Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB632 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	RBS No. 2241
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	3	+	ENGR. H. A. to ENGR. S. B. NO. 632 Page 1 1
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28		-	STATE OF OKLAHOMA
29		-
30		-	1st Session of the 59th Legislature (2023)
31		-
32		-	CONFERENCE COMMITTEE SUBSTITUTE
33		-	FOR ENGROSSED
34		-	SENATE BILL 632 By: Montgomery of the Senate
	28	+	ENGROSSED HOUSE AMENDME NT
	29	+	TO
	30	+	ENGROSSED SENATE BILL NO . 632 By: Montgomery of the Senate
35	31
36	32		and
37	33
38	34		Lepak of the House
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40	36
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42		-	CONFERENCE COMMITTEE SUBSTITUTE
43	38
44		-	An Act relating to Teachers’ Retirement System of
45		-	Oklahoma; amending 70 O.S. 2021, Sectio ns 17-101, as
46		-	amended by Section 2, Chapter 121, O.S.L. 2022, 17-
47		-	103, 17-105, 17-105.1, 17-106.3, 17-107, 17-108, and
48		-	17-116.10 (70 O.S. Supp. 2022, Section 17-101), which
49		-	relate to administration of the System; updating
50		-	statutory reference; modifying definitions; making
51		-	language gender neutral; modifying application for
52		-	retirement; providing membership details; providing
53		-	procedure at joint annuitant’s death; modifying
54		-	retirement options; releasing System of liability
55		-	under certain circumstances; modifying how certain
56		-	expenses are to be paid; modifying earnings limits;
57		-	repealing 70 O.S. 2021, Sections 17-104 and 17-114.2,
58		-	which relate to the Teacher s’ Retirement System of
59		-	Oklahoma; and declaring an emergency.
	39	+
	40	+	An Act relating to the Oklahoma Public Employees
	41	+	Retirement System; amending 74 O.S. 2021, Section
	42	+	935.5, which relates to employer contribution amount;
	43	+	increasing employer matching amount for cer tain
	44	+	contributions; updating statutory language; updating
	45	+	statutory reference; and further increasing employer
	46	+	match requirement under certain circumstances .
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64		-	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
65		-	SECTION 1. AMENDATORY 70 O.S. 2021, Section 17-101, as
66		-	amended by Section 2, Chapter 121, O.S.L. 2022 (70 O.S. Supp. 2 022,
67		-	Section 17-101), is amended to read as follows: RBS No. 2241
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	53	+
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	55	+
	56	+	AMENDMENT NO. 1. Page 1, Lines 6 through 9, strik e the title to
	57	+	read as follows:
	58	+
	59	+
	60	+	"[ Oklahoma Public Employee s Retirement System –
	61	+	employer contribution amount – increase of employer
	62	+	matching amount ]"
	63	+
	64	+
	65	+	ENGR. H. A. to ENGR. S. B. NO. 632 Page 2 1
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94		-	Section 17-101. The following words and phrases as used in
95		-	Section 17-101 et seq. of this title, unless a different meaning is
96		-	clearly required by the context, shall have the following meanings:
97		-	(1) “Retirement system” shall mean the Teachers’ Retirement
98		-	System of Oklahoma, as defined in Section 17-102 of this title.
99		-	(2) “Public school” shall mean a school district, a state
100		-	college or university, the State Board of Educat ion, the State Board
101		-	of Career and Technology Education, and any other state educational
102		-	entity conducted within the state supported wholly or partly by
103		-	public funds and operating under the authority and supervision of a
104		-	legally constituted board or agency having authority and
105		-	responsibility for any function of public education. Public school
106		-	shall also mean a tuition free, nonprofit alternative school of
107		-	choice that provides education, therapeutic counseling, and outreach
108		-	programs which is aligned with a school district and which receives
109		-	grant funds from governmental sources.
110		-	(3) “Classified personnel” shall mean any teacher, principal,
111		-	superintendent, supervisor, administrator, librarian, certified or
112		-	registered nurse, college professor, or college president whose
113		-	salary is paid wholly or in part from public funds. An employee of
114		-	any state department, board, board of regents, or board of trustees,
115		-	who is in a supervisory or an administrative position, the function
116		-	of which is primarily devoted to public education, shall be
117		-	considered classified personnel under the meaning of Section 17-101 RBS No. 2241
	90	+	Passed the House of Representatives the 24th day of April, 2023.
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	93	+
	94	+
	95	+
	96	+	Presiding Officer of the House of
	97	+	Representatives
	98	+
	99	+
	100	+	Passed the Senate the ____ day of _______ ___, 2023.
	101	+
	102	+
	103	+
	104	+
	105	+
	106	+	Presiding Officer of the Senate
	107	+	RBS No. 1873
	108	+
	109	+	ENGR. S. B. NO. 632 Page 1 1
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144		-	et seq. of this title, at the discretion of the Board of Trustees of
145		-	the Teachers’ Retirement System of Oklahoma. The term “teacher”
146		-	shall also include instructors and counselors employed by the
147		-	Department of Corrections and holding valid teaching cer tificates
148		-	issued by the State Department of Education. Provided, that a
149		-	person employed by the Department of Corrections as an instructor or
150		-	counselor shall have been actively engaged in the teaching
151		-	profession for a period of not less than three (3) year s prior to
152		-	employment to be eligible to participate in the Teachers’ Retirement
153		-	System of Oklahoma. The Department of Corrections shall contribute
154		-	the employer’s share to the Teachers’ Retirement System of Oklahoma.
155		-	(4) “Nonclassified optional personnel” shall include persons
156		-	hired as adjunct teachers pursuant to subsection G of Section 6-
157		-	122.3 of this title, cooks, janitors, maintenance personnel not in a
158		-	supervisory capacity, bus drivers, noncertified or nonregistered
159		-	nurses, noncertified librarians, an d clerical employees of the
160		-	public schools, state colleges, universities, or any state
161		-	department, board, board of regents, or board of trustees, the
162		-	functions of which are primarily devoted to public education and
163		-	whose salaries are paid wholly or in part from public funds.
164		-	(5) “Employer” shall mean the state and any of its designated
165		-	agents or agencies with responsibility and authority for public
166		-	education, such as boards of education of elementary and independent
167		-	school districts, boards of regents, boa rds of control, or any other RBS No. 2241
	134	+	ENGROSSED SENATE
	135	+	BILL NO. 632 By: Montgomery of the Senate
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	137	+	and
	138	+
	139	+	Lepak of the House
	140	+
	141	+
	142	+
	143	+
	144	+	An Act relating to the Oklahoma Public Employees
	145	+	Retirement System; amending 74 O.S. 2021, Section
	146	+	935.5, which relates to employer contribution amount;
	147	+	increasing employer matching amount for certain
	148	+	contributions; updating statutory language; updating
	149	+	statutory reference; and further increasing employer
	150	+	match requirement under certain circumstances .
	151	+
	152	+
	153	+
	154	+	BE IT ENACTED BY THE PEOPLE OF THE STATE OF O KLAHOMA:
	155	+	SECTION 1. AMENDATORY 74 O.S. 2021, Section 935.5, is
	156	+	amended to read as follows:
	157	+	Section 935.5. A. Except as otherwise provided by subsectio n B
	158	+	of this section, employers of employees who become participants in
	159	+	the defined contribution retirement system shall match the employee
	160	+	contribution paid on a monthly or more freq uent basis at the rate of
	161	+	six percent (6.0%) eight percent (8%) based on the same compensation
	162	+	amount used to compute the employee contribution amount.
	163	+	B. If an employee selects a contribution rate of seven percent
	164	+	(7.0%) eight percent (8%) or more, but not higher than allowed
	165	+	pursuant to the maximum annual contribution lim it prescribed by
	166	+	Section 415 of the Internal Revenue Code of 1986, as amended, the RBS No. 1873
	167	+
	168	+	ENGR. S. B. NO. 632 Page 2 1
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194		-	~~agency of and within the state by which a person may~~ be ~~employed for~~
195		-	~~service in public education~~. ~~Employer shall also mean the board of~~
196		-	~~directors of a tuition free,~~ ~~nonprofit alternative school of choice~~
197		-	~~that provides educatio n,~~ ~~therapeutic counseling,~~ ~~and outreach~~
198		-	~~programs which is aligned with a school district and which receives~~
199		-	~~grant~~ funds ~~from governmental sources.~~
200		-	~~(6) “Member” shall mean any teacher or other employee included~~
201		-	in the ~~membership of the system as provided i n Section 17-103 of~~
202		-	~~this title.~~
203		-	~~(7) “Board~~ ~~of Trustees”~~ ~~shall mean the board provided for in~~
204		-	~~Section 17-106 of~~ this ~~title to administer~~ the ~~retirement system~~.
205		-	~~(8) “Service”~~ shall ~~mean service as a classified or~~
206		-	~~nonclassified optional employee~~ in ~~the publ ic school system,~~ ~~or any~~
207		-	~~other service devoted primarily to public education~~ in ~~the state~~.
208		-	~~(9) “Prior~~ ~~service” shall mean service rendered prior to July~~
209		-	~~1, 1943~~.
210		-	~~(10) “Membership service” shall mean service as a member of~~ the
211		-	~~classified or nonclassified optional personnel as defined in~~
212		-	~~paragraphs (3) and (4) of this section.~~
213		-	~~(11) (9) “Creditable service” shall mean membership~~ service
214		-	~~plus any prior other service authorized under~~ this ~~title.~~
215		-	~~(12) (10) “Annuitant” shall mean~~ any ~~person in receipt of a~~
216		-	~~retirement allowance as pro vided in this title an annuity as defined~~
217		-	in ~~paragraph (14) of this section.~~ RBS No. ~~2241~~
	193	+	employer matching amount shall be seven percent (7.0%) ten percent
	194	+	(10%).
	195	+	C. The initial four and five -tenths percent (4.5%) emplo yee
	196	+	contribution shall be th e only mandatory contribution of an employee
	197	+	participating in the defined contribution retire ment system created
	198	+	by this act Section 935.1 et seq. of this title . These funds shall
	199	+	be placed by the Oklahoma Public Emplo yees Retirement System in
	200	+	either a 401(a) plan or a 457(b) plan, to be determined by the Board
	201	+	of Trustees to maintain the plan consistent with the Internal
	202	+	Revenue Code. Any employee contributions eligible to be m atched
	203	+	under this section over the four and five-tenths percent (4.5%)
	204	+	initial contribution shall be considered voluntary deferrals of
	205	+	compensation and placed in a 457(b) plan. All employer matching
	206	+	funds shall be placed in a 401(a) plan.
	207	+	Any contribution rate that is more than the four and five-tenths
	208	+	percent (4.5%) rate can be chosen by the participating employe e upon
	209	+	the employee’s initial participation, and can be changed once per
	210	+	month. The employee contribution rate chosen shall continue until
	211	+	the employee elects to change the contribution rate or terminates
	212	+	service or retires.
	213	+	D. The employer match as set forth in subsection A of this
	214	+	section may be increas ed at any time by the Legislature without
	215	+	affecting the then-existing rights of participating employees and
	216	+	beneficiaries in order to encourage participating employees to RBS No. 1873
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	218	+	ENGR. S. B. NO. 632 Page 3 1
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244		-	(13) (11) “Accumulated contributions” shall mean the sum of all
245		-	amounts deducted from the compensation of a member and credited to
246		-	his the member’s individual account in the Teachers’ Savings Fund,
247		-	together with applicable interest as of June 30, 1968.
248		-	(14) (12) “Earnable compensation” shall mean the full rate of
249		-	the compensation that would be payabl e to a member if he who worked
250		-	the full normal working time.
251		-	(15) (13) “Average salary”:
252		-	(a) for those members who joined the System prior to July
253		-	1, 1992, shall mean the average of the salaries for
254		-	the three (3) years on which the highest contributions
255		-	to the Teachers’ Retirement System was were paid not
256		-	to exceed the maximum contribution level specified in
257		-	Section 17-116.2 of this title or the maximum
258		-	compensation level specified in subsection (28) (24)
259		-	of this section. Provided, no member shall retire
260		-	with an average salary in excess of Twenty-five
261		-	Thousand Dollars ($25,000.00) unless the member has
262		-	made the required election and paid the required
263		-	contributions on such salary in excess of Twenty-five
264		-	Thousand Dollars ($25,000.00), or unless an eligible
265		-	member fulfills the requirements of Section 17-116.2C
266		-	of this title in order to have pre-cap removal service
267		-	included in the retirement benefit computation of the RBS No. 2241
	243	+	accumulate deferred income reserv es for themselves and their
	244	+	dependents. The employe r match may be decreased at any time by the
	245	+	Legislature without affecting the then -existing rights of
	246	+	participating employees and beneficiaries in order to provide
	247	+	funding as may be needed to reduce the u nfunded liabilities of the
	248	+	defined benefit plan as s et forth in Section 901 et seq. of this
	249	+	title, but shall not be less than six percent (6.0%) (6%) for any
	250	+	year during which the defined contribution plan is maintained.
	251	+	Passed the Senate the 21st day of March, 2023.
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294		-	member using the regular annual compensation of the
295		-	member for any pre-cap removal year of service so
296		-	included subject to the maximum average salary amount,
297		-	and
298		-	(b) for those members who join the System after June 30,
299		-	1992, shall mean the average of the salaries for five
300		-	(5) consecutive years on which the highest
301		-	contribution contributions to the Teachers’ Retirement
302		-	System was were paid. Only salary on which req uired
303		-	contributions have been made may be used in computing
304		-	average salary.
305		-	(16) (14) “Annuity” shall mean payments for life derived from
306		-	the “accumulated contributions” of a member. All annuities shall be
307		-	payable in equal monthly installments a lifetime benefit payable in
308		-	fixed monthly installments.
309		-	(17) “Pension” shall mean payments for life derived from money
310		-	provided by the employer. All pensions shall be payable in equal
311		-	monthly installments.
312		-	(18) (15) “Monthly retirement “Retirement allowance” is one-
313		-	twelfth (1/12) of the annual retirement allowance benefit which
314		-	shall be payable monthly.
315		-	(19) (16) “Retirement Benefit Fund” shall mean the fund from
316		-	which all retirement benefits shall be paid based on such morta lity
317		-	tables as shall be adopted by the Board of Trustees. RBS No. 2241
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	255	+	Presiding Officer of the Senate
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344		-	(20) (17) “Actuary” shall mean a person or firm especially
345		-	skilled through training and experience in financial calculation
346		-	respecting the expectancy and duration of life.
347		-	(21) (18) “Actuarial equivalent” shall mean a benefit of equal
348		-	value when computed upon the basis of such mortality and other
349		-	tables as shall be adopted by the Board of Trustees.
350		-	(22) (19) The masculine pronoun, whenever used, shall include
351		-	the feminine.
352		-	(23) (20) “Actuarially determined cost” shall mean the single
353		-	sum which is actuarially equivalent in value to a specified pension
354		-	annuity amount as determined on the basis of mortality and interest
355		-	assumptions adopted by the Board of Trustees.
356		-	(24) (21) “Normal retirement age” means the earliest date upon
357		-	which:
358		-	(a) a member reaches the age sixty-two (62) with respect
359		-	to a member whose first creditable service occurs
360		-	prior to November 1, 2011, unless the member reaches a
361		-	normal retirement date pursuant to subparagraph (c) or
362		-	subparagraph (d) of this paragraph,
363		-	(b) a member reaches the age of sixty-five (65) with
364		-	respect to a member whose first creditable service
365		-	occurs on or after November 1, 2011, or with respect
366		-	to a member whose first creditable service occurs on
367		-	or after November 1, 2011, reaches a normal r etirement RBS No. 2241
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	258	+	Passed the House of Representatives the ____ day of __________,
	259	+	2023.
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394		-	date pursuant to subparagraph (d) of this paragraph
395		-	having attained a minimum age of sixty (60) years,
396		-	(c) the age at which the sum of a member’s age and number
397		-	of years of creditable service total eighty (80), with
398		-	respect to a member whose firs t creditable service
399		-	occurred prior to July 1, 1992, and who does not reach
400		-	a normal retirement age pursuant to subparagraph (a)
401		-	of this paragraph, or
402		-	(d) the age at which the sum of a member’s age and number
403		-	of years of creditable service total ninety (90 ), with
404		-	respect to a member whose first creditable service
405		-	occurred on or after July 1, 1992, but prior to
406		-	November 1, 2011, if the member does not reach a
407		-	normal retirement age pursuant to subparagraph (a) of
408		-	this paragraph.
409		-	(25) (22) “Regular annual compensation” means salary plus
410		-	fringe benefits, excluding the flexible benefit allowance pursuant
411		-	to Section 26-105 of this title and for purposes pursuant to Section
412		-	17-101 et seq. of this title. For purposes of this definition,
413		-	regular annual compensation shall include:
414		-	(a) salary which accrues on a regular basis in proportion
415		-	to the service performed including payments for staff
416		-	development, RBS No. 2241
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443		-	(b) amounts that would otherwise qualify as salary under
444		-	paragraph (a) of this subsection but are not received
445		-	directly by the member pursuant to a good faith,
446		-	voluntary written salary reduction agreement in order
447		-	to finance payments to a deferred compensation or tax-
448		-	sheltered annuity program or to finance benefit
449		-	options under a cafeteria plan qualifying under the
450		-	United States Internal Revenue Code, 26 U.S.C.,
451		-	Section 101 et seq.,
452		-	(c) group health and disability insurance, group term life
453		-	insurance, annuities, and pension plans, provided on a
454		-	periodic basis to all qualified employees of the
455		-	employer, which qualify as fringe benefits under the
456		-	United States Internal Revenue Code, and
457		-	(d) excluded from regular annual compensation are:
458		-	1. expense reimbursement payments,
459		-	2. office, vehicle, housing, or other maintenance
460		-	allowances,
461		-	3. the flexible benefit allowance provide d pursuant
462		-	to Section 26-105 of this title,
463		-	4. payment for unused vacation and sick leave,
464		-	5. any payment made for reason of termination or
465		-	retirement not specifically provided for in
466		-	subparagraphs (a) through (c) of this subsection, RBS No. 2241
	263	+	Presiding Officer of the House
	264	+	of Representatives
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478		-	11
479		-	12
480		-	13
481		-	14
482		-	15
483		-	16
484		-	17
485		-	18
486		-	19
487		-	20
488		-	21
489		-	22
490		-	23
491		-	24
492	266
493		-	6. maintenance or other nonmonetary compensation,
494		-	7. payment received as an independent contractor or
495		-	consultant, pursuant to a lawful contract which
496		-	complies with the requirements of subsection B of
497		-	Section 6-101.2 of this title,
498		-	8. any benefit payments not made pursuant to a valid
499		-	employment agreement,
500		-	9. compensation for clinical related activity
501		-	performed in the University of Oklahoma Health
502		-	Sciences Center (OUHSC) Professional Practice
503		-	Plan or Oklahoma State University Center for
504		-	Health Sciences (OSU-CHS) Professional Pract ice
505		-	Plan, and
506		-	10. any other compensation not described in
507		-	subparagraphs (a) through (c) of this subsection.
508		-	(26) “Teacher” means classified personnel and nonclassified
509		-	optional personnel.
510		-	(27) (23) “Active classroom teacher” means a person employed by
511		-	a school district to teach students specifically identified classes
512		-	for specifically identified subjects during the course of a
513		-	semester, and who holds a valid certificate or license issued by and
514		-	in accordance with the rules and regulations of the State Boa rd of
515		-	Education. RBS No. 2241
516		-
517		-	Req. No. 2241 Page 11 1
518		-	2
519		-	3
520		-	4
521		-	5
522		-	6
523		-	7
524		-	8
525		-	9
526		-	10
527		-	11
528		-	12
529		-	13
530		-	14
531		-	15
532		-	16
533		-	17
534		-	18
535		-	19
536		-	20
537		-	21
538		-	22
539		-	23
540		-	24
541		-
542		-	(28) (24) “Maximum compensation level” shall, except as
543		-	otherwise authorized pursuant to the provisions of Section 17-116.2C
544		-	of this title, mean:
545		-	(a) Twenty-five Thousand Dollars ($25,000.00) for
546		-	creditable service authorized and performe d prior to
547		-	July 1, 1995, for members not electing a higher
548		-	maximum compensation level,
549		-	(b) Forty Thousand Dollars ($40,000.00) for creditable
550		-	service authorized and performed prior to July 1,
551		-	1995, for members electing a maximum compensation
552		-	level in excess of Twenty-five Thousand Dollars
553		-	($25,000.00),
554		-	(c) Twenty-seven Thousand Five Hundred Dollars
555		-	($27,500.00) for members who, as of June 30, 1995, had
556		-	elected to have a maximum compensation level not in
557		-	excess of Twenty-five Thousand Dollars ($25,000.00),
558		-	and who were employed by an entity or institution
559		-	within The Oklahoma State System of Higher Education
560		-	for creditable service authorized and performed on or
561		-	after July 1, 1995, but not later than June 30, 1996,
562		-	if such member does not elect a higher maximum
563		-	compensation level for this period as authorized by
564		-	Section 17-116.2A of this title, RBS No. 2241
565		-
566		-	Req. No. 2241 Page 12 1
567		-	2
568		-	3
569		-	4
570		-	5
571		-	6
572		-	7
573		-	8
574		-	9
575		-	10
576		-	11
577		-	12
578		-	13
579		-	14
580		-	15
581		-	16
582		-	17
583		-	18
584		-	19
585		-	20
586		-	21
587		-	22
588		-	23
589		-	24
590		-
591		-	(d) Thirty-two Thousand Five Hundred Dollars ($32,500.00)
592		-	for members employed by a comprehensive university if
593		-	the member meets the requirements imposed by Section
594		-	17-116.2A of this title and the member elects to
595		-	impose a higher maximum compensation level for service
596		-	performed on or after July 1, 1995, but not later than
597		-	June 30, 1996,
598		-	(e) Forty-four Thousand Dollars ($44,000.00) for members
599		-	who, as of June 30, 1995, had elected to have a
600		-	maximum compensation level in excess of Twenty-five
601		-	Thousand Dollars ($25,000.00), and who were employed
602		-	by an entity or institution within The Oklahoma State
603		-	System of Higher Education for creditable service
604		-	authorized and performed on o r after July 1, 1995, but
605		-	not later than June 30, 1996, if such member does not
606		-	elect a higher maximum compensation level for this
607		-	period as authorized by Section 17-116.2A of this
608		-	title,
609		-	(f) Forty-nine Thousand Dollars ($49,000.00) for members
610		-	employed by a comprehensive university if the member
611		-	meets the requirements imposed by Section 17-116.2A of
612		-	this title and the member elects to impose a higher
613		-	maximum compensation level for service performed on or
614		-	after July 1, 1995, but not later than June 30, 1996 , RBS No. 2241
615		-
616		-	Req. No. 2241 Page 13 1
617		-	2
618		-	3
619		-	4
620		-	5
621		-	6
622		-	7
623		-	8
624		-	9
625		-	10
626		-	11
627		-	12
628		-	13
629		-	14
630		-	15
631		-	16
632		-	17
633		-	18
634		-	19
635		-	20
636		-	21
637		-	22
638		-	23
639		-	24
640		-
641		-	(g) the following amounts for creditable service
642		-	authorized and performed by members employed by a
643		-	comprehensive university, based upon the election of
644		-	the member in effect as of June 30, 1995:
645		-	1. for members who elected a maximum compensation
646		-	level not in excess of Twenty-five Thousand
647		-	Dollars ($25,000.00):
648		-	(i) Thirty-two Thousand Five Hundred Dollars
649		-	($32,500.00) for service authorized and
650		-	performed on or after July 1, 1996, but not
651		-	later than June 30, 1997,
652		-	(ii) Thirty-seven Thousand Five Hundred Dolla rs
653		-	($37,500.00) for service authorized and
654		-	performed on or after July 1, 1997, but not
655		-	later than June 30, 1998,
656		-	(iii) Forty-two Thousand Five Hundred Dollars
657		-	($42,500.00) for service authorized and
658		-	performed on or after July 1, 1998, but not
659		-	later than June 30, 2000,
660		-	(iv) Forty-seven Thousand Five Hundred Dollars
661		-	($47,500.00) for service authorized and
662		-	performed on or after July 1, 2000, but not
663		-	later than June 30, 2001, RBS No. 2241
664		-
665		-	Req. No. 2241 Page 14 1
666		-	2
667		-	3
668		-	4
669		-	5
670		-	6
671		-	7
672		-	8
673		-	9
674		-	10
675		-	11
676		-	12
677		-	13
678		-	14
679		-	15
680		-	16
681		-	17
682		-	18
683		-	19
684		-	20
685		-	21
686		-	22
687		-	23
688		-	24
689		-
690		-	(v) Fifty-two Thousand Five Hundred Dollars
691		-	($52,500.00) for service authorized and
692		-	performed on or after July 1, 2001, but not
693		-	later than June 30, 2002,
694		-	(vi) Fifty-seven Thousand Five Hundred Dollars
695		-	($57,500.00) for service authorized and
696		-	performed on or after July 1, 2002, but not
697		-	later than June 30, 2003,
698		-	(vii) Sixty-two Thousand Five Hundred Dollars
699		-	($62,500.00) for service authorized and
700		-	performed on or after July 1, 2003, but not
701		-	later than June 30, 2004,
702		-	(viii) Sixty-seven Thousand Five Hundred Dollars
703		-	($67,500.00) for service authorized and
704		-	performed on or after July 1, 2004, but not
705		-	later than June 30, 2005,
706		-	(ix) Seventy-two Thousand Five Hundred Dollars
707		-	($72,500.00) for service authorized and
708		-	performed on or after July 1, 2005, but not
709		-	later than June 30, 2006,
710		-	(x) Seventy-seven Thousand Five Hundred Dollars
711		-	($77,500.00) for service authorized and
712		-	performed on or after July 1, 2006, but not
713		-	later than June 30, 2007, and RBS No. 2241
714		-
715		-	Req. No. 2241 Page 15 1
716		-	2
717		-	3
718		-	4
719		-	5
720		-	6
721		-	7
722		-	8
723		-	9
724		-	10
725		-	11
726		-	12
727		-	13
728		-	14
729		-	15
730		-	16
731		-	17
732		-	18
733		-	19
734		-	20
735		-	21
736		-	22
737		-	23
738		-	24
739		-
740		-	(xi) the full amount of regular annual
741		-	compensation for service authorized and
742		-	performed on or after July 1, 2007, and
743		-	2. for members who elected a maximum compensation
744		-	level in excess of Twenty-five Thousand Dollars
745		-	($25,000.00):
746		-	(i) Forty-nine Thousand Dollars ($49,000.00) for
747		-	service authorized and performed on or after
748		-	July 1, 1996, but not later than June 30,
749		-	1997,
750		-	(ii) Fifty-four Thousand Dollars ($54,000.00) for
751		-	service authorized and performed on or after
752		-	July 1, 1997, but not later than June 30,
753		-	1998,
754		-	(iii) Fifty-nine Thousand Dollars ($59,000.00) for
755		-	service authorized and performed on or after
756		-	July 1, 1998, but not later than June 30,
757		-	2000,
758		-	(iv) Sixty-four Thousand Dollars ($64,000.00) for
759		-	service authorized and performed on or after
760		-	July 1, 2000, but not later than June 30,
761		-	2001,
762		-	(v) Sixty-nine Thousand Dollars ($69,000.00) for
763		-	service authorized and performed on or after RBS No. 2241
764		-
765		-	Req. No. 2241 Page 16 1
766		-	2
767		-	3
768		-	4
769		-	5
770		-	6
771		-	7
772		-	8
773		-	9
774		-	10
775		-	11
776		-	12
777		-	13
778		-	14
779		-	15
780		-	16
781		-	17
782		-	18
783		-	19
784		-	20
785		-	21
786		-	22
787		-	23
788		-	24
789		-
790		-	July 1, 2001, but not later than June 30,
791		-	2002,
792		-	(vi) Seventy-four Thousand Dollars ($74,000.00)
793		-	for service authorized and performed on or
794		-	after July 1, 2002, but not later than June
795		-	30, 2003,
796		-	(vii) Seventy-nine Thousand Dollars ($79,000.00)
797		-	for service authorized and performed on or
798		-	after July 1, 2003, but not later than June
799		-	30, 2004,
800		-	(viii) Eighty-four Thousand Dollars ($84,000.00)
801		-	for service authorized and performed on or
802		-	after July 1, 2004, but not later than June
803		-	30, 2005,
804		-	(ix) Eighty-nine Thousand Dollars ($89,000.00)
805		-	for service authorized and performed on or
806		-	after July 1, 2005, but not later than June
807		-	30, 2006,
808		-	(x) Ninety-four Thousand Dollars ($94,000.00)
809		-	for service authorized and performed on or
810		-	after July 1, 2006, but not later than June
811		-	30, 2007, and RBS No. 2241
812		-
813		-	Req. No. 2241 Page 17 1
814		-	2
815		-	3
816		-	4
817		-	5
818		-	6
819		-	7
820		-	8
821		-	9
822		-	10
823		-	11
824		-	12
825		-	13
826		-	14
827		-	15
828		-	16
829		-	17
830		-	18
831		-	19
832		-	20
833		-	21
834		-	22
835		-	23
836		-	24
837		-
838		-	(xi) the full amount of regular annual
839		-	compensation for service authorized and
840		-	performed on or after July 1, 2007, and
841		-	(h) the full amount of regular annual compensation of:
842		-	1. a member of the retirement system not employed by
843		-	an entity or institution within The Oklahoma
844		-	State System of Higher Education for all
845		-	creditable service authorized and performed on or
846		-	after July 1, 1995,
847		-	2. a member of the retirement system first employed
848		-	on or after July 1, 1995, by an entity or
849		-	institution within The Oklahoma State System of
850		-	Higher Education for all creditable service
851		-	authorized and performed on or after July 1,
852		-	1995, but not later than June 30, 1996,
853		-	3. a member of the retirement system employed by an
854		-	entity or institution within The Oklahoma State
855		-	System of Higher Education, other than a
856		-	comprehensive university, if the member elects to
857		-	impose a higher maximum compensation level for
858		-	service performed on or after July 1, 1995, but
859		-	not later than June 30, 1996, pursuant to
860		-	subsection B of Section 17-116.2A of this title, RBS No. 2241
861		-
862		-	Req. No. 2241 Page 18 1
863		-	2
864		-	3
865		-	4
866		-	5
867		-	6
868		-	7
869		-	8
870		-	9
871		-	10
872		-	11
873		-	12
874		-	13
875		-	14
876		-	15
877		-	16
878		-	17
879		-	18
880		-	19
881		-	20
882		-	21
883		-	22
884		-	23
885		-	24
886		-
887		-	4. a member of the retirement system who is first
888		-	employed on or after July 1, 1996, by any entity
889		-	or institution within The Oklahoma State System
890		-	of Higher Education including a comprehensive
891		-	university, for creditable service authorized and
892		-	performed on or after July 1, 1996,
893		-	5. a member of the retirement system who, as of July
894		-	1, 1996, is subject to a maximum compensation
895		-	level pursuant to paragraph (g) of this
896		-	subsection if the member terminates service with
897		-	a comprehensive university and is subsequently
898		-	reemployed by a comprehensive university,
899		-	6. a member of the retirement system employed by a
900		-	comprehensive university for all service
901		-	performed on and after July 1, 2007, or
902		-	7. an eligible member of the retirement system who
903		-	fulfills the requirements of Section 17-116.2C of
904		-	this title with respect to pre-cap removal
905		-	service included in the retirement benefit
906		-	computation of the member at the average salary
907		-	of the member subject to the maximum average
908		-	salary amount.
909		-	(29) (25) “Comprehensive university” shall mean: RBS No. 2241
910		-
911		-	Req. No. 2241 Page 19 1
912		-	2
913		-	3
914		-	4
915		-	5
916		-	6
917		-	7
918		-	8
919		-	9
920		-	10
921		-	11
922		-	12
923		-	13
924		-	14
925		-	15
926		-	16
927		-	17
928		-	18
929		-	19
930		-	20
931		-	21
932		-	22
933		-	23
934		-	24
935		-
936		-	(a) the University of Oklahoma and all of its constituent
937		-	agencies including the University of Oklahoma Health
938		-	Sciences Center, the University of Oklahoma Law
939		-	Center, and the Oklahoma Geological Survey, and
940		-	(b) Oklahoma State University and all of its constituent
941		-	agencies including the Oklahoma State University
942		-	Oklahoma Agricultural Experiment Station, the Oklahoma
943		-	State University Agricultural Extension Division, the
944		-	Oklahoma State University College of Veterinary
945		-	Medicine, the Oklahoma State University Center for
946		-	Health Sciences, the Technical Branch at Oklahoma
947		-	City, the Oklahoma State University Institute of
948		-	Technology-Okmulgee, and Oklahoma State University-
949		-	Tulsa.
950		-	(30) “Retirement contract” means the document prepared b y the
951		-	Teachers’ Retirement System upon member request, which in corporates
952		-	member’s selected retirement option, and which must be executed and
953		-	submitted to the Teachers’ Retirement System no less than thirty
954		-	(30) days prior to the projected retirement date.
955		-	SECTION 2. AMENDATORY 70 O.S. 2021, Section 17-103, is
956		-	amended to read as follows:
957		-	Section 17-103. Except as provided in the Alternate Retirement
958		-	Plan for Comprehensive Universities Act, the membership of the
959		-	retirement system shall consist of the following: RBS No. 2241
960		-
961		-	Req. No. 2241 Page 20 1
962		-	2
963		-	3
964		-	4
965		-	5
966		-	6
967		-	7
968		-	8
969		-	9
970		-	10
971		-	11
972		-	12
973		-	13
974		-	14
975		-	15
976		-	16
977		-	17
978		-	18
979		-	19
980		-	20
981		-	21
982		-	22
983		-	23
984		-	24
985		-
986		-	A. All classified personnel shall become members of the
987		-	retirement system as a condition of their employment;.
988		-	B. For the period from August 2, 1969, to the effective date of
989		-	this act June 30, 2021, all full-time nonclassified optional
990		-	personnel regularly employed for more than one (1) year may join the
991		-	Teachers’ Retirement System of Oklahoma subject to the rules and
992		-	regulations adopted pursuant to the Teachers’ Retirement System. On
993		-	or after the effective date of this act July 1, 2021, all
994		-	nonclassified optional personnel regularly employed for twenty (20)
995		-	hours or more per week may join the System upon hiring or
996		-	eligibility, subject to the provisions of subsection C of this
997		-	section and the rules and regulations adopted by the System pursuant
998		-	to this act.
999		-	C. 1. A nonclassified option al employee shall have thirty (30)
1000		-	days from the initial d ate of hire or eligibility to make a one-time
1001		-	irrevocable written election to opt out of participation in the
1002		-	System, in a manner required by the Bo ard of Trustees. If an
1003		-	eligible employee fails to make an election within the thirty-day
1004		-	period, the eligible employee shall be deemed to participate in the
1005		-	System.
1006		-	2. If an eligible employee elects to opt out of participation
1007		-	in the System, the employee shall not make any required employee
1008		-	contributions to the System and his or her the employee’s employer
1009		-	shall not make any required employer contributions to the System. RBS No. 2241
1010		-
1011		-	Req. No. 2241 Page 21 1
1012		-	2
1013		-	3
1014		-	4
1015		-	5
1016		-	6
1017		-	7
1018		-	8
1019		-	9
1020		-	10
1021		-	11
1022		-	12
1023		-	13
1024		-	14
1025		-	15
1026		-	16
1027		-	17
1028		-	18
1029		-	19
1030		-	20
1031		-	21
1032		-	22
1033		-	23
1034		-	24
1035		-
1036		-	3. If an eligible nonclassified optional employee elects to
1037		-	participate does not timely opt out of participation in the System,
1038		-	the employee shall make employee contributions to the System
1039		-	pursuant to Section 17-116.2 of this title and the employer shall
1040		-	make employer contributions to the System pursuant to Secti on 17-
1041		-	108.1 of this title. Nothing in this paragraph shall be construed
1042		-	to prohibit the employer from making the contribution of the
1043		-	employee to the System on behalf of the employee.
1044		-	4. A nonclassified optional employee who opts out of
1045		-	participation in the System shall be ineligible for future
1046		-	participation in the System; provided, however, that if the employee
1047		-	is hired for a classified position, he or she shall become a member
1048		-	of the System pursuant to subsection A of this section but shall not
1049		-	be eligible for prior service credit for service performed while
1050		-	employed in a nonclassified position during which the employee opted
1051		-	out of participation in the System.
1052		-	5. Any nonclassified optional employee employed on the
1053		-	effective date of this act shall make an irr evocable written
1054		-	election to participate in or opt out of the System pursuant to
1055		-	paragraph 1 of this subsection. If the employee fails to make an
1056		-	election within thirty (30) days from the effective date of this
1057		-	act, the employee shall be deemed to partici pate in the System,
1058		-	subject to the provisions of paragraph 3 of this subsection. RBS No. 2241
1059		-
1060		-	Req. No. 2241 Page 22 1
1061		-	2
1062		-	3
1063		-	4
1064		-	5
1065		-	6
1066		-	7
1067		-	8
1068		-	9
1069		-	10
1070		-	11
1071		-	12
1072		-	13
1073		-	14
1074		-	15
1075		-	16
1076		-	17
1077		-	18
1078		-	19
1079		-	20
1080		-	21
1081		-	22
1082		-	23
1083		-	24
1084		-
1085		-	D. The Board of Trustees may, in its discretion, deny the right
1086		-	to become members to any class of members whose compensation is only
1087		-	partly paid by the state, or who is serv ing on a temporary or other
1088		-	than per annum basis, and it also may, in its discretion, make
1089		-	optional with the individual entrance into the retirement system for
1090		-	members in any such class their individual entrance into the
1091		-	retirement system optional.
1092		-	E. Should any non-vested member, with less than ten (10) years
1093		-	of teaching service in Oklahoma, in any period of six (6)
1094		-	consecutive years after becoming a member be absent from service
1095		-	more than five (5) years, withdraw his or her contributions, retire
1096		-	or die, he or she shall thereu pon cease to be a member. T he
1097		-	provisions of this paragraph shall not apply to any member of the
1098		-	Teachers’ Retirement System who has been a member of such classes of
1099		-	military services as may be approved by the Board of Trustees, until
1100		-	a period of one and o ne-half (1 1/2) years from d ate of termination
1101		-	of such service shall have elapsed.
1102		-	F. Effective November 1, 2019, a retired member of the
1103		-	Teachers’ Retirement System who becomes employed by the State
1104		-	Department of Education for the first time on or after November 1,
1105		-	2019, shall have the option to remain a member of the Teachers’
1106		-	Retirement System subject to any applicable limitations placed on
1107		-	retired members returning to work or may choose to participate as an
1108		-	active member in the Oklahoma Public Employee s Retirement System as RBS No. 2241
1109		-
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1134		-
1135		-	an active member defined benefit plan or the Oklahoma Public
1136		-	Employees Retirement Sys tem defined contribution system, whichever
1137		-	is applicable under the laws and rules governing those systems.
1138		-	SECTION 3. AMENDATORY 70 O.S. 2021, Section 17-105, is
1139		-	amended to read as follows:
1140		-	Section 17-105. (1) (a) Any member wh o has attained age
1141		-	fifty-five (55) or who has completed thirty (30) years of creditable
1142		-	service, as defined in Section 17-101 of this title, or for any
1143		-	person who initially became a member prior to July 1, 1 992,
1144		-	regardless of whether there were breaks in s ervice after July 1,
1145		-	1992, whose age and number of years of creditable service total
1146		-	eighty (80) may be retired upon proper application for retirement on
1147		-	forms as established by the System and executing a retir ement
1148		-	contract. Such a retirement date will a lso apply to any person who
1149		-	became a member of the sending system as defined in this act, prior
1150		-	to July 1, 1992, regardless of whether t here were breaks in service
1151		-	after July 1, 1992. Any person who became a m ember after June 30,
1152		-	1992, but prior to Novemb er 1, 2011, whose age and number of years
1153		-	of creditable service total ninety (90) may be retired upon proper
1154		-	application for retirement and executing a retirement contract as
1155		-	established by the System . Any person who be comes a member on or
1156		-	after November 1, 2011, who attains the age of sixty-five (65) years
1157		-	or who reaches a normal retirement date pursuant to subparagraph (d)
1158		-	of paragraph (24) (21) of Section 17-101 of this title having RBS No. 2241
1159		-
1160		-	Req. No. 2241 Page 24 1
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1184		-
1185		-	attained a minimum age of sixty (60 ) years may be retired upon
1186		-	proper application for retirement and executing a retirement
1187		-	contract as established by the System. The application shall be
1188		-	filed on the form provided by the Board of Trustees for this
1189		-	purpose, not less than sixty (60) days be fore the date of
1190		-	retirement, provided that the Executive Director may waive the
1191		-	sixty-day deadline for good cause shown as defined by the Board with
1192		-	the System in a manner required by the Board of Trustees.
1193		-	1. The employer shall provide the System with th e
1194		-	following information for a retirin g member, no later
1195		-	than the fifteenth day of the month of retirement:
1196		-	last day physically on the job; last day on payroll;
1197		-	any regular compensation not already reported to the
1198		-	System; and final unused sick leave balance .
1199		-	2. Failure to submit this informati on by the deadline, or
1200		-	errors in submitted information that result in a
1201		-	disqualification of retirement eligibility shall be
1202		-	the responsibility of the employer. In cases where
1203		-	the error results in disqualification of re tirement
1204		-	eligibility, it is the emplo yer’s responsibility to
1205		-	reemploy the member, or retain the member on the
1206		-	payroll, for the time period required to reach
1207		-	eligibility, not exce eding two (2) months. RBS No. 2241
1208		-
1209		-	Req. No. 2241 Page 25 1
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1233		-
1234		-	(b) An individual who becomes a member of the Teachers ’
1235		-	Retirement System of Oklahoma after July 1, 1967, through October
1236		-	31, 2017, shall be employed by the public schools, state colleges,
1237		-	or universities of Oklahoma for a minimum of five ( 5) years and be a
1238		-	contributing member of the Teachers ’ Retirement System of Oklahoma
1239		-	for a minimum of five (5) years to qualify for monthly retirement
1240		-	benefits from the Teachers’ Retirement System of Oklahoma.
1241		-	An individual who becomes a member of the Teac hers’ Retirement
1242		-	System on or after November 1, 2017, shall be employed by the public
1243		-	schools, state colleges or universities of Oklahoma for a minimum of
1244		-	seven (7) years and be a contributing member of the Teachers’
1245		-	Retirement System of Oklahoma for a min imum of seven (7) years to
1246		-	qualify for monthly retirement benefits from the Teachers’
1247		-	Retirement System of Oklahoma.
1248		-	(c) Any member Individuals becoming members after July 1, 1967,
1249		-	through October 31, 2017, with five (5) or more years of Oklahoma
1250		-	teaching service and whose accumulated co ntributions during such
1251		-	period have not been withdrawn shall be given an indefinite
1252		-	extension of membership beginning with the sixth year following the
1253		-	member’s last contributing membership.
1254		-	Individuals becoming members on or after November 1, 2017, with
1255		-	seven (7) or more years of Oklahoma teaching service and whose
1256		-	accumulated contributions during such period have not been withdrawn
1257		-	shall be given an indefinite extension of membership beginning with RBS No. 2241
1258		-
1259		-	Req. No. 2241 Page 26 1
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1266		-	8
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1268		-	10
1269		-	11
1270		-	12
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1279		-	21
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1283		-
1284		-	the sixth eighth year following his or her the member’s last
1285		-	contributing membership and shall become eligible to apply for
1286		-	retirement and be retired upon attaining age fifty-five (55).
1287		-	(2) An unclassified optional member who has retired or who
1288		-	retires at sixty-two (62) years of age or older or whose retirement
1289		-	is because of disability shall have his or her minimum retirement
1290		-	benefits calculated on an average salary of Five Thousand Three
1291		-	Hundred Fifty Dollars ($5,350.00) or, if a larger monthly allowance
1292		-	would result, an amount arrived at pursuant to applicatio n of the
1293		-	formula prescribed herein.
1294		-	(3) No member shall receive a lesser retirement benefit than he
1295		-	or she the member would have received under the law in effect at the
1296		-	time he or she retired. Any individual under the Tea chers’
1297		-	Retirement System, who thr ough error in stating the title of the
1298		-	position which he or she the member held, may, at the discretion of
1299		-	the Board of Trustees, be changed from the nonclassified optional
1300		-	group to the classified group for the purpose of c alculating
1301		-	retirement benefits.
1302		-	Any individual regardless of residence, who has a minimum of ten
1303		-	(10) years of teaching in Oklahoma schools prior to July 1, 1943, or
1304		-	who taught in Oklahoma schools prior to 1934 and thereafter taught a
1305		-	minimum of ten (10) y ears and who does not qualify und er the present
1306		-	retirement System, or who has a minimum of thirty (30) years of
1307		-	teaching in Oklahoma schools and has reached seventy (70) years of RBS No. 2241
1308		-
1309		-	Req. No. 2241 Page 27 1
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1333		-
1334		-	age prior to July 1, 1984, and is not otherwise eligible to receive
1335		-	any benefits from the retirement system sh all receive a minimum of
1336		-	One Hundred Fifty Dollars ($150.00) per month in retirement benefits
1337		-	from the Teachers’ Retirement System of Oklahoma plus any general
1338		-	increase in benefits for annuitants as may be provided hereafte r by
1339		-	the Legislature. Each indiv idual must apply to the Teachers’
1340		-	Retirement System for such benefit and provide evidence to the
1341		-	Teachers’ Retirement System that the service was actually rendered.
1342		-	The surviving spouse of any person who made application f or the
1343		-	benefit provided for by th is paragraph during his or her lifetime
1344		-	but did not receive the benefit may submit an application to the
1345		-	System for payment of the benefit for those months during the
1346		-	lifetime of the deceased person that he or she was eligi ble for but
1347		-	did not receive the b enefit. Upon approval o f the application by
1348		-	the Board of Trustees, the benefit shall be paid to the surviving
1349		-	spouse in one lump sum.
1350		-	(4) The value of each year of prior service is the total
1351		-	monthly retirement benefit div ided by the number of years of
1352		-	creditable service.
1353		-	(5) Upon application of a member who is actively engaged in
1354		-	teaching in Oklahoma or his or her upon application of the member’s
1355		-	employer, any member who has been a contributing member for ten (10)
1356		-	years may be retired by the System subsequent to the execution and
1357		-	filing thereof, on a disability retirement allowance benefits, RBS No. 2241
1358		-
1359		-	Req. No. 2241 Page 28 1
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1361		-	3
1362		-	4
1363		-	5
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1365		-	7
1366		-	8
1367		-	9
1368		-	10
1369		-	11
1370		-	12
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1375		-	17
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1383		-
1384		-	provided that it is found by the Medical Board after medical
1385		-	examination of such member by a duly qualified physician that such
1386		-	member is mentally or physically incapacitated for further
1387		-	performance of duty, that such i ncapacity is likely to be permanent,
1388		-	and that such member should be retired. The System shall rely on
1389		-	and give full consideration to the conclusions and recommendations
1390		-	in the certified written report of the Med ical Board of the
1391		-	Teachers’ Retirement System regarding the disability application of
1392		-	such member. If the Medical Board does not find that a member
1393		-	applying for disability retirement is mentally or physically
1394		-	incapacitated for performance of duty or other wise eligible for a
1395		-	disability retirement, t he application shall then be considered by
1396		-	the Board of Trustees. If a member is determined to be eligible for
1397		-	disability benefits pursuant to the Social Security System
1398		-	Administration, then such determination shall entitle th e member to
1399		-	the authorized disability retire ment allowance benefits provided by
1400		-	law. For members who are not eligible for disability benefits
1401		-	pursuant to the Social Security System Administration, the Board of
1402		-	Trustees and the Medical Bo ard shall apply the same standard for
1403		-	which provision is made in the first tw o sentences of this
1404		-	subsection for determining the eligibility of a person for such
1405		-	disability benefits in making a determination of eligibility for
1406		-	disability benefits as authori zed by this subsection. RBS No. 2241
1407		-
1408		-	Req. No. 2241 Page 29 1
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1432		-
1433		-	(6) (a) A member who at the time of retirement has been found
1434		-	to be permanently physically or mentally incapacitated to perform
1435		-	the necessary duties to continue in his or her the member’s current
1436		-	position shall receive a minimum m onthly retirement payment for life
1437		-	or until such time as the member may be fo und to be recovered to the
1438		-	point where he or she the member may return to teaching. Any member
1439		-	retired before July 1, 1992, shall be eligible to receive the
1440		-	monthly retirement allowance benefit herein provided, but such
1441		-	payment shall not begin until the f irst payment due him or her after
1442		-	July 1, 1992, and shall not be retroactive. The Board of Trustees
1443		-	is empowered to make such rules and regulations as it considers
1444		-	proper to preserve equity in retirements u nder this provision, which
1445		-	shall include a provis ion to protect the rights of the member’s
1446		-	spouse.
1447		-	(b) A member who has qualified for retirement benefits under
1448		-	disability retirement shall have the total monthly payment deducted
1449		-	from his or her accumulated contributions plus interest earned and
1450		-	any money remaining in the member’s account after the above
1451		-	deductions at the death of the member shall be paid in a lump sum to
1452		-	the beneficiary or to the estate of the member. Provided, if the
1453		-	deceased disabled mem ber had thirty (30) years or more of creditable
1454		-	service and the death occurred after June 30, 1981, and death
1455		-	occurred prior to the disabled member receiving twelve monthly
1456		-	retirement payments, a surviving spouse may elect to re ceive the RBS No. 2241
1457		-
1458		-	Req. No. 2241 Page 30 1
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1460		-	3
1461		-	4
1462		-	5
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1465		-	8
1466		-	9
1467		-	10
1468		-	11
1469		-	12
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1482		-
1483		-	retirement benefit to which the deceased member would have been
1484		-	entitled at the time of death under the Option 2 Plan of Retirement
1485		-	provided for in subsection (8) of this section in lieu of the death
1486		-	benefit provided for in this subsection and in subsection (12) of
1487		-	this section.
1488		-	(c) Once each year the System may require any disabled
1489		-	annuitant who has not yet attained the age of sixty (60) years to
1490		-	undergo a medical examination, such examination to be made at the
1491		-	place of residence for the disable d annuitant or other place
1492		-	mutually agreed upon by a physician or physicians designated by the
1493		-	System. Should any disabled annuitant who has not yet attained the
1494		-	age of sixty (60) years refuse to submit to at least one medical
1495		-	examination in any such year by a physician or physician s designated
1496		-	by the System his or her allowance, the member’s benefit may be
1497		-	discontinued until he or she the member submits to such examination.
1498		-	(d) Should the Medical Board report and certify to the Board of
1499		-	Trustees that such disabled annuitant is engaged in or is able to
1500		-	engage in a gainful occupatio n paying more than the difference
1501		-	between his or her retirement allowance and the member’s average
1502		-	final compensation and the annual benefit amount, and should the
1503		-	Board of Trustees concur in such report , then the amount of his or
1504		-	her pension the member’s annual benefit shall be reduced to an
1505		-	amount which, together with his or her retirement allowance and that
1506		-	amount earnable by him or her added to the member’s earnings from a RBS No. 2241
1507		-
1508		-	Req. No. 2241 Page 31 1
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1532		-
1533		-	gainful occupation, shall equal the amount of his or her the
1534		-	member’s average final compensation. Should his or her the member’s
1535		-	earning capacity be later increased, the amount of his or her
1536		-	pension the member’s annual benefit may be further modified,
1537		-	provided the new pension shall not exce ed that amount of the pension
1538		-	originally granted nor an amount, which when a dded to the amount
1539		-	earnable by the member, together with his or her annuity, equals the
1540		-	amount of his or her average final compensation reduced.
1541		-	(e) Should a disabled annuita nt be restored to active service,
1542		-	his or her the member’s disability retirement allowance benefit
1543		-	shall cease and he or she the member shall again become a an active
1544		-	member of the Teachers’ Retirement System and shall make regul ar
1545		-	contributions as required under this article. The unused portion of
1546		-	his or her the member’s accumulated contributions shall be
1547		-	reestablished to his or her the member’s credit in the Teachers’
1548		-	Savings Fund. Any such prior service certificates on the ba sis of
1549		-	which his or her the member’s service was computed at the time of
1550		-	his or her the member’s retirement shall be restored to full force
1551		-	and effect.
1552		-	(7) Should a member before retirement under Section 1-101 17-
1553		-	101 et seq. of this title make application for withdrawal duly filed
1554		-	with the System, not earlier than four (4) months a fter the date of
1555		-	termination of such service as a teacher eligible employment, the
1556		-	contribution standing to the credit of his or her the member’s RBS No. 2241
1557		-
1558		-	Req. No. 2241 Page 32 1
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1582		-
1583		-	individual account in the Teachers’ Savings Fund shall be paid to
1584		-	him or her the member or, in the event of his or her the member’s
1585		-	death before retirement, shall be paid to such perso n or persons as
1586		-	he or she the member shall have nominated by written designation,
1587		-	duly executed designated in a manner required by the Boa rd of
1588		-	Trustees and filed with the System; provided, however, if there be
1589		-	no designated beneficiary surviving upon such death, such
1590		-	contributions shall be paid to his or her the member’s
1591		-	administrators, executors, or assign s, together with interest as
1592		-	hereinafter provided. In lieu of a lump-sum settlement at the death
1593		-	of the member, the amount of money the member has on d eposit in the
1594		-	Teachers’ Savings Fund and the money the member has on deposit in
1595		-	the Teachers’ Deposit Fund may be paid in monthly payments to a
1596		-	designated beneficiary, who must be th e spouse, under the Maximum or
1597		-	Option 1 Plan of Retirement providing the m onthly payment shall be
1598		-	not less than Twenty-five Dollars ($25.00) per month. The monthly
1599		-	payment shall be the actuarial equivalent of the amount becoming due
1600		-	at the member’s death based on the sex of the spouse a nd the age the
1601		-	spouse has attained at the last birthday prior to the member’s
1602		-	death. Provided further, if there be no designated beneficiary
1603		-	surviving upon such death, and the contributions standing to the
1604		-	credit of such member do not exceed Two Hundred D ollars ($200.00),
1605		-	no part of such contribu tions shall be subject to the payment of any
1606		-	expense of the last illness or funeral of the deceased memb er or any RBS No. 2241
1607		-
1608		-	Req. No. 2241 Page 33 1
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1632		-
1633		-	expense of administration of the estate of such deceased and the
1634		-	System, upon satisfactory proof of the death of such member and of
1635		-	the name or names of the person or persons who would be entitled to
1636		-	receive such contributions under the laws of d escent and
1637		-	distribution of the state, may authorize the payment of accumulated
1638		-	contributions to such person or persons. A member terminating his
1639		-	or her membership by withdrawal after June 30, 2003, shall have the
1640		-	interest computed at a rate of interest de termined by the Board of
1641		-	Trustees and paid to him or her the member subject to the following
1642		-	schedule:
1643		-	(a) If termination occurs within sixteen (16) ye ars from the
1644		-	date membership began, fifty percent (50%) of such interest
1645		-	accumulations shall be paid.
1646		-	(b) With at least sixteen (16) but less than twenty-one (21)
1647		-	years of membership, sixty percent (60%) of such i nterest
1648		-	accumulations shall be paid.
1649		-	(c) With at least twenty-one (21) but less than twenty-six (26)
1650		-	years of membership, seventy-five percent (75%) of such interest
1651		-	accumulations shall be paid.
1652		-	(d) With at least twenty -six (26) years of membership, nine ty
1653		-	percent (90%) of such interest accumula tions shall be paid.
1654		-	In case of death of an active member, the interest shall be
1655		-	calculated and restored to the member’s account and paid to his or
1656		-	her beneficiary. RBS No. 2241
1657		-
1658		-	Req. No. 2241 Page 34 1
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1660		-	3
1661		-	4
1662		-	5
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1681		-	24
1682		-
1683		-	(8) (a) In lieu of his or her retirement allowance the Maximum
1684		-	Retirement Allowance payable throughout life for such an amount as
1685		-	determined under this section, the member may select a retireme nt
1686		-	allowance for a reduced amount payable under any of the following
1687		-	options the present value of which is the actuarial equivalent
1688		-	thereof.
1689		-	(b) A member may select the option under which he or she
1690		-	desires to retire at the end of the school year in which he or she
1691		-	attains age seventy (70) and the option shall be binding and cannot
1692		-	be changed. Provided further th at if a member retires before age
1693		-	seventy (70), no election of an option shall be effective in case an
1694		-	annuitant dies before the first payment due under such option has
1695		-	been received.
1696		-	(c) The first payment of any benefit se lected shall be made on
1697		-	the first day of the month following approval of t he retirement by
1698		-	the System. If the named designated joint annuitant under Option 2
1699		-	or 3 dies at any time after the member’s retirement date, but before
1700		-	the death of the member, the member shall return to the retirement
1701		-	benefit Maximum Plan of Retirement , including any post retirement
1702		-	post-retirement benefit increases the member would have received had
1703		-	the member not selected Option 2 or 3 of this subsecti on. The
1704		-	benefit retirement allowance shall be determined at the date of
1705		-	death of the designated joint annuitant. Thi s increase shall become
1706		-	effective the first day of the month following the date of death of RBS No. 2241
1707		-
1708		-	Req. No. 2241 Page 35 1
1709		-	2
1710		-	3
1711		-	4
1712		-	5
1713		-	6
1714		-	7
1715		-	8
1716		-	9
1717		-	10
1718		-	11
1719		-	12
1720		-	13
1721		-	14
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1724		-	17
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1728		-	21
1729		-	22
1730		-	23
1731		-	24
1732		-
1733		-	the designated joint annuitant, and shall be p ayable for the
1734		-	member’s remaining lifetime. The member shall notify the Tea chers’
1735		-	Retirement System of Oklahoma of the death of the designated joint
1736		-	annuitant in writing by providing a copy of the joint an nuitant’s
1737		-	death certificate. In the absence of th e written notice death
1738		-	certificate being filed by the member notifying the T eachers’
1739		-	Retirement System of Oklahoma of the death of the designated joint
1740		-	annuitant within six (6) months of the date of death, nothing in
1741		-	this subsection shall require the Teach ers’ Retirement System of
1742		-	Oklahoma to pay more than six (6) months of retros pective benefits
1743		-	increase.
1744		-	Option 1. A member takes a slightly reduced retirement
1745		-	allowance for life. If he or she the member dies before he or she
1746		-	has received receiving in annuity payments the present value of his
1747		-	or her the member’s annuity as it was at the time of his or her
1748		-	retirement, the balance shall be paid to his or her legal
1749		-	representatives or to such person as he or she shall nominate the
1750		-	member’s beneficiary by written designation duly acknowledged and
1751		-	filed with the System at the time of his or her retirement prior to
1752		-	the member’s death; or
1753		-	Option 2. A member takes a reduced retirement allowance for
1754		-	life. Upon the death of the member the payments shall continue to
1755		-	the member’s designated joint annuitant for the life of the joint
1756		-	annuitant. The written designation of the joint annuitant must be RBS No. 2241
1757		-
1758		-	Req. No. 2241 Page 36 1
1759		-	2
1760		-	3
1761		-	4
1762		-	5
1763		-	6
1764		-	7
1765		-	8
1766		-	9
1767		-	10
1768		-	11
1769		-	12
1770		-	13
1771		-	14
1772		-	15
1773		-	16
1774		-	17
1775		-	18
1776		-	19
1777		-	20
1778		-	21
1779		-	22
1780		-	23
1781		-	24
1782		-
1783		-	duly acknowledged and filed with the System at the time of the
1784		-	member’s retirement and, except as provided in paragraph (e) (d) of
1785		-	this subsection, cannot be changed after the effective date of the
1786		-	member’s retirement; or
1787		-	Option 3. A member receives a reduced retirement allowance for
1788		-	life. Upon the death of the member one -half (1/2) of the retirement
1789		-	allowance paid the member shall be continued throughout the life of
1790		-	the designated member’s joint annuitant. A written designation of a
1791		-	joint annuitant must be duly acknowledged and filed with the System
1792		-	at the time of the member ’s retirement and, except as provided in
1793		-	paragraph (e) (d) of this subsection, cannot be changed after the
1794		-	effective date of th e member’s retirement; or
1795		-	Option 4. Some Provided, the System may establish other
1796		-	retirement options if certified by the actuary to be of equivalent
1797		-	actuarial value to the member ’s retirement allowance. Other
1798		-	retirement options shall be presented to t he Board of Trustees for
1799		-	approval at its disc retion. These other benefit or benefits shall
1800		-	be paid either to the member or, if applicable, to such joint
1801		-	annuitant as he or she the member shall nominate, provided such
1802		-	other benefit or benefits, together with the reduced retirement
1803		-	allowance, shall be certified by the actuary to be of equivalent
1804		-	actuarial value to his or her retirement a llowance and shall be
1805		-	approved by the System . RBS No. 2241
1806		-
1807		-	Req. No. 2241 Page 37 1
1808		-	2
1809		-	3
1810		-	4
1811		-	5
1812		-	6
1813		-	7
1814		-	8
1815		-	9
1816		-	10
1817		-	11
1818		-	12
1819		-	13
1820		-	14
1821		-	15
1822		-	16
1823		-	17
1824		-	18
1825		-	19
1826		-	20
1827		-	21
1828		-	22
1829		-	23
1830		-	24
1831		-
1832		-	(d) (c) Provided that Option 2 and Option 3 shall not be
1833		-	available if the membe r’s expected benefit is less than fifty
1834		-	percent (50%) of the lump-sum actuarial equivalent and the
1835		-	designated joint annuitant is n ot the spouse of the member.
1836		-	(e) (d) A member who chose the maximum retirement benefit plan
1837		-	Maximum Plan of Retirement at the time of retirement may make a one-
1838		-	time election to choose either Option 2 or 3 and name the member’s
1839		-	spouse as designated joint annuitant if the member marries after
1840		-	making the initial election. Such an election shall be made within
1841		-	one (1) year of the date of marriage. The member shall provide
1842		-	proof of a member’s good health before the System will permit a
1843		-	change to either Option 2 or 3 and the naming of a designated joint
1844		-	annuitant. A medical examination conducted by a licensed physician
1845		-	is required for purposes of determining good health. S uch
1846		-	examination must be approved by the Medical Board. The member shall
1847		-	be required to provide proof of age for the new joint annuitant.
1848		-	The System shall adjust the monthly benefit retirement allowance to
1849		-	the actuarially equivalent amount based on the ne w designated joint
1850		-	annuitant’s age. The Board of Trustees shall promulgate rules to
1851		-	implement the provisions of this subsection.
1852		-	(f) (e) A member who retires after the effective date of this
1853		-	act July 1, 2010, and has selected a retirement allowance for a
1854		-	reduced amount payable under one of the options provided for in this
1855		-	subsection may make a one-time irrevocable election to sele ct a RBS No. 2241
1856		-
1857		-	Req. No. 2241 Page 38 1
1858		-	2
1859		-	3
1860		-	4
1861		-	5
1862		-	6
1863		-	7
1864		-	8
1865		-	9
1866		-	10
1867		-	11
1868		-	12
1869		-	13
1870		-	14
1871		-	15
1872		-	16
1873		-	17
1874		-	18
1875		-	19
1876		-	20
1877		-	21
1878		-	22
1879		-	23
1880		-	24
1881		-
1882		-	different option within sixty (60) d ays of the member’s retirement
1883		-	date. The beneficiary or joint annuitant designated by the member
1884		-	at the time of retirement shall not be changed if the member makes
1885		-	the election provided for in this paragraph.
1886		-	(g) (f) Any individual who is eligible to be a beneficiary or
1887		-	joint annuitant of a member under this subsection, and who is also a
1888		-	beneficiary of a trust created under the Oklahoma Discretionary and
1889		-	Special Needs Trust Act, Section 175.81 et seq. of Title 60 of th e
1890		-	Oklahoma Statutes, or a comparable Trust Act created under the laws
1891		-	of another state, hereinafter collectively referred to as “Trust
1892		-	Acts”, may be a beneficiary or joint annuitant under this subsection
1893		-	by having the trustee of the trust established for t he benefit of
1894		-	that individual named a s the legal beneficiary or joint annuitant
1895		-	under this subsection. The age of that beneficiary shall be used
1896		-	for calculating any benefit payable to the trust under this
1897		-	subsection. The beneficiary of such a trust shall be treated as the
1898		-	beneficiary or joint annuitant under this subsection except that
1899		-	payments of any benefits due under this subsection shall be payable
1900		-	to the lawfully appointed trustee of the trust. The obliga tion of
1901		-	the System to pay the beneficiary or joint annuitant under this
1902		-	subsection shall be satisfied by payment to the trustee whom the
1903		-	System, in good faith, believes to be the lawfully appointed
1904		-	trustee. Any conflict between the statutes creating and g overning
1905		-	the Teachers’ Retirement System in S ection 17-101 et seq. of this RBS No. 2241
1906		-
1907		-	Req. No. 2241 Page 39 1
1908		-	2
1909		-	3
1910		-	4
1911		-	5
1912		-	6
1913		-	7
1914		-	8
1915		-	9
1916		-	10
1917		-	11
1918		-	12
1919		-	13
1920		-	14
1921		-	15
1922		-	16
1923		-	17
1924		-	18
1925		-	19
1926		-	20
1927		-	21
1928		-	22
1929		-	23
1930		-	24
1931		-
1932		-	title and the provisions of any Trust Act referred to above shall be
1933		-	resolved in favor of the statutes governing the System. If an
1934		-	eligible beneficiary or joint annuitant is named at the time of
1935		-	retirement, and becomes a bene ficiary of a trust under one of the
1936		-	Trust Acts described herein after that time, the System will
1937		-	acknowledge the trust as the beneficiary upon the submission of
1938		-	adequate documentation of the existence of the tru st. All other
1939		-	provisions of this subsection shall apply to these subsequently
1940		-	created trusts.
1941		-	(h) (g) The Board of Trustees of the System may recognize other
1942		-	trusts set up for the benefit of individuals otherwise eligible to
1943		-	be named as a beneficiary or joint annuitant under this subsection
1944		-	by administrative rule if it can be done wit hout undue additional
1945		-	administrative expense of the System.
1946		-	(9) The governing board of any “public school”, as that term is
1947		-	defined in Section 17-101 of this title, is hereb y authorized and
1948		-	empowered to pay additional reti rement allowances or compensation to
1949		-	any person who was in the employ of such public school for not less
1950		-	than seven (7) school years preceding the date of his or her
1951		-	retirement. Payments so made shall be a proper charge against the
1952		-	current appropriation o r appropriations of any such publ ic school
1953		-	for salaries for the fiscal year in which such payments are made.
1954		-	Such payments shall be made in regular monthly installments in such
1955		-	amounts as the governing boar d of any such public school, in its RBS No. 2241
1956		-
1957		-	Req. No. 2241 Page 40 1
1958		-	2
1959		-	3
1960		-	4
1961		-	5
1962		-	6
1963		-	7
1964		-	8
1965		-	9
1966		-	10
1967		-	11
1968		-	12
1969		-	13
1970		-	14
1971		-	15
1972		-	16
1973		-	17
1974		-	18
1975		-	19
1976		-	20
1977		-	21
1978		-	22
1979		-	23
1980		-	24
1981		-
1982		-	judgment, shall determine to be reasonable and appropriate in view
1983		-	of the length and type of service rendered by any such person to
1984		-	such public school by which such person was employed at the time of
1985		-	retirement. All suc h additional payments shall be uniform, based
1986		-	upon the length of service and the t ype of services performed, to
1987		-	persons formerly employed by such public school who have retired or
1988		-	been retired in accordance with the provisions of Section 17-101 et
1989		-	seq. of this title.
1990		-	The governing board of any such publi c school may adopt rules
1991		-	and regulations of general application outlining the terms and
1992		-	conditions under which such additional retirement benefits shall be
1993		-	paid, and all decisions of such board shall be fina l.
1994		-	(10) In addition to the teachers’ retirement herein provided,
1995		-	teachers may voluntarily avail themselves of the Federal Social
1996		-	Security Program upon a district basis.
1997		-	(11) Upon the death of an in-service member, the System shall
1998		-	pay to the designated b eneficiary of the member or, if there is no
1999		-	designated beneficiary or if the desig nated beneficiary predeceases
2000		-	the member, to the estate of the member, the sum of Eighteen
2001		-	Thousand Dollars ($18,000.00) as a death benefit. Provided, if the
2002		-	deceased member had ten (10) years or more of creditable service ,
2003		-	the member’s designated benefic iary may elect to receive the
2004		-	retirement benefit to which the deceased member would have been
2005		-	entitled at the time of death under the Option 2 plan of retirement RBS No. 2241
2006		-
2007		-	Req. No. 2241 Page 41 1
2008		-	2
2009		-	3
2010		-	4
2011		-	5
2012		-	6
2013		-	7
2014		-	8
2015		-	9
2016		-	10
2017		-	11
2018		-	12
2019		-	13
2020		-	14
2021		-	15
2022		-	16
2023		-	17
2024		-	18
2025		-	19
2026		-	20
2027		-	21
2028		-	22
2029		-	23
2030		-	24
2031		-
2032		-	in lieu of the death benefit provided for in this subsection.
2033		-	Provided further, the option pr ovided in this subsection is only
2034		-	available when the member has designated one individual as the
2035		-	designated beneficiary. The beneficiary or beneficiaries of death
2036		-	benefits in the amount not to exceed Eighteen Thousand Doll ars
2037		-	($18,000.00), but exclusive o f any retirement benefit received by an
2038		-	electing beneficiary based upon creditable service performed by the
2039		-	deceased member, which are provided pursuant to this subsection , may
2040		-	elect to disclaim such death benefits in which case such benefits
2041		-	will be transferred to a person licensed as a funeral director or to
2042		-	a lawfully recognized business entity licensed as required by law to
2043		-	provide funeral services for the deceased member. The qualified
2044		-	disclaimer must be in writing and will be an irrevocable and an
2045		-	unqualified refusal to accept all or a port ion of the death benefit.
2046		-	It must be received by the transferor no more than nine (9) months
2047		-	after the later of the day the transfer creating the interest in the
2048		-	disclaiming person i s made or the day the disclaiming person attains
2049		-	age twenty-one (21). The interest in the death benefits must pass
2050		-	without direction by the disclaiming person to another person.
2051		-	After paying death benefit s to any beneficiary or the member’s
2052		-	estate pursuant to this subsection, the System is discharged and
2053		-	released from any and all liability, obligation, and costs. The
2054		-	System is not required to inquire into the truth of any matter RBS No. 2241
2055		-
2056		-	Req. No. 2241 Page 42 1
2057		-	2
2058		-	3
2059		-	4
2060		-	5
2061		-	6
2062		-	7
2063		-	8
2064		-	9
2065		-	10
2066		-	11
2067		-	12
2068		-	13
2069		-	14
2070		-	15
2071		-	16
2072		-	17
2073		-	18
2074		-	19
2075		-	20
2076		-	21
2077		-	22
2078		-	23
2079		-	24
2080		-
2081		-	specified in this subsection or into the payment of any estate tax
2082		-	liability.
2083		-	(12) Upon the death of a retir ed member who has contributed to
2084		-	the System, the retirement system shall pay to the designated
2085		-	beneficiary of the member or, if there is no designated beneficiary
2086		-	or if the designated beneficiary predeceases the member, to the
2087		-	estate of the member, the sum of Five Thousand Dollars ($5,000.00)
2088		-	as a death benefit. The beneficiary or beneficiaries of benefits
2089		-	provided pursuant to this subsection may elect to disclaim such
2090		-	death benefits in which case such benefits will be tran sferred to a
2091		-	person licensed as a funeral director or to a lawfully recogni zed
2092		-	business entity licensed as required by law to provide funeral
2093		-	services for the deceased member. The qualified disclaimer must be
2094		-	in writing and will be an irrevocable and an u nqualified refusal to
2095		-	accept all or a portion of the death benefit. It mus t be received
2096		-	by the transferor no more than nine (9) months after the later of
2097		-	the day the transfer creating the interest in the disclaiming person
2098		-	is made or the day the disclaimi ng person attains age twenty -one
2099		-	(21). The interest in the death benefits must pass without
2100		-	direction by the disclaiming person to another person. The benefit
2101		-	payable pursuant to this subsection shall be deemed, for purposes of
2102		-	federal income taxation, a s life insurance proceeds and not as a
2103		-	death benefit if the Internal Revenu e Service approves this
2104		-	provision pursuant to a private letter ruling request which shall be RBS No. 2241
2105		-
2106		-	Req. No. 2241 Page 43 1
2107		-	2
2108		-	3
2109		-	4
2110		-	5
2111		-	6
2112		-	7
2113		-	8
2114		-	9
2115		-	10
2116		-	11
2117		-	12
2118		-	13
2119		-	14
2120		-	15
2121		-	16
2122		-	17
2123		-	18
2124		-	19
2125		-	20
2126		-	21
2127		-	22
2128		-	23
2129		-	24
2130		-
2131		-	submitted by the Board of Trustees of the System for that purpose.
2132		-	After paying death benefits to any beneficiary or the member’s
2133		-	estate pursuant to this subsectio n, the System is discharged and
2134		-	released from any and all liability, obligation, and costs. The
2135		-	System is not required to inquire into the truth of any matter
2136		-	specified in this su bsection or into the payment of an y estate tax
2137		-	liability.
2138		-	(13) Upon the death of a member who dies leaving no living
2139		-	beneficiary or having designated his or her estate as beneficiary,
2140		-	the System may pay any applicable death benefit, unpaid
2141		-	contributions, or unpaid benefit which may be sub ject to probate, in
2142		-	an amount of Twenty-five Thousand Dollars ($25,000.00) or less,
2143		-	without the intervention of the probate court or probate procedure
2144		-	pursuant to Section 1 et seq. of Title 58 of the Oklahoma Statutes.
2145		-	(a) Before any applicable probate pr ocedure may be waived, the
2146		-	System must be in receipt of the member’s proof of death certificate
2147		-	and the following documents from those persons claiming to be the
2148		-	legal heirs of the deceased member:
2149		-	1. The member’s valid last will and testament, trust
2150		-	documents or affidavit that a will does not exis t;
2151		-	2. An affidavit or affidavits of heirship which must
2152		-	state:
2153		-	a. the names and signatures of all claiming heirs to
2154		-	the deceased member’s estate including the RBS No. 2241
2155		-
2156		-	Req. No. 2241 Page 44 1
2157		-	2
2158		-	3
2159		-	4
2160		-	5
2161		-	6
2162		-	7
2163		-	8
2164		-	9
2165		-	10
2166		-	11
2167		-	12
2168		-	13
2169		-	14
2170		-	15
2171		-	16
2172		-	17
2173		-	18
2174		-	19
2175		-	20
2176		-	21
2177		-	22
2178		-	23
2179		-	24
2180		-
2181		-	claiming heirs’ names, relationship to the
2182		-	deceased, current addresses, tax I.D. numbers if
2183		-	known and current telephone numbers,
2184		-	b. a statement or statements by the claiming heirs
2185		-	that no application or petition for the
2186		-	appointment of a personal representative is
2187		-	pending or has been granted in any jurisdictio n,
2188		-	c. a description of the personal propert y claimed,
2189		-	(i.e., death benefit or unpaid contributions or
2190		-	both) together with a statement that such
2191		-	personal property is sub ject to probate,
2192		-	d. a statement by each individual cla iming heir
2193		-	identifying the amount of personal property that
2194		-	the heir is claiming from the System, and that
2195		-	the heir has been notified of, is aware of and
2196		-	consents to the identified claims of all the
2197		-	other claiming heirs of the deceased member
2198		-	pending with the System;
2199		-	3. A written agreement or agreements signed by all
2200		-	claiming heirs of the deceased member which provides
2201		-	that the claiming heirs release, discharge and hold
2202		-	harmless the System from any and a ll liability,
2203		-	obligations and costs which it may incur as a result RBS No. 2241
2204		-
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2229		-
2230		-	of making a payment t o any of the deceased member’s
2231		-	heirs;
2232		-	4. A corroborating affidavit from an individual other
2233		-	than a claiming heir, who was familiar with the
2234		-	affairs of the deceased memb er;
2235		-	5. Proof that all debts of the deceased member, in cluding
2236		-	payment of last sickness, hospital, medical, death,
2237		-	funeral and burial expenses have been paid or provided
2238		-	for.
2239		-	(b) The Executive Director of the System shall retain complete
2240		-	discretion in determining which requests for probate waiver may be
2241		-	granted or denied, for any reason. Sho uld the System have any
2242		-	question as to the validity of any document presented by the
2243		-	claiming heirs, or as to any statement or assertion contained
2244		-	therein, the probate requirement provided for in Section 1 et seq.
2245		-	of Title 58 of the Oklahoma Statutes shall not be waived.
2246		-	(c) After paying any death benefits or unpaid contributions to
2247		-	any claiming heirs as provided pursuant to this subsection, the
2248		-	System is discharged and released from any and all liability,
2249		-	obligation and costs to the same extent as if the System had dealt
2250		-	with a personal representa tive of the deceased member. The System
2251		-	is not required to inquire into the truth of any matter specified in
2252		-	this subsection or into the payment of any estate tax liability. RBS No. 2241
2253		-
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2278		-
2279		-	(14) Upon the death of a retired memb er, the benefit payment
2280		-	for the month in which the retired member died, if not previously
2281		-	paid, shall be made to the joint annuitant if still living, to the
2282		-	beneficiary of the member if the joint annuitant is deceased, or to
2283		-	the member’s estate if there is no surviving joint annuitant or
2284		-	beneficiary. Such benefit payment shall be made in an amount equal
2285		-	to a full monthly benefit payment regardless of the day of the mont h
2286		-	in which the retired member died.
2287		-	SECTION 4. AMENDATORY 70 O .S. 2021, Section 17-105.1, is
2288		-	amended to read as follows:
2289		-	Section 17-105.1. In the event the total retirement payments
2290		-	made to a retired member and the retired member ’s joint annuitant,
2291		-	if any, are less than the member ’s accumulated contribut ions with
2292		-	interest as credited at the time of retirement under Section 17-105
2293		-	of this title, the difference shall be paid to the member’s
2294		-	designated beneficiary or if no designated beneficiary survives,
2295		-	then to the member’s nearest surviving next of kin as determined by
2296		-	law estate. This provision shall apply t o retired members dying on
2297		-	or after July 1, 1979. After paying unpaid accumulated
2298		-	contributions to any designated beneficiary or the member’s estate
2299		-	pursuant to this section, the System is discharged and relea sed from
2300		-	any and all liability, obligation, and costs. The System is not
2301		-	required to inquire into the truth of any matter specified in this
2302		-	section or into the payment of any estate tax liability. RBS No. 2241
2303		-
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2328		-
2329		-	SECTION 5. AMENDATORY 70 O.S. 2021, Section 17-106.3, is
2330		-	amended to read as fo llows:
2331		-	Section 17-106.3. A. All employee and employer contributions
2332		-	and dedicated revenues shall be deposited in the Oklahoma Teachers’
2333		-	Retirement Fund in the State Treasury. Th e Board of Trustees shall
2334		-	have the responsibility for the management of the Oklahoma Teachers’
2335		-	Retirement Fund, and may transfer monies used for investment
2336		-	purposes by the Teachers’ Retirement System of Oklahoma from the
2337		-	Oklahoma Teachers’ Retirement Fund in the State Treasury to the
2338		-	custodian bank or trust company of the System.
2339		-	B. All benefits payable pursuant to the provisions of the
2340		-	Teachers’ Retirement System of Oklahoma, refunds of contribution and
2341		-	overpayments, and all administrative expenses in con nection with the
2342		-	System shall be paid from the Oklahoma Teachers’ Retirement Fund
2343		-	upon warrants or vouchers signed by two persons designated by the
2344		-	Board of Trustees. All expenses of the administration of the Tax-
2345		-	Sheltered Annuity Fund shall be pai d from the Oklahoma Teachers’
2346		-	Retirement Fund. The Board of Trustees may transfer m onies from the
2347		-	custodian bank or trust company of the System to the Oklahoma
2348		-	Teachers’ Retirement Fund in the State Treasury for the purposes
2349		-	specified in this subsection.
2350		-	SECTION 6. AMENDATORY 70 O.S. 2021, Section 17-107, is
2351		-	amended to read as follows: RBS No. 2241
2352		-
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2377		-
2378		-	Section 17-107. The interest earned on the investments in the
2379		-	Teachers’ Retirement System of Okl ahoma shall be credited in the
2380		-	following manner:
2381		-	1. money on deposit in the Teachers ’ Deposit Fund or Tax-
2382		-	Sheltered Annuity Fund shal l be credited with interest annually
2383		-	compounded;
2384		-	2. there There shall be deducted from the annual interest on
2385		-	investments an amount necessary for the amortization of bonds
2386		-	purchased and owned by the Teachers ’ Retirement System of Oklahoma;
2387		-	3. there 2. There shall be deducted from the annual interest
2388		-	on investments an amount of money necessary for the operation of the
2389		-	Teachers’ Retirement System of Oklahoma; and
2390		-	4. any 3. Any residue remaining in the Interest Fund after the
2391		-	requirements of paragraphs 1 through 3 and 2 of this section have
2392		-	been fully met shall be used for the purpose of paying retirement
2393		-	benefits to the retirees of the Teachers’ Retirement System of
2394		-	Oklahoma and transferred to the Retirement Benefit Fund; the
2395		-	interest income shall be distributed to the var ious funds on June 30
2396		-	each year.
2397		-	SECTION 7. AMENDATORY 70 O.S. 2021, Section 17-108, is
2398		-	amended to read as follows:
2399		-	Section 17-108. A. Each local school district, or state
2400		-	college or university, or State Board of Education, or State Board
2401		-	of Career and Technology Education, or other state agencies whose RBS No. 2241
2402		-
2403		-	Req. No. 2241 Page 49 1
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2427		-
2428		-	employees are members of the Teachers’ Retirement System of Oklahoma
2429		-	(“participating employers”), shall match, on a pro rata basis, in
2430		-	accordance with subsection B of this section the contribut ions of
2431		-	members whose salaries are paid by federal funds or externally
2432		-	sponsored agreements such as grants, contracts and cooperative
2433		-	agreements. These funds shall be remitted at the same time as the
2434		-	regular contributions of members are remitted to the Te achers’
2435		-	Retirement System of Oklahoma and deposited in the Retirement
2436		-	Benefit Fund.
2437		-	B. On an annual basis, the Board of Trustees shall set two
2438		-	contribution rates to be paid by contributing employers as provided
2439		-	in subsection A of this section. Both contribution rates shall be
2440		-	determined using cost principles established by federal regulations
2441		-	and shall be consistent with policies, regulations and procedures
2442		-	that apply uniformly to both federally assisted and ot her
2443		-	activities, and be accorded consistent t reatment through application
2444		-	of generally accepted accounting principles. The Board shall
2445		-	approve the contribution rates for each fiscal year ending June 30,
2446		-	no later than April 1 of the previous fiscal year . The first rate
2447		-	shall be applied to service pe rformed during the regular school year
2448		-	of the participating employer. The second rate shall be applied to
2449		-	service performed by members during a summer school program of the
2450		-	participating employer. For the purposes of this subsection,
2451		-	“summer school program” is defined as a program offering academic RBS No. 2241
2452		-
2453		-	Req. No. 2241 Page 50 1
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2477		-
2478		-	enrichment for students from Pre-K through 12th grades during the
2479		-	summer term after the close of the school year. Members shall only
2480		-	be considered as providing servi ce to a summer school program if
2481		-	such service is provided pursuant to a separate summer school
2482		-	contract between the member and the participating employer. The
2483		-	term “summer school program” does not include services perform ed at
2484		-	a participating employer off ering an extended school year pursuant
2485		-	to Section 1-109.1 of this title, or services performed by staff
2486		-	pursuant to a twelve-month contract with the employer. The method
2487		-	applied to setting the second contribution rate may take into
2488		-	consideration whether, or to what extent, such service is likely to
2489		-	add to members’ service credit or final average salary; provided,
2490		-	however, the second rate shall not exceed one-half (1/2) of the
2491		-	first rate established in this subsection. The actuary retained by
2492		-	the Board may recommend such rates using assumptions that apply to
2493		-	the group of those members whose service is subject to the second
2494		-	contribution rate.
2495		-	C. All the assets of the retirement system shall be credited
2496		-	according to the purp ose for which they are held to one of eight
2497		-	seven funds, namely: The Teachers’ Savings Fund, the Retirement
2498		-	Benefit Fund, the Interest Fund, the Permanent Retirement Fund, the
2499		-	Expense Fund, the Suspense Fund, the Teachers’ Deposit Fund, and the
2500		-	Retiree Medical Benefit Fund. RBS No. 2241
2501		-
2502		-	Req. No. 2241 Page 51 1
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2526		-
2527		-	1. The Teachers’ Savings Fund shall be a fund in which sha ll be
2528		-	accumulated the regular contributions from the compensation of
2529		-	members, including applicable interest earnings prior to July 1,
2530		-	1968. Contributions to and payments from t he Teachers’ Savings Fund
2531		-	shall be made as specifically provided in each plan a vailable within
2532		-	the retirement system.
2533		-	2. The deductions provided for in the plans within the
2534		-	retirement system shall be made notwiths tanding that the minimum
2535		-	compensation provided for any member shall be reduc ed thereby.
2536		-	Every member shall be deemed to consent and agree to the deductions
2537		-	made and provided for herein and payment of salary or compensation,
2538		-	less the deduction, shall be a full and complete discharge and
2539		-	acquittance of all claims and demands whatso ever for the services
2540		-	rendered by such person during the period covered by such payment,
2541		-	except as to the benefits provided under this act. The employer
2542		-	shall certify to the Board of Trustees on each and every payroll, or
2543		-	in such other manner as the Board may prescribe, the amounts to be
2544		-	deducted, and each of the amounts shall be deducted, and when
2545		-	deducted shall be paid into the Teachers’ Savings Fund, and shall be
2546		-	credited to the individual account of the member from who se
2547		-	compensation the deduction was made.
2548		-	3. Following the termination of member ship in the retirement
2549		-	system for any member who has been absent from service for five (5)
2550		-	years in any period of six (6) consecutive y ears, the Teachers’ RBS No. 2241
2551		-
2552		-	Req. No. 2241 Page 52 1
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2576		-
2577		-	Savings Fund Account o f such member shall be closed and the amount
2578		-	due the member as provided in Sect ion 17-105 of this title shall be
2579		-	paid upon the filing of formal application. At the time such
2580		-	membership is terminated the amount due the member as provided in
2581		-	Section 17-105 of this title shall be transferred to the Suspense
2582		-	Fund.
2583		-	4. Upon the retirement of a member, the balance of money he or
2584		-	she the member had in the Teachers’ Savings Fund shall be
2585		-	transferred to the Retirement Benefit Fund.
2586		-	5. Retirement Benefit Fund.
2587		-	a. After August 2, 1969, there shall b e transferred from
2588		-	the Teachers’ Savings Fund for those members drawing
2589		-	retirement benefits from the Teachers’ Retirement
2590		-	System of Oklahoma an amount necessary to provide the
2591		-	monthly annuity payments and pension payments as
2592		-	required in Section 17 -107 of this title. In addition
2593		-	the fund shall consis t of monies received from any
2594		-	state dedicated revenue, monies received from state
2595		-	appropriations, monies received from federal matching
2596		-	funds, and the residue of the interest on investments
2597		-	after the requirement s of Section 17-107 of this title
2598		-	have been fully met. The Retirement Benefit Fund
2599		-	shall consist of an amount of money necessary for the
2600		-	making of retirement payments to retirees. RBS No. 2241
2601		-
2602		-	Req. No. 2241 Page 53 1
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2626		-
2627		-	b. Should a member have deposits in the T eachers’ Deposit
2628		-	Fund or the Tax-Sheltered Annuity Fund and wish to
2629		-	receive monthly retirement benefits on such deposits,
2630		-	the actuarial equivalent of a two-year period and each
2631		-	succeeding fiscal year thereafter shall be tr ansferred
2632		-	to the Retirement Benefi t Fund. The member may choose
2633		-	any of the plans available in the Teachers’ Retirement
2634		-	Act as a method of receiving monthly retirement
2635		-	benefits on the money he has on deposit in the
2636		-	Teachers’ Deposit Fund or the Tax -Sheltered Annuity
2637		-	Fund. The monthly retirement benefits paid from the
2638		-	Teachers’ Deposit Fund or the Tax-Sheltered Annuity
2639		-	Fund shall be in addition to the regular retirement
2640		-	benefits and the money transferred from the Teachers’
2641		-	Deposit Fund or Tax-Sheltered Annuity Fund shall not
2642		-	be matched by the State of Oklahoma.
2643		-	c. From the Retirement Benefit Fund shall be paid all
2644		-	monthly retirement benefits allowances.
2645		-	d. At the death of a retired member who has retired under
2646		-	the Maximum Plan of Retirement, Option 1 or Option 4,
2647		-	the balance of money the mem ber has in the Teachers ’
2648		-	Savings Fund shall be transferred to the Retirement
2649		-	Benefit Fund and the amount due the beneficiary or his RBS No. 2241
2650		-
2651		-	Req. No. 2241 Page 54 1
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2675		-
2676		-	or her estate under Option 1 or Option 4 shall be paid
2677		-	from the Retirement Benefit Fund.
2678		-	e. At the death of both a retired member and the retired
2679		-	member’s spouse, who had retired under Option 2 or 3,
2680		-	any balance in the Teachers’ Savings Fund shall be
2681		-	transferred from the Teachers’ Savings Fund to the
2682		-	Retirement Benefit Fund.
2683		-	f. At the death of a retired member who had retired u nder
2684		-	Option 5, the balance of a ny monies the member had in
2685		-	the Teachers’ Savings Fund shall be transferred to the
2686		-	Retirement Benefit Fund for the purpose of making a
2687		-	lump-sum settlement to the beneficiary or his estate .
2688		-	Providing that if the surviving spo use elects to
2689		-	receive the balance under the Maximum Plan of
2690		-	Retirement or Option 1 the member’s money, if any, on
2691		-	a monthly basis, constituting actuarial equivalent of
2692		-	two (2) years’ payments, and each year thereafter the
2693		-	annual actuarial equivalent, shall be transferred from
2694		-	the Teachers’ Savings Fund for the purpose of paying
2695		-	monthly retirement benefits to the spouse under this
2696		-	option.
2697		-	6. The Interest Fund is hereby created to facilitate the
2698		-	crediting of interest to the various other funds to which inter est
2699		-	is to be credited. All income, interest and dividends derived from RBS No. 2241
2700		-
2701		-	Req. No. 2241 Page 55 1
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2725		-
2726		-	the deposits and investments authorized by this act shall be paid
2727		-	into the Interest Fund. On June 30, each year, interest shall be
2728		-	transferred to the other funds as herein provided.
2729		-	7. The Permanent Retirement Fun d shall consist of the
2730		-	accumulated gifts, awards, and bequests made to the retirement
2731		-	system, and transfers from the Suspense Fund, the principal of which
2732		-	is hereby held and dedicated as a pe rpetual endowment of the
2733		-	retirement system and shall not be diver ted or appropriated to any
2734		-	other cause or purpose unless specifically provided for in such
2735		-	gifts, awards or bequests.
2736		-	8. The Expense Fund shall be the fund from which the expense of
2737		-	administration and maintenance of the reti rement system shall be
2738		-	paid. The Board of Trustees shall cause to be prepared and adopt
2739		-	annually an itemized budget showing the amount required to defray
2740		-	the expenses for the ensuing fiscal year.
2741		-	Transfers to and payments from this fund shall be made as
2742		-	follows: first, from the Intere st Fund; second, from any dedicated
2743		-	revenue; and, third, from appropriation by the Oklahoma Legislature.
2744		-	All monies for the operation of the Teachers’ Retirement System
2745		-	of Oklahoma shall be p aid from the Expense Fund upon the approval by
2746		-	the Board of Trustees and the checks signed by two people designated
2747		-	to sign such checks by the Board of Trustees of the Teachers’
2748		-	Retirement System of Oklahoma. RBS No. 2241
2749		-
2750		-	Req. No. 2241 Page 56 1
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2770		-	21
2771		-	22
2772		-	23
2773		-	24
2774		-
2775		-	9. The Suspense Fund shall be comprised of amo unts transferred
2776		-	to the fund as provided in this section and Sect ion 17-105 of this
2777		-	title and obligations of the retirement system to any member or
2778		-	person which cannot be legally discharged.
2779		-	10. Teachers’ Deposit Fund.
2780		-	Any member may request, prior to a p ay period, that his or her
2781		-	employer make additional deposits for him or her, for tax-sheltered
2782		-	annuity purposes. However, the amount deposited shall not exceed
2783		-	the limits as defined in Section 402(g) and Section 415 of the
2784		-	Internal Revenue Code of 1986, a s amended, and applicable federal
2785		-	regulations. All such deposits shall be credited to the member’s
2786		-	account in the Teachers’ Deposit Fund for the purchase of a tax-
2787		-	sheltered annuity. The amount thus accumulated, with earnings,
2788		-	shall be used upon the membe r’s retirement, separation from se rvice,
2789		-	death or disability to p urchase an annuity in addition to his or her
2790		-	regular service retirement allowance. The amount a member
2791		-	accumulates in the Teachers’ Deposit Fund, not including interest,
2792		-	may be used to pay d istributions in the case of hardsh ip as provided
2793		-	in Section 403(b)(11) of the Internal Revenue Code of 1986, as
2794		-	amended, and applicable federal regulations.
2795		-	11. Collection of Contributions.
2796		-	The collection of members’ contributions shall be as
2797		-	follows: RBS No. 2241
2798		-
2799		-	Req. No. 2241 Page 57 1
2800		-	2
2801		-	3
2802		-	4
2803		-	5
2804		-	6
2805		-	7
2806		-	8
2807		-	9
2808		-	10
2809		-	11
2810		-	12
2811		-	13
2812		-	14
2813		-	15
2814		-	16
2815		-	17
2816		-	18
2817		-	19
2818		-	20
2819		-	21
2820		-	22
2821		-	23
2822		-	24
2823		-
2824		-	(1) Each employer shall cause to be deducted on each
2825		-	and every payroll or claim of a member for each
2826		-	and every payroll claim period subsequent to the
2827		-	date of establishment of the retirement system
2828		-	the contribution payable by such member as
2829		-	provided in this act. With each and every
2830		-	payroll or claim the employer shall deli ver to
2831		-	the treasurer of the employer warrants issued to
2832		-	the employees as shown to be due by the payroll
2833		-	or claim, together with a warrant or warrants in
2834		-	favor of the Teachers’ Retirement System as shown
2835		-	by the payroll or claim.
2836		-	(2) The treasurer or disburs ing officer upon delivery
2837		-	of the warrants and a true copy of the payroll or
2838		-	claims as provided above shall register the
2839		-	warrants as provided for the registration of
2840		-	other school warrants, and shall deliver to the
2841		-	employer warrants issued in favor of the
2842		-	employees, and shall deliver warrants issued in
2843		-	favor of the Teachers’ Retirement System and the
2844		-	copy of the payroll or claims to the school
2845		-	district superintendent as designated by the
2846		-	Board of Trustees. For the purpose of co llecting
2847		-	contributions of teach ers in the public schools, RBS No. 2241
2848		-
2849		-	Req. No. 2241 Page 58 1
2850		-	2
2851		-	3
2852		-	4
2853		-	5
2854		-	6
2855		-	7
2856		-	8
2857		-	9
2858		-	10
2859		-	11
2860		-	12
2861		-	13
2862		-	14
2863		-	15
2864		-	16
2865		-	17
2866		-	18
2867		-	19
2868		-	20
2869		-	21
2870		-	22
2871		-	23
2872		-	24
2873		-
2874		-	the superintendent of a school district is hereby
2875		-	designated to receive the Teachers’ Retirement
2876		-	warrants from the treasurer or proper disbursing
2877		-	officer of the several school districts for the
2878		-	purpose of transmitting such warran ts and payroll
2879		-	or claims to the Executive Director of the
2880		-	Teachers’ Retirement System of the State of
2881		-	Oklahoma. Any college or university or other
2882		-	educational institution or agency operated in
2883		-	whole or in part by the state shall have the
2884		-	amount retained or deducted from the funds
2885		-	regularly appropriated by the state for the
2886		-	current maintenance for such educational
2887		-	departments and institutions.
2888		-	(3) For the purpose of enabling the collection of the
2889		-	contributions of the members o f the retirement
2890		-	system to be made as simple as possible, the
2891		-	Board of Trustees shall require the secretary or
2892		-	other officer of each employer-board or agency,
2893		-	within thirty (30) days after the beginning of
2894		-	each school year, to make a list of all teachers
2895		-	in its employ who are members of the retirement
2896		-	system, certify to the correctness of this list,
2897		-	and file the same with the Executive Director of RBS No. 2241
2898		-
2899		-	Req. No. 2241 Page 59 1
2900		-	2
2901		-	3
2902		-	4
2903		-	5
2904		-	6
2905		-	7
2906		-	8
2907		-	9
2908		-	10
2909		-	11
2910		-	12
2911		-	13
2912		-	14
2913		-	15
2914		-	16
2915		-	17
2916		-	18
2917		-	19
2918		-	20
2919		-	21
2920		-	22
2921		-	23
2922		-	24
2923		-
2924		-	the Board of Trustees of the Teachers’ Retirement
2925		-	System. If additions to or deductions from this
2926		-	list should be made during the year such
2927		-	additions or deductions shall likewise be
2928		-	certified to the Board of Trustees of the
2929		-	Teachers’ Retirement System.
2930		-	(4) The State Treasurer shall furnish annually to the
2931		-	Board of Trustees a sworn statement of the amount
2932		-	of the funds in his or her custody belong ing to
2933		-	the retirement system. The records of the Board
2934		-	of Trustees shall be open to public inspection
2935		-	and any member of the retirement system shall be
2936		-	furnished with a statement of the amoun t of the
2937		-	credit to his or her the member’s individual
2938		-	account upon written request by such member,
2939		-	provided the Board of Trustees shall not be
2940		-	required to answer more than one such request of
2941		-	a member in any one (1) year.
2942		-	(5) Failure of any superintendent, officer, or other
2943		-	person to discharge the duties imposed upon hi m
2944		-	or her by this act shall render him or her or his
2945		-	or her bondsman liable for any loss occasioned
2946		-	thereby to the Teachers’ Retirement System or the
2947		-	employees of the school district, or both. RBS No. 2241
2948		-
2949		-	Req. No. 2241 Page 60 1
2950		-	2
2951		-	3
2952		-	4
2953		-	5
2954		-	6
2955		-	7
2956		-	8
2957		-	9
2958		-	10
2959		-	11
2960		-	12
2961		-	13
2962		-	14
2963		-	15
2964		-	16
2965		-	17
2966		-	18
2967		-	19
2968		-	20
2969		-	21
2970		-	22
2971		-	23
2972		-	24
2973		-
2974		-	(6) On a showing by the Teachers’ Retirement System
2975		-	that a warrant, voucher or check issued to it
2976		-	has, for any reason, been lost or never received,
2977		-	after ninety (90) days from the date of issue or
2978		-	from transmittal for payment, it shall be the
2979		-	duty of the issuing authority forthwith, without
2980		-	any indemnifying bond or oth er requirements, to
2981		-	issue a duplicate thereof in lieu of that which
2982		-	was lost, to the Teachers’ Retirement System; and
2983		-	the Teachers’ Retirement System shall save
2984		-	harmless any school district o r agency of state
2985		-	government making payment under the provisions
2986		-	hereof to the State Teachers’ Retirement System
2987		-	if the original warrant, voucher or check is
2988		-	later presented for payment and same is paid
2989		-	after a duplicate warrant, voucher or check has
2990		-	been issued and paid to the Teachers’ Retirement
2991		-	System, and any loss sustained therefrom shall be
2992		-	charged to the Interest Fund.
2993		-	12. 11. Rollover Contributions and Direct Trustee-to-Trustee
2994		-	Transfers from Other Plans.
2995		-	Any member may purchase credit for service , to the extent
2996		-	specified in this title, with rollovers from an e ligible retirement
2997		-	plan as defined by the Internal Revenue Code of 1986, as amended RBS No. 2241
2998		-
2999		-	Req. No. 2241 Page 61 1
3000		-	2
3001		-	3
3002		-	4
3003		-	5
3004		-	6
3005		-	7
3006		-	8
3007		-	9
3008		-	10
3009		-	11
3010		-	12
3011		-	13
3012		-	14
3013		-	15
3014		-	16
3015		-	17
3016		-	18
3017		-	19
3018		-	20
3019		-	21
3020		-	22
3021		-	23
3022		-	24
3023		-
3024		-	from time to time. A member may also purchase permissive service
3025		-	credit, as defined by Code Section 415(n)(3)(A), with a direct
3026		-	trustee-to-trustee transfer from a governme ntal Code Section 403(b)
3027		-	plan or governmental Code Section 457(b) plan. All rollovers and
3028		-	direct trustee-to-trustee transfers shall be allowed to the extent
3029		-	permitted by federal law . Rollovers or direct transfers in excess
3030		-	of the amount necessary to purc hase such service credit shall not be
3031		-	allowed.
3032		-	13. 12. Retiree Medical Benefit Fund.
3033		-	The Retiree Medical Benefit Fund shall be maintained as a
3034		-	subaccount under the Retirement Benefit Fund . The Retiree Medical
3035		-	Benefit Fund is composed of all assets contri buted to this
3036		-	subaccount to pay the retirement system’s portion of the monthly
3037		-	retiree health insurance benefits described in Section 1316.3 of
3038		-	Title 74 of the Oklahoma Statutes . All allocated assets and the
3039		-	earnings thereon in the Retiree Medical Benefit Fund shall be held
3040		-	for the exclusive purpose of providing retiree medical benefits
3041		-	pursuant to Section 1316.3 of Title 74 of the Oklahoma Statutes.
3042		-	The Retiree Medical Benefit Fund shall be administered in accordance
3043		-	with the requirements under Section 4 01(h) of the Internal Revenue
3044		-	Code of 1986, as amended from time to time. An amount necessary to
3045		-	pay the health insurance premiums for retired members as provided by
3046		-	Section 1316.3 of Title 74 of the Oklahoma Statutes shall be
3047		-	deposited each month into th e Retiree Medical Benefit Fund. RBS No. 2241
3048		-
3049		-	Req. No. 2241 Page 62 1
3050		-	2
3051		-	3
3052		-	4
3053		-	5
3054		-	6
3055		-	7
3056		-	8
3057		-	9
3058		-	10
3059		-	11
3060		-	12
3061		-	13
3062		-	14
3063		-	15
3064		-	16
3065		-	17
3066		-	18
3067		-	19
3068		-	20
3069		-	21
3070		-	22
3071		-	23
3072		-	24
3073		-
3074		-	SECTION 8. AMENDATORY 70 O.S. 2021, Section 17-116.10,
3075		-	is amended to read as follows:
3076		-	Section 17-116.10. A. Subject to the requirements of Section
3077		-	6-101.2 of this title and any other applicable requirements of law,
3078		-	a member may enter into postretirement employment with a public
3079		-	school of Oklahoma and still receive monthly retirement benefits
3080		-	subject to the following limitations:
3081		-	1. A retired member is not eligible to be employed by the
3082		-	public schools of Oklahoma, in any capacity, for sixty (60) calendar
3083		-	days between the retiree’s last day of preretirement public
3084		-	education employment and any postretirement public education
3085		-	employment. For purposes of this section, the term “last day of
3086		-	preretirement employment” shall mean the last day the employee is
3087		-	required to be physically present on the job to complete the terms
3088		-	of the employment contract or agreement or the member’s effective
3089		-	retirement date, whichever is later. An employee on paid leave is
3090		-	still considered to be employed for purposes of this section.
3091		-	Employment under any condit ions during this time, volunteer services
3092		-	for the purpose of obtaining a paid positi on at a later date, or
3093		-	payment at a later time for services performed during this time
3094		-	period shall cause the forfeiture of all retirement benefits
3095		-	received during the peri od;
3096		-	2. Unless otherwise provided in paragraph 3 of this subsection,
3097		-	earnings from the public schools may not exceed one-half (1/2) of RBS No. 2241
3098		-
3099		-	Req. No. 2241 Page 63 1
3100		-	2
3101		-	3
3102		-	4
3103		-	5
3104		-	6
3105		-	7
3106		-	8
3107		-	9
3108		-	10
3109		-	11
3110		-	12
3111		-	13
3112		-	14
3113		-	15
3114		-	16
3115		-	17
3116		-	18
3117		-	19
3118		-	20
3119		-	21
3120		-	22
3121		-	23
3122		-	24
3123		-
3124		-	the member’s final average salary used in computing retirement
3125		-	benefits, or the Earnings Limitation for employees allowed by the
3126		-	Social Security Administration, whichever is less. For thirty-six
3127		-	(36) months following a member’s effective retirement date, the
3128		-	retired member shall be subject to earnings limitations on allowable
3129		-	earnings. Earnings limits are determined annual ly based on a
3130		-	calendar year. For retired members under the age of sixty-two (62)
3131		-	years, the limit on allowed earnings from the public schools of
3132		-	Oklahoma for employment for the performance of duties ordinarily
3133		-	performed by classified or nonclassified pers onnel shall be the
3134		-	lesser of Fifteen Thousand Dollars ($15,000.00) or limited to one-
3135		-	half (1/2) of the member’s final average salary used in computing
3136		-	retirement benefits unless or the earnings limitation limit allowed
3137		-	by the Social Security Administrati on would be greater than Fifteen
3138		-	Thousand Dollars ($15,000.00) for those under Social Security’s full
3139		-	retirement age, whichever is less. For retired members sixty-two
3140		-	(62) years of age or older the limit on, allowed earnings from the
3141		-	public schools of Oklah oma for the performance of duties ordinarily
3142		-	performed by classified or nonclassified personnel shall be the
3143		-	lesser of limited to Thirty Thousand Dollars ($30,000.00) or one-
3144		-	half (1/2) of the member’s final average salary used in computing
3145		-	retirement benefits, whichever is less. For purposes of this
3146		-	paragraph, the following shall apply: RBS No. 2241
3147		-
3148		-	Req. No. 2241 Page 64 1
3149		-	2
3150		-	3
3151		-	4
3152		-	5
3153		-	6
3154		-	7
3155		-	8
3156		-	9
3157		-	10
3158		-	11
3159		-	12
3160		-	13
3161		-	14
3162		-	15
3163		-	16
3164		-	17
3165		-	18
3166		-	19
3167		-	20
3168		-	21
3169		-	22
3170		-	23
3171		-	24
3172		-
3173		-	a. earnings shall mean “regular annual compensation” as
3174		-	defined in paragraph (25) (22) of Section 17-101 of
3175		-	this title, and shall include any payment by a public
3176		-	school for services rendered by a retired member who
3177		-	is employed for any purpose whatsoever. Supplemental
3178		-	retirement payments paid by a former public school
3179		-	employer pursuant to subsection 9 (9) of Section 17-
3180		-	105 of this title or other state law shall not be
3181		-	considered as earnings,
3182		-	b. the Earnings Limitation for employees allowed by the
3183		-	Social Security Administration to workers between the
3184		-	age of sixty-two (62) years and sixty-five (65) years
3185		-	shall apply to retired members below the age of sixty-
3186		-	two (62) years,
3187		-	c. the limit on allowed earnings from the public schools
3188		-	shall be automatically adjusted effective the first
3189		-	day of January of each year to reflect the current
3190		-	Earnings Limitation for employees as determined from
3191		-	time to time by the Social Security Administration,
3192		-	d. the earnings limit for the calendar year in which a
3193		-	member retires shall be one-twelfth (1/12) of the
3194		-	annual limit multiplied by the number of months the
3195		-	member is eligible to work and receive payments from
3196		-	the public schools of Oklahoma, RBS No. 2241
3197		-
3198		-	Req. No. 2241 Page 65 1
3199		-	2
3200		-	3
3201		-	4
3202		-	5
3203		-	6
3204		-	7
3205		-	8
3206		-	9
3207		-	10
3208		-	11
3209		-	12
3210		-	13
3211		-	14
3212		-	15
3213		-	16
3214		-	17
3215		-	18
3216		-	19
3217		-	20
3218		-	21
3219		-	22
3220		-	23
3221		-	24
3222		-
3223		-	e.
3224		-	c. earnings in excess of the maximum limit on allowed
3225		-	earnings from public schools of Oklahoma shall result
3226		-	in a loss of future retirement benefits for the year
3227		-	the postretirement employment was performed of One
3228		-	Dollar ($1.00) for each One Dollar ($1.00) earned over
3229		-	the maximum allowed earnings amount,
3230		-	f. for those members age seventy (70) years and over, the
3231		-	earnings in excess of the maximum limit allowed
3232		-	earnings from public schools of Oklahoma shall be one-
3233		-	half (1/2) the member’s final average salary used in
3234		-	computing retirement benefits. However, any retired
3235		-	member receiving benefits from the Retirement System
3236		-	who reached age seventy (70) years prior to July 1,
3237		-	1991, shall not be restricted by the earnings limits
3238		-	pursuant to this subparagraph until January 1, 1994.
3239		-	To qualify for the provisions of this subparagraph,
3240		-	the member must be employed less than one-half (1/2)
3241		-	time compared to other full-time employees in similar
3242		-	positions;
3243		-	3. Notwithstanding paragraph 2 of this subsection, a retired
3244		-	classified or nonclassified member who has been retired for thirty-
3245		-	six (36) or more months and who is employed by a public school to
3246		-	perform duties ordinarily performed by classified or nonclassified RBS No. 2241
3247		-
3248		-	Req. No. 2241 Page 66 1
3249		-	2
3250		-	3
3251		-	4
3252		-	5
3253		-	6
3254		-	7
3255		-	8
3256		-	9
3257		-	10
3258		-	11
3259		-	12
3260		-	13
3261		-	14
3262		-	15
3263		-	16
3264		-	17
3265		-	18
3266		-	19
3267		-	20
3268		-	21
3269		-	22
3270		-	23
3271		-	24
3272		-
3273		-	personnel shall be able to receive annualized earnings from the
3274		-	public school with no reduction in retirement benefits regardless of
3275		-	the amount of annualized earnings. For for a period of three (3)
3276		-	years beginning July 1, 2017, members who have retired as of July 1,
3277		-	2017, as active classroom teachers, who have been retired and
3278		-	receiving a benefit for at least one (1) year, and who have not been
3279		-	employed by any public school during that one-year period, shall be
3280		-	eligible to be reemployed as an active classroom teacher in common
3281		-	or career tech school districts, with no limitations on earnings.
3282		-	For a period of three (3) years beginning July 1, 2021, members who
3283		-	have retired as of July 1, 2020, who have been retired and receiving
3284		-	a benefit for at least one (1) year, and who have not been employed
3285		-	by any public school during that one-year period, shall be eligible
3286		-	to be reemployed as an active classroom teacher in common or career
3287		-	tech school districts, with no limitations on earnings. The one-
3288		-	year period starts with the retiree’s last day of preretirement
3289		-	public education employment. Members returning under this section
3290		-	shall not be subject to any earning limitations following the end of
3291		-	the three-year periods described in this paragraph. Members
3292		-	returning under this section shall only be employed pursuant to a
3293		-	temporary contract; and
3294		-	4. A member shall be considered to be employed by a school
3295		-	district to perform the duties ordinarily performed by classified or
3296		-	nonclassified personnel if the member is hired by the school RBS No. 2241
3297		-
3298		-	Req. No. 2241 Page 67 1
3299		-	2
3300		-	3
3301		-	4
3302		-	5
3303		-	6
3304		-	7
3305		-	8
3306		-	9
3307		-	10
3308		-	11
3309		-	12
3310		-	13
3311		-	14
3312		-	15
3313		-	16
3314		-	17
3315		-	18
3316		-	19
3317		-	20
3318		-	21
3319		-	22
3320		-	23
3321		-	24
3322		-
3323		-	district in the member’s individual capacity to perform the duties
3324		-	or if the member performs the duties through employment with a
3325		-	proprietorship, part nership, corporation, limited liability company
3326		-	or partnership, or any other business structure that has agreed or
3327		-	contracted to provide the services to the school district.
3328		-	B. A public school district that employs a retired member shall
3329		-	be required to make contributions to the System for the retired
3330		-	member in an amount as required in Section 17-108.1 and in paragraph
3331		-	3 of subsection B of Section 17-116.2 of this title.
3332		-	C. For purposes of this section, postretirement employment of
3333		-	less than one thousand (1,000) hours per year with the Governor, the
3334		-	State Senate, the House of Representatives or the Legislative
3335		-	Service Bureau shall not be considered as postretirement employment
3336		-	with a public school of Oklahoma.
3337		-	D. The Board of Trustees of the Teachers’ Retirement System of
3338		-	Oklahoma shall promulgate such rules as are necessary to implement
3339		-	the provisions of this section.
3340		-	E. A member who has entered into postretirement employment with
3341		-	a participating employer of the Teachers’ Retirement System of
3342		-	Oklahoma must fully comply with all the provisions of the rules
3343		-	promulgated by the Board of Trustees pursuant to this section in
3344		-	order to continue receiving his or her monthly retirement benefit.
3345		-	SECTION 9. REPEALER 70 O.S. 2021, Sections 17-104 and
3346		-	17-114.2, are hereby repealed. RBS No. 2241
3347		-
3348		-	Req. No. 2241 Page 68 1
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3372		-
3373		-	SECTION 10. This act shall become effe ctive July 1, 2023.
3374		-	SECTION 11. It being immediately necessar y for the preservation
3375		-	of the public peace, health or safety, an emergency is hereby
3376		-	declared to exist, by reason whereof this act shall take effect and
3377		-	be in full force from and after its passage and approval.
3378		-
3379		-	59-1-2241 RD 5/23/2023 9:04:01 AM