 election to the State Legislature or appointment to the executive
700700 branch in an education-related capacity shall be allowed thirty (30)
701701 days from the date as of which the person is officially elected or
702702 appointed to file an election with the Teachers ' Retirement System
703703 to retain his or her membership in the Teachers ' Retirement System
704704 upon payment of the contribution required o f other members and
705705 employers of said members as prov ided for in this section and his or
706706 her service credits shall continue to be accumulated during such
707707 absence, provided he or she is not receiving retirement cred its or
708708 benefits from said service beginnin g after July 1, 1992, in other
709709 public retirement syst ems; or RBH No. 5900
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736736 2. Became an employee of the Oklahoma Commission for Teacher
737737 Preparation on or subsequent to June 1, 2001, but prior to July 1,
738738 2002, who was previously employed by a participating employer with in
739739 the Teachers' Retirement System of Oklahoma, may e lect to cancel any
740740 accumulated service credit accrued within the Oklahoma Public
741741 Employees Retirement System on or after June 1, 2001, but prior to
742742 July 1, 2002, by filing an election with the Oklahoma P ublic
743743 Employees Retirement System for the cancellatio n of such service
744744 credit. The election shall be irrevocable and shall require the
745745 Oklahoma Public Employees Retirement System to transfer all
746746 accumulated employer and employee contributions made on beha lf of or
747747 by the person making such election to the Te achers' Retirement
748748 System for such period of time. The Teachers ' Retirement System
749749 shall compute the employee contributions that would have been made
750750 to the System by such employee if the contributions had been
751751 computed pursuant to this section. In order to receive the full
752752 amount of creditable service for the period of time on or after June
753753 1, 2001, but not later than June 30, 2002, the employee shall be
754754 required to pay any difference between the trans ferred employee
755755 contributions and the amount computed by the Teachers' Retirement
756756 System. The employee may make payment of any required amount in the
757757 manner provided by and subject to the requirements of Section 1 7-
758758 116.8 of this title. After payment of a ll required employee
759759 contributions, the Teachers ' Retirement System shall credit the RBH No. 5900
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786786 period of time represented by the transferred employee contributions
787787 as creditable service within the meaning of Section 17 -101 of this
788788 title. After the transfer of the e mployee contributions, the
789789 Oklahoma Public Employees Retirement System shall cancel any service
790790 credit previously accumulated for the period of time represented by
791791 such transferred employee contributions. Any pers on who makes the
792792 election provided for by this paragraph, and who continues
793793 employment with the Oklahoma Commission for Teacher Preparation on
794794 or after July 1, 2002, shall continue to accrue service credit in
795795 the Teachers' Retirement System of Oklahoma. T he employer shall
796796 make employer contributi ons according to the requirements of Section
797797 17-108.1 of this title and shall provide for the deduction of
798798 employee contributions as required by this section.
799799 I. Any member who shall be absent from the teaching se rvice
800800 because of election or appointment a s a local, state or national
801801 education association of ficer, prior to January 1, 2011, shall be
802802 allowed to retain his or her membership in the Teachers ' Retirement
803803 System upon payment of the contribution required of other members
804804 and employers of said membe rs as provided for in this section and
805805 his or her service credits shall continue to be accumulated during
806806 such absence. Provided, however, any one such absence shall not
807807 exceed twelve (12) continuous years. No me mber who has less than
808808 ten (10) years of contributory service on July 1, 1994, may make
809809 this election after June 30, 1994. Members contributing to the RBH No. 5900
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836836 System on July 1, 1994, may continue to contribute under this
837837 subsection until they have completed eight (8) years allowed by this
838838 subsection. The member may file for retirement when otherwise
839839 eligible for retirement as provided by Section 17 -105 of this title.
840840 J. A member may receive credit for those years of service
841841 accumulated by the member while employ ed by an entity which is a
842842 participating employer in the Oklahoma Firefighters Pension and
843843 Retirement System, the Oklahoma Police Pension and Retirement
844844 System, the Uniform Retirement System for Justices and Judges, the
845845 Oklahoma Law Enforcement Retirement System, or the Oklahoma Public
846846 Employees Retirement System, if the member is not receiving or
847847 eligible to receive retirement credit or benefits from said service
848848 in any other public retirement system. A member also may receive
849849 credit for those years of se rvice with the Department of Wildlife
850850 Conservation or with an employer that is a participating employer
851851 within one of the state retirement systems specifically referred to
852852 in this section when at the time of such service by the member the
853853 employer was not such a participating employer, if the memb er is not
854854 receiving or eligible to receive retirement credit or benefits from
855855 said service in any other public retirement system. To receive the
856856 service credit provided in this subsection, the member shall pay the
857857 amount determined by the Board of Trustee s pursuant to Section 17 -
858858 116.8 of this title. For pu rposes of this subsection, creditable
859859 service transferred from the Oklahoma Public Employees Retirement RBH No. 5900
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886886 System shall include service authorized under paragraph ( f) of
887887 subsection (2) of Section 913 of Tit le 74 of the Oklahoma Statutes
888888 as amended from time t o time. Members who retire prior to July 1,
889889 1993, shall have their monthly benefit adjusted to include all
890890 services accrued under paragraph (f) of subsection (2 ) of Section
891891 913 of Title 74 of the Oklaho ma Statutes. Provided however, any
892892 adjustment of existing retirement benefits caused by reason of
893893 inclusion of such service authorized under paragraph (f) of
894894 subsection (2) of Section 913 of Title 74 of the Oklaho ma Statutes
895895 shall not affect any retiremen t benefit paid prior to July 1, 1993.
896896 K. 1. An active member of the Teachers' Retirement System of
897897 Oklahoma may receive credit for those years of service accumulated
898898 by the member while a member of the Oklahoma P ublic Employees
899899 Retirement System if:
900900 a. the member is an active member of the Teachers '
901901 Retirement System of Oklahoma, and
902902 b. the member provides notice to the Oklahoma Public
903903 Employees Retirement System and the Teachers '
904904 Retirement System of Oklahoma of the member's election
905905 to transfer said ser vice credit. The notice shall
906906 include a list of the years to be transferred, and
907907 c. the member is not receiving or eligible to receive
908908 retirement credit or benefits from said service in any
909909 other public retirement system, notwithstanding the RBH No. 5900
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936936 years of service sought to be transferred under this
937937 subsection.
938938 Members electing to take advantage of the transfer authorized by
939939 this subsection who are receiving or eligible to receive retirement
940940 credit or benefits from said service in any other public retirement
941941 system shall have all service credit with the Oklahoma P ublic
942942 Employees Retirement System canceled which is not transferred to the
943943 Teachers' Retirement System of Oklahoma or used as a cash offset in
944944 such a transfer pursuant to subparagraph d of paragraph 2 of this
945945 subsection. Service credit transferred to the Teachers' Retirement
946946 System of Oklahoma under this subsection shall also be canceled with
947947 the Oklahoma Public Employees Retirement System.
948948 2. For purposes of th is subsection, the "sending system" shall
949949 mean the Oklahoma Public Employees Retirement System. The
950950 "receiving system" shall mean the Teachers ' Retirement System of
951951 Oklahoma.
952952 a. Within thirty (30) days notification of an intent to
953953 transfer is received by the sending system, the
954954 sending system shall, according to its own rules and
955955 regulations:
956956 (1) for members who have accrued at least eight (8)
957957 years of credited service with the sending
958958 system, determine the present value of the
959959 member's earned benefits att ributable to the RBH No. 5900
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986986 years of service sought t o be transferred,
987987 discounted according to the member 's age at the
988988 time of transfer and computed as of the earliest
989989 age at which the member would be able to retire.
990990 Said computation shall assume an unreduced
991991 benefit and be computed using interest and
992992 mortality assumptions consistent with the
993993 actuarial assumptions adopted by the Board of
994994 Trustees for purposes of preparing the annual
995995 actuarial evaluation, but shall not make any
996996 projections regarding future salary. Fo r
997997 employees who have accrued at least eigh t (8)
998998 years of credited service, the sending system
999999 shall use the product of this calculation for
10001000 purposes of determining the transfer fee to be
10011001 paid by the employee under subparagraph c of this
10021002 paragraph so long as it is greater than the
10031003 product of the calculation in division (2) of
10041004 this subparagraph, and
10051005 (2) determine the sum of the employee and employer
10061006 contributions applicable to the years of service
10071007 sought to be transferred plus interest consistent
10081008 with the actuarial assumptions adopted by the
10091009 Board of Trustees for purposes of preparing the RBH No. 5900
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10361036 annual actuarial evaluation. For all nonvested
10371037 members, and for members who have accrued at
10381038 least eight (8) years of credited service, if the
10391039 product of this calculation is greater than the
10401040 product of the calculatio n in division (1) of
10411041 this subparagraph, the sending s ystem shall use
10421042 the product of this calculation for purposes of
10431043 determining the amount to be transferred by the
10441044 sending system under subparagraph c of this
10451045 paragraph and any transfer fee to be paid by th e
10461046 member under subparagraph d of this paragraph.
10471047 b. Within thirty (30) days notification of an intent to
10481048 transfer is received by the receiving system, the
10491049 receiving system shall determine, according to the
10501050 system's own rules and regulations, the present va lue
10511051 of the member's incremental projected benefits
10521052 discounted according to the member's age at the time
10531053 of the transfer. Incremental projected benefits shall
10541054 be the difference between the projected benefit said
10551055 member would receive without transferring th e service
10561056 credit and the projected benefit after tran sfer of
10571057 service credit computed as of the earliest age at
10581058 which the member would be able to retire. Said
10591059 computation shall assume an unreduced benefit and be RBH No. 5900
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10861086 computed using interest, salary projections and
10871087 mortality assumptions consistent with the actuari al
10881088 assumptions adopted by the Board of Trustees for
10891089 purposes of preparing the annual actuarial evaluation.
10901090 c. The sending system shall, within sixty (60) days fr om
10911091 the date notification of an intent to t ransfer is
10921092 received by the sending system, transfer t o the
10931093 receiving system the amount determined in subparagraph
10941094 a of this paragraph. Except if the cost as calculated
10951095 under subparagraph a of this paragraph is gre ater than
10961096 the actuarial value of the incre mental benefit in the
10971097 receiving system, as establishe d in subparagraph b of
10981098 this paragraph, the sending system shall send the
10991099 receiving system an amount equal to the actuarial
11001100 value of the incremental projected ben efit in the
11011101 receiving system.
11021102 d. In order to receive the credit provided for in
11031103 paragraph 1 of this subsection, if the cost of the
11041104 actuarial value of the incremental benefit to the
11051105 receiving system is greater than the cost as
11061106 calculated under subparagraph a of this paragraph for
11071107 the same years of service to the sending system as
11081108 established in subpa ragraphs a and b of this
11091109 paragraph, the employee shall elect to: RBH No. 5900
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11361136 (1) pay any difference to receive full credit for the
11371137 years sought to be transferred, or
11381138 (2) receive prorated service credit for only the
11391139 amount received from the Oklahoma Public
11401140 Employees Retirement System pursuant to this
11411141 subsection.
11421142 Such an election shall be made in writing, filed with
11431143 the System prior to receiving the credit provided for
11441144 in paragraph 1 of this subsection, and shall be
11451145 irrevocable.
11461146 3. Within sixty (60) days of successfully completing all of the
11471147 requirements for transfer under this subsection, the sending system
11481148 shall pay the receiving system any amount due under this subsection.
11491149 Within sixty (60) days of successfully com pleting all of the
11501150 requirements for transfer under th is subsection, the member shall
11511151 pay the receiving system any amount due under this subsection. In
11521152 the event that the member is unable to pay the transfer fee pr ovided
11531153 for in this subsection by the due d ate, the Board of Trustees of the
11541154 receiving system shall permit the member to amortize the transfer
11551155 fee over a period not to exceed sixty (60) months. Said payments
11561156 shall be made by payroll deductions unless the B oard of Trustees
11571157 permits an alternate paym ent source. The amortization shall include
11581158 interest in an amount not to exceed the actuarially assumed interest
11591159 rate adopted by the Board of Trustees for investment earnings each RBH No. 5900
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11861186 year. Any member who ceases to ma ke payment, terminates, retires or
11871187 dies before completing the payments provided for in this sec tion
11881188 shall receive prorated service credit for only those payments made,
11891189 unless the unpaid balance is paid by said member, his or her estate
11901190 or successor in inte rest within six (6) months after said memb er's
11911191 death, termination of employment or retirement, provided no
11921192 retirement benefits shall be payable until the unpaid balance is
11931193 paid, unless said member or beneficiary affirmatively waives the
11941194 additional six-month period in which to pay the unpaid balanc e.
11951195 4. Years of service transferred pursuant to this subsection
11961196 shall be used both in determining the member 's retirement benefit
11971197 and in determining the years of service for retirement and/or
11981198 vesting purposes. Yea rs of service rendered as a member of the
11991199 Oklahoma Public Employees Retirement System prior to July 1, 1992,
12001200 if any, shall be deemed to be years of service rendered as a member
12011201 of the Teachers' Retirement System of Oklahoma prior to July 1,
12021202 1992, and shall qualify such person as a member of the Te achers'
12031203 Retirement System of Oklahoma before July 1, 1992.
12041204 5. Notwithstanding the requirements of subsection (5) of
12051205 Section 917 of Title 74 of the Oklahoma Statutes, members electing
12061206 to take advantage of the trans fer authorized by this subsection who
12071207 have withdrawn their contributions from the sending syste m shall
12081208 remit to the sending system the amount of the accumulated
12091209 contributions the member has withdrawn plus simple interest of ten RBH No. 5900
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12361236 percent (10%) per annum prio r to making said election or the
12371237 election shall be deemed invalid and the transfer shall be can celed.
12381238 If such an election is deemed invalid and the transfer is canceled,
12391239 the accumulated contribution remitted to the sending system by the
12401240 member who originally withdrew their contributions shall be returned
12411241 to the member. The member 's rights and obligations regarding any
12421242 service credit reestablished in the sending system due to a failure
12431243 to satisfy the requirements of this subsection shall be determined
12441244 by the sending system in accordance with Secti on 901 et seq. of
12451245 Title 74 of the Oklahoma Statutes.
12461246 6. If any member fails for any reason to satisfy the
12471247 requirements of this subsection, the election to transfer service
12481248 credit shall be void and of no effect, an d any service credited as a
12491249 result of this transfer shall be canceled. If such service is
12501250 canceled, the years of canceled service credit which were
12511251 unsuccessfully transferred to the receiving system from the sending
12521252 system shall be reestablished in the se nding system. The member 's
12531253 rights and obligations regarding any service credit reestablished i n
12541254 the sending system due to a failure to satisfy the requirements of
12551255 this subsection shall be determined by the sending system in
12561256 accordance with Section 901 et seq. of Title 74 of the Oklahoma
12571257 Statutes.
12581258 7. The Board of Trustees shall promulgate such rule s as are
12591259 necessary to implement the provisions of this subsection. RBH No. 5900
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12861286 L. Any member whose regular annual compensation was not
12871287 determined as provided for by law may pay the member contribution
12881288 required pursuant to subsection B of this section on such amount n ot
12891289 included in the member's regular annual compensation and receive
12901290 credit for such amount in the calculation of the member 's benefit.
12911291 The employees must pay th e employer contributions required pursuant
12921292 to Section 17-108.1 of this title. Interest at the rate of ten
12931293 percent (10%) per annum shall be charged to both employee and
12941294 employer contributions. Provided that the employing district may
12951295 pay all or any portio n of the contributions and interest the me mber
12961296 is required to pay. Any payment by the employin g district for a
12971297 prior year obligation shall be considered a current obligation of
12981298 the employer.
12991299 M. Any active member who elected during the 1978 -79 school year
13001300 to pay the difference between five percen t (5%) on actual salary not
13011301 exceeding Ten Thousand Do llars ($10,000.00) and six percent (6%) on
13021302 actual salary not exceeding Fifteen Thousand Dollars ($15,000.00)
13031303 shall receive credit for one (1) year of credited se rvice upon
13041304 receipt and approval of a prope r request by the Board of Trustees.
13051305 N. Effective July 1, 1988, any member who is employed by the
13061306 Governor, the State Senate, the House of Representatives or the
13071307 Legislative Service Bureau shall be allowed to elect to retain
13081308 membership in the Retirement Sy stem upon payment of the accrued and
13091309 current member contributions and employer contributions as provided RBH No. 5900
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13361336 in subsection B of this section and Section 17 -108.1 of this title.
13371337 Such contributions may be paid on behalf of the member by the
13381338 employing entity. U pon payment of such contributions, service
13391339 credits shall continue to be accumulated during such employment.
13401340 Accrued contributions shall be paid to the Retirement System by
13411341 August 1, 1989. Current contributions sh all be paid to the
13421342 Retirement System by th e tenth of the following month beginning with
13431343 the month of July 1989.
13441344 O. Notwithstanding any requirements of this title to restrict
13451345 the payment of service purchases, the Board of Trustees shall
13461346 promulgate such rules as necessary to allow active members of the
13471347 System to make installment payments for the rede posit of withdrawn
13481348 accounts or other payments due under the provisions of this title.
13491349 The rules shall permit the member to amortize the balance due over a
13501350 period not to exceed sixty (60) months, and sha ll include interest
13511351 consistent with the actuarial ass umptions adopted by the Board of
13521352 Trustees for purposes of preparing the annual actuarial evaluation.
13531353 Further, the rules shall provide that all payments must be completed
13541354 prior to the effective retiremen t date of the member.
13551355 P. 1. A member of the Oklahom a Public Employees Retirement
13561356 System who becomes a member of the Teachers ' Retirement System of
13571357 Oklahoma because the member has become employed by an entity or
13581358 institution within The Oklahoma State Syste m of Higher Education,
13591359 State Board of Education, Stat e Board of Career and Technology RBH No. 5900
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13861386 Education, Oklahoma Department of Career and Technology Education,
13871387 Oklahoma School of Science and Mathematics, Oklahoma Center f or the
13881388 Advancement of Science and Technolo gy, State Department of
13891389 Rehabilitation Services, Okla homa State Regents for Higher
13901390 Education, Department of Corrections, State Department of Education,
13911391 Oklahoma Board of Private Vocational Schools, Board of Regents of
13921392 Oklahoma Colleges, Oklahoma Student Lo an Authority, or the Teachers '
13931393 Retirement System of O klahoma, may elect to receive credit in the
13941394 Teachers' Retirement System of Oklahoma for those years of service
13951395 accumulated by the member in the Oklahoma Public E mployees
13961396 Retirement System pursuant to thi s subsection. A member shall be
13971397 eligible to elect to receive credit for such years of service if:
13981398 a. the member is an active member of the Teachers '
13991399 Retirement System of Oklahoma,
14001400 b. the member provides notice to the Teachers' Retirement
14011401 System of Oklahoma and the Oklahoma Public Employees
14021402 Retirement System of the member's election to transfer
14031403 such retirement credit. The notice shall include a
14041404 list of the years to be transferred, and
14051405 c. the member is not receiving or eligible to receive
14061406 retirement credit or benefits from such service in any
14071407 other public retirement system, notwithstanding the
14081408 years of service sought to be transferred under this
14091409 subsection. RBH No. 5900
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14361436 Members electing to take advantage of the transfer authorize d by
14371437 this subsection shall have all servic e credit with the Oklahoma
14381438 Public Employees Retiremen t System canceled which is transferred to
14391439 the Teachers' Retirement System of Oklahoma.
14401440 2. For purposes of this subsection, the "sending system" shall
14411441 mean the Oklahoma Public Employees Retirement System . The
14421442 "receiving system" shall mean the Teachers ' Retirement System of
14431443 Oklahoma. Within thirty (30) days after notification of an intent
14441444 to transfer is received by the sending system, the sending system
14451445 shall, according to its own rules, send to the rece iving system all
14461446 employer and employee contributions made on behalf of the member
14471447 which were made to the sending system plus an additional amount of
14481448 earnings based on the actuarial assumed rate of the sending syste m.
14491449 Upon receipt of these contributions by the receiving system, the
14501450 receiving system shall giv e credit to the transferring member in an
14511451 amount equal to the years of service accrued in the sending system.
14521452 3. If the transferring member 's normal retirement date
14531453 calculation is based upon the sum of the member's age and number of
14541454 years of credited serv ice totaling eighty (80) in the sending
14551455 system, then the member shall retain such calculation in the
14561456 receiving system.
14571457 4. The Board of Trustees shall promulgate such rules as are
14581458 necessary to implement the provisions of this subsection. RBH No. 5900
14591459
14601460 Req. No. 5900 Page 30 1
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14841484
14851485 Q. A former member of the Teachers' Retirement System of
14861486 Oklahoma who withdrew his or her contributions from the System prior
14871487 to January 1, 1983, and who had at least ten (10) ye ars of service
14881488 in the System and purchased that service in the Oklahoma Public
14891489 Employees Retirement System, may elect to revoke that purchase from
14901490 the Oklahoma Public Employees Retirement System and to repay the
14911491 withdrawn contributions to the System in ord er to be eligible, once
14921492 such member reaches the normal retirement age, to receive a
14931493 retirement benefit that is based upon years of service and
14941494 compensation at the time such member terminated employment. In
14951495 addition, such former member may elect to transfe r service credit
14961496 accrued in the Oklahoma P ublic Employees Retirement System to the
14971497 Teachers' Retirement System of Oklahoma pursuant to subsection K of
14981498 this section. The election, pursuant to this subsection, shall be
14991499 made prior to September 1, 2000. The election and the repayment
15001500 shall be made according to rules promulgated by the Board.
15011501 SECTION 2. This act shall become effective November 1, 2023.
15021502
15031503 59-1-5900 CMA 01/11/23
15041504
15051505 THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
15061506 2512 E. 71
15071507 st
15081508 Street , Suite D ∙ Tulsa, Oklahoma 74136
15091509 (918) 492-9658 ∙ (918) 492- 9659
15101510
15111511
15121512
15131513
15141514
15151515 January 11, 2023
15161516
15171517
15181518
15191519 Representative Nicole Miller
15201520 Room 452
15211521
15221522
15231523
15241524 Re: RHB No. 5900
15251525
15261526
15271527 RBH No. 5900 adds service with Americorp Volunteers in Service to
15281528 America that is eligible to be purchased as service in OTRS.
15291529
15301530 RBH No. 5900 is a fiscal bill as defined by OPLAAA. If service is
15311531 purchased, the accrued actuarial liability will increase.
15321532
15331533 I am a member of the American Academy of Actuaries and meet the
15341534 Qualification Standards of the American Academy of Act uaries to
15351535 render the actuarial opinion herein.
15361536
15371537
15381538 Thomas E. Cummins
15391539
15401540 Thomas E. Cummins, MAAA
15411541
15421542