Oklahoma 2024 Regular Session

Oklahoma House Bill HB2528 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	An Act
2		-	ENROLLED HOUSE
	1	+	RBH No. 7783
	2	+
	3	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 1 1
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	28	+	ENGROSSED SENATE AMENDMENT
	29	+	TO
	30	+	ENGROSSED HOUSE
3	31		BILL NO. 2528 By: Lepak of the House
4	32
5	33		and
6	34
7		-	Pemberton and Garvin of the
8		-	Senate
	35	+	Garvin of the Senate
9	36
10	37
11	38
12	39
13	40		An Act relating to retirement; amending 70 O.S. 2021,
14	41		Sections 17-101, as amended by Section 2, Chapter
15		-	121, O.S.L. 2022, 17 -103, 17-104, 17-105, 17-105.1,
16		-	17-106.3, 17-107, 17-108, and 17-116.10 (70 O.S.
17		-	Supp. 2023, Section 17 -101), which relate to the
18		-	Teachers’ Retirement System of Oklahoma; deleting
19		-	terms; modifying definitions; modifying how members
20		-	shall make proper application for retirement;
21		-	providing membership details; modifying requirements
22		-	for reporting prior service credit; providing
23		-	procedure at joint annuitant ’s death; modifying
24		-	retirement options; releasing System of liability
25		-	under certain circumstan ces; modifying how cer tain
26		-	expenses are to be paid; modifying earnings limits;
27		-	updating statutory language; updating statutory
28		-	references; repealing 70 O.S. 2021, Section 17 -114.2,
29		-	which relates to the Teachers ’ Retirement System of
30		-	Oklahoma; providing an effective date; and de claring
31		-	an emergency.
32		-
33		-
34		-
35		-
36		-	SUBJECT: Retirement
	42	+	121, O.S.L. 2022, 17 -103, 17-105, 17-105.1, 17-106.3,
	43	+	17-107, 17-108, and 17-116.10 (70 O.S. Supp. 2022,
	44	+	Section 17-101), which relate to the Teachers'
	45	+	Retirement System of Oklahoma; updating references;
	46	+	deleting terms; modifying definitions; modifying how
	47	+	members shall make proper applic ation for retirement;
	48	+	providing membership details; providing procedure at
	49	+	joint annuitant's death; modifying retirement
	50	+	options; releasing System of liability under certain
	51	+	circumstances; modifying how certain expenses are to
	52	+	be paid; modifying earnings l imits; repealing 70 O.S.
	53	+	2021, Sections 17-104 and 17-114.2, which relate to
	54	+	the Teachers' Retirement System of Oklahoma; and
	55	+	declaring an emergency.
	56	+
	57	+
	58	+
	59	+
	60	+	AUTHOR: Remove as principal Senate author Garvin and substitute as
	61	+	principal Senate author Pemberton. Retain Garvin as Senate
	62	+	coauthor
	63	+
	64	+	AMENDMENT NO. 1. Page 1, strike the title, enacting clause and
	65	+	entire bill and insert
	66	+
	67	+
	68	+	“An Act relating to retirement; amending 70 O.S.
	69	+	2021, Sections 17-101, as amended by Section 2,
	70	+	Chapter 121, O.S.L. 2022, 17 -103, 17-104, 17-105, 17-
	71	+	105.1, 17-106.3, 17-107, 17-108, and 17-116.10 (70
	72	+	O.S. Supp. 2023, Section 17 -101), which relate to the
	73	+	Teachers’ Retirement System of Oklahoma; updating
	74	+	references; deleting terms; modifying definitions; RBH No. 7783
	75	+
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	101	+	modifying how members shall make proper application
	102	+	for retirement; providing membership details;
	103	+	modifying requirements for reporting prior service
	104	+	credit; providing procedure at joint annuitant ’s
	105	+	death; modifying retirement options; releasing System
	106	+	of liability under certain circumstan ces; modifying
	107	+	how certain expenses are to be paid; modifying
	108	+	earnings limits; updating statutory language;
	109	+	updating statutory references; repealing 70 O.S.
	110	+	2021, Section 17-114.2, which relates to the
	111	+	Teachers’ Retirement System of Oklahoma; providing an
	112	+	effective date; and declaring an emergency.
	113	+
	114	+
	115	+
37	116
38	117		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
39		-
40	118		SECTION 1. AMENDATORY 70 O.S. 2021, Section 17 -101, as
41	119		amended by Section 2, Chapter 121, O.S.L. 2022 (70 O.S. Supp. 2023,
42	120		Section 17-101), is amended to read as follows:
43		-
44	121		Section 17-101. The following words and phrases as used in
45	122		Section 17-101 et seq. of this title, unless a different meaning is
46		-	clearly required by the context, shall have the following meanings: RBH No. 7783
47		-	ENR. H. B. NO. 2528 Page 2
48		-
	123	+	clearly required by the context, shall have the following meanings:
49	124		(1) 1. “Retirement system” shall mean the Teachers’ Retirement
50	125		System of Oklahoma, as defined in Section 17 -102 of this title.;
51		-
52	126		(2) 2. “Public school” shall mean a school district, a state
53	127		college or university, the State Board of Education, the State Board
54	128		of Career and Technology Education, and any other state educational
55	129		entity conducted within the state supported wholly or partly by
56	130		public funds and operating under the authority and supervision of a
57	131		legally constituted board or agency having authority and
58		-	responsibility for any function of public education. Public school
	132	+	responsibility for any function of public education. Public school RBH No. 7783
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59	159		shall also mean a tuition free tuition-free, nonprofit alternative
60	160		school of choice that provides education, therapeutic counseling,
61	161		and outreach programs which is aligned with a school district and
62	162		which receives grant funds from governmental sources .;
63		-
64	163		(3) 3. “Classified personnel” shall mean any teacher,
65	164		principal, superintendent, supervisor, administrator, librarian,
66	165		certified or registered nurse, college professor, or college
67	166		president whose salar y is paid wholly or in part from public funds.
68	167		An employee of any state department, board, board of regents, or
69	168		board of trustees, who is in a supervisory or an administrative
70	169		position, the function of which is primarily devoted to public
71	170		education, shall be considered classified personnel under the
72	171		meaning of Section 17 -101 et seq. of this title, at the discretion
73	172		of the Board of Trustees of the Teachers’ Retirement System of
74	173		Oklahoma. The term “teacher” shall also include instructors and
75	174		counselors employed by the Department of Corrections and holding
76	175		valid teaching certificates issued by the State Department of
77	176		Education. Provided, that a person employed by the Department of
78	177		Corrections as an instructor or counselor shall have been actively
79	178		engaged in the teaching profession for a period of not less than
80	179		three (3) years prior to employment to be eligible to participate in
81	180		the Teachers’ Retirement System of Oklahoma. The Department of
82	181		Corrections shall contribute the employer’s share to the Teachers’
83		-	Retirement System of Oklahoma.;
	182	+	Retirement System of Oklahoma .; RBH No. 7783
	183	+
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84	208
85	209		(4) 4. “Nonclassified optional personnel” shall include persons
86	210		hired as adjunct teachers pursuant to subsection G of Section 6 -
87	211		122.3 of this title, cooks, janitors, maintenance personnel not in a
88	212		supervisory capacity, bus dr ivers, noncertified or nonregistered
89	213		nurses, noncertified librarians, and clerical employees of the
90	214		public schools, state colleges, universities, or any state
91		-	department, board, board of regents, or board of trustees, the RBH No. 7783
92		-	ENR. H. B. NO. 2528 Page 3
	215	+	department, board, board of regents, or board of trustees, the
93	216		functions of which are primarily d evoted to public education and
94	217		whose salaries are paid wholly or in part from public funds .;
95		-
96	218		(5) 5. “Employer” shall mean the state and any of its
97	219		designated agents or agencies with responsibility and authority for
98	220		public education, such as boards of educ ation of elementary and
99	221		independent school districts, boards of regents, boards of control,
100	222		or any other agency of and within the state by which a person may be
101	223		employed for service in public education. Employer shall also mean
102	224		the board of directors of a tuition free tuition-free, nonprofit
103	225		alternative school of choice that provides education, therapeutic
104	226		counseling, and outreach programs which is aligned with a school
105	227		district and which receives grant funds from governmental sources .;
106		-
107	228		(6) 6. “Member” shall mean any teacher or other employee
108	229		included in the membership of the system as provided in Section 17 -
109	230		103 of this title.;
110		-
111	231		(7) 7. “Board of Trustees” shall mean the board provided for in
112		-	Section 17-106 of this title to administer the retirement system.;
	232	+	Section 17-106 of this title to administer the retirement system .; RBH No. 7783
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113	258
114	259		(8) “Service” shall mean service as a classified or
115	260		nonclassified optional employee in the public school system, or any
116	261		other service devoted primarily to public education in the state.
117		-
118	262		(9) 8. “Prior service” shall mean withdrawn service rendered
119	263		prior to July 1, 1943., provided:
120		-
121	264		a. before July 1, 2021, prior service shall exclude
122	265		service attributable to any membership period during
123	266		which nonclassified optional members voluntarily
124	267		ceased contributions while remaining employed in
125	268		public education or volu ntarily withdrew from
126	269		membership in the System, and
127		-
128	270		b. on and after July 1, 2021, prior service shall exclude
129	271		service attributable to any period of time during
130	272		which nonclassified optional members opted out of
131	273		membership in the System;
132		-
133	274		(10) 9. “Membership service” shall mean service as a member of
134	275		the classified or nonclassified optional personnel as defined in
135	276		paragraphs (3) 3 and (4) 4 of this section.;
136		-	RBH No. 7783
137		-	ENR. H. B. NO. 2528 Page 4
138	277		(11) 10. “Creditable service” shall mean membership service
139	278		plus any prior other service authorized u nder this title.;
140		-
141	279		(12) 11. “Annuitant” shall mean any person in receipt of a
142	280		retirement allowance as provided in this title. an annuity as
143		-	defined in paragraph 15 of this section;
	281	+	defined in paragraph 15 of this section; RBH No. 7783
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144	307
145	308		(13) 12. “Accumulated contributions” shall mean the sum of all
146	309		amounts deducted from the compensation of a member and credited to
147	310		his the member’s individual account in the Teachers’ Savings Fund,
148	311		together with applicable interest as of June 30, 1968 .;
149		-
150	312		(14) 13. “Earnable compensation” shall mean the full rate of
151	313		the compensation that would be payable to a member if he who worked
152	314		the full normal working time .;
153		-
154	315		(15) 14. “Average salary”:
155		-
156		-	(a)
157		-
158		-	a. for those members who joined the System prior to July
159		-	1, 1992, shall mean the average of the salaries for the
160		-	three (3) years on which the highest contributions to
161		-	the Teachers’ Retirement System was of Oklahoma were
162		-	paid not to exceed the maximum contribution level
163		-	specified in Section 17 -116.2 of this title or the
164		-	maximum compensation level specified in subsection (28)
165		-	paragraph 25 of this section. Provided, no member
166		-	shall retire with an average salary in excess of
167		-	Twenty-five Thousand Dollars ($25,000.00) unless the
168		-	member has made the required election and paid the
169		-	required contributions on such salary in excess of
170		-	Twenty-five Thousand Dollars ($25,000.00), or unless an
171		-	eligible member fulfills the requirements of Section
172		-	17-116.2C of this title in order to have pre -cap
173		-	removal service included in the retirement benefit
	316	+	(a) a. for those members who joined the System prior to
	317	+	July 1, 1992, shall mean the average of the salaries
	318	+	for the three (3) years on which th e highest
	319	+	contributions to the Teachers’ Retirement System was of
	320	+	Oklahoma were paid not to exceed the maximum
	321	+	contribution level specified in Section 17 -116.2 of
	322	+	this title or the maximum compensation level specified
	323	+	in subsection (28) paragraph 25 of this section.
	324	+	Provided, no member shall retire with an average salary
	325	+	in excess of Twenty-five Thousand Dollars ($25,000.00)
	326	+	unless the member has made the required election and
	327	+	paid the required contributions on such salary in
	328	+	excess of Twenty-five Thousand Dollars ($25,000.00), or
	329	+	unless an eligible member fulfills the requirements of
	330	+	Section 17-116.2C of this title in order to have pre -
	331	+	cap removal service included in the retirement benefit RBH No. 7783
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174	358		computation of the member using the regular annual
175	359		compensation of the member for any pre -cap removal year
176	360		of service so included subject to the maximum average
177	361		salary amount, and
178		-
179		-	(b)
180		-
181		-	b. for those members who join the System after June 30,
182		-	1992, shall mean the average of the salaries for five RBH No. 7783
183		-	ENR. H. B. NO. 2528 Page 5
	362	+	(b) b. for those members who join the System after June 30,
	363	+	1992, shall mean the average of the salaries for five
184	364		(5) consecutive years on whic h the highest contribution
185	365		contributions to the Teachers’ Retirement System was of
186	366		Oklahoma were paid. Only salary on which required
187	367		contributions have been made may be used in computing
188	368		average salary.;
189		-
190	369		(16) 15. “Annuity” shall mean payments for life de rived from
191	370		the “accumulated contributions” of a member. All annuities shall be
192	371		payable in equal monthly installments. a lifetime benefit payable in
193	372		fixed monthly installments;
194		-
195	373		(17) “Pension” shall mean payments for life derived from money
196	374		provided by the employer. All pensions shall be payable in equal
197	375		monthly installments.
198		-
199		-	(18) “Monthly retirement allowance”
200		-
201		-	16. “Retirement allowance” is one-twelfth (1/12) of the annual
202		-	retirement allowance benefit which shall be payable mont hly.;
203		-
	376	+	(18) 16. “Monthly retirement “Retirement allowance” is one-
	377	+	twelfth (1/12) of the annual retirement allowance benefit which
	378	+	shall be payable monthly .;
204	379		(19) 17. “Retirement Benefit Fu nd” shall mean the fund from
205	380		which all retirement benefits shall be paid based on such mortality
206		-	tables as shall be adopted by the Board of Trustees .;
	381	+	tables as shall be adopted by the Board of Trustees .; RBH No. 7783
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207	407
208	408		(20) 18. “Actuary” shall mean a person or firm especially
209	409		skilled through training and experience in fin ancial calculation
210	410		respecting the expectancy and duration of life .;
211		-
212	411		(21) 19. “Actuarial equivalent” shall mean a benefit of equal
213	412		value when computed upon the basis of such mortality and other
214	413		tables as shall be adopted by the Board of Trustees .;
215		-
216	414		(22) 20. The masculine pronoun, whenever used, shall include
217	415		the feminine.;
218		-
219	416		(23) 21. “Actuarially determined cost” shall mean the single
220	417		sum which is actuarially equivalent in value to a specified pension
221	418		annuity amount as determined on the basis of mortality an d interest
222	419		assumptions adopted by the Board of Trustees .;
223		-
224	420		(24) 22. “Normal retirement age” means the earliest date upon
225	421		which:
226		-
227		-	(a)
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230		-	a. a member reaches the age sixty -two (62) with respect
	422	+	(a) a. a member reaches the age sixty -two (62) with respect
231	423		to a member whose first creditable service occurs
232	424		prior to November 1, 2011, unless the member reaches a
233	425		normal retirement date pursuant to subparagraph (c) c
234	426		or subparagraph (d) d of this paragraph,
235		-
236		-	(b)
237		-
238		-	b. a member reaches the age of sixty -five (65) with
	427	+	(b) b. a member reaches the age of sixty -five (65) with
239	428		respect to a member whose first creditable service
240	429		occurs on or after November 1, 2011, or with respect
241	430		to a member whose first creditable service occurs on
242		-	or after November 1, 2011, reaches a normal retirement
	431	+	or after November 1, 2011, reaches a normal retirement RBH No. 7783
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243	458		date pursuant to subparagraph (d) d of this paragraph
244	459		having attained a minimum age of sixty (60) years,
245		-
246		-	(c)
247		-
248		-	c. the age at which the sum of a member’s age and number
249		-	of years of creditable service total eighty (80), with
250		-	respect to a member whose first creditable service
251		-	occurred prior to July 1, 1992, and who does n ot reach
252		-	a normal retirement age pursuant to subpa ragraph (a) a
253		-	of this paragraph, or
254		-
255		-	(d)
256		-
257		-	d. the age at which the sum of a member’s age and number
258		-	of years of creditable service total ninety (90), with
259		-	respect to a member whose first creditable service
260		-	occurred on or after July 1, 1992, but prior to
261		-	November 1, 2011, if the member does not reach a
	460	+	(c) c. the age at which the sum of a member’s age and
	461	+	number of years of creditable service total eighty
	462	+	(80), with respect to a member whose first creditable
	463	+	service occurred prior to July 1, 1992, and who does
	464	+	not reach a normal retirement age pursuant to
	465	+	subparagraph (a) a of this paragraph, or
	466	+	(d) d. the age at which the sum of a member’s age and
	467	+	number of years of creditable service total ninety
	468	+	(90), with respect to a member whose first creditable
	469	+	service occurred on or after July 1, 1992, but prior
	470	+	to November 1, 2011, if the member does not reach a
262	471		normal retirement age pursuant to subparagraph (a) a
263	472		of this paragraph.;
264		-
265	473		(25) 23. “Regular annual compensation” means salary plus fringe
266	474		benefits, excluding the flexible benefit allowance pursuant to
267	475		Section 26-105 of this title and for purposes pursuant to Section
268	476		17-101 et seq. of this title . For purposes of this definition,
269	477		regular annual compensation shall include:
270		-
271		-	(a)
272		-	RBH No. 7783
273		-	ENR. H. B. NO. 2528 Page 7
274		-	a. salary which accrues on a regula r basis in proportion
275		-	to the service performed includin g payments for staff
276		-	development,
277		-
278		-	(b)
279		-
280		-	b. amounts that would otherwise qualify as salary under
	478	+	(a) a. salary which accrues on a regular basis in
	479	+	proportion to the service performed includin g payments
	480	+	for staff development, RBH No. 7783
	481	+
	482	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 10 1
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	506	+
	507	+	(b) b. amounts that would otherwise qualify as salary under
281	508		paragraph (a) subparagraph a of this subsection
282	509		paragraph but are not received directly by the member
283	510		pursuant to a good faith good-faith, voluntary written
284	511		salary reduction agreement in order to finance
285	512		payments to a deferred compensation or tax -sheltered
286	513		annuity program or to finance benefit options under a
287	514		cafeteria plan qualifying under the United States
288	515		Internal Revenue Code, 26 U.S.C., Section 101 et seq.,
289		-
290		-	(c)
291		-
292		-	c. group health and disability insurance, group term life
293		-	insurance, annuities, and pension plans, provided on a
294		-	periodic basis to all qualified employees of the
	516	+	(c) c. group health and disability insurance, group term
	517	+	life insurance, annuities, and pension plans, provided
	518	+	on a periodic basis to all qualified employees of the
295	519		employer, which qualify as fringe benefits under the
296	520		United States Internal Revenue Code, an d
297		-
298		-	(d)
299		-
300		-	d. excluded from regular annual compensation are:
301		-
302		-	1.
303		-
304		-	(1) expense reimbursement payments,
305		-
306		-	2.
307		-
308		-	(2) office, vehicle, housing, or other maintenance
309		-	allowances,
310		-
311		-	3.
312		-
313		-	(3) the flexible benefit allowance provided pursuant
314		-	to Section 26-105 of this title,
315		-
316		-	4.
317		-
318		-	(4) payment for unused vacation and sick leave, RBH No. 7783
319		-	ENR. H. B. NO. 2528 Page 8
320		-
321		-	5.
322		-
323		-	(5) any payment made for reason of termination or
324		-	retirement not specifically provided for in
	521	+	(d) d. excluded from regular annual compensation are:
	522	+	1. (1) expense reimbursement payments,
	523	+	2. (2) office, vehicle, housing, or other
	524	+	maintenance allowances,
	525	+	3. (3) the flexible benefit allowance provided
	526	+	pursuant to Section 26 -105 of this title,
	527	+	4. (4) payment for unused vacation and sick leave,
	528	+	5. (5) any payment made for reason of termination or
	529	+	retirement not specifically provided for in RBH No. 7783
	530	+
	531	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 11 1
	532	+	2
	533	+	3
	534	+	4
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	538	+	8
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	540	+	10
	541	+	11
	542	+	12
	543	+	13
	544	+	14
	545	+	15
	546	+	16
	547	+	17
	548	+	18
	549	+	19
	550	+	20
	551	+	21
	552	+	22
	553	+	23
	554	+	24
	555	+
325	556		subparagraphs(a) divisions (1) through (c) (3) of
326	557		this subsection subparagraph,
327		-
328		-	6.
329		-
330		-	(6) maintenance or other nonmon etary compensation,
331		-
332		-	7.
333		-
334		-	(7) payment received as an independent contractor or
335		-	consultant, pursuant to a lawful contract which
336		-	complies with the requirements of subsection B of
337		-	Section 6-101.2 of this title,
338		-
339		-	8.
340		-
341		-	(8) any benefit payments not made pursuant to a valid
342		-	employment agreement,
343		-
344		-	9.
345		-
346		-	(9) compensation for clinical related activity
	558	+	6. (6) maintenance or other nonmon etary
	559	+	compensation,
	560	+	7. (7) payment received as an independent contractor
	561	+	or consultant, pursuant to a lawful contract
	562	+	which complies with the requirements of
	563	+	subsection B of Section 6 -101.2 of this title,
	564	+	8. (8) any benefit payments not made pursuant to a
	565	+	valid employment agreement,
	566	+	9. (9) compensation for clinical related activity
347	567		performed in the University of Oklahoma Health
348	568		Sciences Center (OUHSC) Professional Practice
349	569		Plan or Oklahoma State University Center for
350	570		Health Sciences (OSU -CHS) Professional Practice
351	571		Plan, and
352		-
353		-	10.
354		-
355		-	(10) any other compensation not described in
	572	+	10. (10) any other compensation not described in
356	573		subparagraphs (a) a through (c) c of this
357	574		subsection. paragraph;
358		-
359	575		(26) “Teacher” means classified personnel and nonclassified
360	576		optional personnel.
361		-
362	577		(27) 24. “Active classroom teacher” means a person employed by
363	578		a school district to teach students specifically identified classes
364	579		for specifically identified subjects during the course of a RBH No. 7783
365		-	ENR. H. B. NO. 2528 Page 9
	580	+
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	605	+
366	606		semester, and who holds a valid certificate or license issued by and
367	607		in accordance with the rules and regul ations of the State Board of
368	608		Education.;
369		-
370	609		(28) 25. “Maximum compensation level” shall, except as
371	610		otherwise authorized pursuant to the provisions of Section 17 -116.2C
372	611		of this title, mean:
373		-
374		-	(a)
375		-
376		-	a. Twenty-five Thousand Dollars ($25,000.00) for
	612	+	(a) a. Twenty-five Thousand Dollars ($25,000.00) for
377	613		creditable service authorized and performed prior to
378	614		July 1, 1995, for members not electing a higher
379	615		maximum compensation level,
380		-
381		-	(b)
382		-
383		-	b. Forty Thousand Dollars ($40,000.00) for creditab le
	616	+	(b) b. Forty Thousand Dollars ($40,000.00) for creditable
384	617		service authorized and performed prior to July 1,
385	618		1995, for members electing a maximu m compensation
386	619		level in excess of Twenty -five Thousand Dollars
387	620		($25,000.00),
388		-
389		-	(c)
390		-
391		-	c. Twenty-seven Thousand Five Hundred Dollars
	621	+	(c) c. Twenty-seven Thousand Five Hundred Dollars
392	622		($27,500.00) for members who, as of June 30, 1995, had
393	623		elected to have a maximum compensation level not in
394	624		excess of Twenty-five Thousand Dollars ($25,000.00),
395	625		and who were employed by an entity or institution
396	626		within The Oklahoma State System of Higher Education
397	627		for creditable service authorized and performed on or
398	628		after July 1, 1995, but not later than June 30, 1996,
399		-	if such member does not elect a higher maximum
	629	+	if such member does not elect a higher maximum RBH No. 7783
	630	+
	631	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 13 1
	632	+	2
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	655	+
400	656		compensation level for this period as authorized by
401	657		Section 17-116.2A of this title,
402		-
403		-	(d)
404		-
405		-	d. Thirty-two Thousand Five Hundred Dollar s ($32,500.00)
406		-	for members employed by a comprehensive university if
407		-	the member meets the re quirements imposed by Section
408		-	17-116.2A of this title and the member elects to
409		-	impose a higher maximum compensation level for service RBH No. 7783
410		-	ENR. H. B. NO. 2528 Page 10
411		-	performed on or after July 1, 1995, but not later than
412		-	June 30, 1996,
413		-
414		-	(e)
415		-
416		-	e. Forty-four Thousand Dollars ($44,000.00) for members
	658	+	(d) d. Thirty-two Thousand Five Hundred Dollars
	659	+	($32,500.00) for members employed by a comprehensive
	660	+	university if the member meets the re quirements
	661	+	imposed by Section 17 -116.2A of this title and the
	662	+	member elects to impose a higher maximum compensation
	663	+	level for service performed on or after July 1, 1995,
	664	+	but not later than June 30, 1996,
	665	+	(e) e. Forty-four Thousand Dollars ($44,000.00) for members
417	666		who, as of June 30, 1995, had elected to have a
418	667		maximum compensation level in excess of Twenty -five
419	668		Thousand Dollars ($25,000.00), and who were employed
420	669		by an entity or institution within The Oklahoma State
421	670		System of Higher Education for creditable service
422	671		authorized and performed on or after July 1, 1995, but
423	672		not later than June 30, 1996, if such member does not
424	673		elect a higher maximum compensation level for this
425	674		period as authorized by Section 17 -116.2A of this
426	675		title,
427		-
428		-	(f)
429		-
430		-	f. Forty-nine Thousand Dollars ($49,000.00) for members
	676	+	(f) f. Forty-nine Thousand Dollars ($49,000.00) for members
431	677		employed by a comprehensive university if the member
432	678		meets the requirements imposed by Section 17 -116.2A of
433		-	this title and the mem ber elects to impose a higher
	679	+	this title and the member elects to impose a higher RBH No. 7783
	680	+
	681	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 14 1
	682	+	2
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434	706		maximum compensation level for service performed on or
435	707		after July 1, 1995, but not later than June 30, 1996,
436		-
437		-	(g)
438		-
439		-	g. the following amounts for creditable service
	708	+	(g) g. the following amounts for creditable service
440	709		authorized and performed by members employed by a
441	710		comprehensive university, based upon the election of
442	711		the member in effect as of June 30, 1995:
443		-
444		-	1.
445		-
446		-	(1) for members who elected a maximum compensation
	712	+	1. (1) for members who elected a maximum compensation
447	713		level not in excess of Twenty -five Thousand
448	714		Dollars ($25,000.00):
449		-
450		-	(i)
451		-
452		-	(a) Thirty-two Thousand Five Hundred Dollars
453		-	($32,500.00) for service authorized and
	715	+	(i) (a) Thirty-two Thousand Five Hundred
	716	+	Dollars ($32,500.00) for service authorized
	717	+	and performed on or after July 1, 1996, but
	718	+	not later than June 30, 1997,
	719	+	(ii) (b) Thirty-seven Thousand Five Hundred
	720	+	Dollars ($37,500.00) for service authorized
	721	+	and performed on or after July 1, 1997, but
	722	+	not later than June 30, 1998,
	723	+	(iii) (c) Forty-two Thousand Five Hundred
	724	+	Dollars ($42,500.00) for service authorized
	725	+	and performed on or after July 1, 1998, but
	726	+	not later than June 30, 2000,
	727	+	(iv) (d) Forty-seven Thousand Five Hundred
	728	+	Dollars ($47,500.00) for service authorized RBH No. 7783
	729	+
	730	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 15 1
	731	+	2
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	751	+	22
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	754	+
	755	+	and performed on or after July 1, 2000, but
	756	+	not later than June 30, 2001,
	757	+	(v) (e) Fifty-two Thousand Five Hundred
	758	+	Dollars ($52,500.00) for service authorized
	759	+	and performed on or after July 1, 2001, but
	760	+	not later than June 30, 2002,
	761	+	(vi) (f) Fifty-seven Thousand Five Hundred
	762	+	Dollars ($57,500.00) for service authorized
	763	+	and performed on or after July 1, 2002, but
	764	+	not later than June 30, 2003,
	765	+	(vii) (g) Sixty-two Thousand Five Hundred
	766	+	Dollars ($62,500.00) for service authorized
	767	+	and performed on or after July 1, 2003, but
	768	+	not later than June 30, 2004,
	769	+	(viii) (h) Sixty-seven Thousand Five Hundred
	770	+	Dollars ($67,500.00) for service authorized
	771	+	and performed on or after July 1, 2004, but
	772	+	not later than June 30, 2005,
	773	+	(ix) (i) Seventy-two Thousand Five Hundred
	774	+	Dollars ($72,500.00) for service authorized
	775	+	and performed on or after July 1, 2005, but
	776	+	not later than June 30, 2006,
	777	+	(x) (j) Seventy-seven Thousand Five Hundred
	778	+	Dollars ($77,500.00) for service authorized RBH No. 7783
	779	+
	780	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 16 1
	781	+	2
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	802	+	23
	803	+	24
	804	+
	805	+	and performed on or after July 1, 2006, but
	806	+	not later than June 30, 2007, and
	807	+	(xi) (k) the full amount of regular annual
	808	+	compensation for service authorize d and
	809	+	performed on or after July 1, 2007, and
	810	+	2. (2) for members who elected a maximum compensation
	811	+	level in excess of Twenty -five Thousand Dollars
	812	+	($25,000.00):
	813	+	(i) (a) Forty-nine Thousand Dollars
	814	+	($49,000.00) for service authorized and
454	815		performed on or after July 1, 1996, but not
455		-	later than June 30, 1997, RBH No. 7783
456		-	ENR. H. B. NO. 2528 Page 11
457		-
458		-	(ii)
459		-
460		-	(b) Thirty-seven Thousand Five Hundred Dollars
461		-	($37,500.00) for service authorized and
	816	+	later than June 30, 1997,
	817	+	(ii) (b) Fifty-four Thousand Dollars
	818	+	($54,000.00) for service authorized and
462	819		performed on or after July 1, 1997, but not
463	820		later than June 30, 1998,
464		-
465		-	(iii)
466		-
467		-	(c) Forty-two Thousand Five Hundred Dollars
468		-	($42,500.00) for service authorized a nd
	821	+	(iii) (c) Fifty-nine Thousand Dollars
	822	+	($59,000.00) for service authorized and
469	823		performed on or after July 1, 1998, but not
470	824		later than June 30, 2000,
471		-
472		-	(iv)
473		-
474		-	(d) Forty-seven Thousand Five Hundred Dollars
475		-	($47,500.00) for service authorized and
	825	+	(iv) (d) Sixty-four Thousand Dollars
	826	+	($64,000.00) for service authorized and
476	827		performed on or after July 1, 2000, but not
477		-	later than June 30, 2001,
478		-
479		-	(v)
480		-
481		-	(e) Fifty-two Thousand Five Hundred Dollars
482		-	($52,500.00) for service authorized and
	828	+	later than June 30, 2001, RBH No. 7783
	829	+
	830	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 17 1
	831	+	2
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	854	+
	855	+	(v) (e) Sixty-nine Thousand Dollars
	856	+	($69,000.00) for service authorized and
483	857		performed on or after July 1, 2001, but not
484	858		later than June 30, 2002,
485		-
486		-	(vi)
487		-
488		-	(f) Fifty-seven Thousand Five Hundred Dollars
489		-	($57,500.00) for service authorized and
	859	+	(vi) (f) Seventy-four Thousand Dollars
	860	+	($74,000.00) for service authorized and
490	861		performed on or after July 1, 2002, but not
491	862		later than June 30, 2003,
492		-
493		-	(vii)
494		-
495		-	(g) Sixty-two Thousand Five Hundred Dollars
496		-	($62,500.00) for service authorized and
	863	+	(vii) (g) Seventy-nine Thousand Dollars
	864	+	($79,000.00) for service authorized and
497	865		performed on or after July 1, 2003, but not
498	866		later than June 30, 2004,
499		-
500		-	(viii)
501		-	RBH No. 7783
502		-	ENR. H. B. NO. 2528 Page 12
503		-	(h) Sixty-seven Thousand Five Hundred Dollars
504		-	($67,500.00) for service authorized and
	867	+	(viii) (h) Eighty-four Thousand Dollars
	868	+	($84,000.00) for service authorized and
505	869		performed on or after July 1, 2004, but not
506	870		later than June 30, 2005,
507		-
508		-	(ix)
509		-
510		-	(i) Seventy-two Thousand Five Hundred Dollars
511		-	($72,500.00) for service authorized and
	871	+	(ix) (i) Eighty-nine Thousand Dollars
	872	+	($89,000.00) for service authorized and
512	873		performed on or after July 1, 2005, but not
513	874		later than June 30, 2006,
514		-
515		-	(x)
516		-
517		-	(j) Seventy-seven Thousand Five Hundred Dollars
518		-	($77,500.00) for service authorized and
	875	+	(x) (j) Ninety-four Thousand Dollars
	876	+	($94,000.00) for service authorized and
519	877		performed on or after July 1, 2006, but not
520		-	later than June 30, 2007, and
521		-
522		-	(xi)
523		-
524		-	(k) the full amount of regular annual
	878	+	later than June 30, 2007, and RBH No. 7783
	879	+
	880	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 18 1
	881	+	2
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	904	+
	905	+	(xi) (k) the full amount of regular annual
525	906		compensation for service authorized and
526	907		performed on or after July 1, 2007, and
527		-
528		-	2.
529		-
530		-	(2) for members who elected a maximum compensation
531		-	level in excess of Twenty -five Thousand Dollars
532		-	($25,000.00):
533		-
534		-	(i)
535		-
536		-	(a) Forty-nine Thousand Dollars ($49,000.00) for
537		-	service authorized and performed on or af ter
538		-	July 1, 1996, but not later than June 30,
539		-	1997,
540		-
541		-	(ii)
542		-
543		-	(b) Fifty-four Thousand Dollars ($54,000.00) for
544		-	service authorized and performed on or after
545		-	July 1, 1997, but not later than June 30,
546		-	1998,
547		-	RBH No. 7783
548		-	ENR. H. B. NO. 2528 Page 13
549		-	(iii)
550		-
551		-	(c) Fifty-nine Thousand Dollars ($59,000.00) for
552		-	service authorized and performed on or after
553		-	July 1, 1998, but not later than June 30,
554		-	2000,
555		-
556		-	(iv)
557		-
558		-	(d) Sixty-four Thousand Dollars ($64,000.00) for
559		-	service authorized and performed on or after
560		-	July 1, 2000, but not later than June 30,
561		-	2001,
562		-
563		-	(v)
564		-
565		-	(e) Sixty-nine Thousand Dollars ($69,000.00) for
566		-	service authorized and performed on or after
567		-	July 1, 2001, but not later than June 30,
568		-	2002,
569		-
570		-	(vi)
571		-
572		-	(f) Seventy-four Thousand Dollars ($74,000.00)
573		-	for service authorized and performed on or
574		-	after July 1, 2002, but not later than June
575		-	30, 2003,
576		-
577		-	(vii)
578		-
579		-	(g) Seventy-nine Thousand Dollars ($79,000.00)
580		-	for service authorized and performed on or
581		-	after July 1, 2003, but not later than June
582		-	30, 2004,
583		-
584		-	(viii)
585		-
586		-	(h) Eighty-four Thousand Dollars ($84,000.00)
587		-	for service authorized and perfo rmed on or
588		-	after July 1, 2004, but not later than June
589		-	30, 2005,
590		-
591		-	(ix)
592		-	RBH No. 7783
593		-	ENR. H. B. NO. 2528 Page 14
594		-	(i) Eighty-nine Thousand Dollars ($89,000.00 )
595		-	for service authorized and performed on or
596		-	after July 1, 2005, but not later than June
597		-	30, 2006,
598		-
599		-	(x)
600		-
601		-	(j) Ninety-four Thousand Dollars ($94,0 00.00)
602		-	for service authorized and performed on or
603		-	after July 1, 2006, but not later than June
604		-	30, 2007, and
605		-
606		-	(xi)
607		-
608		-	(k) the full amount of regular annual
609		-	compensation for service authorized and
610		-	performed on or after July 1, 2007, and
611		-
612		-	(h)
613		-
614		-	h. the full amount of regular annual compensation of:
615		-
616		-	1.
617		-
618		-	(1) a member of the retirement system not employed by
619		-	an entity or institution within The Oklahoma
	908	+	(h) h. the full amount of regular annual compensation of:
	909	+	1. (1) a member of the retirement system not employed
	910	+	by an entity or institution within The Oklahoma
620	911		State System of Higher Education for all
621	912		creditable service authorized and performed on or
622	913		after July 1, 1995,
623		-
624		-	2.
625		-
626		-	(2) a member of the retirement system first employed
627		-	on or after July 1, 1995, by an entity or
628		-	institution within The Oklahoma State System of
629		-	Higher Education for all creditable service
	914	+	2. (2) a member of the retirement system first
	915	+	employed on or after July 1, 1995, by an entity
	916	+	or institution within The Oklahoma State System
	917	+	of Higher Education for all creditable service
630	918		authorized and performed on or after July 1,
631	919		1995, but not later than June 3 0, 1996,
632		-
633		-	3.
634		-
635		-	(3) a member of the retirement system employed by an
636		-	entity or institution within The Okla homa State
637		-	System of Higher Education, other than a
638		-	comprehensive university, if the member elects to RBH No. 7783
639		-	ENR. H. B. NO. 2528 Page 15
	920	+	3. (3) a member of the retirement system employed by
	921	+	an entity or institution within The Oklahoma
	922	+	State System of Higher Education, other than a
	923	+	comprehensive university, if the member elects to
640	924		impose a higher maximum compensation level for
641	925		service performed on or after July 1, 1995, but
642	926		not later than June 30, 1996, pursuant to
643		-	subsection B of Section 17-116.2A of this title,
644		-
645		-	4.
646		-
647		-	(4) a member of the retirement system who is first
	927	+	subsection B of Section 17 -116.2A of this title, RBH No. 7783
	928	+
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	953	+
	954	+	4. (4) a member of the retirement system who is first
648	955		employed on or after July 1, 1996, by any entity
649	956		or institution within The Oklahoma State System
650	957		of Higher Education including a comprehensive
651	958		university, for creditable service authorized and
652	959		performed on or after July 1, 1996,
653		-
654		-	5.
655		-
656		-	(5) a member of the retirement system who, as of July
657		-	1, 1996, is subject to a maximum compe nsation
658		-	level pursuant to paragraph (g) subparagraph g of
659		-	this subsection paragraph if the member
660		-	terminates service with a comprehensive
661		-	university and is subsequently reemployed by a
662		-	comprehensive university,
663		-
664		-	6.
665		-
666		-	(6) a member of the retirement system empl oyed by a
667		-	comprehensive university for all service
	960	+	5. (5) a member of the retirement system who, as of
	961	+	July 1, 1996, is subject to a maximum
	962	+	compensation level pursuant to paragraph (g)
	963	+	subparagraph g of this subsection paragraph if
	964	+	the member terminates service with a
	965	+	comprehensive university and is subsequently
	966	+	reemployed by a comprehensive university,
	967	+	6. (6) a member of the retirement system empl oyed by
	968	+	a comprehensive university for all service
668	969		performed on and after July 1, 2007, or
669		-
670		-	7.
671		-
672		-	(7) an eligible member of the retirement system who
673		-	fulfills the requirements of Section 17 -116.2C of
674		-	this title with respect to pre -cap removal
675		-	service included in the retirement benefit
676		-	computation of the member at the average salary
677		-	of the member subjec t to the maximum average
678		-	salary amount.; and
679		-
680		-	(29) 26. “Comprehensive university” shall mean:
681		-
682		-	(a)
683		-	RBH No. 7783
684		-	ENR. H. B. NO. 2528 Page 16
685		-	a. the University of Oklahoma and all of its constituent
686		-	agencies including the University of Oklahoma Health
687		-	Sciences Center, the University of Oklahoma L aw
688		-	Center, and the Oklahoma Geological Survey, and
689		-
690		-	(b)
691		-
692		-	b. Oklahoma State University and all of its constituent
693		-	agencies including the Oklahoma State University
694		-	Agricultural Experiment Station, the Oklahoma State
695		-	University Agricultural Extension Division , the
696		-	Oklahoma State University College of Veterinary
697		-	Medicine, the Oklahoma State University Center for
698		-	Health Sciences, the Technical Branch at Oklahoma City
699		-	OSU-Oklahoma City, the Oklahoma State University
700		-	Institute of Technology -Okmulgee, and Oklahoma State
701		-	University-Tulsa.
702		-
	970	+	7. (7) an eligible member of the retirement system
	971	+	who fulfills the requirements of Section 17 -
	972	+	116.2C of this title with respect to pre -cap
	973	+	removal service included in the retirement
	974	+	benefit computation of the member at the average
	975	+	salary of the member subject to the maximum
	976	+	average salary amount .; and
	977	+	(29) 26. “Comprehensive university” shall mean: RBH No. 7783
	978	+
	979	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 20 1
	980	+	2
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	1003	+
	1004	+	(a) a. the University of Oklahoma and all of its
	1005	+	constituent agencies including the University of
	1006	+	Oklahoma Health Sciences Center, the University of
	1007	+	Oklahoma Law Center, and the Oklahoma Geological
	1008	+	Survey, and
	1009	+	(b) b. Oklahoma State University and all of its
	1010	+	constituent agencies including the Oklahoma State
	1011	+	University Agricultural Experiment Station, the
	1012	+	Oklahoma State University Agricultural Extension
	1013	+	Division, the Oklahoma State University College of
	1014	+	Veterinary Medicine, the Oklahoma State University
	1015	+	Center for Health Sciences, the Technical Branch at
	1016	+	Oklahoma City OSU-Oklahoma City, the Oklahoma State
	1017	+	University Institute of Technology -Okmulgee, and
	1018	+	Oklahoma State University -Tulsa.
703	1019		(30) “Retirement contract” means the document prepared by the
704	1020		Teachers’ Retirement System upon member request, which incorporates
705	1021		member’s selected retirement option, and which must be executed and
706	1022		submitted to the Teachers’ Retirement System no less than thirty
707	1023		(30) days prior to the projected retirement date.
708		-
709	1024		SECTION 2. AMENDATORY 70 O.S. 2021, Section 17 -103, is
710		-	amended to read as follows:
	1025	+	amended to read as follows: RBH No. 7783
	1026	+
	1027	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 21 1
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711	1051
712	1052		Section 17-103. Except as provided in the Alternate Retirement
713	1053		Plan for Comprehensive Universities Act, the membership of the
714	1054		retirement system shall consist of the following:
715		-
716	1055		A. All classified personnel shall become members of th e
717	1056		retirement system as a condition of their employment ;.
718		-
719	1057		B. For the period from August 2, 1969, to the effective date of
720	1058		this act June 30, 2021, all full-time nonclassified optional
721	1059		personnel regularly employed for more than one (1) year may join the
722	1060		Teachers’ Retirement System of Oklahoma subject to the rules and
723	1061		regulations adopted pursuant to the Teachers’ Retirement System of
724	1062		Oklahoma. On or after the effective date of this act July 1, 2021,
725	1063		all nonclassified optional personnel regularly employed for twenty
726	1064		(20) hours or more per week may join the System upon hiring or
727	1065		eligibility, subject to the provisions of subsection C of this
728	1066		section and the rules and regulations adopted by the System pursuant
729		-	to this act Section 17-101 et seq. of this title . RBH No. 7783
730		-	ENR. H. B. NO. 2528 Page 17
731		-
	1067	+	to this act Section 17-101 et seq. of this title .
732	1068		C. 1. A nonclassified Nonclassified optional employee
733	1069		personnel shall have thirty (30) days from the initial date of hire
734	1070		or eligibility to make a one-time irrevocable written election to
735	1071		opt out of participation in the System , in a manner required by the
736	1072		Board of Trustees. If an eligible employee fails to make an
737	1073		election within the thirty -day period, the eligible employee shall
738		-	be deemed to participate in the System.
	1074	+	be deemed to participate in the System. RBH No. 7783
	1075	+
	1076	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 22 1
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739	1100
740	1101		2. If an eligible employee elects to opt out of participation
741	1102		in the System, the employee shall not make any required employee
742	1103		contributions to the System and his or her the employee’s employer
743	1104		shall not make any required employer contributions to the System.
744		-
745	1105		3. If an eligible nonclassified optional employee elects to
746	1106		participate does not timely opt out of participation in the System,
747	1107		the such an employee shall make employee contributions to the System
748	1108		pursuant to Section 17 -116.2 of this title and the employer shall
749	1109		make employer contributions to the System pursuant to Section 17 -
750	1110		108.1 of this title. Nothing in this paragraph subsection shall be
751	1111		construed to prohibit the employer from making the contribution of
752	1112		the employee to the System on behalf of the employee.
753		-
754	1113		4. A nonclassified Nonclassified optional employee personnel
755	1114		who opts opt out of participation in the System shall be ineligible
756	1115		for future participation in the System; provided, however, that if
757	1116		the such an employee is hired for a classified position, he or she
758	1117		shall become a member of the System pursuant to subsection A of this
759	1118		section but shall not be eligible for prior service credit for
760	1119		service performed while employed in a nonclassified position during
761	1120		which the employee opted out of participation in the System.
762		-
763	1121		5. Any nonclassified optional employee employed on the
764	1122		effective date of this act shall make an irrevocable written
765	1123		election to participate in or opt out of the System pursuant to
766		-	paragraph 1 of this subsection. If the employee fails to make an
	1124	+	paragraph 1 of this subsection. If the employee fails to make an RBH No. 7783
	1125	+
	1126	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 23 1
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	1150	+
767	1151		election within thirty (30) days from the effective date of this
768	1152		act, the employee shall be deemed to participate in the System,
769	1153		subject to the provisions of paragraph 3 of this subsection.
770		-
771	1154		D. The Board of Trustees may, in its discretion, deny the right
772	1155		to become members to any class of members whose compensation is only
773	1156		partly paid by the state, or who is serving on a temporary or other
774	1157		than per annum basis, and it also may, in its discretion, make
775		-	optional with the individual entrance into the retirement system for RBH No. 7783
776		-	ENR. H. B. NO. 2528 Page 18
	1158	+	optional with the individual entrance into the retirement system for
777	1159		members in any such class their individual entrance into the
778	1160		retirement system optional.
779		-
780	1161		E. Should any non-vested member, with less than ten (10) years
781	1162		of teaching service in Oklahoma , in any period of six (6)
782	1163		consecutive years after becoming a member , be absent from service
783	1164		more than five (5) years, withdraw his or her contributions, retire
784	1165		or die, he or she shall thereupon cease to be a member. The
785	1166		provisions of this paragraph subsection shall not apply to any
786	1167		member of the Teachers’ Retirement System of Oklahoma who has been a
787	1168		member of such classes of military se rvices as may be approved by
788	1169		the Board of Trustees, until a period of one and one -half (1 1/2)
789	1170		years from date of termination of such service shall have elapsed.
790		-
791	1171		F. Effective November 1, 2019, a retired member of the
792	1172		Teachers’ Retirement System of Oklahoma who becomes employed by the
793	1173		State Department of Education for the first time on or after
794		-	November 1, 2019, shall have the option to remain a member of the
	1174	+	November 1, 2019, shall have the option to remain a member of the RBH No. 7783
	1175	+
	1176	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 24 1
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	1200	+
795	1201		Teachers’ Retirement System of Oklahoma subject to any applicable
796	1202		limitations placed on retired mem bers returning to work or may
797	1203		choose to participate as an active member in the Oklahoma Public
798	1204		Employees Retirement System as an active member defined benefit plan
799	1205		or the Oklahoma Public Employees Retirement System defined
800	1206		contribution system, whichever is applicable under the laws and
801	1207		rules governing those systems .
802		-
803	1208		SECTION 3. AMENDATORY 70 O.S. 2021, Section 17 -104, is
804	1209		amended to read as follows:
805		-
806	1210		Section 17-104. (1) Under such rules and regulations as the
807	1211		Board of Trustees shall adopt, each member who became a member
808	1212		within one (1) year after July 1, 1943, shall file a detailed
809	1213		statement of all service as a member rendered by him prior to the
810	1214		date of establishment for which he claims credit.
811		-
812	1215		(2) A. The Board of Trustees of the Teachers’ Retirement System
813	1216		of Oklahoma shall fix and determine by appropriate rules and
814	1217		regulations how much service in any year is equivalent to one (1)
815	1218		year of service, but in no case shall it allow any credit for a
816	1219		period of absence without pay of more than one (1) month’s duration
817	1220		nor shall more than one (1) year of service be creditable for all
818	1221		services in one (1) school year. Service rendered for a regular
819	1222		school year shall be equivalent to one (1) year’s year of service.
820		-	RBH No. 7783
821		-	ENR. H. B. NO. 2528 Page 19
822	1223		(a) Prior service credit sh all be granted to any member who
823		-	shall become a member when he has compl eted one (1) year of
	1224	+	shall become a member when he has completed one (1) year of RBH No. 7783
	1225	+
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824	1251		membership service credit. Prior service shall include years taught
825	1252		in what is now Oklahoma preceding statehood.
826		-
827	1253		1. Subject to the above restrictions and to such other rules
828	1254		and regulations as the Board of Trustees may adopt, the Board of
829	1255		Trustees shall verify, as soon as practicable after the filing of
830	1256		such statements of service, the service therein claimed.
831		-
832	1257		2. Upon verification of the statements of service, the Board of
833	1258		Trustees shall issue prior service certificates certifying to each
834	1259		member the length of service rendered prior to the date of
835	1260		establishment, with which he is credited on the basis of his
836	1261		statement of service. So long as membership continues, a p rior
837	1262		service certificate shall be final and conclusive for retirement
838	1263		purposes as to such service; provided, however, the Board of
839	1264		Trustees may, upon request of the member, modify or correct his
840	1265		prior service certificate. The prior service credit and cert ificate
841	1266		of a member who has retired may be corrected, if incorrect. When
842	1267		the correction constitutes an addition to the retired member’s
843	1268		service record, the Board of Trustees may grant allowance
844	1269		retroactively as the facts justify.
845		-
846	1270		When membership ceases su ch prior service certificate shall
847		-	become void. Should the former
848		-
849		-	B. If a member return who has previously withdrawn service
850		-	returns to service in Oklahoma and completes one (1) year of
851		-	membership service credit , he shall again become a member not
852		-	entitled to prior service credit, with the provision that he the
853		-	member may reestablish his prior service credit by redepositing in
854		-	the appropriate fund the amount formerly withdrawn, with the
855		-	interest at five percent (5%) per annum from the date membership
856		-	ceased to the date of redeposit; provided, however, effective
857		-	January 1, 1990, the rate of interest provided herein shall be ten
858		-	percent (10%) per annum. No member shall be permitted to take
859		-	advantage of this provision for restoration of redeposit prior
860		-	service more than one time.
861		-
	1271	+	become void. Should the former B. If a member return who has
	1272	+	previously withdrawn service returns to service in Oklahoma and
	1273	+	completes one (1) year of membership service credit , he shall again
	1274	+	become a member not entitl ed to prior service credit, with the RBH No. 7783
	1275	+
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	1300	+
	1301	+	provision that he the member may reestablish his prior service
	1302	+	credit by redepositing in the appropriate fund the amount formerly
	1303	+	withdrawn, with the interest at five percent (5%) per annum from the
	1304	+	date membership ceas ed to the date of redeposit; provided, however,
	1305	+	effective January 1, 1990, the rate of interest provided herein
	1306	+	shall be ten percent (10%) per annum. No member shall be permitted
	1307	+	to take advantage of this provision for restoration of redeposit
	1308	+	prior service more than one time.
862	1309		(b) Any person who is, or shall become, a member of the
863	1310		Teachers’ Retirement System may receive prior service credit for not
864	1311		more than five (5) years of service rendered in public schools,
865	1312		state colleges, or state universities outsi de this state prior to
866		-	July 1, 1943, subject to the regulations of the Board of Trustees, RBH No. 7783
867		-	ENR. H. B. NO. 2528 Page 20
	1313	+	July 1, 1943, subject to the regulations of the Board of Trustees,
868	1314		provided he is not receiving, and is not eligible to receive,
869	1315		retirement credit or benefits for this service in any other teacher
870	1316		retirement system, subject to the fo llowing provision:
871		-
872	1317		1. The member is required to have two (2) years of creditable
873	1318		service teaching earned in Oklahoma for each year of out -of-state
874	1319		credit granted.
875		-
876	1320		(3) Any teacher who served in the Armed Forces of the United
877	1321		States of America prior to Jul y 1, 1943, during World War I or World
878	1322		War II, whose service was terminated by an honorable discharge and
879	1323		who qualifies for prior service credit under the terms of this act
880		-	shall be granted prior service teaching credit by the Board of
	1324	+	shall be granted prior service teaching credit by the Board of RBH No. 7783
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881	1351		Trustees for the per iod of such service in the Armed Forces,
882	1352		occurring prior to July 1, 1943, upon presentation to the Board of
883	1353		Trustees of satisfactory proof of such service in the Armed Forces.
884	1354		The amount of prior service teaching credit to be allowed such
885	1355		teacher shall be determined by the Board of Trustees
886		-
887	1356		C. The Board of Trustees may adopt such other rules and
888	1357		regulations to verify, process, and credit the service herein
889	1358		claimed.
890		-
891	1359		SECTION 4. AMENDATORY 70 O.S. 2021, Section 17 -105, is
892	1360		amended to read as follows:
893		-
894	1361		Section 17-105. (1) (a) A. 1. Any member who has attained
895	1362		age fifty-five (55) or who has completed thirty (30) years of
896	1363		creditable service, as defined in Section 17 -101 of this title, or
897	1364		for any person who initially became a member pr ior to July 1, 1992,
898	1365		regardless of whether there were breaks in service after July 1,
899	1366		1992, whose age and number of years of creditable service total
900	1367		eighty (80) may be retired upon proper application for retirement on
901	1368		forms as established by the Teachers’ Retirement System and
902	1369		executing a retirement contract of Oklahoma. Such a retirement date
903	1370		will also apply to any person who became a member of the sending
904	1371		system as defined in this act Section 17-116.2 of this title, prior
905	1372		to July 1, 1992, regardless of whether there were breaks in service
906	1373		after July 1, 1992. Any person who became a member after June 30,
907		-	1992, but prior to November 1, 2011, whose age and number of years
	1374	+	1992, but prior to November 1, 2011, whose age and number of years RBH No. 7783
	1375	+
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	1400	+
908	1401		of creditable service total ninety (90) may be retired upon proper
909	1402		application for retirement and executing a retirement contract as
910	1403		established by the System . Any person who becomes a member on or
911	1404		after November 1, 2011, who attains the age of sixty -five (65) years
912		-	or who reaches a normal retirement date pursuant to subparagraph (d) RBH No. 7783
913		-	ENR. H. B. NO. 2528 Page 21
	1405	+	or who reaches a normal retirement date pursuant to subparagraph (d)
914	1406		d of paragraph (24) 22 of Section 17-101 of this title having
915	1407		attained a minimum age of sixty (60) years may be retired upon
916	1408		proper application for retirement and executing a retirement
917	1409		contract as established by the System . The application shall be
918	1410		filed on the form provided by the Board of Trustees for this
919	1411		purpose, not less than sixty (60) days before the date of
920	1412		retirement, provided that the Executive Director may waive the
921	1413		sixty-day deadline for good cause shown as defined by the Board with
922	1414		the System in a manner required by the Board of Trustees .
923		-
924	1415		1. 2. The employer shall provide the System with the following
925	1416		information for a retiring member, no later than the fifteenth day
926	1417		of the month of retirement: last day physically on the job; last
927	1418		day on payroll; any regular compensation not already reported to the
928	1419		System; and final unused sick leave balance.
929		-
930	1420		2. 3. Failure to submit this information by the deadline, or
931	1421		errors in submitted information that result in a disqualification of
932	1422		retirement eligibility , shall be the responsibility of the employer.
933	1423		In cases where the error results in disqualification of retirement
934		-	eligibility, it is the employer’s responsibility to reemploy the
	1424	+	eligibility, it is the employer’s responsibility to reemploy the RBH No. 7783
	1425	+
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935	1451		member, or retain the member on the payroll, for the time period
936	1452		required to reach eligibility, not exceeding two (2) months.
937		-
938	1453		(b) B. An individual who becomes a member of the Teachers’
939	1454		Retirement System of Oklahoma after July 1, 1967, through October
940	1455		31, 2017, shall be employed by the public schools, state colleges,
941	1456		or universities of Oklahoma for a minimum of five (5) years and be a
942	1457		contributing member of the Teachers’ Retirement System of Oklahoma
943	1458		for a minimum of five (5) years to qualify for monthly retirement
944	1459		benefits from the Teachers’ Retirement System of Oklahoma.
945		-
946	1460		An individual who becomes a member of the Teachers’ Retirement
947	1461		System of Oklahoma on or after November 1, 2017, shall be employed
948	1462		by the public schools, state colleges or universities of Oklahoma
949	1463		for a minimum of seven (7) years and be a contributing member of the
950	1464		Teachers’ Retirement System of Oklahoma for a minimum of seven (7)
951	1465		years to qualify for monthly retirement benefits from the Teachers’
952	1466		Retirement System of Oklahoma.
953		-
954	1467		(c) Any member C. Individuals becoming members after July 1,
955	1468		1967, through October 31, 2017 , with five (5) or more years of
956	1469		Oklahoma service and whose accumulated contributions during such
957		-	period have not been withdrawn shall be given an indefinite RBH No. 7783
958		-	ENR. H. B. NO. 2528 Page 22
	1470	+	period have not been withdrawn shall be given an indefinite
959	1471		extension of membership beginning with the sixth year following the
960	1472		member’s last contributing mem bership.
961		-
962	1473		Individuals becoming members on or after November 1, 2017, with
963		-	seven (7) or more years of Oklahoma teaching service and whose
	1474	+	seven (7) or more years of Oklahoma teaching service and whose RBH No. 7783
	1475	+
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964	1501		accumulated contributions during such period have not been withdrawn
965	1502		shall be given an indefinite extension of membershi p beginning with
966	1503		the sixth eighth year following his or her the member’s last
967	1504		contributing membership and shall become eligible to apply for
968	1505		retirement and be retired upon attaining age fifty -five (55).
969		-
970		-	(2) An unclassified
971		-
972		-	D. Nonclassified optional member personnel who has have retired
973		-	or who retires retire at sixty-two (62) years of age or older or
974		-	whose retirement is because of disability shall have his or her
975		-	minimum retirement benefits calculated on an average salary of Five
976		-	Thousand Three Hundred Fift y Dollars ($5,350.00) or, if a larger
977		-	monthly allowance would result, an amount arrived at pursuant to
978		-	application of the formula prescribed herein.
979		-
	1506	+	(2) D. An unclassified Nonclassified optional member personnel
	1507	+	who has have retired or who retires retire at sixty-two (62) years
	1508	+	of age or older or whose retirement is because of disability shall
	1509	+	have his or her minimum retirement benefits calculated on an average
	1510	+	salary of Five Thousand Three Hundred Fift y Dollars ($5,350.00) or,
	1511	+	if a larger monthly allowance would result, an amount arrived at
	1512	+	pursuant to application of the formula prescribed herein.
980	1513		(3) E. No member shall receive a lesser retirement benefit than
981	1514		he or she the member would have received u nder the law in effect at
982	1515		the time he or she the member retired. Any individual under the
983	1516		Teachers’ Retirement System of Oklahoma, who through error in
984	1517		stating the title of the position which he or she the member held,
985	1518		may, at the discretion of the Board of Trustees, be changed from the
986	1519		nonclassified optional group to the classified group for the purpose
987	1520		of calculating retirement benefits.
988		-
989	1521		Any individual regardless of residence, who has a minimum of ten
990	1522		(10) years of teaching in Oklahoma schools prior to J uly 1, 1943, or
991	1523		who taught in Oklahoma schools prior to 1934 and thereafter taught a
992		-	minimum of ten (10) years and who does not qualify under the present
	1524	+	minimum of ten (10) years and who does not qualify under the present RBH No. 7783
	1525	+
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993	1551		retirement System, or who has a minimum of thirty (30) years of
994	1552		teaching in Oklahoma schools and has r eached seventy (70) years of
995	1553		age prior to July 1, 1984, and is not otherwise eligible to receive
996	1554		any benefits from the retirement system shall receive a minimum of
997	1555		One Hundred Fifty Dollars ($150.00) per month in retirement benefits
998	1556		from the Teachers’ Reti rement System of Oklahoma plus any general
999	1557		increase in benefits for annuitants as may be provided hereafter by
1000	1558		the Legislature. Each individual must apply to the Teachers’
1001	1559		Retirement System for such benefit and provide evidence to the
1002	1560		Teachers’ Retirement System that the service was actually rendered.
1003		-	The surviving spouse of any person who made application for the RBH No. 7783
1004		-	ENR. H. B. NO. 2528 Page 23
	1561	+	The surviving spouse of any person who made application for the
1005	1562		benefit provided for by this paragraph during his or her lifetime
1006	1563		but did not receive the benefit may submit an application to the
1007	1564		System for payment of the benefit for those months during the
1008	1565		lifetime of the deceased person that he or she was eligible for but
1009	1566		did not receive the benefit. Upon approval of the application by
1010	1567		the Board of Trustees, the benefit shall be paid to the surviving
1011	1568		spouse in one lump sum.
1012		-
1013	1569		(4) F. The value of each year of prior service is the total
1014	1570		monthly retirement benefit divided by the number of years of
1015	1571		creditable service.
1016		-
1017	1572		(5) G. Upon application of a member who is actively engaged in
1018	1573		teaching in Oklahoma or his or her upon application of the member’s
1019		-	employer, any member who has been a contributing member for ten (10)
	1574	+	employer, any member who has been a contributing member for ten (10) RBH No. 7783
	1575	+
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1020	1601		years may be retired by the System subsequent to the execution and
1021	1602		filing thereof, on a disability retirement allowance, provided that
1022	1603		it is found by the Medical Board after medical examination of such
1023	1604		member by a duly qualified physician that such member is mentally or
1024	1605		physically incapacitated for further performance of duty, that such
1025	1606		incapacity is likely to be permanent, and that such member should be
1026	1607		retired. The System shall rely on and give full consideration to
1027	1608		the conclusions and recommendations in the certified written report
1028	1609		of the Medical Board of the Teachers’ Retirement System of Oklahoma
1029	1610		regarding the disability application of such member. If the Medical
1030	1611		Board does not find that a member applying for disability retirement
1031	1612		is mentally or physically incapacitated for performance of duty or
1032	1613		otherwise eligible for a disability retirement, the application
1033	1614		shall then be considered by the Board of Trustees. If a member is
1034	1615		determined to be eligible for disability benefits pursuant to the
1035	1616		Social Security System, then such determination shall entitle the
1036	1617		member to the authorized disability retirement allowance benefits
1037	1618		provided by law. For members w ho are not eligible for disability
1038	1619		benefits pursuant to the Social Security System Administration, the
1039	1620		Board of Trustees and the Medical Board shall apply the same
1040	1621		standard for which provision is made in the first two sentences of
1041	1622		this subsection for deter mining the eligibility of a person for such
1042	1623		disability benefits in making a determination of eligibility for
1043		-	disability benefits as authorized by this subsection.
	1624	+	disability benefits as authorized by this subsection. RBH No. 7783
	1625	+
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1044	1650
1045	1651		(6) (a) H. 1. A member who at the time of retirement has been
1046	1652		found to be permanently phys ically or mentally incapacitated to
1047	1653		perform the necessary duties to continue in his or her the member’s
1048	1654		current position shall receive a minimum monthly retirement payment
1049		-	for life or until such time as the member may be found to be RBH No. 7783
1050		-	ENR. H. B. NO. 2528 Page 24
	1655	+	for life or until such time as the member may be found to be
1051	1656		recovered to the point where he or she the member may return to
1052	1657		teaching. Any member retired before July 1, 1992, shall be eligible
1053	1658		to receive the monthly retirement allowance benefit herein provided,
1054	1659		but such payment shall not begin until the first payment due him or
1055	1660		her to the member after July 1, 1992, and shall not be retroactive.
1056	1661		The Board of Trustees is empowered to make such rules and
1057	1662		regulations as it considers proper to preserve equity in retirements
1058	1663		under this provision, which shall include a provision to protect the
1059	1664		rights of the member’s spouse.
1060		-
1061	1665		(b) 2. A member who has qualified for retirement benefits under
1062	1666		disability retirement shall have the total monthly payment deducted
1063	1667		from his or her the member’s accumulated contributions plus interest
1064	1668		earned and any money re maining in the member’s account after the
1065	1669		above deductions at the death of the member shall be paid in a lump
1066	1670		sum to the beneficiary or to the estate of the member. Provided, if
1067	1671		the deceased disabled member had thirty (30) years or more of
1068	1672		creditable service and the death occurred after June 30, 1981, and
1069	1673		death occurred prior to the disabled member receiving twelve monthly
1070		-	retirement payments, a surviving spouse may elect to receive the
	1674	+	retirement payments, a surviving spouse may elect to receive the RBH No. 7783
	1675	+
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1071	1701		retirement benefit to which the deceased member would have been
1072	1702		entitled at the time of death under the Option 2 Plan of Retirement
1073	1703		provided for in paragraph 2 of subsection (8) K of this section in
1074	1704		lieu of the death benefit provided for in this subsection paragraph
1075	1705		and in subsection (12) Q of this section.
1076		-
1077	1706		(c) 3. Once each year the System may require any disabled
1078	1707		annuitant who has not yet attained the age of sixty (60) years to
1079	1708		undergo a medical examination, such examination to be made at the
1080	1709		place of residence for the disabled annuitant or other place
1081	1710		mutually agreed upon by a physician or physicians designated by the
1082	1711		System. Should any disabled annuitant who has not yet attained the
1083	1712		age of sixty (60) years refuse to submit to at least one medical
1084	1713		examination in any such year by a physician or physicians designated
1085	1714		by the System his or her allowance , the member’s benefits may be
1086	1715		discontinued until he or she the member submits to such examination.
1087		-
1088	1716		(d) 4. Should the Medical Board report and certify to the Board
1089	1717		of Trustees that such disabled annuitant is engaged in or is abl e to
1090	1718		engage in a gainful occupation paying more than the difference
1091	1719		between his or her retirement allowance and the member’s average
1092	1720		final compensation and the annual benefit amount , and should the
1093	1721		Board of Trustees concur in such report , then the amount of his or
1094	1722		her pension the member’s annual benefit shall be reduced to an
1095		-	amount which, together with his or her retirement allowance and that RBH No. 7783
1096		-	ENR. H. B. NO. 2528 Page 25
1097		-	amount earnable by him or her added to the member’s earnings from a
	1723	+	amount which, together with his or her retirement allowance and that
	1724	+	amount earnable by him or her added to the member’s earnings from a RBH No. 7783
	1725	+
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1098	1751		gainful occupation, shall equal the amount of his or her the
1099	1752		member’s average final compensation. Should his or her the member’s
1100	1753		earning capacity be later increased, the amount of his or her
1101	1754		pension the member’s annual benefit may be further modified,
1102	1755		provided the new pension shall not exceed that amo unt of the pension
1103	1756		originally granted nor an amount, which when added to the amount
1104	1757		earnable by the member, together with his or her annuity, equals the
1105	1758		amount of his or her average final compensation reduced.
1106		-
1107	1759		(e) 5. Should a disabled annuitant be restore d to active
1108	1760		service, his or her the member’s disability retirement allowance
1109	1761		benefit shall cease and he or she the member shall again become a an
1110	1762		active member of the Teachers’ Retirement System of Oklahoma and
1111	1763		shall make regular contributions as required under this article.
1112	1764		The unused portion of his or her the member’s accumulated
1113	1765		contributions shall be reestablished to his or her the member’s
1114	1766		credit in the Teachers’ Savings Fund. Any such prior service
1115	1767		certificates on the basis of which his or her the member’s service
1116	1768		was computed at the time of his or her the member’s retirement shall
1117	1769		be restored to full force and effect.
1118		-
1119	1770		(7) I. Should a member before retirement under Section 1-101
1120	1771		17-101 et seq. of this title make application for withdrawal duly
1121	1772		filed with the System, not earlier than four (4) months after the
1122	1773		date of termination of such service as a teacher employment with a
1123		-	participating employer within the System , the contribution standing
	1774	+	participating employer within the System , the contribution standing RBH No. 7783
	1775	+
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	1796	+	21
	1797	+	22
	1798	+	23
	1799	+	24
	1800	+
1124	1801		to the credit of his or her the member’s individual account in the
1125	1802		Teachers’ Savings Fund shall be paid to him or her the member or, in
1126	1803		the event of his or her the member’s death before retirement, shall
1127	1804		be paid to such person or persons as he or she the member shall have
1128	1805		nominated by written designation, duly exec uted designated in a
1129	1806		manner required by the Board of Trustees and filed with the System;
1130	1807		provided, however, if there be is no designated beneficiary
1131	1808		surviving upon such death, such contributions shall be paid to his
1132	1809		or her the member’s administrators, exec utors, or assigns, together
1133	1810		with interest as hereinafter provided. In lieu of a lump-sum
1134	1811		settlement at the death of the member, the amount of money the
1135	1812		member has on deposit in the Teachers’ Savings Fund and the money
1136	1813		the member has on deposit in the Teac hers’ Deposit Fund may be paid
1137	1814		in monthly payments to a designated beneficiary, who must be the
1138	1815		spouse, under the Maximum or Option 1 Plan of Retirement providing
1139	1816		the monthly payment shall be not less than Twenty -five Dollars
1140	1817		($25.00) per month. The month ly payment shall be the actuarial
1141		-	equivalent of the amount becoming due at the member’s death based on RBH No. 7783
1142		-	ENR. H. B. NO. 2528 Page 26
	1818	+	equivalent of the amount becoming due at the member’s death based on
1143	1819		the sex of the spouse and the age the spouse has attained at the
1144	1820		last birthday prior to the member’s death. Provided further, if
1145	1821		there be is no designated beneficiary surviving upon such death, and
1146	1822		the contributions standing to the credit of such member do not
1147	1823		exceed Two Hundred Dollars ($200.00), no part of such contributions
1148		-	shall be subject to the payment of any expense of the last illness
	1824	+	shall be subject to the payment of any expense of the last illness RBH No. 7783
	1825	+
	1826	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 37 1
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	1848	+	23
	1849	+	24
	1850	+
1149	1851		or funeral of the deceased member or any expense of administration
1150	1852		of the estate of such deceased and the System, upon satisfactory
1151	1853		proof of the death of such member and of the name or names of the
1152	1854		person or persons who would be entitled to receive such
1153	1855		contributions under the laws of descent and distribution of the
1154	1856		state, may authorize the payment of accumulated contributions to
1155	1857		such person or persons. A member terminating his or her membership
1156	1858		by withdrawal after June 30, 2003, shall have the interest computed
1157	1859		at a rate of interest determined by the Board of Trustees and paid
1158	1860		to him or her the member subject to the following schedule:
1159		-
1160	1861		(a) 1. If termination occurs within sixteen (16) years from the
1161	1862		date membership began, fifty percent (50%) of such interest
1162	1863		accumulations shall be paid.;
1163		-
1164	1864		(b) 2. With at least sixteen (16) but less than twenty -one (21)
1165	1865		years of membership, sixty percent (60%) of such interest
1166	1866		accumulations shall be paid .;
1167		-
1168	1867		(c) 3. With at least twenty -one (21) but less than twenty -six
1169	1868		(26) years of membership, seventy-five percent (75%) of such
1170	1869		interest accumulations shall be paid .; and
1171		-
1172	1870		(d) 4. With at least twenty -six (26) years of membership,
1173	1871		ninety percent (90%) of such interest accumulations shall be paid.
1174		-
1175	1872		In case of death of an active member, the int erest shall be
1176	1873		calculated and restored to the member’s account and paid to his or
1177		-	her the member’s beneficiary.
	1874	+	her the member’s beneficiary. RBH No. 7783
	1875	+
	1876	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 38 1
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	1898	+	23
	1899	+	24
1178	1900
1179	1901		(8) (a) J. 1. In lieu of his or her retirement allowance the
1180	1902		Maximum Retirement Allowance payable throughout life for such an
1181	1903		amount as determined under this section, the member may select a
1182	1904		retirement allowance for a reduced amount payable under any of the
1183	1905		following options listed in subsection K of this section the present
1184	1906		value of which is the actuarial equivalent thereof.
1185		-
1186	1907		(b) A member may select the option under which he or she
1187		-	desires to retire at the end of the school year in which he or she RBH No. 7783
1188		-	ENR. H. B. NO. 2528 Page 27
	1908	+	desires to retire at the end of the school year in which he or she
1189	1909		attains age seventy (70) and the option shall be binding and cannot
1190	1910		be changed. Provided further that if a member retires before age
1191	1911		seventy (70), no election of an option shall be effective in case an
1192	1912		annuitant dies before the first payment due under such option has
1193	1913		been received.
1194		-
1195	1914		(c) 2. The first payment of any benefit selected shall be made
1196	1915		on the first day of the month following approval of the r etirement
1197	1916		by the System. If the named designated joint annuitant under Option
1198	1917		2 or 3 dies at any time after the member’s retirement date, but
1199	1918		before the death of the member, the member shall return to the
1200	1919		retirement benefit Maximum Plan of Retirement , including any post
1201	1920		retirement post-retirement benefit increases the member would have
1202	1921		received had the member not selected Option 2 or 3 of this pursuant
1203	1922		to paragraph 2 or 3 of subsection K of this section. The benefit
1204	1923		retirement allowance shall be determined at the date of death of the
1205		-	designated joint annuitant. This increase shall become effective
	1924	+	designated joint annuitant. This increase shall become effective RBH No. 7783
	1925	+
	1926	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 39 1
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	1930	+	5
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	1932	+	7
	1933	+	8
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	1935	+	10
	1936	+	11
	1937	+	12
	1938	+	13
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	1940	+	15
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	1943	+	18
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	1950	+
1206	1951		the first day of the month following the date of death of the
1207	1952		designated joint annuitant, and shall be payable for the member’s
1208	1953		remaining lifetime. The member shall notify the Teachers’
1209	1954		Retirement System of Oklahoma of the death of the designated joint
1210	1955		annuitant in writing by providing a copy of the joint annuitant’s
1211	1956		death certificate. In the absence of the written notice death
1212	1957		certificate being filed by the me mber notifying the Teachers’
1213	1958		Retirement System of Oklahoma of the death of the designated joint
1214	1959		annuitant within six (6) months of the date of death, nothing in
1215	1960		this subsection shall require the Teachers’ Retirement System of
1216	1961		Oklahoma to pay more than six (6) months of retrospective benefits
1217	1962		increase.
1218		-
1219	1963		K. 1. Option 1. A member takes a slightly reduced retirement
1220	1964		allowance for life. If he or she the member dies before he or she
1221	1965		has received receiving in annuity payments the present value of his
1222	1966		or her the member’s annuity as it was at the time of his or her
1223	1967		retirement, the balance shall be paid to his or her legal
1224	1968		representatives or to such person as he or she shall nominate the
1225	1969		member’s beneficiary by written designation duly acknowledged and
1226	1970		filed with the System at the time of his or her retirement; or prior
1227	1971		to the member’s death.
1228		-
1229	1972		2. Option 2. A member takes a reduced retirement allowance for
1230	1973		life. Upon the death of the member the payments shall continue to
1231		-	the member’s designated joint annuitant for the life of the joint
	1974	+	the member’s designated joint annuitant for the life of the joint RBH No. 7783
	1975	+
	1976	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 40 1
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	1978	+	3
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	2000	+
1232	2001		annuitant. The written designation of the joint annuitant must be
1233		-	duly acknowledged and filed with the System at the time of the RBH No. 7783
1234		-	ENR. H. B. NO. 2528 Page 28
	2002	+	duly acknowledged and filed with the System at the time of the
1235	2003		member’s retirement and, except as provided in paragraph (e) 2 of
1236	2004		this subsection J of this section, cannot be changed after the
1237	2005		effective date of the member’s retirement ; or.
1238		-
1239	2006		3. Option 3. A member receives a reduced retirement allowance
1240	2007		for life. Upon the death of the member one -half (1/2) of the
1241	2008		retirement allowance paid the member shall be continued th roughout
1242	2009		the life of the designated member’s joint annuitant. A written
1243	2010		designation of a joint annuitant must be duly acknowledged and filed
1244	2011		with the System at the time of the member’s retirement and, except
1245	2012		as provided in paragraph (e) 2 of this subsection J of this section,
1246	2013		cannot be changed after the effective date of the member’s
1247	2014		retirement; or.
1248		-
1249	2015		4. Option 4. Some Provided, the System may establish other
1250	2016		retirement options if certified by the actuary to be of equivalent
1251	2017		actuarial value to the member’s retirement allowance. Other
1252	2018		retirement options shall be presented to the Board of Trustees for
1253	2019		approval at its discretion. Such other benefit or benefits shall be
1254	2020		paid either to the member or , if applicable, to such joint annuitant
1255	2021		as he or she the member shall nominate, provided such other benefit
1256	2022		or benefits, together with the reduced retirement allowance, shall
1257	2023		be certified by the actuary to be of equivalent actuarial value to
1258		-	his or her retirement allowance and shall be approved by the System .
	2024	+	his or her retirement allowance and shall be approved by the System . RBH No. 7783
	2025	+
	2026	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 41 1
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1259	2050
1260	2051		(d) L. Provided that Option 2 and Optio n 3, the options listed
1261	2052		in paragraphs 2 and 3 of subsection K of this section shall not be
1262	2053		available if the member’s expected benefit is less than fifty
1263	2054		percent (50%) of the lump -sum actuarial equivalent and the
1264	2055		designated joint annuitant is not the spouse of the member.
1265		-
1266	2056		(e) M. 1. A member who chose the maximum retirement benefit
1267	2057		plan Maximum Plan of Retirement at the time of retirement may make a
1268	2058		one-time election to choose either Option 2 or 3 as prescribed in
1269		-	paragraph 2 or 3 of subsection K of this section and name the
1270		-	member’s spouse as designated joint annuitant if the member marries
1271		-	after making the initial election. Such an election shall be made
1272		-	within one (1) year of the date of marriage. The member shall
1273		-	provide proof of a member’s good health before the System will
1274		-	permit a change to either Option 2 or 3 as prescribed in paragraphs
1275		-	2 and 3 of subsection K of this section and the naming of a
1276		-	designated joint annuitant. A medical examination conducted by a
1277		-	licensed physician is required f or purposes of determining good
1278		-	health. Such examination must be approved by the Medical Board.
1279		-	The member shall be required to provide proof of age for the new RBH No. 7783
1280		-	ENR. H. B. NO. 2528 Page 29
1281		-	joint annuitant. The System shall adjust the monthly benefit
1282		-	retirement allowance to the actuarially equivalent amount based on
1283		-	the new designated joint annuitant’s age. The Board of Trustees
1284		-	shall promulgate rules to implement the provisions of this
1285		-	subsection.
	2059	+	paragraph 2 or 3 subsection K of this section and name the member’s
	2060	+	spouse as designated joint annuitant if the member marries after
	2061	+	making the initial election. Such an election shall be made within
	2062	+	one (1) year of the date of marriage. The member shall provide
	2063	+	proof of a member’s good health before the System will permit a
	2064	+	change to either Option 2 or 3 as prescribed in paragraphs 2 and 3
	2065	+	subsection K of this section and the naming of a designated joint
	2066	+	annuitant. A medical examination conducted by a licensed p hysician
	2067	+	is required for purposes of determining good health. Such
	2068	+	examination must be approved by the Medical Board. The member shall
	2069	+	be required to provide proof of age for the new joint annuitant.
	2070	+	The System shall adjust the monthly benefit retirement allowance to
	2071	+	the actuarially equivalent amount based on the new designated joint
	2072	+	annuitant’s age. The Board of Trustees shall promulgate rules to
	2073	+	implement the provisions of this subsection. RBH No. 7783
	2074	+
	2075	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 42 1
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1286	2099
1287	2100		(f) 2. A member who retires after the effective date of this
1288	2101		act July 1, 2010, and has selected a retirement allowance for a
1289	2102		reduced amount payable under one of the options provided for in this
1290	2103		subsection K of this section may make a one-time irrevocable
1291	2104		election to select a different option within sixty (60) days o f the
1292	2105		member’s retirement date. The beneficiary or joint annuitant
1293	2106		designated by the member at the time of retirement shall not be
1294	2107		changed if the member makes the election provided for in this
1295	2108		paragraph.
1296		-
1297	2109		(g) 3. Any individual who is eligible to be a bene ficiary or
1298	2110		joint annuitant of a member under this subsection J of this section,
1299	2111		and who is also a beneficiary of a trust created under the Oklahoma
1300	2112		Discretionary and Special Needs Trust Act, Section 175.81 et seq. of
1301	2113		Title 60 of the Oklahoma Statutes, or a comparable Trust Act created
1302	2114		under the laws of another state, hereinafter collectively referred
1303	2115		to as “Trust Acts”, may be a beneficiary or joint annuitant under
1304	2116		this subsection J of this section by having the trustee of the trust
1305	2117		established for the bene fit of that individual named as the legal
1306	2118		beneficiary or joint annuitant under this subsection J of this
1307	2119		section. The age of that beneficiary shall be used for calculating
1308	2120		any benefit payable to the trust under this subsection J of this
1309	2121		section. The beneficiary of such a trust shall be treated as the
1310	2122		beneficiary or joint annuitant under this subsection J of this
1311		-	section except that payments of any benefits due under this
	2123	+	section except that payments of any benefits due under this RBH No. 7783
	2124	+
	2125	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 43 1
	2126	+	2
	2127	+	3
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	2149	+
1312	2150		subsection J of this section shall be payable to the lawfully
1313	2151		appointed trustee of th e trust. The obligation of the System to pay
1314	2152		the beneficiary or joint annuitant under this subsection J of this
1315	2153		section shall be satisfied by payment to the trustee whom the
1316	2154		System, in good faith, believes to be the lawfully appointed
1317	2155		trustee. Any confli ct between the statutes creating and governing
1318	2156		the Teachers’ Retirement System of Oklahoma in Section 17-101 et
1319	2157		seq. of this title and the provisions of any Trust Act referred to
1320	2158		above shall be resolved in favor of the statutes governing the
1321	2159		System. If an eligible beneficiary or joint annuitant is named at
1322	2160		the time of retirement, and becomes a beneficiary of a trust under
1323	2161		one of the Trust Acts described herein after that time, the System
1324	2162		will acknowledge the trust as the beneficiary upon the submission of
1325		-	adequate documentati on of the existence of the trust. All other RBH No. 7783
1326		-	ENR. H. B. NO. 2528 Page 30
	2163	+	adequate documentation of the existence of the trust. All other
1327	2164		provisions of this subsection J of this section shall apply to these
1328	2165		subsequently created trusts.
1329		-
1330	2166		(h) 4. The Board of Trustees of the System may recognize other
1331	2167		trusts set up for the benefit of individuals otherwise eligible to
1332	2168		be named as a beneficiary or joint annuitant under this subsection J
1333	2169		of this section by administrative rule if it can be done without
1334	2170		undue additional administrative expense of the System.
1335		-
1336	2171		(9) N. The governing board o f any “public school” public
1337	2172		school, as that term is defined in Section 17 -101 of this title, is
1338		-	hereby authorized and empowered to pay additional retirement
	2173	+	hereby authorized and empowered to pay additional retirement RBH No. 7783
	2174	+
	2175	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 44 1
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	2199	+
1339	2200		allowances or compensation to any person who was in the employ of
1340	2201		such public school for not less than seven (7) school years
1341	2202		preceding the date of his or her the member’s retirement. Payments
1342	2203		so made shall be a proper charge against the current appropriation
1343	2204		or appropriations of any such public school for salaries for the
1344	2205		fiscal year in which such pa yments are made. Such payments shall be
1345	2206		made in regular monthly installments in such amounts as the
1346	2207		governing board of any such public school, in its judgment, shall
1347	2208		determine to be reasonable and appropriate in view of the length and
1348	2209		type of service rend ered by any such person to such public school by
1349	2210		which such person was employed at the time of retirement. All such
1350	2211		additional payments shall be uniform, based upon the length of
1351	2212		service and the type of services performed, to persons formerly
1352	2213		employed by such public school who have retired or been retired in
1353	2214		accordance with the provisions of Section 17 -101 et seq. of this
1354	2215		title.
1355		-
1356	2216		The governing board of any such public school may adopt rules
1357	2217		and regulations of general application outlining the terms and
1358	2218		conditions under which such additional retirement benefits shall be
1359	2219		paid, and all decisions of such board shall be final.
1360		-
1361	2220		(10) O. In addition to the teachers’ retirement herein
1362	2221		provided, teachers may voluntarily avail themselves of the Federal
1363		-	federal Social Security Program program upon a district basis.
	2222	+	federal Social Security Program program upon a district basis. RBH No. 7783
	2223	+
	2224	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 45 1
	2225	+	2
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1364	2248
1365	2249		(11) P. Upon the death of an in -service member, the System
1366	2250		shall pay to the designated beneficiary of the member or, if there
1367	2251		is no designated beneficiary or if the designated beneficiary
1368	2252		predeceases the member, to the estate of the member, the sum of
1369	2253		Eighteen Thousand Dollars ($18,000.00) as a death benefit.
1370	2254		Provided, if the deceased member had ten (10) years or more of
1371		-	creditable service, the member’s designated beneficiary may elect to RBH No. 7783
1372		-	ENR. H. B. NO. 2528 Page 31
	2255	+	creditable service, the member’s designated beneficiary may elect to
1373	2256		receive the retirement benefit to which the deceased member would
1374	2257		have been entitled at the time of death under the Option 2 plan of
1375	2258		retirement in lieu of the death benefit provided for in this
1376	2259		subsection. Provided further, the option provided in this
1377	2260		subsection is only ava ilable when the member has designated one
1378	2261		individual as the designated beneficiary. The beneficiary or
1379	2262		beneficiaries of death benefits in the amount not to exceed Eighteen
1380	2263		Thousand Dollars ($18,000.00), but exclusive of any retirement
1381	2264		benefit received by an electing beneficiary based upon creditable
1382	2265		service performed by the deceased member, which are provided
1383	2266		pursuant to this subsection , may elect to disclaim such death
1384	2267		benefits in which case such benefits will be transferred to a person
1385	2268		licensed as a funeral director or to a lawfully recognized business
1386	2269		entity licensed as required by law to provide funeral services for
1387	2270		the deceased member. The qualified disclaimer must be in writing
1388	2271		and will be an irrevocable and an unqualified refusal to accept all
1389		-	or a portion of the death benefit. It must be received by the
	2272	+	or a portion of the death benefit. It must be received by the RBH No. 7783
	2273	+
	2274	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 46 1
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1390	2299		transferor no more than nine (9) months after the later of the day
1391	2300		the transfer creating the interest in the disclaiming person is made
1392	2301		or the day the disclaiming person attains age twenty -one (21). The
1393	2302		interest in the death benefits must pass without direction by the
1394	2303		disclaiming person to another person. After paying death benefits
1395	2304		to any beneficiary or the member’s estate pursuant to this
1396	2305		subsection, the System is discharged and released from any and all
1397	2306		liability, obligation, and costs. The System is not required to
1398	2307		inquire into the truth of any matter specified in this subsection or
1399	2308		into the payment of any estate tax liability.
1400		-
1401	2309		(12) Q. Upon the death of a retired member who has contributed
1402	2310		to the System, the retirement system shall pay to the designated
1403	2311		beneficiary of the member or, if there is no designated beneficiary
1404	2312		or if the designated beneficiary predeceases the member, to the
1405	2313		estate of the member, the sum of Five Thousand Dollars ($5,000 .00)
1406	2314		as a death benefit. The beneficiary or beneficiaries of benefits
1407	2315		provided pursuant to this subsection may elect to disclaim such
1408	2316		death benefits in which case such benefits will be transferred to a
1409	2317		person licensed as a funeral director or to a lawfull y recognized
1410	2318		business entity licensed as required by law to provide funeral
1411	2319		services for the deceased member. The qualified disclaimer must be
1412	2320		in writing and will be an irrevocable and an unqualified refusal to
1413	2321		accept all or a portion of the death benefit . It must be received
1414		-	by the transferor no more than nine (9) months after the later of
	2322	+	by the transferor no more than nine (9) months after the later of RBH No. 7783
	2323	+
	2324	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 47 1
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1415	2349		the day the transfer creating the interest in the disclaiming person
1416	2350		is made or the day the disclaiming person attains age twenty -one
1417		-	(21). The interest in the death benefits must pass without RBH No. 7783
1418		-	ENR. H. B. NO. 2528 Page 32
	2351	+	(21). The interest in the death benefits must pass without
1419	2352		direction by the disclaiming person to another person. The benefit
1420	2353		payable pursuant to this subsection shall be deemed, for purposes of
1421	2354		federal income taxation, as life insurance proceeds and not as a
1422	2355		death benefit if the Intern al Revenue Service approves this
1423	2356		provision pursuant to a private letter ruling request which shall be
1424	2357		submitted by the Board of Trustees of the System for that purpose.
1425	2358		After paying death benefits to any beneficiary or the member’s
1426	2359		estate pursuant to this subsection, the System is discharged and
1427	2360		released from any and all liability, obligation, and costs. The
1428	2361		System is not required to inquire into the truth of any matter
1429	2362		specified in this subsection or into the payment of any estate tax
1430	2363		liability.
1431		-
1432	2364		(13) R. Upon the death of a member who dies leaving no living
1433	2365		beneficiary or having designated his or her the member’s estate as
1434	2366		beneficiary, or upon the death of any individual who may be entitled
1435	2367		to a benefit from the System, the System may pay any applicable
1436	2368		death benefit, unpaid contributions, or unpaid benefit which may be
1437	2369		subject to probate, in an amount of Twenty -five Thousand Dollars
1438	2370		($25,000.00) or less, without the intervention of the probate court
1439	2371		or probate procedure pursuant to Section 1 et seq. of Ti tle 58 of
1440		-	the Oklahoma Statutes.
	2372	+	the Oklahoma Statutes. RBH No. 7783
	2373	+
	2374	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 48 1
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1441	2398
1442	2399		(a) 1. Before any applicable probate procedure may be waived,
1443	2400		the System must be in receipt of the member’s proof of decedent’s
1444	2401		death certificate and the following documents from those persons
1445	2402		claiming to be the legal heir s of the deceased member:
1446		-
1447		-	1. The member’s
1448		-
1449		-	a. the decedent’s valid last will and testament, trust
1450		-	documents or affidavit that a will does not exist ;,
1451		-
1452		-	2. An
1453		-
1454		-	b. an affidavit or affidavits of heirship which must
	2403	+	1. a. The member’s the decedent’s valid last will and
	2404	+	testament, trust documents or affidavit that a will
	2405	+	does not exist;,
	2406	+	2. b. An an affidavit or affidavits of heirship which must
1455	2407		state:
1456		-
1457		-	a.
1458		-
1459		-	(1) the names and signatures of all cl aiming heirs to
1460		-	the deceased member’s decedent’s estate including
1461		-	the claiming heirs’ names, relationship to the
1462		-	deceased, current addresses, tax I.D. ID numbers
1463		-	if known and current telephone numbers, RBH No. 7783
1464		-	ENR. H. B. NO. 2528 Page 33
1465		-
1466		-	b.
1467		-
1468		-	(2) a statement or statements by the claiming heirs
	2408	+	a. (1) the names and signatures of all cl aiming heirs
	2409	+	to the deceased member’s decedent’s estate
	2410	+	including the claiming heirs’ names, relationship
	2411	+	to the deceased, current addresses, tax I.D. ID
	2412	+	numbers if known and current telephone numbers,
	2413	+	b. (2) a statement or statements by the claiming heirs
1469	2414		that no application or petition for the
1470	2415		appointment of a personal representative is
1471	2416		pending or has been granted in any jurisdiction,
1472		-
1473		-	c.
1474		-
1475		-	(3) a description of the personal property claimed,
	2417	+	c. (3) a description of the personal property claimed,
1476	2418		(i.e., death benefit or unpaid contributions or
1477	2419		both) together with a statement that such
1478	2420		personal property is subject to probate,
1479		-
1480		-	d.
1481		-
1482		-	(4) a statement by each individual claiming heir
1483		-	identifying the amount of personal property that
	2421	+	d. (4) a statement by each individual claiming heir
	2422	+	identifying the amount of personal property that RBH No. 7783
	2423	+
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1484	2449		the heir is claiming from the System, and that
1485	2450		the heir has been notified of, is aware of a nd
1486	2451		consents to the identified claims of all the
1487	2452		other claiming heirs of the deceased member
1488	2453		decedent pending with the System ;, and
1489		-
1490	2454		(5) a statement by each individual claiming heir
1491	2455		affirming that all debts of the decedent,
1492	2456		including payment of last sickness , hospital,
1493	2457		medical, death, funeral, and burial expenses have
1494	2458		been paid or provided for,
1495		-
1496		-	3. A
1497		-
1498		-	c. a written agreement or agreements signed by all
	2459	+	3. c. A a written agreement or agreements signed by all
1499	2460		claiming heirs of the deceased member decedent which
1500	2461		provides provide that the claiming heirs release,
1501	2462		discharge and hold harmless the System from any and
1502	2463		all liability, obligations and costs which it may
1503	2464		incur as a result of making a payment to any of the
1504	2465		deceased member’s decedent’s heirs;, and
1505		-
1506		-	4. A
1507		-	RBH No. 7783
1508		-	ENR. H. B. NO. 2528 Page 34
1509		-	d. a corroborating affidavit from an individual other
1510		-	than a claiming heir, who was familiar with the
	2466	+	4. d. A a corroborating affidavit from an individual
	2467	+	other than a claiming heir, who was familiar with the
1511	2468		affairs of the deceased member;
1512		-
1513	2469		5. Proof that all debts of the deceased member, including
1514	2470		payment of last sickness, hospital, medical, death,
1515	2471		funeral and burial expenses have been paid or provided
1516		-	for decedent.
	2472	+	for decedent. RBH No. 7783
	2473	+
	2474	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 50 1
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1517	2498
1518	2499		(b) 2. The Executive Director of the System shall retain
1519	2500		complete discretion in determining which requests for probate waiver
1520	2501		may be granted or denied, for any reason. Should the System have
1521	2502		any question as to the validity of any document presented by the
1522	2503		claiming heirs, or as to any statement or assertion contained
1523	2504		therein, the probate requirement provided for in Section 1 et seq.
1524	2505		of Title 58 of the Oklahoma Statutes shall not be waived.
1525		-
1526	2506		(c) 3. After paying any death benefits or unpaid contributions
1527	2507		to any claiming heirs as provided pursuant to this subsection, the
1528	2508		System is discharged and released from any and all liability,
1529	2509		obligation and costs to the same extent as if the System had dealt
1530	2510		with a personal representative of the deceased member decedent. The
1531	2511		System is not required to inquire into the truth of any matter
1532	2512		specified in this subsection or into the payment of any estate tax
1533	2513		liability.
1534		-
1535	2514		(14) S. Upon the death of a retired member, the benefit payment
1536	2515		for the month in which the retired member died, if not previously
1537	2516		paid, shall be made to the joint annuitant if still living, to the
1538	2517		beneficiary of the member if the joint annuitant is deceased, or to
1539	2518		the member’s estate if there is no surviving joint annuitant or
1540	2519		beneficiary. Such benefit payment shall b e made in an amount equal
1541	2520		to a full monthly benefit payment regardless of the day of the month
1542	2521		in which the retired member died. Upon the death of a joint
1543		-	annuitant receiving monthly benefit payments as prescribed herein,
	2522	+	annuitant receiving monthly benefit payments as prescribed herein, RBH No. 7783
	2523	+
	2524	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 51 1
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	2548	+
1544	2549		the benefit payment for the month in which the joint annuitant died,
1545		-	if not previously paid, shall be made to the joint annuitant’s
1546		-	estate in an amount equal to the full monthly benefit payment
1547		-	regardless of the day of the month on which the joint annuitant
1548		-	died.
1549		-
	2550	+	if not previously paid, shall be made to joint annuitant’s estate in
	2551	+	an amount equal to the full monthly benefit payment regardless of
	2552	+	the day of the month on which the joint annuitant died.
1550	2553		T. The Board of Trustees may adopt such other rules and
1551	2554		regulations as are necessary to administer the benefits enumerated
1552	2555		herein.
1553		-	RBH No. 7783
1554		-	ENR. H. B. NO. 2528 Page 35
1555	2556		SECTION 5. AMENDATORY 70 O.S. 2021, Section 17 -105.1, is
1556	2557		amended to read as follows:
1557		-
1558		-	Section 17-105.1 In the event the total retirement payments
	2558	+	Section 17-105.1. In the event the total retirement payments
1559	2559		made to a retired member and the retired member’s joint annuitant,
1560	2560		if any, are less than the member’s accumulated contributions with
1561	2561		interest as credited at the time of retirement under Section 17 -105
1562	2562		of this title, the difference shall be paid to the member’s
1563		-	designated beneficiary , or if no designated beneficiary survives,
	2563	+	designated beneficiary or if no designated beneficiary survives,
1564	2564		then to the member’s nearest surviving next of kin as determined by
1565	2565		law estate. This provision shall apply to retired members dying on
1566	2566		or after July 1, 1979. After paying unpaid accumulated
1567	2567		contributions to any designated beneficiary or the member’s estate
1568	2568		pursuant to this section, the Teachers’ Retirement System of
1569	2569		Oklahoma is discharged and released from any and all liability,
1570	2570		obligation, and costs. The System is not required to inquire into
1571	2571		the truth of any matter specified in this section or into the
1572		-	payment of any estate tax liability.
	2572	+	payment of any estate tax liability. RBH No. 7783
	2573	+
	2574	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 52 1
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1573	2598
1574	2599		SECTION 6. AMENDATORY 70 O.S. 2021, Section 17 -106.3, is
1575	2600		amended to read as follows:
1576		-
1577		-	Section 17-106.3 A. All employee and employer contributions
	2601	+	Section 17-106.3. A. All employee and employer contributions
1578	2602		and dedicated revenues shall be deposited in the Oklahoma Teachers’
1579	2603		Retirement Fund in the State Treasury. The Board of Trustees of the
1580	2604		Teachers’ Retirement System of Oklahoma shall have the
1581	2605		responsibility for the management of the Oklahoma Teachers’
1582	2606		Retirement Fund, and may transfer monies used for investment
1583	2607		purposes by the Teachers’ Retirement System of Oklahoma from the
1584	2608		Oklahoma Teachers’ Retirement Fund in the State Treasury to the
1585	2609		custodian bank or trust company of the System.
1586		-
1587	2610		B. All benefits payable pursuant to the provisions of the
1588	2611		Teachers’ Retirement System of Oklahoma, refunds of contribution and
1589	2612		overpayments, and all administrative expenses in connection with the
1590	2613		System shall be paid from the Oklaho ma Teachers’ Retirement Fund
1591	2614		upon warrants or vouchers signed by two persons designated by the
1592	2615		Board of Trustees. All expenses of the administration of the Tax -
1593	2616		Sheltered Annuity Fund shall be paid from the Oklahoma Teachers’
1594	2617		Retirement Fund. The Board of Trustees may transfer monies from the
1595	2618		custodian bank or trust company of the System to the Oklahoma
1596	2619		Teachers’ Retirement Fund in the State Treasury for the purposes
1597	2620		specified in this subsection.
1598		-	RBH No. 7783
1599		-	ENR. H. B. NO. 2528 Page 36
1600	2621		SECTION 7. AMENDATORY 70 O.S. 2021 , Section 17-107, is
1601		-	amended to read as follows:
	2622	+	amended to read as follows: RBH No. 7783
	2623	+
	2624	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 53 1
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1602	2648
1603	2649		Section 17-107. The interest earned on the investments in the
1604	2650		Teachers’ Retirement System of Oklahoma shall be credited in the
1605	2651		following manner:
1606		-
1607	2652		1. money on deposit in the Teachers’ Deposit Fund or Tax -
1608	2653		Sheltered Annuity Fund shall be credited with interest annually
1609	2654		compounded;
1610		-
1611	2655		2. there There shall be deducted from the annual interest on
1612	2656		investments an amount necessary for the amortization of bonds
1613	2657		purchased and owned by the Teachers’ Retirement System of O klahoma;
1614		-
1615	2658		3. there 2. There shall be deducted from the annual interest on
1616	2659		investments an amount of money necessary for the operation of the
1617	2660		Teachers’ Retirement System of Oklahoma; and
1618		-
1619	2661		4. any 3. Any residue remaining in the Interest Fund after the
1620	2662		requirements of paragraphs 1 through 3 and 2 of this section have
1621	2663		been fully met shall be used for the purpose of paying retirement
1622	2664		benefits to the retirees of the Teachers’ Retirement System of
1623	2665		Oklahoma and transferred to the Retirement Benefit Fund; the
1624	2666		interest income shall be distributed to the various funds on June 30
1625	2667		each year.
1626		-
1627	2668		SECTION 8. AMENDATORY 70 O.S. 2021, Section 17 -108, is
1628	2669		amended to read as follows:
1629		-
1630	2670		Section 17-108. A. Each local school district, or state
1631	2671		college or university, or State Board of Education, or State Board
1632		-	of Career and Technology Education, or other state agencies whose
	2672	+	of Career and Technology Education, or other state agencies whose RBH No. 7783
	2673	+
	2674	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 54 1
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	2698	+
1633	2699		employees are members of the Teachers’ Retirement System of Oklahoma
1634	2700		(“participating employers”), shall match, on a pro rata basis, in
1635	2701		accordance with subsection B of this section the contributions of
1636	2702		members whose salaries are paid by federal funds or externally
1637	2703		sponsored agreements such as grants, contracts and cooperative
1638	2704		agreements. These funds shall be remitted at the same time as the
1639	2705		regular contributions of members are remitted to the Teachers’
1640	2706		Retirement System of Oklahoma and deposited in the Retirement
1641	2707		Benefit Fund.
1642		-
1643	2708		B. On an annual basis, the Board of Trustees shall set two
1644		-	contribution rates to be paid by con tributing employers as provided RBH No. 7783
1645		-	ENR. H. B. NO. 2528 Page 37
	2709	+	contribution rates to be paid by contributing employers as provided
1646	2710		in subsection A of this section. Both contribution rates shall be
1647	2711		determined using cost principles established by federal regulations
1648	2712		and shall be consistent with policies, regulations and procedures
1649	2713		that apply uniformly to both federally assist ed and other
1650	2714		activities, and be accorded consistent treatment through application
1651	2715		of generally accepted accounting principles. The Board shall
1652	2716		approve the contribution rates for each fiscal year ending June 30,
1653	2717		no later than April 1 of the previous fiscal year. The first rate
1654	2718		shall be applied to service performed during the regular school year
1655	2719		of the participating employer. The second rate shall be applied to
1656	2720		service performed by members during a summer school program of the
1657	2721		participating employer. For the purposes of this subsection,
1658		-	“summer school program” is defined as a program offering academic
	2722	+	“summer school program” is defined as a program offering academic RBH No. 7783
	2723	+
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	2725	+	2
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	2748	+
1659	2749		enrichment for students from Pre-K prekindergarten through 12th
1660	2750		grades twelfth grade during the summer term after the close of the
1661	2751		school year. Members shal l only be considered as providing service
1662	2752		to a summer school program if such service is provided pursuant to a
1663	2753		separate summer school contract between the member and the
1664	2754		participating employer. The term “summer school program” summer
1665	2755		school program does not include services performed at a
1666	2756		participating employer offering an extended school year pursuant to
1667	2757		Section 1-109.1 of this title, or services performed by staff
1668	2758		pursuant to a twelve -month contract with the employer. The method
1669	2759		applied to setting the s econd contribution rate may take into
1670	2760		consideration whether, or to what extent, such service is likely to
1671	2761		add to members’ service credit or final average salary; provided,
1672	2762		however, the second rate shall not exceed one -half (1/2) of the
1673	2763		first rate establish ed in this subsection. The actuary retained by
1674	2764		the Board may recommend such rates using assumptions that apply to
1675	2765		the group of those members whose service is subject to the second
1676	2766		contribution rate.
1677		-
1678	2767		C. All the assets of the retirement system shall be cre dited
1679	2768		according to the purpose for which they are held to one of eight
1680	2769		seven funds, namely: The Teachers’ Savings Fund, the Retirement
1681	2770		Benefit Fund, the Interest Fund, the Permanent Retirement Fund, the
1682	2771		Expense Fund, the Suspense Fund, the Teachers’ Deposit Fund, and the
1683		-	Retiree Medical Benefit Fund.
	2772	+	Retiree Medical Benefit Fund. RBH No. 7783
	2773	+
	2774	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 56 1
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1684	2798
1685	2799		1. The Teachers’ Savings Fund shall be a fund in which shall be
1686	2800		accumulated the regular contributions from the compensation of
1687	2801		members, including applicable interest earnings prior to July 1,
1688	2802		1968. Contributions to and payments from the Teachers’ Savings Fund
1689	2803		shall be made as specifically provided in each plan available within
1690		-	the retirement system. RBH No. 7783
1691		-	ENR. H. B. NO. 2528 Page 38
1692		-
	2804	+	the retirement system.
1693	2805		2. The deductions provided for in the plans within the
1694	2806		retirement system shall be made notwithstanding that th e minimum
1695	2807		compensation provided for any member shall be reduced thereby.
1696	2808		Every member shall be deemed to consent and agree to the deductions
1697	2809		made and provided for herein and payment of salary or compensation,
1698	2810		less the deduction, shall be a full and comple te discharge and
1699	2811		acquittance of all claims and demands whatsoever for the services
1700	2812		rendered by such person during the period covered by such payment,
1701	2813		except as to the benefits provided under this act Section 17-101 et
1702	2814		seq. of this title. The employer shal l certify to the Board of
1703	2815		Trustees on each and every payroll, or in such other manner as the
1704	2816		Board may prescribe, the amounts to be deducted, and each of the
1705	2817		amounts shall be deducted, and when deducted shall be paid into the
1706	2818		Teachers’ Savings Fund, and sh all be credited to the individual
1707	2819		account of the member from whose compensation the deduction was
1708	2820		made.
1709		-
1710	2821		3. Following the termination of membership in the retirement
1711		-	system for any member who has been absent from service for five (5)
	2822	+	system for any member who has been absent from service for five (5) RBH No. 7783
	2823	+
	2824	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 57 1
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	2848	+
1712	2849		years in any period of six (6) consecutive years, the Teachers’
1713	2850		Savings Fund Account of such member shall be closed and the amount
1714	2851		due the member as provided in Section 17 -105 of this title shall be
1715	2852		paid upon the filing of formal application. At the time such
1716	2853		membership is terminated the amount due the member as provided in
1717	2854		Section 17-105 of this title shall be transferred to the Suspense
1718	2855		Fund.
1719		-
1720	2856		4. Upon the retirement of a member, the balance of money he or
1721	2857		she the member had in the Teachers’ Savings Fund shall be
1722	2858		transferred to the Retirement Benefit Fund.
1723		-
1724	2859		5. Retirement Benefit Fund.
1725		-
1726	2860		a. After August 2, 1969, there shall be transferred from
1727	2861		the Teachers’ Savings Fund for those members drawing
1728	2862		retirement benefits from the Teachers’ Retirement
1729	2863		System of Oklahoma an amount necessa ry to provide the
1730	2864		monthly annuity payments and pension payments as
1731	2865		required in Section 17 -107 of this title. In
1732	2866		addition, the fund shall consist of monies received
1733	2867		from any state dedicated revenue, monies received from
1734	2868		state appropriations, monies receive d from federal
1735	2869		matching funds, and the residue of the interest on
1736		-	investments after the requirements of Section 17 -107 RBH No. 7783
1737		-	ENR. H. B. NO. 2528 Page 39
	2870	+	investments after the requirements of Section 17 -107
1738	2871		of this title have been fully met. The Retirement
1739		-	Benefit Fund shall consist of an amount of money
	2872	+	Benefit Fund shall consist of an amount of money RBH No. 7783
	2873	+
	2874	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 58 1
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	2898	+
1740	2899		necessary for the making of retiremen t payments to
1741	2900		retirees.
1742		-
1743	2901		b. Should a member have deposits in the Teachers’ Deposit
1744	2902		Fund or the Tax-Sheltered Annuity Fund and wish to
1745	2903		receive monthly retirement benefits on such deposits,
1746	2904		the actuarial equivalent of a two -year period and each
1747	2905		succeeding fiscal year thereafter shall be transferred
1748	2906		to the Retirement Benefit Fund. The member may choose
1749	2907		any of the plans available in the Teachers’ Retirement
1750	2908		Act as a method of receiving monthly retirement
1751	2909		benefits on the money he has on deposit in the
1752	2910		Teachers’ Deposit Fund or the Tax -Sheltered Annuity
1753	2911		Fund. The monthly retirement benefits paid from the
1754	2912		Teachers’ Deposit Fund or the Tax -Sheltered Annuity
1755	2913		Fund shall be in addition to the regular retirement
1756	2914		benefits and the money transferred from the Teachers’
1757	2915		Deposit Fund or Tax-Sheltered Annuity Fund shall not
1758	2916		be matched by the State of Oklahoma.
1759		-
1760	2917		c. From the Retirement Benefit Fund shall be paid all
1761	2918		monthly retirement benefits allowances.
1762		-
1763	2919		d. At the death of a retired member who has retired under
1764	2920		the Maximum Plan of Retirement, Option 1 or Option 4,
1765	2921		the balance of money the member has in the Teachers’
1766		-	Savings Fund shall be transferred to the Retirement
	2922	+	Savings Fund shall be transferred to the Retirement RBH No. 7783
	2923	+
	2924	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 59 1
	2925	+	2
	2926	+	3
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	2928	+	5
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	2947	+	24
	2948	+
1767	2949		Benefit Fund and the amount due the beneficiary or his
1768	2950		or her estate under Option 1 or Option 4 shall be paid
1769	2951		from the Retirement Benefit Fund.
1770		-
1771	2952		e. At the death of both a retired member and the retired
1772	2953		member’s spouse, who had retired under Option 2 or 3,
1773	2954		any balance in the Teachers’ Savings Fund shall be
1774	2955		transferred from the Teachers’ Savings Fund to the
1775	2956		Retirement Benefit Fund.
1776		-
1777	2957		f. At the death of a retired member who had retired under
1778	2958		Option 5, the balance of any monies the member had in
1779	2959		the Teachers’ Savings Fund shall be transferred to the
1780	2960		Retirement Benefit Fund for the purpose of making a
1781	2961		lump-sum settlement to th e beneficiary or his estate.
1782		-	Providing that if the surviving spouse elects to RBH No. 7783
1783		-	ENR. H. B. NO. 2528 Page 40
	2962	+	Providing that if the surviving spouse elects to
1784	2963		receive the balance under the Maximum Plan of
1785	2964		Retirement or Option 1 the member’s money, if any, on
1786	2965		a monthly basis, constituting actuarial equivalent of
1787	2966		two (2) years’ payments , and each year thereafter the
1788	2967		annual actuarial equivalent, shall be transferred from
1789	2968		the Teachers’ Savings Fund for the purpose of paying
1790	2969		monthly retirement benefits to the spouse under this
1791	2970		option.
1792		-
1793	2971		6. The Interest Fund is hereby created to facilitate th e
1794		-	crediting of interest to the various other funds to which interest
	2972	+	crediting of interest to the various other funds to which interest RBH No. 7783
	2973	+
	2974	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 60 1
	2975	+	2
	2976	+	3
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	2978	+	5
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	2985	+	12
	2986	+	13
	2987	+	14
	2988	+	15
	2989	+	16
	2990	+	17
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	2993	+	20
	2994	+	21
	2995	+	22
	2996	+	23
	2997	+	24
	2998	+
1795	2999		is to be credited. All income, interest and dividends derived from
1796	3000		the deposits and investments authorized by this act Section 17-101
1797	3001		et seq. of this title shall be paid into the Interes t Fund. On June
1798	3002		30, each year, interest shall be transferred to the other funds as
1799	3003		herein provided.
1800		-
1801	3004		7. The Permanent Retirement Fund shall consist of the
1802	3005		accumulated gifts, awards, and bequests made to the retirement
1803	3006		system, and transfers from the Suspen se Fund, the principal of which
1804	3007		is hereby held and dedicated as a perpetual endowment of the
1805	3008		retirement system and shall not be diverted or appropriated to any
1806	3009		other cause or purpose unless specifically provided for in such
1807	3010		gifts, awards or bequests.
1808		-
1809	3011		8. The Expense Fund shall be the fund from which the expense of
1810	3012		administration and maintenance of the retirement system shall be
1811	3013		paid. The Board of Trustees shall cause to be prepared and adopt
1812	3014		annually an itemized budget showing the amount required to defray
1813	3015		the expenses for the ensuing fiscal year.
1814		-
1815	3016		Transfers to and payments from this fund shall be made as
1816	3017		follows: first, from the Interest Fund; second, from any dedicated
1817	3018		revenue; and, third, from appropriation by the Oklahoma Legislature.
1818		-
1819	3019		All monies for the operation of the Teachers’ Retirement System
1820	3020		of Oklahoma shall be paid from the Expense Fund upon the approval by
1821		-	the Board of Trustees and the checks signed by two people designated
	3021	+	the Board of Trustees and the checks signed by two people designated RBH No. 7783
	3022	+
	3023	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 61 1
	3024	+	2
	3025	+	3
	3026	+	4
	3027	+	5
	3028	+	6
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	3030	+	8
	3031	+	9
	3032	+	10
	3033	+	11
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	3035	+	13
	3036	+	14
	3037	+	15
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	3040	+	18
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	3042	+	20
	3043	+	21
	3044	+	22
	3045	+	23
	3046	+	24
	3047	+
1822	3048		to sign such checks by the Board of Trustees of the Teachers’
1823	3049		Retirement System of Oklahoma.
1824		-
1825	3050		9. The Suspense Fund shall be comprised of amounts transferred
1826	3051		to the fund as provided in this section and Section 17 -105 of this
1827	3052		title and obligations of the retirement system to any member or
1828		-	person which cannot be legally discharged. RBH No. 7783
1829		-	ENR. H. B. NO. 2528 Page 41
1830		-
	3053	+	person which cannot be legally discharge d.
1831	3054		10. Teachers’ Deposit Fund.
1832		-
1833	3055		Any member may request, prior to a pay period, that his or her
1834	3056		employer make additional deposits for him or her, for tax -sheltered
1835	3057		annuity purposes. However, the amount deposited shall not exceed
1836	3058		the limits as defined in Se ction 402(g) and Section 415 of the
1837	3059		Internal Revenue Code of 1986, as amended, and applicable federal
1838	3060		regulations. All such deposits shall be credited to the member’s
1839	3061		account in the Teachers’ Deposit Fund for the purchase of a tax -
1840	3062		sheltered annuity. The amount thus accumulated, with earnings,
1841	3063		shall be used upon the member’s retirement, separation from service,
1842	3064		death or disability to purchase an annuity in addition to his or her
1843	3065		regular service retirement allowance. The amount a member
1844	3066		accumulates in the Teachers’ Deposit Fund, not including interest,
1845	3067		may be used to pay distributions in the case of hardship as provided
1846	3068		in Section 403(b)(11) of the Internal Revenue Code of 1986, as
1847	3069		amended, and applicable federal regulations.
1848		-
1849	3070		11. Collection of Contribution s. The collection of members’
1850		-	contributions shall be as follows:
1851		-
1852		-	(1)
1853		-
1854		-	a. Each employer shall cause to be deducted on each and
	3071	+	contributions shall be as follows: RBH No. 7783
	3072	+
	3073	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 62 1
	3074	+	2
	3075	+	3
	3076	+	4
	3077	+	5
	3078	+	6
	3079	+	7
	3080	+	8
	3081	+	9
	3082	+	10
	3083	+	11
	3084	+	12
	3085	+	13
	3086	+	14
	3087	+	15
	3088	+	16
	3089	+	17
	3090	+	18
	3091	+	19
	3092	+	20
	3093	+	21
	3094	+	22
	3095	+	23
	3096	+	24
	3097	+
	3098	+	(1) a. Each employer shall cause to be deducted on each and
1855	3099		every payroll or claim of a member for each and every
1856	3100		payroll claim period subsequent to the date of
1857	3101		establishment of the retireme nt system the
1858	3102		contribution payable by such member as provided in
1859	3103		this act Section 17-101 et seq. of this title . With
1860	3104		each and every payroll or claim the employer shall
1861	3105		deliver to the treasurer of the employer warrants
1862	3106		issued to the employees as shown to b e due by the
1863	3107		payroll or claim, together with a warrant or warrants
1864	3108		in favor of the Teachers’ Retirement System of
1865	3109		Oklahoma as shown by the payroll or claim.
1866		-
1867		-	(2)
1868		-
1869		-	b. The treasurer or disbursing officer upon deli very of
	3110	+	(2) b. The treasurer or disbursing officer upon delivery of
1870	3111		the warrants and a true copy of the pay roll or claims
1871	3112		as provided above shall register the warrants as
1872	3113		provided for the registration of other school
1873	3114		warrants, and shall deliver to the employer warrants
1874		-	issued in favor of the employees, and shall de liver RBH No. 7783
1875		-	ENR. H. B. NO. 2528 Page 42
	3115	+	issued in favor of the employees, and shall deliver
1876	3116		warrants issued in favor of the Teachers’ Retirement
1877	3117		System of Oklahoma and the copy of the payroll or
1878	3118		claims to the school district superintendent as
1879	3119		designated by the Board of Trustees. For the purpose
1880	3120		of collecting contributions of teachers in the public
1881		-	schools, the superintendent of a school district is
	3121	+	schools, the superintendent of a schoo l district is RBH No. 7783
	3122	+
	3123	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 63 1
	3124	+	2
	3125	+	3
	3126	+	4
	3127	+	5
	3128	+	6
	3129	+	7
	3130	+	8
	3131	+	9
	3132	+	10
	3133	+	11
	3134	+	12
	3135	+	13
	3136	+	14
	3137	+	15
	3138	+	16
	3139	+	17
	3140	+	18
	3141	+	19
	3142	+	20
	3143	+	21
	3144	+	22
	3145	+	23
	3146	+	24
	3147	+
1882	3148		hereby designated to receive the Teachers’ Retirement
1883	3149		warrants from the treasurer or proper disbursing
1884	3150		officer of the several school districts for the
1885	3151		purpose of transmitting such warrants and payroll or
1886	3152		claims to the Executive Director of th e Teachers’
1887	3153		Retirement System of the State of Oklahoma. Any
1888	3154		college or university or other educational institution
1889	3155		or agency operated in whole or in part by the state
1890	3156		shall have the amount retained or deducted from the
1891	3157		funds regularly appropriated by the state for the
1892	3158		current maintenance for such educational departments
1893	3159		and institutions.
1894		-
1895		-	(3)
1896		-
1897		-	c. For the purpose of enabling the collection of the
	3160	+	(3) c. For the purpose of enabling the collection of the
1898	3161		contributions of the members of the retirement system
1899	3162		to be made as simple as possible, the Board of
1900	3163		Trustees shall require the secretary or other officer
1901	3164		of each employer-board employer board or agency,
1902	3165		within thirty (30) days after the beginning of each
1903	3166		school year, to make a list of all teachers in its
1904	3167		employ who are members of the retirement system,
1905	3168		certify to the correctness of this list, and file the
1906	3169		same with the Executive Director of the Board of
1907	3170		Trustees of the Teachers’ Retirement System of
1908		-	Oklahoma. If additions to or deductions from this
	3171	+	Oklahoma. If additions to or deductions from this RBH No. 7783
	3172	+
	3173	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 64 1
	3174	+	2
	3175	+	3
	3176	+	4
	3177	+	5
	3178	+	6
	3179	+	7
	3180	+	8
	3181	+	9
	3182	+	10
	3183	+	11
	3184	+	12
	3185	+	13
	3186	+	14
	3187	+	15
	3188	+	16
	3189	+	17
	3190	+	18
	3191	+	19
	3192	+	20
	3193	+	21
	3194	+	22
	3195	+	23
	3196	+	24
	3197	+
1909	3198		list should be made during the year such additions or
1910	3199		deductions shall likewise be certified to the Board of
1911	3200		Trustees of the Teachers’ Retirement System of
1912	3201		Oklahoma.
1913		-
1914		-	(4)
1915		-
1916		-	d. The State Treasurer shall furnish annually to the
	3202	+	(4) d. The State Treasurer shall furnish annually to the
1917	3203		Board of Trustees a sworn statement of the amount of
1918	3204		the funds in his or her custody belonging to the
1919	3205		retirement system. The records of the Board of
1920		-	Trustees shall be open to public inspection and any RBH No. 7783
1921		-	ENR. H. B. NO. 2528 Page 43
	3206	+	Trustees shall be open to public inspection and any
1922	3207		member of the retirement system shall be furnished
1923	3208		with a statement of the amount of the credit to his or
1924	3209		her the member’s individual account upon written
1925	3210		request by such member, provided the Board of Trustees
1926	3211		shall not be required to answer more than one such
1927	3212		request of a member in any one (1) year.
1928		-
1929		-	(5)
1930		-
1931		-	e. Failure of any superintendent, officer, or other
	3213	+	(5) e. Failure of any superintendent, officer, or other
1932	3214		person to discharge the duties imposed upon him or her
1933	3215		by this act shall render him or her or his or her
1934	3216		bondsman liable for any loss occasioned thereby to the
1935	3217		Teachers’ Retirement System of Oklahoma or the
1936	3218		employees of the school district, or both.
1937		-
1938		-	(6)
1939		-
1940		-	f. On a showing by the Teachers’ Retirement System of
	3219	+	(6) f. On a showing by the Teachers’ Retirement System of
1941	3220		Oklahoma that a warrant, voucher or check issued to it
1942		-	has, for any reason, been lost or never received,
	3221	+	has, for any reason, been lost or never received, RBH No. 7783
	3222	+
	3223	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 65 1
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	3247	+
1943	3248		after ninety (90) days from the date of issue or from
1944	3249		transmittal for payment, it shall be the duty of the
1945	3250		issuing authority forthwith, without any indem nifying
1946	3251		bond or other requirements, to issue a duplicate
1947	3252		thereof in lieu of that which was lost, to the
1948	3253		Teachers’ Retirement System of Oklahoma; and the
1949	3254		Teachers’ Retirement System of Oklahoma shall save
1950	3255		harmless any school district or agency of state
1951	3256		government making payment under the provisions hereof
1952	3257		to the State Teachers’ Retirement System of Oklahoma
1953	3258		if the original warrant, voucher or check is later
1954	3259		presented for payment and same is paid after a
1955	3260		duplicate warrant, voucher or check has been issued
1956	3261		and paid to the Teachers’ Retirement System of
1957	3262		Oklahoma, and any loss sustained therefrom shall be
1958	3263		charged to the Interest Fund.
1959		-
1960	3264		12. 11. Rollover Contributions and Direct Trustee -to-Trustee
1961	3265		Transfers from Other Plans.
1962		-
1963	3266		Any member may purchase credit for servi ce, to the extent
1964	3267		specified in this title, with rollovers from an eligible retirement
1965	3268		plan as defined by the Internal Revenue Code of 1986, as amended
1966		-	from time to time. A member may also purchase p ermissive service RBH No. 7783
1967		-	ENR. H. B. NO. 2528 Page 44
1968		-	credit, as defined by Title 26, United States Code, Section
1969		-	415(n)(3)(A), with a direct trustee -to-trustee transfer from a
1970		-	governmental Title 26, United States Code, Section 403(b) plan or
1971		-	governmental Title 26, United States Code, Section 457(b) plan. All
1972		-	rollovers and direct t rustee-to-trustee transfers shall be allowed
1973		-	to the extent permitted by federal law. Rollovers or direct
1974		-	transfers in excess of the amount necessary to purchase such service
1975		-	credit shall not be allowed.
1976		-
	3269	+	from time to time. A member may also purchase permissive service
	3270	+	credit, as defined by Code 26 U.S.C., Section 415(n)(3)(A), with a
	3271	+	direct trustee-to-trustee transfer from a governmental Code 26 RBH No. 7783
	3272	+
	3273	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 66 1
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	3297	+
	3298	+	U.S.C., Section 403(b) plan or governmental Code 26 U.S.C., Section
	3299	+	457(b) plan. All rollovers and direct trustee -to-trustee transfers
	3300	+	shall be allowed to the exten t permitted by federal law. Rollovers
	3301	+	or direct transfers in excess of the amount necessary to purchase
	3302	+	such service credit shall not be allowed.
1977	3303		13. 12. Retiree Medical Benefit Fund.
1978		-
1979	3304		The Retiree Medical Benefit Fund shall be maintained as a
1980	3305		subaccount under the Retirement Benefit Fund. The Retiree Medical
1981	3306		Benefit Fund is composed of all assets contributed to this
1982	3307		subaccount to pay the retirement system’s portion of the monthly
1983	3308		retiree health insurance benefits described in Section 1316.3 of
1984	3309		Title 74 of the Oklahoma Statutes. All allocated assets and the
1985	3310		earnings thereon in the Retiree Medical Benefit Fund shall be held
1986	3311		for the exclusive purpose of providing retiree medical benefits
1987	3312		pursuant to Section 1316.3 of Title 74 of the Oklahoma Statutes.
1988	3313		The Retiree Medical Benefit Fund shall be administered in accordance
1989	3314		with the requirements under Section 401(h) of the Internal Revenue
1990	3315		Code of 1986, as amended from time to time. An amount necessary to
1991	3316		pay the health insurance premiums for retired members as p rovided by
1992	3317		Section 1316.3 of Title 74 of the Oklahoma Statutes shall be
1993	3318		deposited each month into the Retiree Medical Benefit Fund.
1994		-
1995	3319		SECTION 9. AMENDATORY 70 O.S. 2021, Section 17 -116.10,
1996		-	is amended to read as follows:
1997		-
1998		-	Section 17-116.10 A. Subject to the requirements of Section 6 -
1999		-	101.2 of this title and any other applicable requirements of law, a
2000		-	member may enter into postretirement employment w ith a public school
2001		-	of Oklahoma and still receive monthly re tirement benefits subject to
2002		-	the following limitations:
2003		-
	3320	+	is amended to read as follows: RBH No. 7783
	3321	+
	3322	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 67 1
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	3346	+
	3347	+	Section 17-116.10. A. Subject to the requirements of Section
	3348	+	6-101.2 of this title and any other applicable requirements of law,
	3349	+	a member may enter into postretirement employment with a public
	3350	+	school of Oklahoma and still receive monthly retirement benefits
	3351	+	subject to the following limitations:
2004	3352		1. A retired member is not eligible to be employed by the
2005	3353		public schools of Oklahoma, in any capacity, for sixty (60) calendar
2006	3354		days between the retiree’s last day of preretirement public
2007	3355		education employment and any postretir ement public education
2008	3356		employment. For purposes of this section, the term “last day of
2009	3357		preretirement employment” shall mean the last day the employee is
2010	3358		required to be physically present on the job to complete the terms
2011	3359		of the employment contract or agree ment or the member’s effective
2012		-	retirement date, whichever is later . An employee on paid leave is RBH No. 7783
2013		-	ENR. H. B. NO. 2528 Page 45
	3360	+	retirement date, whichever is later . An employee on paid leave is
2014	3361		still considered to be employed for purposes of this section.
2015	3362		Employment under any conditions during this time, volunteer services
2016	3363		for the purpose of obtaini ng a paid position at a later date, or
2017	3364		payment at a later time for services performed during this time
2018	3365		period shall cause the forfeiture of all retirement benefits
2019	3366		received during the period;
2020		-
2021	3367		2. Unless otherwise provided in paragraph 3 of this subsection,
2022	3368		earnings from the public schools may not exceed one -half (1/2) of
2023	3369		the member’s final average salary used in computing retirement
2024		-	benefits, or the Earnings Limitation f or employees allowed by th e
	3370	+	benefits, or the Earnings Limitation for employees allowed by the RBH No. 7783
	3371	+
	3372	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 68 1
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	3396	+
2025	3397		Social Security Administration, whichever is less. For thirty-six
2026	3398		(36) months following a member’s effective retirement date, the
2027	3399		retired member shall be subject to earnings limitations on allowable
2028	3400		earnings. Earnings limits are determined annually based on a
2029	3401		calendar year. For retired members under the age of s ixty-two (62)
2030	3402		years, the limit on allowed earnings from the public schools of
2031	3403		Oklahoma for employment for the performance of duties ordinarily
2032	3404		performed by classified or nonclassified optional personnel shall be
2033	3405		the lesser of Fifteen Thousand Dollars ($15, 000.00) or limited to
2034	3406		one-half (1/2) of the member’s final average salary used in
2035	3407		computing retirement benefits unless or the earnings limitation
2036	3408		limit allowed by the Social Security Administration would be greater
2037	3409		than Fifteen Thousand Dollars ($15,000.00 ) for those under Social
2038	3410		Security’s normal retirement age, whichever is less . For retired
2039	3411		members sixty-two (62) years of age or older the limit on, allowed
2040	3412		earnings from the public schools of Oklahoma for the performance of
2041	3413		duties ordinarily performed by classified or nonclassified personnel
2042	3414		shall be the lesser of limited to Thirty Thousand Dollars
2043	3415		($30,000.00) or one-half (1/2) of the member’s final average salary
2044	3416		used in computing retirement benefits , whichever is less. For
2045	3417		purposes of this paragraph, the following shall apply:
2046		-
2047	3418		a. earnings shall mean “regular annual compensation”
2048	3419		regular annual compensation as defined in paragraph
2049		-	(25) 23 of Section 17-101 of this title, and shall
	3420	+	(25) 23 of Section 17-101 of this title, and shall RBH No. 7783
	3421	+
	3422	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 69 1
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	3446	+
2050	3447		include any payment by a public school for services
2051	3448		rendered by a retired member who is employed for any
2052	3449		purpose whatsoever. Supplemental retirement payments
2053	3450		paid by a former public school employer pursuant to
2054	3451		subsection 9 N of Section 17-105 of this title or
2055	3452		other state law shall not be considered as earnings,
2056		-
2057	3453		b. the Earnings Limitation for employees allowed by the
2058		-	Social Security Administration to workers between the RBH No. 7783
2059		-	ENR. H. B. NO. 2528 Page 46
	3454	+	Social Security Administration to workers between the
2060	3455		age of sixty-two (62) years and sixty -five (65) years
2061	3456		shall apply to retired members below the age of sixty -
2062	3457		two (62) years,
2063		-
2064	3458		c. the limit on allowed earnings from the public schools
2065	3459		shall be automatically adjusted effective the first
2066	3460		day of January of each year to reflect the current
2067	3461		Earnings Limitation for employees as determined from
2068	3462		time to time by the Social Security Administration,
2069		-
2070	3463		d. the earnings limit for th e calendar year in which a
2071	3464		member retires shall be one -twelfth (1/12) of the
2072	3465		annual limit multiplied by the number of months the
2073	3466		member is eligible to work and receive payments from
2074	3467		the public schools of Oklahoma, and
2075		-
2076		-	e.
2077		-
2078		-	c. earnings in excess of the maximu m limit on allowed
	3468	+	e. c. earnings in excess of the maximu m limit on allowed
2079	3469		earnings from public schools of Oklahoma shall result
2080		-	in a loss of future retirement benefits for the year
	3470	+	in a loss of future retirement benefits for the year RBH No. 7783
	3471	+
	3472	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 70 1
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	3496	+
2081	3497		the postretirement employment was performed of One
2082	3498		Dollar ($1.00) for each One Dollar ($1.00) earned over
2083	3499		the maximum allowed earn ings amount,
2084		-
2085	3500		f. for those members age seventy (70) years and over, the
2086	3501		earnings in excess of the maximum limit allowed
2087	3502		earnings from public schools of Oklahoma shall be one -
2088	3503		half (1/2) the member’s final average salary used in
2089	3504		computing retirement benefits. However, any retired
2090	3505		member receiving benefits from the Retirement System
2091	3506		who reached age seventy (70) years prior to July 1,
2092	3507		1991, shall not be restricted by the earnings limits
2093	3508		pursuant to this subparagraph until January 1, 1994.
2094	3509		To qualify for the pr ovisions of this subparagraph,
2095	3510		the member must be employed less than one -half (1/2)
2096	3511		time compared to other full -time employees in similar
2097	3512		positions;
2098		-
2099	3513		3. Notwithstanding paragraph 2 of this subsection, a retired
2100	3514		classified or nonclassified member who has be en retired for thirty -
2101	3515		six (36) or more months and who is employed by a public school to
2102	3516		perform duties ordinarily performed by classified or nonclassified
2103	3517		personnel shall be able to receive annualized earnings from the
2104		-	public school with no reduction in re tirement benefits regardless of RBH No. 7783
2105		-	ENR. H. B. NO. 2528 Page 47
	3518	+	public school with no reduction in re tirement benefits regardless of
2106	3519		the amount of annualized earnings. For for a period of three (3)
2107		-	years beginning July 1, 2017, members who have retired as of J uly 1,
	3520	+	years beginning July 1, 2017, members who have retired as of July 1, RBH No. 7783
	3521	+
	3522	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 71 1
	3523	+	2
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	3546	+
2108	3547		2017, as active classroom teachers, who have been retired and
2109	3548		receiving a benefit for at least one (1) year, and who have not been
2110	3549		employed by any public school during that one -year period, shall be
2111	3550		eligible to be reemployed as an active classroom teacher in common
2112	3551		or career tech school districts, with no limitations on earnings.
2113	3552		For a period of three (3) years beginning July 1, 2021, members who
2114	3553		have retired as of July 1, 2020, who have been retired and receiving
2115	3554		a benefit for at least one (1) year, and who have not been employed
2116	3555		by any public school during that one -year period, shall be elig ible
2117	3556		to be reemployed as an active classroom teacher in common or career
2118	3557		tech school districts, with no limitations on earnings. The one -
2119	3558		year period starts with the retiree’s last day of preretirement
2120	3559		public education employment. Members returning under this section
2121	3560		shall not be subject to any earning earnings limitations following
2122	3561		the end of the three -year periods described in this paragraph.
2123	3562		Members returning under this section shall only be employed pursuant
2124	3563		to a temporary contract; and
2125		-
2126	3564		4. A member shall be considered to be employed by a school
2127	3565		district to perform the duties ordinarily performed by classified or
2128	3566		nonclassified optional personnel if the member is hired by the
2129	3567		school district in the member’s individual capacity to perform the
2130	3568		duties or if the member performs the duties through employment with
2131		-	a proprietorship, partnership, corporation, limited liability
	3569	+	a proprietorship, partnership, corporation, limited liability RBH No. 7783
	3570	+
	3571	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 72 1
	3572	+	2
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	3595	+
2132	3596		company or partnership, or any other business structure that has
2133	3597		agreed or contracted to provide the services to the school district.
2134		-
2135	3598		B. A public school district that employs a retired member shall
2136	3599		be required to make contributions to the System for the retired
2137	3600		member in an amount as required in Section 17 -108.1 and in paragraph
2138	3601		3 of subsection B of Section 17 -116.2 of this title.
2139		-
2140	3602		C. For purposes of this section, postretirement employment of
2141	3603		less than one thousand (1,000) hours per year with the Governor, the
2142		-	Oklahoma State Senate, the Oklahoma House of Representatives or the
2143		-	Legislative Service Bureau shall not be con sidered as postretirement
2144		-	employment with a public school of Oklahoma.
2145		-
	3604	+	State Senate, the House of Representatives or the Legislative
	3605	+	Service Bureau shall not be considered as postretirement employment
	3606	+	with a public school of Oklahoma.
2146	3607		D. The Board of Trustees of the Teachers’ Retirement System of
2147	3608		Oklahoma shall promulgate such rules as are necessary to implement
2148	3609		the provisions of this section.
2149		-	RBH No. 7783
2150		-	ENR. H. B. NO. 2528 Page 48
2151	3610		E. A member who has entered into postretirement employment w ith
2152	3611		a participating employer of the Teachers’ Retirement System of
2153	3612		Oklahoma must fully comply with all the provisions of the rules
2154	3613		promulgated by the Board of Trustees pursuant to this section in
2155	3614		order to continue receiving his or her the member’s monthly
2156	3615		retirement benefit.
2157		-
2158	3616		SECTION 10. REPEALER 70 O.S. 2021, Section 17 -114.2, is
2159	3617		hereby repealed.
2160		-
2161		-	SECTION 11. This act shall become effective Jul y 1, 2024.
	3618	+	SECTION 11. This act shall become effective July 1, 2024. RBH No. 7783
	3619	+
	3620	+	ENGR. S. A. TO ENGR. H. B. NO. 2528 Page 73 1
	3621	+	2
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2162	3644
2163	3645		SECTION 12. It being immediately necessary for the preservation
2164	3646		of the public peace, health or safety, an emergency is hereby
2165	3647		declared to exist, by reason whereof this act shall take effect and
2166		-	be in full force from and after it s passage and approval. RBH No. 7783
2167		-	ENR. H. B. NO. 2528 Page 49
2168		-	Passed the House of Representatives the 8th day of May, 2024.
	3648	+	be in full force from and after its passage and approval. ”
	3649	+	Passed the Senate the 25th day of April, 2024.
	3650	+
	3651	+
	3652	+
	3653	+	Presiding Officer of the Senate
	3654	+
	3655	+
	3656	+	Passed the House of Representatives the ____ day of __________,
	3657	+	2024.
	3658	+
	3659	+
	3660	+
	3661	+	Presiding Officer of the House
	3662	+	of Representatives RBH No. 7783
	3663	+
	3664	+	ENGR. H. B. NO. 2528 Page 1 1
	3665	+	2
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	3688	+
	3689	+	ENGROSSED HOUSE
	3690	+	BILL NO. 2528 By: Lepak of the House
	3691	+
	3692	+	and
	3693	+
	3694	+	Garvin of the Senate
	3695	+
	3696	+
	3697	+
	3698	+
	3699	+
	3700	+
	3701	+	An Act relating to retirement; amending 70 O.S. 2021,
	3702	+	Sections 17-101, as amended by Section 2, Chapter
	3703	+	121, O.S.L. 2022, 17-103, 17-105, 17-105.1, 17-106.3,
	3704	+	17-107, 17-108, and 17-116.10 (70 O.S. Supp. 2022,
	3705	+	Section 17-101), which relate to the Teachers '
	3706	+	Retirement System of Oklahoma; updating references;
	3707	+	deleting terms; modifying definitions; modifying how
	3708	+	members shall make proper application for retireme nt;
	3709	+	providing membership details; providing procedu re at
	3710	+	joint annuitant's death; modifying retirement
	3711	+	options; releasing System of liability under certain
	3712	+	circumstances; modifying how certain expenses are to
	3713	+	be paid; modifying earnings limits; repealing 70 O.S.
	3714	+	2021, Sections 17-104 and 17-114.2, which relate to
	3715	+	the Teachers' Retirement System of Oklahoma; and
	3716	+	declaring an emergency.
	3717	+
	3718	+
	3719	+
	3720	+
	3721	+
	3722	+
	3723	+	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
	3724	+	SECTION 13. AMENDATORY 70 O.S. 2021, Section 17-101, as
	3725	+	amended by Section 2, Chapter 121, O.S.L. 2022 (70 O.S. Supp. 2 022,
	3726	+	Section 17-101), is amended to read as follows:
	3727	+	Section 17-101. The following words and phrases as used in
	3728	+	Section 17-101 et seq. of this title, unless a different meaning is
	3729	+	clearly required by the context, shall have the following meanings: RBH No. 7783
	3730	+
	3731	+	ENGR. H. B. NO. 2528 Page 2 1
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	3756	+	(1) "Retirement system" shall mean the Teachers' Retirement
	3757	+	System of Oklahoma, as defined in Section 17-102 of this title.
	3758	+	(2) "Public school" shall mean a school district, a state
	3759	+	college or university, the State Board of Educat ion, the State Board
	3760	+	of Career and Technology Education, and any other state educational
	3761	+	entity conducted within the state supported wholly or partly by
	3762	+	public funds and ope rating under the authority and supervision of a
	3763	+	legally constituted board or agency having authority and
	3764	+	responsibility for any function of public education. Public school
	3765	+	shall also mean a tuition free, nonprofit alternative school of
	3766	+	choice that provides education, therapeutic co unseling, and outreach
	3767	+	programs which is aligned with a school district and which receives
	3768	+	grant funds from governmental sources.
	3769	+	(3) "Classified personnel" shall mean any teacher, principal,
	3770	+	superintendent, supervisor, administrator, librarian, certified or
	3771	+	registered nurse, college professor, or college president whose
	3772	+	salary is paid wholly or in part from public funds. An employee of
	3773	+	any state department, board, board of regents, or board of trustees,
	3774	+	who is in a supervisory or an administrative positi on, the function
	3775	+	of which is primarily devoted to public education, shall be
	3776	+	considered classified personnel under the meaning of Section 17-101
	3777	+	et seq. of this title, at the discretion of the Board of Trustees of
	3778	+	the Teachers' Retirement System. The term "teacher" shall also
	3779	+	include instructors and counselors employed by the Departmen t of RBH No. 7783
	3780	+
	3781	+	ENGR. H. B. NO. 2528 Page 3 1
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	3806	+	Corrections and holding valid teaching certificates issued by th e
	3807	+	State Department of Education. Provided, that a person employed by
	3808	+	the Department of Corrections as an instructor or counselor shall
	3809	+	have been actively engaged in the teaching professi on for a period
	3810	+	of not less than three (3) years prior to employment to be eligible
	3811	+	to participate in the Teachers' Retirement System of Oklahoma. The
	3812	+	Department of Corrections shall contribute the employer's share to
	3813	+	the Teachers' Retirement System of Oklahoma.
	3814	+	(4) "Nonclassified optional personnel" shall include persons
	3815	+	hired as adjunct teachers pursuant to subsection G of Section 6-
	3816	+	122.3 of this title, cooks, janitors, maintenance personnel not in a
	3817	+	supervisory capacity, bus drivers, noncertified or nonregistered
	3818	+	nurses, noncertified librarians, and clerical employees of the
	3819	+	public schools, state colleges, universities, or any state
	3820	+	department, board, board of regents, or board of trustees, the
	3821	+	functions of which are primarily devoted to public education and
	3822	+	whose salaries are paid wholly or in part from public funds.
	3823	+	(5) "Employer" shall mean the state and any of its designated
	3824	+	agents or agencies with respon sibility and authority for public
	3825	+	education, such as boards of education of elementary and independent
	3826	+	school districts, boards of regents, boards of control, or any other
	3827	+	agency of and within the state by which a person may be employed for
	3828	+	service in public education. Employer shall also mean the board of
	3829	+	directors of a tuition free, nonprofit alternative school of choice RBH No. 7783
	3830	+
	3831	+	ENGR. H. B. NO. 2528 Page 4 1
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	3856	+	that provides education, therapeutic counseling, and outreach
	3857	+	programs which is aligned with a school district and which rec eives
	3858	+	grant funds from governmental sources.
	3859	+	(6) "Member" shall mean any teacher or other employee included
	3860	+	in the membership of the system as provided in Section 17-103 of
	3861	+	this title.
	3862	+	(7) "Board of Trustees" shall mean the board provided for in
	3863	+	Section 17-106 of this title to a dminister the retirement system.
	3864	+	(8) "Service" shall mean service as a classified or
	3865	+	nonclassified optional employee in the public school system, or any
	3866	+	other service devoted primarily to public education in the state.
	3867	+	(9) "Prior service" shall mean service rendered prior to July
	3868	+	1, 1943.
	3869	+	(10) "Membership service" shall mean service as a member of the
	3870	+	classified or nonclassified personnel as defined in paragraphs (3)
	3871	+	and (4) of this section.
	3872	+	(11) (9) "Creditable service" shall mean membership service
	3873	+	plus any prior other service authorized under this title.
	3874	+	(12) (10) "Annuitant" shall mean any person in receipt of a
	3875	+	retirement allowance as pro vided in this title an annuity as defined
	3876	+	in paragraph (14) of this section.
	3877	+	(13) (11) "Accumulated contributions" shall mean the sum of all
	3878	+	amounts deducted from the compensation of a member and credited to RBH No. 7783
	3879	+
	3880	+	ENGR. H. B. NO. 2528 Page 5 1
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	3905	+	his the member's individual account in the Teachers' Savings Fund,
	3906	+	together with applicable interest as of June 30, 1968.
	3907	+	(14) (12) "Earnable compensation" shall mean the full rate of
	3908	+	the compensation that would be payabl e to a member if he who worked
	3909	+	the full normal working time.
	3910	+	(15) (13) "Average salary":
	3911	+	(a) for those members who joined the System prior to July
	3912	+	1, 1992, shall mean the average of the salaries for
	3913	+	the three (3) years on which the highest contributions
	3914	+	to the Teachers' Retirement System was were paid not
	3915	+	to exceed the maximum contribution level specified in
	3916	+	Section 17-116.2 of this title or the maximum
	3917	+	compensation level specified in s ubsection (28) (24)
	3918	+	of this section. Provided, no member shall retire
	3919	+	with an average salary in excess of Twenty-five
	3920	+	Thousand Dollars ($25,000.00) unless the member has
	3921	+	made the required election and paid the required
	3922	+	contributions on such salary in excess of Twenty-five
	3923	+	Thousand Dollars ($25,000.00), or unless an eligible
	3924	+	member fulfills the requirements of Section 17-116.2C
	3925	+	of this title in order to have pre-cap removal service
	3926	+	included in the retirement benefit computation of the
	3927	+	member using the regular an nual compensation of the
	3928	+	member for any pre-cap removal year of service so RBH No. 7783
	3929	+
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	3955	+	included subject to the maximum average salary amount,
	3956	+	and
	3957	+	(b) for those members who join the System after June 30,
	3958	+	1992, shall mean the average of the salaries for five
	3959	+	(5) consecutive years on which the highest
	3960	+	contribution contributions to the Teachers' Retirement
	3961	+	System was were paid. Only salary on which required
	3962	+	contributions have been made may be used in computing
	3963	+	average salary.
	3964	+	(16) (14) "Annuity" shall mean payments for life derived from
	3965	+	the "accumulated contributions" of a member. All annuities shall be
	3966	+	payable in equal monthly installments a lifetime benefit payable in
	3967	+	fixed monthly installments.
	3968	+	(17) "Pension" shall mean payments for life derived from money
	3969	+	provided by the employer. All pensions shall be payable in equal
	3970	+	monthly installments.
	3971	+	(18) (15) "Monthly retirement Retirement allowance" is one-
	3972	+	twelfth (1/12) of the annual retirement allowance benefit which
	3973	+	shall be payable monthly.
	3974	+	(19) (16) "Retirement Benefit Fund" shall mean the fund from
	3975	+	which all retirement benefits shall be paid based on such mortality
	3976	+	tables as shall be adopted by the Board of Trustees. RBH No. 7783
	3977	+
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	4003	+	(20) (17) "Actuary" shall mean a person or firm especially
	4004	+	skilled through training an d experience in financial calculation
	4005	+	respecting the expectancy and duration of life.
	4006	+	(21) (18) "Actuarial equivalent " shall mean a benefit of equal
	4007	+	value when computed upon the basis of such mortality and other
	4008	+	tables as shall be adopted by the Board of Trustees.
	4009	+	(22) (19) The masculine pronoun, whenever used, shall include
	4010	+	the feminine.
	4011	+	(23) (20) "Actuarially determined cost " shall mean the single
	4012	+	sum which is actuarially equivalent in value to a specified pension
	4013	+	annuity amount as determined on the basis of m ortality and interest
	4014	+	assumptions adopted by the Board of Trustees.
	4015	+	(24) (21) "Normal retirement age" means the earliest date upon
	4016	+	which:
	4017	+	(a) a member reaches the age sixty-two (62) with respect
	4018	+	to a member whose first creditable service occurs
	4019	+	prior to November 1, 2011, unless the member reaches a
	4020	+	normal retirement date pursuant to subparagraph (c) or
	4021	+	subparagraph (d) of t his paragraph,
	4022	+	(b) a member reaches the age of sixty-five (65) with
	4023	+	respect to a member whose first creditable service
	4024	+	occurs on or after November 1, 2011, or with respect
	4025	+	to a member whose first creditable service occurs on
	4026	+	or after November 1, 2011, reac hes a normal retirement RBH No. 7783
	4027	+
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	4052	+
	4053	+	date pursuant to subparagraph (d) of this paragraph
	4054	+	having attained a minimum age of sixty (60) years,
	4055	+	(c) the age at which the sum of a member's age and number
	4056	+	of years of creditable service total eighty (80), with
	4057	+	respect to a member whose first creditable service
	4058	+	occurred prior to July 1, 1992, and who does not reach
	4059	+	a normal retirement age pursuant to subparagr aph (a)
	4060	+	of this paragraph, or
	4061	+	(d) the age at which the sum of a member's age and number
	4062	+	of years of creditable service to tal ninety (90), with
	4063	+	respect to a member whose first creditable service
	4064	+	occurred on or after July 1, 1992, but prior to
	4065	+	November 1, 2011, if the member does not reach a
	4066	+	normal retirement age pursuant to subparagraph (a) of
	4067	+	this paragraph.
	4068	+	(25) (22) "Regular annual compensation" means salary plus
	4069	+	fringe benefits, excluding the flexible benefit allowance pursuant
	4070	+	to Section 26-105 of this title and for purposes pursuant to Section
	4071	+	17-101 et seq. of this title. For purposes of this definition,
	4072	+	regular annual compensation shall include:
	4073	+	(a) salary which accrues on a regular basis in proportion
	4074	+	to the service performed including payments for staff
	4075	+	development, RBH No. 7783
	4076	+
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	4101	+
	4102	+	(b) amounts that would otherwise qualify as salary under
	4103	+	paragraph (a) of this subsection but are not received
	4104	+	directly by the member pursuant to a good faith,
	4105	+	voluntary written salary reduction agreement in order
	4106	+	to finance payments to a deferred compensation or tax-
	4107	+	sheltered annuity program or to finance benefit
	4108	+	options under a cafeteria plan qualifying under the
	4109	+	United States Internal Revenue Code, 26 U.S.C.,
	4110	+	Section 101 et seq.,
	4111	+	(c) group health and disability insurance, group term l ife
	4112	+	insurance, annuities, and pension plans, provided on a
	4113	+	periodic basis to all qualified employees of the
	4114	+	employer, which qualify as fringe benefits under the
	4115	+	United States Internal Revenue Code, and
	4116	+	(d) excluded from regular annual compensation are:
	4117	+	1. expense reimbursement payments,
	4118	+	2. office, vehicle, housing, or other maintenance
	4119	+	allowances,
	4120	+	3. the flexible benefit all owance provided pursuant
	4121	+	to Section 26-105 of this title,
	4122	+	4. payment for unused vacation and sick leave,
	4123	+	5. any payment made for reason of termination or
	4124	+	retirement not specifically provided for in
	4125	+	subparagraphs (a) through (c) of this subsection, RBH No. 7783
	4126	+
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	4151	+
	4152	+	6. maintenance or other nonmonetary compensation,
	4153	+	7. payment received as an independent contractor or
	4154	+	consultant, pursuant to a lawful contract which
	4155	+	complies with the requirements of subsection B of
	4156	+	Section 6-101.2 of this title,
	4157	+	8. any benefit payments not made pursuant to a valid
	4158	+	employment agreement,
	4159	+	9. compensation for clinical related activity
	4160	+	performed in the University of Oklahoma Health
	4161	+	Sciences Center (OUHSC) Professional Practice
	4162	+	Plan or Oklahoma State University Center for
	4163	+	Health Sciences (OSU-CHS) Professional Practice
	4164	+	Plan, and
	4165	+	10. any other compensation not described in
	4166	+	subparagraphs (a) through (c) of this subsection.
	4167	+	(26) "Teacher" means classified personnel and nonclassified
	4168	+	optional personnel.
	4169	+	(27) (23) "Active classroom teacher" means a person employed by
	4170	+	a school district to teach student s specifically identified classes
	4171	+	for specifically identified subjects during the course of a
	4172	+	semester, and who holds a valid certificate or license issued by and
	4173	+	in accordance with the rules and regulations of the State Board of
	4174	+	Education. RBH No. 7783
	4175	+
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	4200	+
	4201	+	(28) (24) "Maximum compensation level" shall, except as
	4202	+	otherwise authorized pursuant to the provisions of Section 17-116.2C
	4203	+	of this title, mean:
	4204	+	(a) Twenty-five Thousand Dollars ($25,000.00) for
	4205	+	creditable service authorized and performed prior to
	4206	+	July 1, 1995, for members not electing a higher
	4207	+	maximum compensation level,
	4208	+	(b) Forty Thousand Dollars ($40,00 0.00) for creditable
	4209	+	service authorized and performed prior to July 1,
	4210	+	1995, for members electing a maximum comp ensation
	4211	+	level in excess of Twenty-five Thousand Dollar s
	4212	+	($25,000.00),
	4213	+	(c) Twenty-seven Thousand Five Hundred Dollars
	4214	+	($27,500.00) for members w ho, as of June 30, 1995, had
	4215	+	elected to have a maximum compensation level not in
	4216	+	excess of Twenty-five Thousand Dollars ($25,000.00),
	4217	+	and who were employed by an entit y or institution
	4218	+	within The Oklahoma State System of Higher Education
	4219	+	for creditable service authorized and performed on or
	4220	+	after July 1, 1995, but not later than June 30, 1996,
	4221	+	if such member does not elect a higher maximum
	4222	+	compensation level for this per iod as authorized by
	4223	+	Section 17-116.2A of this title, RBH No. 7783
	4224	+
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	4249	+
	4250	+	(d) Thirty-two Thousand Five Hundre d Dollars ($32,500.00)
	4251	+	for members employed by a comprehensive university if
	4252	+	the member meets the requirements i mposed by Section
	4253	+	17-116.2A of this title and the membe r elects to
	4254	+	impose a higher maximum compensation level for service
	4255	+	performed on or after July 1, 1995, but not later than
	4256	+	June 30, 1996,
	4257	+	(e) Forty-four Thousand Dollars ($44,000.00) for members
	4258	+	who, as of June 30, 1995, had elected to have a
	4259	+	maximum compensation level in excess of Twenty-five
	4260	+	Thousand Dollars ($25,000.00), and who were employe d
	4261	+	by an entity or institution within The Oklahoma State
	4262	+	System of Higher Education for creditable service
	4263	+	authorized and performed on or after July 1, 1995, but
	4264	+	not later than June 30, 1996, if such member does not
	4265	+	elect a higher maximum compensation level for this
	4266	+	period as authorized by Section 17-116.2A of this
	4267	+	title,
	4268	+	(f) Forty-nine Thousand Dollars ($49,000.00) for members
	4269	+	employed by a comprehensive university if t he member
	4270	+	meets the requirements imposed by Section 17-116.2A of
	4271	+	this title and the membe r elects to impose a higher
	4272	+	maximum compensation level for service performed on or
	4273	+	after July 1, 1995, but not l ater than June 30, 1996, RBH No. 7783
	4274	+
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	4299	+
	4300	+	(g) the following amounts for creditable service
	4301	+	authorized and performed by members employed by a
	4302	+	comprehensive univer sity, based upon the election of
	4303	+	the member in effect as of June 30, 1995:
	4304	+	1. for members who elected a maximum compensation
	4305	+	level not in excess of Twenty-five Thousand
	4306	+	Dollars ($25,000.00):
	4307	+	(i) Thirty-two Thousand Five Hundred Dollars
	4308	+	($32,500.00) for ser vice authorized and
	4309	+	performed on or after July 1, 1996, but not
	4310	+	later than June 30, 1997,
	4311	+	(ii) Thirty-seven Thousand Five Hundred Dollars
	4312	+	($37,500.00) for service auth orized and
	4313	+	performed on or after July 1, 1997, but not
	4314	+	later than June 30, 1998,
	4315	+	(iii) Forty-two Thousand Five Hundred Dollars
	4316	+	($42,500.00) for service authorized and
	4317	+	performed on or after July 1, 1998 , but not
	4318	+	later than June 30, 2000,
	4319	+	(iv) Forty-seven Thousand Five Hundred Dollars
	4320	+	($47,500.00) for service authorized and
	4321	+	performed on or after July 1, 2000, but not
	4322	+	later than June 30, 2001, RBH No. 7783
	4323	+
	4324	+	ENGR. H. B. NO. 2528 Page 14 1
	4325	+	2
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	4347	+	24
	4348	+
	4349	+	(v) Fifty-two Thousand Five Hundred Dollars
	4350	+	($52,500.00) for service authorized and
	4351	+	performed on or after July 1, 2001 , but not
	4352	+	later than June 30, 2002,
	4353	+	(vi) Fifty-seven Thousand Five Hundred Dollars
	4354	+	($57,500.00) for service authorized and
	4355	+	performed on or after July 1, 2002, but not
	4356	+	later than June 30, 2003,
	4357	+	(vii) Sixty-two Thousand Five Hundred Dollars
	4358	+	($62,500.00) for service authorized and
	4359	+	performed on or after July 1, 2003, but not
	4360	+	later than June 30, 20 04,
	4361	+	(viii) Sixty-seven Thousand Five Hundred Dollars
	4362	+	($67,500.00) for service authorized and
	4363	+	performed on or after July 1, 2004, but not
	4364	+	later than June 30, 2005,
	4365	+	(ix) Seventy-two Thousand Five Hundred Dollars
	4366	+	($72,500.00) for service authorized and
	4367	+	performed on or after July 1, 2005, but not
	4368	+	later than June 30, 2006,
	4369	+	(x) Seventy-seven Thousand Five Hundred Dollars
	4370	+	($77,500.00) for service authorized and
	4371	+	performed on or after July 1, 2006, but not
	4372	+	later than June 30, 2007, and RBH No. 7783
	4373	+
	4374	+	ENGR. H. B. NO. 2528 Page 15 1
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	4398	+
	4399	+	(xi) the full amount of regula r annual
	4400	+	compensation for service authorized and
	4401	+	performed on or after July 1, 2007, and
	4402	+	2. for members who elected a maximum compensation
	4403	+	level in excess of Twenty -five Thousand Dollars
	4404	+	($25,000.00):
	4405	+	(i) Forty-nine Thousand Dollars ($49,000.00) for
	4406	+	service authorized and performed on or after
	4407	+	July 1, 1996, but not later than June 30,
	4408	+	1997,
	4409	+	(ii) Fifty-four Thousand Dollars ($54,000.00) for
	4410	+	service authorized and perform ed on or after
	4411	+	July 1, 1997, but not later than June 30,
	4412	+	1998,
	4413	+	(iii) Fifty-nine Thousand Dollars ($59,000.00) for
	4414	+	service authorized and performed on or after
	4415	+	July 1, 1998, but not later than June 30,
	4416	+	2000,
	4417	+	(iv) Sixty-four Thousand Dollars ($64,000.00) for
	4418	+	service authorized and performed on or after
	4419	+	July 1, 2000, but not later than June 30,
	4420	+	2001,
	4421	+	(v) Sixty-nine Thousand Dollars ($69,000.00) for
	4422	+	service authorized and performed on or after RBH No. 7783
	4423	+
	4424	+	ENGR. H. B. NO. 2528 Page 16 1
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	4448	+
	4449	+	July 1, 2001, but not later than June 30,
	4450	+	2002,
	4451	+	(vi) Seventy-four Thousand Dollars ($74,000.00)
	4452	+	for service authorized and performed on or
	4453	+	after July 1, 2002, but not later than June
	4454	+	30, 2003,
	4455	+	(vii) Seventy-nine Thousand Dollars ($79,000.00)
	4456	+	for service authorized and perf ormed on or
	4457	+	after July 1, 2003, but not later than June
	4458	+	30, 2004,
	4459	+	(viii) Eighty-four Thousand Dollars ($84,000.00)
	4460	+	for service authorized an d performed on or
	4461	+	after July 1, 2004, but not later than June
	4462	+	30, 2005,
	4463	+	(ix) Eighty-nine Thousand Dollars ($89,000.0 0)
	4464	+	for service authorized and performed on or
	4465	+	after July 1, 2005, but not later than June
	4466	+	30, 2006,
	4467	+	(x) Ninety-four Thousand Dollars ($94,00 0.00)
	4468	+	for service authorized and performed on or
	4469	+	after July 1, 2006, but not later than June
	4470	+	30, 2007, and RBH No. 7783
	4471	+
	4472	+	ENGR. H. B. NO. 2528 Page 17 1
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	4497	+	(xi) the full amount of regular annual
	4498	+	compensation for serv ice authorized and
	4499	+	performed on or after July 1, 2007, and
	4500	+	(h) the full amount of regular annual compensation of:
	4501	+	1. a member of the retirement system not employed by
	4502	+	an entity or institution within The Ok lahoma
	4503	+	State System of Higher Education for all
	4504	+	creditable service authorized and performed on or
	4505	+	after July 1, 1995,
	4506	+	2. a member of the retirement system first employed
	4507	+	on or after July 1, 1995, by an entity or
	4508	+	institution within The Oklahoma State Syste m of
	4509	+	Higher Education for all creditable service
	4510	+	authorized and performed on or after July 1,
	4511	+	1995, but not later than June 30, 1996,
	4512	+	3. a member of the retirement system employed by an
	4513	+	entity or institution within The Oklahoma State
	4514	+	System of Higher Educ ation, other than a
	4515	+	comprehensive university, if the member elects to
	4516	+	impose a higher maximum compensation level for
	4517	+	service performed on or a fter July 1, 1995, but
	4518	+	not later than June 30, 1996, pursuant to
	4519	+	subsection B of Section 17-116.2A of this title, RBH No. 7783
	4520	+
	4521	+	ENGR. H. B. NO. 2528 Page 18 1
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	4545	+
	4546	+	4. a member of the retirement system who is first
	4547	+	employed on or after July 1, 1996, by any entity
	4548	+	or institution within The Oklahoma State Sy stem
	4549	+	of Higher Education including a comprehensive
	4550	+	university, for creditable service authorized and
	4551	+	performed on or after July 1, 1996,
	4552	+	5. a member of the retirement system who, as of July
	4553	+	1, 1996, is subject to a maximum compensation
	4554	+	level pursuant to pa ragraph (g) of this
	4555	+	subsection if the member terminates service with
	4556	+	a comprehensive university and is subsequen tly
	4557	+	reemployed by a comprehensive university,
	4558	+	6. a member of the retirement system employed by a
	4559	+	comprehensive university for all service
	4560	+	performed on and after July 1, 2007, or
	4561	+	7. an eligible member of the retirement system who
	4562	+	fulfills the requirements of Section 17-116.2C of
	4563	+	this title with respect to pre-cap removal
	4564	+	service included in the retirement benefit
	4565	+	computation of the member at the av erage salary
	4566	+	of the member subject to the maximum average
	4567	+	salary amount.
	4568	+	(29) (25) "Comprehensive university" shall mean: RBH No. 7783
	4569	+
	4570	+	ENGR. H. B. NO. 2528 Page 19 1
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	4594	+
	4595	+	(a) the University of Oklahoma and all of its constituent
	4596	+	agencies including the University of Oklahoma Health
	4597	+	Sciences Center, the U niversity of Oklahoma Law
	4598	+	Center, and the Geological Survey, and
	4599	+	(b) Oklahoma State University and all of its constituent
	4600	+	agencies including the Oklahoma State University
	4601	+	Agricultural Experiment Station, the Oklahoma State
	4602	+	University Agricultural Extension Division, the
	4603	+	Oklahoma State University College of Veterinary
	4604	+	Medicine, the Oklahoma State University Center for
	4605	+	Health Sciences, the Technical Branch at Oklahoma
	4606	+	City, the Oklahoma State University Institute of
	4607	+	Technology-Okmulgee, and Oklahoma State Uni versity-
	4608	+	Tulsa.
	4609	+	(30) "Retirement contract" means the document prepared b y the
	4610	+	Teachers' Retirement System upon member request, which incorporates
	4611	+	member's selected retirement option, and which must be executed and
	4612	+	submitted to the Teachers' Retirement System no less than thirty
	4613	+	(30) days prior to the projected retirement date.
	4614	+	SECTION 14. AMENDATORY 70 O.S. 2021, Section 17-103, is
	4615	+	amended to read as follows:
	4616	+	Section 17-103. Except as provided in the Alternate Retirement
	4617	+	Plan for Comprehensive Universities Act, the membership of the
	4618	+	retirement system shall consist of the following: RBH No. 7783
	4619	+
	4620	+	ENGR. H. B. NO. 2528 Page 20 1
	4621	+	2
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	4644	+
	4645	+	A. All classified personnel shall become members of the
	4646	+	retirement system as a condition of their employment;.
	4647	+	B. For the period from August 2, 1969, to the effective date of
	4648	+	this act June 30, 2021, all full-time nonclassified optional
	4649	+	personnel regularly employed for mor e than one (1) year may join the
	4650	+	Teachers' Retirement System of Oklahoma subject to the rules and
	4651	+	regulations adopted pursuant to the Teachers' Retirement System. On
	4652	+	or after the effective date of this act July 1, 2021, all
	4653	+	nonclassified optional personnel regularly employed for twenty (20)
	4654	+	hours or more per week may join the System upon hiring or
	4655	+	eligibility, subject to the provisions of subsection C of this
	4656	+	section and the rules and regulations adopted by the System pursuant
	4657	+	to this act.
	4658	+	C. 1. A nonclassified optional employee shall have thirty (3 0)
	4659	+	days from the initial d ate of hire or eligibility to make a one-time
	4660	+	irrevocable written election to opt out of participation in the
	4661	+	System, in a manner required by the Board of Trustees . If an
	4662	+	eligible employee fails to make an election within the thirty-day
	4663	+	period, the eligible employee shall be deemed to participate in the
	4664	+	System.
	4665	+	2. If an eligible employee elects to opt out of participation
	4666	+	in the System, the employee shall not make any required employee
	4667	+	contributions to the System and his or her the employee's employer
	4668	+	shall not make any required employer contributions to the System . RBH No. 7783
	4669	+
	4670	+	ENGR. H. B. NO. 2528 Page 21 1
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	4672	+	3
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	4694	+
	4695	+	3. If an eligible nonclassified optional employee elects to
	4696	+	participate does not timely opt out of participation in the System,
	4697	+	the employee shall make employee contributions to the System
	4698	+	pursuant to Section 17-116.2 of this title and the employer shall
	4699	+	make employer contributions to the System pursuant to Secti on 17-
	4700	+	108.1 of this title. Nothing in this paragraph shall be construed
	4701	+	to prohibit the employer from making the contribution of the
	4702	+	employee to the System on behalf of the employee.
	4703	+	4. A nonclassified optional employee who opts out of
	4704	+	participation in the System shall be ineligible for future
	4705	+	participation in the System; provided, however, that if the employee
	4706	+	is hired for a classified position, he or she shall become a member
	4707	+	of the System pursua nt to subsection A of this section but shall not
	4708	+	be eligible for prior service credit for service performed while
	4709	+	employed in a nonclassified position during which the employee opted
	4710	+	out of participation in the System.
	4711	+	5. Any nonclassified optional employee employed on the
	4712	+	effective date of this act shall make an irr evocable written
	4713	+	election to participate in or opt out of the System pursuant to
	4714	+	paragraph 1 of this subsection. If the employee fails to make an
	4715	+	election within thirty (30) days from the effe ctive date of this
	4716	+	act, the employee shall be deemed to partici pate in the System,
	4717	+	subject to the provisions of paragraph 3 of this subsection. RBH No. 7783
	4718	+
	4719	+	ENGR. H. B. NO. 2528 Page 22 1
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	4743	+
	4744	+	D. The Board of Trustees may, in its discretion, deny the right
	4745	+	to become members to any class of members whose compensation is only
	4746	+	partly paid by the state, or who is serv ing on a temporary or other
	4747	+	than per annum basis, and it also may, in its discretion, make
	4748	+	optional with the individual entrance into the retirement system for
	4749	+	members in any such class their individual entrance into the
	4750	+	retirement system optional.
	4751	+	E. Should any non-vested member, with less than ten (10) years
	4752	+	of teaching service in Oklahoma, in any period of six (6)
	4753	+	consecutive years after becoming a member be absent from service
	4754	+	more than five (5) years, withdraw his or her contributions, retire
	4755	+	or die, he or she shall thereupon cease to be a member. The
	4756	+	provisions of this paragraph shall not apply to any member of the
	4757	+	Teachers' Retirement System who has been a member of such classes of
	4758	+	military services as may be approved by the Board of Trustees, until
	4759	+	a period of one and one -half (1 1/2) years from date of t ermination
	4760	+	of such service shall have elapsed.
	4761	+	F. Effective November 1, 2019, a retired member of the
	4762	+	Teachers' Retirement System who becomes employed by the State
	4763	+	Department of Education for the first time on or after November 1,
	4764	+	2019, shall have the opt ion to remain a member of the Teachers'
	4765	+	Retirement System subject to any applicable limitations placed on
	4766	+	retired members returning to work or may choose to participate as an
	4767	+	active member in the Oklahoma Public Employees Retirement System as RBH No. 7783
	4768	+
	4769	+	ENGR. H. B. NO. 2528 Page 23 1
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	4793	+
	4794	+	an active member Defined Benefit Plan or the Oklahoma Public
	4795	+	Employees Retirement Sys tem Defined Contribution System, whichever
	4796	+	is applicable under the laws and rules governing those systems.
	4797	+	SECTION 15. AMENDATORY 70 O.S. 2021, Section 17-105, is
	4798	+	amended to read as follows:
	4799	+	Section 17-105. (1) (a) Any member wh o has attained age
	4800	+	fifty-five (55) or who has completed thirty (30) year s of creditable
	4801	+	service, as defined in Section 17-101 of this title, or for any
	4802	+	person who initially became a member prior to July 1, 1 992,
	4803	+	regardless of whether there were breaks in s ervice after July 1,
	4804	+	1992, whose age and number of years of creditable s ervice total
	4805	+	eighty (80) may be retired upon proper application for retirement on
	4806	+	forms as established by the System and executing a retir ement
	4807	+	contract. Such a retirement date will a lso apply to any person who
	4808	+	became a member of the sending system as def ined in this act, prior
	4809	+	to July 1, 1992, regardless of whether t here were breaks in service
	4810	+	after July 1, 1992. Any person who became a m ember after June 30,
	4811	+	1992, but prior to Novemb er 1, 2011, whose age and number of years
	4812	+	of creditable service total ni nety (90) may be retired upon proper
	4813	+	application for retirement and executing a retirement contr act as
	4814	+	established by the System. Any person who becomes a me mber on or
	4815	+	after November 1, 2011, who attains the age of sixty-five (65) years
	4816	+	or who reaches a normal retirement date pursuant to subparagraph (d)
	4817	+	of paragraph (24) (21) of Section 17-101 of this title having RBH No. 7783
	4818	+
	4819	+	ENGR. H. B. NO. 2528 Page 24 1
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	4843	+
	4844	+	attained a minimum age of sixty (60) years ma y be retired upon
	4845	+	proper application for retirement and executing a retirement
	4846	+	contract as established by the System. The application shall be
	4847	+	filed on the form provided by the Board of Trustees for this
	4848	+	purpose, not less than sixty (60) days before the d ate of
	4849	+	retirement, provided that the Executive Director may waive the
	4850	+	sixty-day deadline for good cause shown as defined by the Board with
	4851	+	the System in a manner required by the Board of Trustees .
	4852	+	1. The employer shall provide the System with th e
	4853	+	following information for a retirin g member, no later
	4854	+	than the fifteenth day of the mont h of retirement:
	4855	+	last day physically on the job; last day on payroll;
	4856	+	any regular compensation not already reported to the
	4857	+	System; and final unused sick leave balance .
	4858	+	2. Failure to submit this informati on by the deadline, or
	4859	+	errors in submitted informatio n that result in a
	4860	+	disqualification of retirement eligibility shall be
	4861	+	the responsibility of the employer. In cases where
	4862	+	the error results in disqualification of re tirement
	4863	+	eligibility, it is the emplo yer's responsibility to
	4864	+	reemploy the member, or retai n the member on the
	4865	+	payroll, for the time period required to reach
	4866	+	eligibility, not exce eding two (2) months. RBH No. 7783
	4867	+
	4868	+	ENGR. H. B. NO. 2528 Page 25 1
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	4892	+
	4893	+	(b) An individual who becomes a member of the Teachers '
	4894	+	Retirement System of Oklahoma after July 1, 1967, through October
	4895	+	31, 2017, shall be emplo yed by the public schools, state colleges,
	4896	+	or universities of Oklahoma for a minimum of five (5) yea rs and be a
	4897	+	contributing member of the Teachers' Retirement System of Oklaho ma
	4898	+	for a minimum of five (5) years to qualify for monthly retirement
	4899	+	benefits from the Teachers' Retirement System of Oklahoma.
	4900	+	An individual who becomes a member of the Teachers ' Retirement
	4901	+	System on or after November 1, 2017, shall be employed by the pub lic
	4902	+	schools, state colleges or universities of Oklahoma for a minimum of
	4903	+	seven (7) years and be a contributing member of the Teachers'
	4904	+	Retirement System of Oklahoma for a minimum o f seven (7) years to
	4905	+	qualify for monthly retirement benefits from the Teache rs'
	4906	+	Retirement System of Oklahoma.
	4907	+	(c) Any member Individuals becoming members after July 1, 1967,
	4908	+	to October 31, 2017, with five (5) or more years of Oklahoma
	4909	+	teaching service and whose accumulated contributi ons during such
	4910	+	period have not been withdrawn shall be given an indefinite
	4911	+	extension of membership beginning with the sixth year following the
	4912	+	member's last contributing membership.
	4913	+	Individuals becoming members on or after No vember 1, 2017, with
	4914	+	seven (7) or more years of Oklahoma teaching service an d whose
	4915	+	accumulated contributions during such period have not been withdrawn
	4916	+	shall be given an indefinite extension of membership beginning with RBH No. 7783
	4917	+
	4918	+	ENGR. H. B. NO. 2528 Page 26 1
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	4942	+
	4943	+	the sixth eighth year following his or her the member's last
	4944	+	contributing membership and shall become eligible to apply for
	4945	+	retirement and be retired upon attaining age fifty-five (55).
	4946	+	(2) An unclassified op tional member who has retired or who
	4947	+	retires at sixty-two (62) years of age or old er or whose retirement
	4948	+	is because of disability shall have his or her minimu m retirement
	4949	+	benefits calculated on an average salary of Five Thousand Three
	4950	+	Hundred Fifty Dollars ($5,350.00) or, if a larger monthly allowance
	4951	+	would result, an amount arrived at pursuant to application of the
	4952	+	formula prescribed herein.
	4953	+	(3) No member shall receive a lesser retirement benefit than he
	4954	+	or she the member would have received under the law in effect at the
	4955	+	time he or she retired. Any individual under the Teachers '
	4956	+	Retirement System, who through err or in stating the title of the
	4957	+	position which he or she the member held, may, at the discretion of
	4958	+	the Board of Trustees, be changed from the no nclassified optional
	4959	+	group to the classified group for the purpose of calculating
	4960	+	retirement benefits.
	4961	+	Any individual regardless of residence, who has a minim um of ten
	4962	+	(10) years of teaching in Oklahoma schools prior to July 1, 1943, or
	4963	+	who taught in Oklahoma schools prior to 1934 and thereafter taught a
	4964	+	minimum of ten (10) years and wh o does not qualify under the p resent
	4965	+	retirement System, or who has a minimum of thirty (30) years of
	4966	+	teaching in Oklahoma schools and has reached seventy (70) years of RBH No. 7783
	4967	+
	4968	+	ENGR. H. B. NO. 2528 Page 27 1
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	4992	+
	4993	+	age prior to July 1, 1984, and is not otherwise eligible to receive
	4994	+	any benefits from th e retirement system shall rece ive a minimum of
	4995	+	One Hundred Fifty Dollars ($1 50.00) per month in retirement benefits
	4996	+	from the Teachers' Retirement System of Oklahoma plus any general
	4997	+	increase in benefits for annuitants as may be provided hereafter by
	4998	+	the Legislature. Each individual mu st apply to the Teachers'
	4999	+	Retirement System fo r such benefit and provide evidence to the
	5000	+	Teachers' Retirement System that the service was actual ly rendered.
	5001	+	The surviving spouse of any person who made application for the
	5002	+	benefit provided for by this parag raph during his or her lifetime
	5003	+	but did not receive the benefit may submit an application to the
	5004	+	System for payment of the benefit for those mon ths during the
	5005	+	lifetime of the deceased person that he or she was eligible for but
	5006	+	did not receive the benefit. Upon approval of the application by
	5007	+	the Board of Trustees, the benefit shall be paid to the surviving
	5008	+	spouse in one lump sum.
	5009	+	(4) The value of each year of prior service is the total
	5010	+	monthly retirement benefit divided by the number of years of
	5011	+	creditable service.
	5012	+	(5) Upon application of a member wh o is actively engaged in
	5013	+	teaching in Oklahoma or his or her upon application of the member 's
	5014	+	employer, any member who has been a contributing member for ten (10)
	5015	+	years may be retired by the System subsequent to the execution and
	5016	+	filing thereof, on a disabi lity retirement allowance, provided that RBH No. 7783
	5017	+
	5018	+	ENGR. H. B. NO. 2528 Page 28 1
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	5042	+
	5043	+	it is found by the Medical Board after medical examinatio n of such
	5044	+	member by a duly qualified physician that such member is mentally or
	5045	+	physically incapacitated for furt her performance of duty, that such
	5046	+	incapacity is likely to be permanent, and that such member should be
	5047	+	retired. The System shall rely on and g ive full consideration to
	5048	+	the conclusions and recommendations in the certified wri tten report
	5049	+	of the Medical Board of the Teachers' Retirement System regardin g
	5050	+	the disability application of such member. If the Medical Board
	5051	+	does not find that a member app lying for disability retirement is
	5052	+	mentally or physically incapacitated for perfor mance of duty or
	5053	+	otherwise eligible for a disability retirement, the applica tion
	5054	+	shall then be considered by the Board of Trustees. If a member is
	5055	+	determined to be eligible for disability benefits pursuant to the
	5056	+	Social Security System, then such determin ation shall entitle the
	5057	+	member to the authorized disability retirement allowance benefits
	5058	+	provided by law. For members who are not eligible for disability
	5059	+	benefits pursuant to the Social Security System, the Board of
	5060	+	Trustees and the Medical Board shall apply the same standard for
	5061	+	which provision is made in the first two sentences o f this
	5062	+	subsection for determining the eligibility of a person for such
	5063	+	disability benefits in m aking a determination of eligibility for
	5064	+	disability benefits as authorized by this subsecti on.
	5065	+	(6) (a) A member who at the time of retirement has been found
	5066	+	to be permanently physically or mentally incapacitated to perform RBH No. 7783
	5067	+
	5068	+	ENGR. H. B. NO. 2528 Page 29 1
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	5092	+
	5093	+	the necessary duties to continu e in his or her the member's current
	5094	+	position shall receive a minimum monthly retirement pa yment for life
	5095	+	or until such time as the member may be found to be rec overed to the
	5096	+	point where he or she the member may return to teaching. Any member
	5097	+	retired before July 1, 1992, shall be eligible to receive the
	5098	+	monthly retirement allowance benefit herein provided, but such
	5099	+	payment shall not begin until the first payment due him or her after
	5100	+	July 1, 1992, and shall not be retroactive. The Board of Trustees
	5101	+	is empowered to make such rules and regulations as it considers
	5102	+	proper to preserve equity in retirements u nder this provision, which
	5103	+	shall include a provision to protec t the rights of the member's
	5104	+	spouse.
	5105	+	(b) A member who has qualified for retirement benefits un der
	5106	+	disability retirement shall have the total monthly payment deducted
	5107	+	from his or her accumulated contributions plus interest earned and
	5108	+	any money remaining in the member's account after the above
	5109	+	deductions at the death of the member shall be paid in a lump sum to
	5110	+	the beneficiary or to the estate of the member. Provided, if the
	5111	+	deceased disabled mem ber had thirty (30) years or more of creditable
	5112	+	service and the death occurred after June 30, 1981, and death
	5113	+	occurred prior to the disabled member receiving twelve monthly
	5114	+	retirement payments, a surviving spouse may elect to receive the
	5115	+	retirement benefit to which the deceased member would have been
	5116	+	entitled at the time of death under the Option 2 Plan of Retirement RBH No. 7783
	5117	+
	5118	+	ENGR. H. B. NO. 2528 Page 30 1
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	5142	+
	5143	+	provided for in subsection (8) of this sect ion in lieu of the death
	5144	+	benefit provided for in this subsection and in subsection (12) of
	5145	+	this section.
	5146	+	(c) Once each year the System may require any disabled
	5147	+	annuitant who has not yet attained the age of sixty (60) years to
	5148	+	undergo a medical examination , such examination to be made at the
	5149	+	place of residence for the disabled annuitant or other place
	5150	+	mutually agreed upon by a physician or physicians designated by the
	5151	+	System. Should any disabled annuitant who has not yet attained the
	5152	+	age of sixty (60) year s refuse to submit to at least one medical
	5153	+	examination in any such year by a physician or physician s designated
	5154	+	by the System his or her allowance the member's benefit may be
	5155	+	discontinued until he or she the member submits to such examination.
	5156	+	(d) Should the Medical Board report and certify to the Board of
	5157	+	Trustees that such disabled annuitant is engaged in or is able to
	5158	+	engage in a gainful occupation paying more than the difference
	5159	+	between his or her retirement allowance and the member's average
	5160	+	final compensation and the annual benefit amount, and should the
	5161	+	Board of Trustees concur in such report , then the amount of his or
	5162	+	her pension the member's annual benefit shall be reduced to an
	5163	+	amount which, together with his or her retirement allowance and that
	5164	+	amount earnable by him or her added to the member's earnings from a
	5165	+	gainful occupation, shall equal the amount of his or her the
	5166	+	member's average final compen sation. Should his or her the member's RBH No. 7783
	5167	+
	5168	+	ENGR. H. B. NO. 2528 Page 31 1
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	5192	+
	5193	+	earning capacity be later increased, the amount of his or her
	5194	+	pension the member's annual benefit may be further modified,
	5195	+	provided the new pension shall not exce ed that amount of the pension
	5196	+	originally granted nor a n amount, which when a dded to the amount
	5197	+	earnable by the member, together with his or her annuity, equals the
	5198	+	amount of his or her average final compensation reduced.
	5199	+	(e) Should a disabled annuita nt be restored to active service,
	5200	+	his or her the member's disability retirement allowance benefit
	5201	+	shall cease and he or she the member shall again become a an active
	5202	+	member of the Teachers' Retirement System and shall make regular
	5203	+	contributions as required under this a rticle. The unused portion of
	5204	+	his or her the member's accumulated contributions shall be
	5205	+	reestablished to his or her the member's credit in the Teachers'
	5206	+	Savings Fund. Any such prior service certificates on the basis of
	5207	+	which his or her the member's service was computed at the time of
	5208	+	his or her the member's retirement shall be restored to full force
	5209	+	and effect.
	5210	+	(7) Should a member before re tirement under Section 1-101 17-
	5211	+	101 et seq. of this title make application for withdrawal duly filed
	5212	+	with the System, not earlier than four (4) months after the date of
	5213	+	termination of such service as a teacher eligible employment, the
	5214	+	contribution standing to the credit of his or her the member's
	5215	+	individual account in the Teachers' Savings Fund shall be paid to
	5216	+	him or her the member or, in the event of his or her the member's RBH No. 7783
	5217	+
	5218	+	ENGR. H. B. NO. 2528 Page 32 1
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	5242	+
	5243	+	death before retirement, shall be paid to such person or persons as
	5244	+	he or she the member shall have nominated by written designation,
	5245	+	duly executed designated in a manner required by the Board of
	5246	+	Trustees and filed with the System; provided, h owever, if there be
	5247	+	no designated beneficiary surviving upon such death, such
	5248	+	contributions shall be paid to his or her the member's
	5249	+	administrators, executors, or assigns, together with interest as
	5250	+	hereinafter provided. In lieu of a lump-sum settlement at the death
	5251	+	of the member, the amount of money the member has on deposit in the
	5252	+	Teachers' Savings Fund and the money the member has on deposit in
	5253	+	the Teachers' Deposit Fund may be paid in monthly payments to a
	5254	+	designated beneficiary, who must be th e spouse, under the Maximum or
	5255	+	Option 1 Plan of Retirement providing the monthly payment shall be
	5256	+	not less than Twenty-five Dollars ($25.00) per month. The monthly
	5257	+	payment shall be the actuaria l equivalent of the amount becoming due
	5258	+	at the member's death based on the sex of the spouse a nd the age the
	5259	+	spouse has attained at the last birthday prior to the mem ber's
	5260	+	death. Provided further, if there be no designated beneficiary
	5261	+	surviving upon such death, and the contributions standing to the
	5262	+	credit of such member do not exceed Two Hundred D ollars ($200.00),
	5263	+	no part of such contributions shall be subject to the payment of any
	5264	+	expense of the last illness or funeral of the deceased member or any
	5265	+	expense of administration of the estate of such deceased and the
	5266	+	System, upon satisfactory proof of the death of such member and of RBH No. 7783
	5267	+
	5268	+	ENGR. H. B. NO. 2528 Page 33 1
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	5292	+
	5293	+	the name or names of the person or perso ns who would be entitled to
	5294	+	receive such contributions under the laws of descent and
	5295	+	distribution of the state, may authorize the payment of accumulated
	5296	+	contributions to such person or persons. A member terminating his
	5297	+	or her membership by withdrawal afte r June 30, 2003, shall have the
	5298	+	interest computed at a rate of interest determined by the Board of
	5299	+	Trustees and paid to him or her the member subject to the following
	5300	+	schedule:
	5301	+	(a) If termination occurs within sixteen (16) years from the
	5302	+	date membership began, fifty percent (50%) of such interest
	5303	+	accumulations shall be paid.
	5304	+	(b) With at least sixteen (16) but less than twenty-one (21)
	5305	+	years of membership, sixty percent (60%) of such i nterest
	5306	+	accumulations shall be paid.
	5307	+	(c) With at least twenty -one (21) but less than twenty-six (26)
	5308	+	years of membership, seventy -five percent (75%) of such inte rest
	5309	+	accumulations shall be paid.
	5310	+	(d) With at least twenty -six (26) years of membership, nine ty
	5311	+	percent (90%) of such interest accumulations shall be paid.
	5312	+	In case of death of an active member, the interest shall be
	5313	+	calculated and restored to the member 's account and paid to his or
	5314	+	her beneficiary.
	5315	+	(8) (a) In lieu of his or her retirement allowance the Maximum
	5316	+	Retirement Allowance payable throughout life for such an amount as RBH No. 7783
	5317	+
	5318	+	ENGR. H. B. NO. 2528 Page 34 1
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	5342	+
	5343	+	determined under this section, the member may select a retirement
	5344	+	allowance for a reduced amount payable under any of the following
	5345	+	options the present value of which is the actuarial equivalent
	5346	+	thereof.
	5347	+	(b) A member may select the option under which he or she
	5348	+	desires to retire at the end of the school year in which he or she
	5349	+	attains age seventy (70) and the option shall be binding and cannot
	5350	+	be changed. Provided further th at if a member retires before age
	5351	+	seventy (70), no election of an option shall be effective in case an
	5352	+	annuitant dies before the first payment due under such option ha s
	5353	+	been received.
	5354	+	(c) The first payment of any benefit selected sh all be made on
	5355	+	the first day of the month following approval of the retirement by
	5356	+	the System. If the named designated joint annuitant under Option 2
	5357	+	or 3 dies at any time after the member 's retirement date, but before
	5358	+	the death of the member, the member s hall return to the retirement
	5359	+	benefit Maximum Plan of Retirement , including any post-retirement
	5360	+	benefit increases the member would have received had the member not
	5361	+	selected Option 2 or 3 of this subsection. The benefit retirement
	5362	+	allowance shall be determined at the date of dea th of the designated
	5363	+	joint annuitant. This increase shall become effective the first day
	5364	+	of the month following the date of death of the designated joint
	5365	+	annuitant, and shall be payable f or the member's remaining lifetime.
	5366	+	The member shall notify the Tea chers' Retirement System of Oklahoma RBH No. 7783
	5367	+
	5368	+	ENGR. H. B. NO. 2528 Page 35 1
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	5391	+	24
	5392	+
	5393	+	of the death of the designated joint annuitant in writing by
	5394	+	providing a copy of the joint annuitant 's death certificate. In the
	5395	+	absence of the written notice death certificate being filed by the
	5396	+	member notifying the T eachers' Retirement System of Oklahoma of the
	5397	+	death of the designated joint annuitant within six (6) months of the
	5398	+	date of death, nothing in this subsection shall require the
	5399	+	Teachers' Retirement System of Oklahoma to pay more than six (6)
	5400	+	months of retrospective benefits increase.
	5401	+	Option 1. A member takes a slightly reduced retirement
	5402	+	allowance for life. If he or she the member dies before he or she
	5403	+	has received receiving in annuity payments the present value of his
	5404	+	or her the member's annuity as it was at the time of his or her
	5405	+	retirement, the balance shall be paid to his or her legal
	5406	+	representatives or to such person as he or she shall nominate the
	5407	+	member's beneficiary by written designation duly acknowledged and
	5408	+	filed with the System at the time of his or her retirement prior to
	5409	+	the member's death; or
	5410	+	Option 2. A member takes a reduced retirement allowance for
	5411	+	life. Upon the death of the member the payments shall continue to
	5412	+	the member's designated joint annuitant for the life of the joint
	5413	+	annuitant. The written designation of the joint annuitant must be
	5414	+	duly acknowledged and filed with the System at the time of the
	5415	+	member's retirement and, except as provided in paragraph (e) (d) of RBH No. 7783
	5416	+
	5417	+	ENGR. H. B. NO. 2528 Page 36 1
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	5441	+
	5442	+	this subsection, cannot be changed after the effective date of the
	5443	+	member's retirement; or
	5444	+	Option 3. A member receives a reduced retirement allowance for
	5445	+	life. Upon the death of the member one -half (1/2) of the retirement
	5446	+	allowance paid the member shall b e continued throughout the life of
	5447	+	the designated member's joint annuitant. A written designation of a
	5448	+	joint annuitant must be duly acknowledged and filed with the System
	5449	+	at the time of the member 's retirement and, except as provided in
	5450	+	paragraph (e) (d) of this subsection, cannot be changed after the
	5451	+	effective date of th e member's retirement; or
	5452	+	Option 4. Some Provided, the System may estab lish other
	5453	+	retirement options if certified by the actuary to be of equivalent
	5454	+	actuarial value to the member 's retirement allowance. Other
	5455	+	retirement options shall be presented to t he Board of Trustees for
	5456	+	approval at its discre tion. These other benefit or benefits shall
	5457	+	be paid either to the member or, if applicable, to such joint
	5458	+	annuitant as he or she the member shall nominate, provided such
	5459	+	other benefit or benefits, together with the reduced retirement
	5460	+	allowance, shall be ce rtified by the actuary to b e of equivalent
	5461	+	actuarial value to his or her retirement allowance and shall be
	5462	+	approved by the System .
	5463	+	(d) (c) Provided that Option 2 and Option 3 shall not be
	5464	+	available if the membe r's expected benefit is less than fifty RBH No. 7783
	5465	+
	5466	+	ENGR. H. B. NO. 2528 Page 37 1
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	5491	+	percent (50%) of the lump -sum actuarial equivalent and the
	5492	+	designated joint annuitant is not the spouse of the member.
	5493	+	(e) (d) A member who chose t he maximum retirement benefit plan
	5494	+	Maximum Plan of Retirement at the time of retirement may make a one-
	5495	+	time election to choose either Option 2 or 3 and name the member's
	5496	+	spouse as designated joint annuitant if the member marries after
	5497	+	making the initial el ection. Such an election shall be made within
	5498	+	one (1) year of the date of marriage. The member shall provide
	5499	+	proof of a member's good health before the System will permit a
	5500	+	change to either Option 2 or 3 and the naming of a designated joint
	5501	+	annuitant. A medical examination conducted by a licensed physician
	5502	+	is required for purposes of determining good health. Such
	5503	+	examination must be approv ed by the Medical Board. The member shall
	5504	+	be required to provide proof of age for the new joint annuitant.
	5505	+	The System shall adjust the monthly benefit retirement allowance to
	5506	+	the actuarially equivalent amount based on the new designated joint
	5507	+	annuitant's age. The Board of Trustees shall promulgate rules to
	5508	+	implement the provisions o f this subsection.
	5509	+	(f) (e) A member who retires after the effective date of thi s
	5510	+	act July 1, 2010, and has selected a retirement allowance for a
	5511	+	reduced amount payable under one of the options provided for in this
	5512	+	subsection may make a one -time irrevocable election to sele ct a
	5513	+	different option within sixty (60) d ays of the member's retirement
	5514	+	date. The beneficiary or joint annuitant designated by the member RBH No. 7783
	5515	+
	5516	+	ENGR. H. B. NO. 2528 Page 38 1
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	5540	+
	5541	+	at the time of retirement shall not be changed if the member makes
	5542	+	the election provided for in this paragraph.
	5543	+	(g) (f) Any individual who is eligible to be a beneficiary or
	5544	+	joint annuitant of a member under this subsection, and who is also a
	5545	+	beneficiary of a trust created under the Oklahoma Discretionary and
	5546	+	Special Needs Trust Act, Section 175.81 et seq. of Title 60 of th e
	5547	+	Oklahoma Statutes, or a comparable Trust Act created under the laws
	5548	+	of another state, hereinafter collectively referred to as "Trust
	5549	+	Acts", may be a beneficiary or joint annuitant under this subsection
	5550	+	by having the trustee of the trust established for t he benefit of
	5551	+	that individual named a s the legal beneficiary or joint annuitant
	5552	+	under this subsection. The age of that beneficiary shall be used
	5553	+	for calculating any benefit payable to the trust under this
	5554	+	subsection. The beneficiary of such a trust shall be treated as the
	5555	+	beneficiary or joint annuitant under this subsection except that
	5556	+	payments of any benefits due under this subsection shall be payable
	5557	+	to the lawfully appointed trustee of the trust. The obligation of
	5558	+	the System to pay the beneficiary or joint annuitant under this
	5559	+	subsection shall be satisfied by payment to the trustee whom the
	5560	+	System, in good faith, believes to be the lawfully appointed
	5561	+	trustee. Any conflict between the statutes creating and governing
	5562	+	the Teachers' Retirement System in S ection 17-101 et seq. of this
	5563	+	title and the provisions of any Trust Act referred to above shall be
	5564	+	resolved in favor of the statutes governing the System . If an RBH No. 7783
	5565	+
	5566	+	ENGR. H. B. NO. 2528 Page 39 1
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	5590	+
	5591	+	eligible beneficiary or joint annuitant is named at the time of
	5592	+	retirement, and becomes a bene ficiary of a trust under one of the
	5593	+	Trust Acts described herein after that time, the System will
	5594	+	acknowledge the trust as the beneficiary upon the submis sion of
	5595	+	adequate documentation of the existence of the trust. All other
	5596	+	provisions of this subsection shall apply to these subsequently
	5597	+	created trusts.
	5598	+	(h) (g) The Board of Trustees of the System may recognize other
	5599	+	trusts set up for the benefit of indiv iduals otherwise eligible to
	5600	+	be named as a beneficiary or joint annuitant under this subsection
	5601	+	by administrative rule if it can be done wit hout undue additional
	5602	+	administrative expense of the System.
	5603	+	(9) The governing board of any "public school", as that term is
	5604	+	defined in Section 17-101 of this title, is hereby authorized and
	5605	+	empowered to pay additional reti rement allowances or compensation to
	5606	+	any person who was in the employ of such public school for not less
	5607	+	than seven (7) school years preceding the da te of his or her
	5608	+	retirement. Payments so made shall be a proper charge against the
	5609	+	current appropriation o r appropriations of any such publ ic school
	5610	+	for salaries for the fiscal year in which such payments are made.
	5611	+	Such payments shall be made in regular monthly installments in such
	5612	+	amounts as the governing board of any such public school, in its
	5613	+	judgment, shall determine to be reasonable and appropriate in view
	5614	+	of the length and type of service rendered by any such person to RBH No. 7783
	5615	+
	5616	+	ENGR. H. B. NO. 2528 Page 40 1
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	5640	+
	5641	+	such public school by which su ch person was employed at the time of
	5642	+	retirement. All such additional payments shall be uniform, based
	5643	+	upon the length of service and the t ype of services performed, to
	5644	+	persons formerly employed by such public school who have retired or
	5645	+	been retired in accordance with the provisions of Section 17-101 et
	5646	+	seq. of this title.
	5647	+	The governing board of any such publi c school may adopt rules
	5648	+	and regulations of general application outlining the terms and
	5649	+	conditions under which such additional retirement benefits sh all be
	5650	+	paid, and all decisions of such board shall be final.
	5651	+	(10) In addition to the teachers ' retirement herein provided,
	5652	+	teachers may voluntarily avail themselves of the Federal Social
	5653	+	Security Program upon a district basis.
	5654	+	(11) Upon the death of an i n-service member, the System shall
	5655	+	pay to the designated beneficiary of the member or, if there is no
	5656	+	designated beneficiary or if the desig nated beneficiary predeceases
	5657	+	the member, to the estate of the member, the sum of Eighteen
	5658	+	Thousand Dollars ($18,000 .00) as a death benefit. Provided, if the
	5659	+	deceased member had ten (10) year s or more of creditable service ,
	5660	+	the member's designated benefic iary may elect to receive the
	5661	+	retirement benefit to which the deceased member would have been
	5662	+	entitled at the time o f death under the Option 2 plan of retirement
	5663	+	in lieu of the death benefit provided for in this subsection.
	5664	+	Provided further, the option pr ovided in this subsection is only RBH No. 7783
	5665	+
	5666	+	ENGR. H. B. NO. 2528 Page 41 1
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	5690	+
	5691	+	available when the member has designated one individual as the
	5692	+	designated beneficiary. The beneficiary or beneficiaries of death
	5693	+	benefits in the amount not to exceed Eighteen Thousand Doll ars
	5694	+	($18,000.00), but exclusive o f any retirement benefit received by an
	5695	+	electing beneficiary based upon creditable service performed by the
	5696	+	deceased member, which are provided pursuant to this subsection , may
	5697	+	elect to disclaim such death benefits in which case such benefits
	5698	+	will be transferred to a person licensed as a funeral director or to
	5699	+	a lawfully recognized business entity licensed as required b y law to
	5700	+	provide funeral services for the deceased member. The qualified
	5701	+	disclaimer must be in writing and will be an irrevocable and an
	5702	+	unqualified refusal to accept all or a port ion of the death benefit.
	5703	+	It must be received by the transferor no more th an nine (9) months
	5704	+	after the later of the day the transfer creating the interest in the
	5705	+	disclaiming person i s made or the day the disclaiming person attains
	5706	+	age twenty-one (21). The interest in the death benefits must pass
	5707	+	without direction by the disclai ming person to another person.
	5708	+	After paying death benefits to any beneficiary or the member 's
	5709	+	estate pursuant to th is subsection, the System is discharged and
	5710	+	released from any and all liability, obligation, and costs. The
	5711	+	System is not required to inqui re into the truth of any matter
	5712	+	specified in this subsection or into the payment of any estate tax
	5713	+	liability. RBH No. 7783
	5714	+
	5715	+	ENGR. H. B. NO. 2528 Page 42 1
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	5739	+
	5740	+	(12) Upon the death of a retir ed member who has contributed to
	5741	+	the System, the retirement system shall pay to the designated
	5742	+	beneficiary of the m ember or, if there is no designated beneficiary
	5743	+	or if the designated beneficiary predeceases the member, to the
	5744	+	estate of the member, the sum of Five Thousand Dollars ($5,000.00)
	5745	+	as a death benefit. The beneficiary or beneficiaries of benefits
	5746	+	provided pursuant to this subsection may elect to disclaim such
	5747	+	death benefits in which case such benefits will be transferred to a
	5748	+	person licensed as a funeral director or to a lawfully recogni zed
	5749	+	business entity licensed as required by law to provide funeral
	5750	+	services for the deceased member. The qualified disclaimer must be
	5751	+	in writing and will be an irrevocable and an unqualifi ed refusal to
	5752	+	accept all or a portion of the death benefit. It mus t be received
	5753	+	by the transferor no more than nine (9) months after the la ter of
	5754	+	the day the transfer creating the interest in the disclaiming person
	5755	+	is made or the day the disclaiming perso n attains age twenty -one
	5756	+	(21). The interest in the death benefits must pass without
	5757	+	direction by the disclaiming person to another person. The benefit
	5758	+	payable pursuant to this subsection shall be deemed, for purposes of
	5759	+	federal income taxation, as life i nsurance proceeds and not as a
	5760	+	death benefit if the Internal Revenu e Service approves this
	5761	+	provision pursuant to a private letter ruling req uest which shall be
	5762	+	submitted by the Board of Trustees of the System for that purpose.
	5763	+	After paying death benefits to any beneficiary or the member's RBH No. 7783
	5764	+
	5765	+	ENGR. H. B. NO. 2528 Page 43 1
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	5789	+
	5790	+	estate pursuant to this subsectio n, the System is discharged and
	5791	+	released from any and all liability, obli gation, and costs. The
	5792	+	System is not required to inquire into the truth of any matter
	5793	+	specified in this subsection or into the payment of an y estate tax
	5794	+	liability.
	5795	+	(13) Upon the death of a member who dies leaving no living
	5796	+	beneficiary or having designate d his or her estate as beneficiary,
	5797	+	the System may pay any applicable death benefit, unpaid
	5798	+	contributions, or unpaid benefit which may be sub ject to probate, in
	5799	+	an amount of Twenty-five Thousand Dollars ($25,000.00) or less,
	5800	+	without the intervention of the probate court or probate procedure
	5801	+	pursuant to Section 1 et seq. of Title 58 of the Oklahoma Statutes.
	5802	+	(a) Before any applicable probate pr ocedure may be waived, the
	5803	+	System must be in receipt of the member's proof of death certificate
	5804	+	and the following documents from those persons claiming to be the
	5805	+	legal heirs of the deceased member:
	5806	+	1. The member's valid last will and testament, trust
	5807	+	documents or affidavit that a will does not exis t;
	5808	+	2. An affidavit or affidavits of heirship which must
	5809	+	state:
	5810	+	a. the names and signatures of all claiming heirs to
	5811	+	the deceased member's estate including the
	5812	+	claiming heirs' names, relationship to the RBH No. 7783
	5813	+
	5814	+	ENGR. H. B. NO. 2528 Page 44 1
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	5839	+	deceased, current addresses, tax I.D. numbers if
	5840	+	known and current telephone numbers,
	5841	+	b. a statement or statements by the clai ming heirs
	5842	+	that no application or petition for the
	5843	+	appointment of a personal representative is
	5844	+	pending or has been g ranted in any jurisdictio n,
	5845	+	c. a description of the personal propert y claimed,
	5846	+	(i.e., death benefit or unpaid contributions or
	5847	+	both) together with a statement that such
	5848	+	personal property is sub ject to probate,
	5849	+	d. a statement by each individual claiming hei r
	5850	+	identifying the amount of personal property that
	5851	+	the heir is claiming from the System, and that
	5852	+	the heir has been notified of, is aware of and
	5853	+	consents to the identified claims of all the
	5854	+	other claiming heirs of the deceased member
	5855	+	pending with the Syste m;
	5856	+	3. A written agreement or agreements signed by all
	5857	+	claiming heirs of the deceased member which provides
	5858	+	that the claiming heirs release, discharge and hold
	5859	+	harmless the System from any and a ll liability,
	5860	+	obligations and costs which it may incur as a res ult
	5861	+	of making a payment t o any of the deceased member's
	5862	+	heirs; RBH No. 7783
	5863	+
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	5888	+
	5889	+	4. A corroborating affidavit from an individual other
	5890	+	than a claiming heir, w ho was familiar with the
	5891	+	affairs of the deceased memb er;
	5892	+	5. Proof that all debts of the deceased member, including
	5893	+	payment of last sickness, hospital, medical, death,
	5894	+	funeral and burial expenses have been paid or provided
	5895	+	for.
	5896	+	(b) The Executive Director o f the System shall retain complete
	5897	+	discretion in determining which requests for probate waiver may be
	5898	+	granted or denied, for any reason. Sho uld the System have any
	5899	+	question as to the validity of any document presented by the
	5900	+	claiming heirs, or as to any s tatement or assertion contained
	5901	+	therein, the probate requirement provided for in Section 1 et seq.
	5902	+	of Title 58 of the Oklahoma Statutes shall not be waived.
	5903	+	(c) After paying any death benefits or unpaid contributions to
	5904	+	any claiming heirs as provided purs uant to this subsection, the
	5905	+	System is discharged and released from any and all liability,
	5906	+	obligation and costs to t he same extent as if the System had dealt
	5907	+	with a personal representa tive of the deceased member. The System
	5908	+	is not required to inquire into the truth of any matter specified in
	5909	+	this subsection or into the payment of any estate tax liability.
	5910	+	(14) Upon the death of a retired memb er, the benefit payment
	5911	+	for the month in which the retired member died, if not previously
	5912	+	paid, shall be made to th e joint annuitant if still living, to the RBH No. 7783
	5913	+
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	5939	+	beneficiary of the member if the joint annuitant is deceased, or to
	5940	+	the member's estate if there is no surviving joint annuitant or
	5941	+	beneficiary. Such benefit payment shall be made in an amount equal
	5942	+	to a full monthly benefit payment regardless of the day of the mont h
	5943	+	in which the retired member died.
	5944	+	SECTION 16. AMENDATORY 70 O .S. 2021, Section 17-105.1,
	5945	+	is amended to read as follows:
	5946	+	Section 17-105.1 In the event the total retirement paym ents
	5947	+	made to a retired member and the retired member 's joint annuitant,
	5948	+	if any, are less than the member 's accumulated contributions with
	5949	+	interest as credited at the time of retirement under Section 17-105
	5950	+	of this title, the difference shall be paid to the member's
	5951	+	designated beneficiary or if no designated beneficiary survives,
	5952	+	then to the member's nearest surviving ne xt of kin as determined by
	5953	+	law estate. This provision shall apply t o retired members dying on
	5954	+	or after July 1, 1979. After paying unpaid accumulated
	5955	+	contributions to any designated beneficiary or the member's estate
	5956	+	pursuant to this section, the System i s discharged and relea sed from
	5957	+	any and all liability, obligation, and costs. The System is not
	5958	+	required to inquire into the truth of any ma tter specified in this
	5959	+	section or into the payment of any estate tax liability.
	5960	+	SECTION 17. AMENDATORY 70 O.S. 2021, Section 17-106.3,
	5961	+	is amended to read as fo llows: RBH No. 7783
	5962	+
	5963	+	ENGR. H. B. NO. 2528 Page 47 1
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	5987	+
	5988	+	Section 17-106.3 A. All employee and employer contributions
	5989	+	and dedicated revenues shall be deposited in the Oklahoma Teachers'
	5990	+	Retirement Fund in the State Treasury. The Board o f Trustees shall
	5991	+	have the responsibility for the management of the O klahoma Teachers'
	5992	+	Retirement Fund, and may transfer monies used for inve stment
	5993	+	purposes by the Teachers' Retirement System of Oklahoma from the
	5994	+	Oklahoma Teachers' Retirement Fund in the St ate Treasury to the
	5995	+	custodian bank or trust company of the System.
	5996	+	B. All benefits payable pursuant to the provisions of the
	5997	+	Teachers' Retirement System of Oklahoma, refunds of contribution and
	5998	+	overpayments, and all administrative expenses in connection w ith the
	5999	+	System shall be paid from the Oklahoma Teachers' Retirement Fund
	6000	+	upon warrants or vouchers signed by two persons designated by the
	6001	+	Board of Trustees. All expenses of the administration of the Tax-
	6002	+	Sheltered Annuity Fund shall be paid from the Oklah oma Teachers'
	6003	+	Retirement Fund. The Board of Trustees may transfer m onies from the
	6004	+	custodian bank or trust company of the System to the Okla homa
	6005	+	Teachers' Retirement Fund in the State Treasury for the purposes
	6006	+	specified in this subsection.
	6007	+	SECTION 18. AMENDATORY 70 O.S. 2021, Section 17-107, is
	6008	+	amended to read as follows:
	6009	+	Section 17-107. The interest earned on the inv estments in the
	6010	+	Teachers' Retirement System of Okl ahoma shall be credited in the
	6011	+	following manner: RBH No. 7783
	6012	+
	6013	+	ENGR. H. B. NO. 2528 Page 48 1
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	6037	+
	6038	+	1. money on deposit in the Teachers' Deposit Fund or Tax-
	6039	+	Sheltered Annuity Fund shal l be credited with interest annually
	6040	+	compounded;
	6041	+	2. there shall be deducted from the annual interest on
	6042	+	investments an amount necessary for the amortization of bonds
	6043	+	purchased and owned b y the Teachers' Retirement System of Oklahoma;
	6044	+	3. 2. there shall be deducted from the annual interest on
	6045	+	investments an amount of money nec essary for the operation of the
	6046	+	Teachers' Retirement System of Oklahoma; and
	6047	+	4. 3. any residue remaining in the Int erest Fund after the
	6048	+	requirements of paragraphs 1 through 3 and 2 of this section have
	6049	+	been fully met shall be used for the purpose of payin g retirement
	6050	+	benefits to the retirees of the Teachers ' Retirement System of
	6051	+	Oklahoma and transferred to the Retireme nt Benefit Fund; the
	6052	+	interest income shall be distributed to the var ious funds on June 30
	6053	+	each year.
	6054	+	SECTION 19. AMENDATORY 70 O.S. 2021, Section 17-108, is
	6055	+	amended to read as follows:
	6056	+	Section 17-108. A. Each local school distric t, or state
	6057	+	college or university, or State Board of Education, or State Board
	6058	+	of Career and Technology Education, or other state agencies w hose
	6059	+	employees are members of the Teachers' Retirement System
	6060	+	("participating employers"), shall match, on a pro rata basis, in
	6061	+	accordance with subsection B of this section the contribut ions of RBH No. 7783
	6062	+
	6063	+	ENGR. H. B. NO. 2528 Page 49 1
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	6087	+
	6088	+	members whose salaries are paid by federal funds or externally
	6089	+	sponsored agreements such as grants, contracts and cooperative
	6090	+	agreements. These funds shall be remitted at the sa me time as the
	6091	+	regular contributions of members are remitted to the Te achers'
	6092	+	Retirement System of Oklahoma and deposited in the Retirement
	6093	+	Benefit Fund.
	6094	+	B. On an annual basis, the Board of Trustees shall set two
	6095	+	contribution rates to be paid by contribut ing employers as provided
	6096	+	in subsection A of this section. Both contribution rates shall be
	6097	+	determined using cost principles established by federal regulations
	6098	+	and shall be consistent with policies, regulations and proce dures
	6099	+	that apply uniformly to both federally assisted and ot her
	6100	+	activities, and be accorded consistent t reatment through application
	6101	+	of generally accepted accounting principle s. The Board shall
	6102	+	approve the contribution rates for each fiscal year ending Ju ne 30,
	6103	+	no later than April 1 of the previous fiscal year . The first rate
	6104	+	shall be applied to service pe rformed during the regular school year
	6105	+	of the participating employer . The second rate shall be applied to
	6106	+	service performed by members during a summer school program of the
	6107	+	participating employer. For the purposes of this subsection,
	6108	+	"summer school program" is defined as a program offering academic
	6109	+	enrichment for students from Pre-K through 12th grades during the
	6110	+	summer term after the close of the schoo l year. Members shall only
	6111	+	be considered as providing servi ce to a summer school program if RBH No. 7783
	6112	+
	6113	+	ENGR. H. B. NO. 2528 Page 50 1
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	6137	+
	6138	+	such service is provided pursuant to a separate summer school
	6139	+	contract between the member and the participating employer. The
	6140	+	term "summer school program" does not include services performed at
	6141	+	a participating employer off ering an extended school year pursuant
	6142	+	to Section 1-109.1 of this title, or services performed by staff
	6143	+	pursuant to a twelve-month contract with the employer. The method
	6144	+	applied to setting the se cond contribution rate may take int o
	6145	+	consideration whether, or to what extent, such service is likely to
	6146	+	add to members' service credit or final average salary; provided,
	6147	+	however, the second rate shall not exceed one-half (1/2) of the
	6148	+	first rate establishe d in this subsection. The actuary retained by
	6149	+	the Board may recommend such rates using assumptions that apply to
	6150	+	the group of those members whose service is subject to the se cond
	6151	+	contribution rate.
	6152	+	C. All the assets of the retirement system shall be cred ited
	6153	+	according to the purpose for w hich they are held to one of eight
	6154	+	seven funds, namely: The Teachers' Savings Fund, the Retirement
	6155	+	Benefit Fund, the Interest Fund, the Permanent Retirement Fund, the
	6156	+	Expense Fund, the Suspense Fund, the Teachers' Deposit Fund, and the
	6157	+	Retiree Medical Benefit Fund.
	6158	+	1. The Teachers' Savings Fund shall be a fund in which sha ll be
	6159	+	accumulated the regular contributions from the compensation of
	6160	+	members, including applicable interest earnings prior to July 1,
	6161	+	1968. Contributions to and payments from the Teache rs' Savings Fund RBH No. 7783
	6162	+
	6163	+	ENGR. H. B. NO. 2528 Page 51 1
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	6187	+
	6188	+	shall be made as specifically provided in each plan a vailable within
	6189	+	the retirement system.
	6190	+	2. The deductions provided for in the plans within the
	6191	+	retirement system shall be made notwiths tanding that the minimum
	6192	+	compensation provided for any member shall be reduc ed thereby.
	6193	+	Every member shall be deemed to consent and agree to the deductions
	6194	+	made and provided for herein and payment of salary or compensation,
	6195	+	less the deduction, shall be a full and complete discharge and
	6196	+	acquittance of all claims and demands whatso ever for the services
	6197	+	rendered by such person during the period covered by such payment,
	6198	+	except as to the benefits provided under this act. The employer
	6199	+	shall certify to the Board of Trustees on each and every payroll, or
	6200	+	in such other manner as the Board may prescribe, the amounts to be
	6201	+	deducted, and each of the amounts shall be deducted, and when
	6202	+	deducted shall be paid into the Teachers' Savings Fund, and shall be
	6203	+	credited to the individual account of the member from whose
	6204	+	compensation the deduction was made.
	6205	+	3. Following the termination of member ship in the retirement
	6206	+	system for any member who has been absent from service for five (5)
	6207	+	years in any period of six (6) consecutive y ears, the Teachers'
	6208	+	Savings Fund Account of such me mber shall be closed and the amount
	6209	+	due the member as provided in Sect ion 17-105 of this title shall be
	6210	+	paid upon the filing of formal application. At the time such
	6211	+	membership is terminated the amount due the member as provided in RBH No. 7783
	6212	+
	6213	+	ENGR. H. B. NO. 2528 Page 52 1
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	6237	+
	6238	+	Section 17-105 of this title shall be transferred to the Suspense
	6239	+	Fund.
	6240	+	4. Upon the retirement of a member, the balance of money he or
	6241	+	she the member had in the Teachers' Savings Fund shall be
	6242	+	transferred to the Retirement Benefit Fund.
	6243	+	5. Retirement Benefit Fund.
	6244	+	a. After August 2, 1969, there shall b e transferred from
	6245	+	the Teachers' Savings Fund for those members drawing
	6246	+	retirement benefits from the Teachers' Retirement
	6247	+	System of Oklahoma an amount necessary to provide the
	6248	+	monthly annuity payments and pension payments as
	6249	+	required in Section 17-107 of this title. In addition
	6250	+	the fund shall consis t of monies received from any
	6251	+	state dedicated revenue, monies received from state
	6252	+	appropriations, monies received from federal matching
	6253	+	funds, and the residue of the interest on investme nts
	6254	+	after the requirement s of Section 17-107 of this title
	6255	+	have been fully met. The Retirement Benefit Fund
	6256	+	shall consist of an amount of money necessary for the
	6257	+	making of retirement payments to retirees.
	6258	+	b. Should a member have deposits in the Teachers ' Deposit
	6259	+	Fund or the Tax-Sheltered Annuity Fund and wish to
	6260	+	receive monthly retirement benefits on such deposits,
	6261	+	the actuarial equivalent of a two-year period and each RBH No. 7783
	6262	+
	6263	+	ENGR. H. B. NO. 2528 Page 53 1
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	6287	+
	6288	+	succeeding fiscal year thereafter shall be tr ansferred
	6289	+	to the Retirement Benefit Fund . The member may choose
	6290	+	any of the plans available in the Teachers' Retirement
	6291	+	Act as a method of receiving monthly retirement
	6292	+	benefits on the money he has on deposit in the
	6293	+	Teachers' Deposit Fund or the Tax -Sheltered Annuity
	6294	+	Fund. The monthly retirement be nefits paid from the
	6295	+	Teachers' Deposit Fund or the Tax-Sheltered Annuity
	6296	+	Fund shall be in addition to the regular retirement
	6297	+	benefits and the money transferred from the Teachers'
	6298	+	Deposit Fund or Tax-Sheltered Annuity Fund shall not
	6299	+	be matched by the State of Oklahoma.
	6300	+	c. From the Retirement Benefit Fund shall be paid all
	6301	+	monthly retirement benefits allowances.
	6302	+	d. At the death of a retired member who has retired under
	6303	+	the Maximum Plan of Retirement, Option 1 or Option 4,
	6304	+	the balance of money the member has i n the Teachers'
	6305	+	Savings Fund shall b e transferred to the Retirement
	6306	+	Benefit Fund and the amount due the beneficiary or his
	6307	+	or her estate under Option 1 or Option 4 shall be paid
	6308	+	from the Retirement Benefit Fund.
	6309	+	e. At the death of both a retired member and the retired
	6310	+	member's spouse, who had retired under Option 2 or 3,
	6311	+	any balance in the Teachers' Savings Fund shall be RBH No. 7783
	6312	+
	6313	+	ENGR. H. B. NO. 2528 Page 54 1
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	6337	+
	6338	+	transferred from the T eachers' Savings Fund to the
	6339	+	Retirement Benefit Fund.
	6340	+	f. At the death of a retire d member who had retired under
	6341	+	Option 5, the balance of a ny monies the member had in
	6342	+	the Teachers' Savings Fund shall be transferred to the
	6343	+	Retirement Benefit Fund for the pur pose of making a
	6344	+	lump-sum settlement to the beneficiary or his estate .
	6345	+	Providing that if the surviving spouse elect s to
	6346	+	receive the balance under the Maximum Plan of
	6347	+	Retirement or Option 1 the member's money, if any, on
	6348	+	a monthly basis, constituting actua rial equivalent of
	6349	+	two (2) years' payments, and each year thereafter the
	6350	+	annual actuarial equivalent, shall be trans ferred from
	6351	+	the Teachers' Savings Fund for the purpose of paying
	6352	+	monthly retirement benefits to the spouse under this
	6353	+	option.
	6354	+	6. The Interest Fund is hereby created to facilitate the
	6355	+	crediting of interest to the various other funds to which interest
	6356	+	is to be credited. All income, interest and dividends derived from
	6357	+	the deposits and investments authorized by this act shall be paid
	6358	+	into the Interest Fund. On June 30, each year, interest shall be
	6359	+	transferred to the other f unds as herein provided.
	6360	+	7. The Permanent Retirement Fun d shall consist of the
	6361	+	accumulated gifts, awards, and bequests made to the retirement RBH No. 7783
	6362	+
	6363	+	ENGR. H. B. NO. 2528 Page 55 1
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	6387	+
	6388	+	system, and transfers from the S uspense Fund, the principal of which
	6389	+	is hereby held and dedicated as a perpetual endowment of the
	6390	+	retirement system and shall not be diver ted or appropriated to any
	6391	+	other cause or purpose unless specifically provided for in such
	6392	+	gifts, awards or bequests.
	6393	+	8. The Expense Fund shall be the fund from which the expense of
	6394	+	administration and maintenance of the retirement sy stem shall be
	6395	+	paid. The Board of Trustees shall cause to be prepared and adopt
	6396	+	annually an itemized budget showing the amount required to d efray
	6397	+	the expenses for the ensuing fiscal year.
	6398	+	Transfers to and payments from th is fund shall be made as
	6399	+	follows: first, from the Intere st Fund; second, from any dedicated
	6400	+	revenue; and, third, from appropriation by the Oklahoma Legislature.
	6401	+	All monies for the operation of the Teachers' Retirement System
	6402	+	of Oklahoma shall be paid from the Expense Fund upon the approval by
	6403	+	the Board of Trustees and the checks signed by two people designated
	6404	+	to sign such checks by the Board of Trustees of the Teachers '
	6405	+	Retirement System of Oklahoma.
	6406	+	9. The Suspense Fund shall be comprised of amounts tra nsferred
	6407	+	to the fund as provided in this section and Sect ion 17-105 of this
	6408	+	title and obligations of the retirement system to any member or
	6409	+	person which cannot be legally disc harged.
	6410	+	10. Teachers' Deposit Fund. RBH No. 7783
	6411	+
	6412	+	ENGR. H. B. NO. 2528 Page 56 1
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	6436	+
	6437	+	Any member may request, prior to a pay perio d, that his or her
	6438	+	employer make additional deposits for him or her, for tax-sheltered
	6439	+	annuity purposes. However, the amount deposited shall not exceed
	6440	+	the limits as defined in Section 402(g) and Section 415 of the
	6441	+	Internal Revenue Code of 1986, as amende d, and applicable federal
	6442	+	regulations. All such deposits shall be credited to the member's
	6443	+	account in the Teachers' Deposit Fund for the purchase of a tax -
	6444	+	sheltered annuity. The amount thus accumulated, with earnings,
	6445	+	shall be used upon the member 's retirement, separation from service,
	6446	+	death or disability to p urchase an annuity in addition to his or her
	6447	+	regular service retirement allowance. The amount a member
	6448	+	accumulates in the Teachers' Deposit Fund, not including interest,
	6449	+	may be used to pay distribut ions in the case of hardship as pro vided
	6450	+	in Section 403(b)(11) of the Internal Revenue Code of 1986, as
	6451	+	amended, and applicable federal regulations.
	6452	+	11. Collection of Contrib utions.
	6453	+	The collection of members' contributions shall be as
	6454	+	follows:
	6455	+	(1) Each employer shall cause to be deducted on each
	6456	+	and every payroll or claim of a member for each
	6457	+	and every payroll claim period subsequent to the
	6458	+	date of establishment of the retire ment system
	6459	+	the contribution payable by such member as
	6460	+	provided in this act . With each and every RBH No. 7783
	6461	+
	6462	+	ENGR. H. B. NO. 2528 Page 57 1
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	6464	+	3
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	6485	+	24
	6486	+
	6487	+	payroll or claim the employer shall deli ver to
	6488	+	the treasurer of the employer warrants issued to
	6489	+	the employees as shown to be due by the payroll
	6490	+	or claim, together with a warrant or warrants in
	6491	+	favor of the Teachers ' Retirement System as sh own
	6492	+	by the payroll or claim.
	6493	+	(2) The treasurer or disburs ing officer upon delivery
	6494	+	of the warrants and a true copy of the payroll or
	6495	+	claims as provided above shall register th e
	6496	+	warrants as provided for the registration of
	6497	+	other school warrants, and shall d eliver to the
	6498	+	employer warrants iss ued in favor of the
	6499	+	employees, and shall deliver warrants issued in
	6500	+	favor of the Teachers' Retirement System and the
	6501	+	copy of the payroll or claims to the school
	6502	+	district superintendent as designated by the
	6503	+	Board of Trustees. For the purpose of collecting
	6504	+	contributions of teach ers in the public schools,
	6505	+	the superintendent of a school district is hereby
	6506	+	designated to receive the Teachers ' Retirement
	6507	+	warrants from the treasurer or proper disbursing
	6508	+	officer of the several sch ool districts for the
	6509	+	purpose of transmitting such warran ts and payroll
	6510	+	or claims to the Executive Director of the RBH No. 7783
	6511	+
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	6537	+	Teachers' Retirement System of the State of
	6538	+	Oklahoma. Any college or university or other
	6539	+	educational institution or agency operated in
	6540	+	whole or in part by the state shall have the
	6541	+	amount retained or deducted from the funds
	6542	+	regularly appropriated by the state for the
	6543	+	current maintenance for such educational
	6544	+	departments and institutions.
	6545	+	(3) For the purpose of enabling the collection of the
	6546	+	contributions of the members of the ret irement
	6547	+	system to be made as simple as possible, the
	6548	+	Board of Trustees shall require the secretary or
	6549	+	other officer of each employer -board or agency,
	6550	+	within thirty (30) days after the beginning of
	6551	+	each school year, to mak e a list of all teachers
	6552	+	in its employ who are members of the retirement
	6553	+	system, certify to the correctness of this list,
	6554	+	and file the same with the Executive Director of
	6555	+	the Board of Trustees of the Teachers' Retirement
	6556	+	System. If additions to or deducti ons from this
	6557	+	list should be made d uring the year such
	6558	+	additions or deductions shall likewise be
	6559	+	certified to the Board of Trustees of the
	6560	+	Teachers' Retirement System. RBH No. 7783
	6561	+
	6562	+	ENGR. H. B. NO. 2528 Page 59 1
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	6586	+
	6587	+	(4) The State Treasurer shall furnish annually to the
	6588	+	Board of Trustees a sworn statemen t of the amount
	6589	+	of the funds in his or her custody belong ing to
	6590	+	the retirement system. The records of the Board
	6591	+	of Trustees shall be open to public inspection
	6592	+	and any member of the retirement system shall be
	6593	+	furnished with a statement of the amount of the
	6594	+	credit to his or her the member's individual
	6595	+	account upon written request by such member,
	6596	+	provided the Board of Trustees shall not be
	6597	+	required to answer more than one such re quest of
	6598	+	a member in any one (1) year.
	6599	+	(5) Failure of any superintendent, officer , or other
	6600	+	person to discharge the duties imposed upon hi m
	6601	+	or her by this act shall render him or her or his
	6602	+	or her bondsman liable for any loss occasioned
	6603	+	thereby to the Teachers' Retirement System or the
	6604	+	employees of the school district, or both.
	6605	+	(6) On a showing by the Teachers' Retirement System
	6606	+	that a warrant, voucher or check issued to it
	6607	+	has, for any reason, been lost or never received,
	6608	+	after ninety (90) days from the da te of issue or
	6609	+	from transmittal for payment, it shall be the
	6610	+	duty of the issuing authority forthwith, without RBH No. 7783
	6611	+
	6612	+	ENGR. H. B. NO. 2528 Page 60 1
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	6637	+	any indemnifying bond or oth er requirements, to
	6638	+	issue a duplicate thereof in lieu of that which
	6639	+	was lost, to the Teachers ' Retirement System; and
	6640	+	the Teachers' Retirement System shall save
	6641	+	harmless any school district or agency of state
	6642	+	government making payment under the provisions
	6643	+	hereof to the State Teachers' Retirement System
	6644	+	if the original warrant, voucher or check is
	6645	+	later presented for payme nt and same is paid
	6646	+	after a duplicate warrant, voucher or check has
	6647	+	been issued and paid to the Teachers' Retirement
	6648	+	System, and any loss sustained therefrom shall be
	6649	+	charged to the Interest Fund.
	6650	+	12. 11. Rollover Contributions and Direct Trustee -to-Trustee
	6651	+	Transfers from Other Plans.
	6652	+	Any member may purchase credit for service, to the extent
	6653	+	specified in this title, with rollovers from an e ligible retirement
	6654	+	plan as defined by the Internal Revenue Code of 1986, as amended
	6655	+	from time to time. A member may also purchase permissive service
	6656	+	credit, as defined by Code Section 415(n)(3)(A), with a direct
	6657	+	trustee-to-trustee transfer from a governme ntal Code Section 403(b)
	6658	+	plan or governmental Code Section 457(b) plan. All rollovers and
	6659	+	direct trustee-to-trustee transfers shall be allowed to the extent
	6660	+	permitted by federal law . Rollovers or direct transfers in excess RBH No. 7783
	6661	+
	6662	+	ENGR. H. B. NO. 2528 Page 61 1
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	6686	+
	6687	+	of the amount necessary to purc hase such service credit shall not be
	6688	+	allowed.
	6689	+	13. 12. Retiree Medical Benefit Fund.
	6690	+	The Retiree Medical Benefit Fund shall be maintained as a
	6691	+	subaccount under the Retirement Benefit Fund . The Retiree Medical
	6692	+	Benefit Fund is composed of all assets contri buted to this
	6693	+	subaccount to pay the retirement system's portion of the monthly
	6694	+	retiree health insurance benefits descr ibed in Section 1316.3 of
	6695	+	Title 74 of the Oklahoma Statutes . All allocated assets and the
	6696	+	earnings thereon in the Retiree Medical Benefit Fund shall be held
	6697	+	for the exclusive purpose of providing retiree medical benefits
	6698	+	pursuant to Section 1316.3 of Titl e 74 of the Oklahoma Statutes.
	6699	+	The Retiree Medical Benefit Fund shall be adminis tered in accordance
	6700	+	with the requirements under Section 4 01(h) of the Internal Revenue
	6701	+	Code of 1986, as amended from time to time. An amount necessary to
	6702	+	pay the health insur ance premiums for retired members as provided by
	6703	+	Section 1316.3 of Title 74 of th e Oklahoma Statutes shall b e
	6704	+	deposited each month into th e Retiree Medical Benefit Fund.
	6705	+	SECTION 20. AMENDATORY 70 O.S. 2021, Section 17 -116.10,
	6706	+	is amended to read as follows:
	6707	+	Section 17-116.10 A. Subject to the requirements of Section 6-
	6708	+	101.2 of this title and any other applicable requirements of law, a
	6709	+	member may enter into postretirement employment with a public school RBH No. 7783
	6710	+
	6711	+	ENGR. H. B. NO. 2528 Page 62 1
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	6735	+
	6736	+	of Oklahoma and stil l receive monthly retirement benefits subject to
	6737	+	the following limitations:
	6738	+	1. A retired member is not eligible to be employed by the
	6739	+	public schools of Oklahoma, in any capacity, for sixty (60) calendar
	6740	+	days between the retiree's last day of preretirement public
	6741	+	education employment and any postretirement public education
	6742	+	employment. For purposes of this section, the term "last day of
	6743	+	preretirement employment" shall mean the last day the employee is
	6744	+	required to be physically present on the job to complete the terms
	6745	+	of the employment contract or agreement or the member's effective
	6746	+	retirement date, whichever is later. An employee on paid leave is
	6747	+	still considered to be employed for purposes of this section.
	6748	+	Employment under any conditions duri ng this time, voluntee r services
	6749	+	for the purpose of obtaining a paid positi on at a later date, or
	6750	+	payment at a later time for services performed during this time
	6751	+	period shall cause the forfeiture of all retirement benefits
	6752	+	received during the period;
	6753	+	2. Unless otherwise provid ed in paragraph 3 of this subsection,
	6754	+	earnings from the public schools may not exceed one-half (1/2) of
	6755	+	the member's final average salary used in computing re tirement
	6756	+	benefits, or the Earnings Limitation for employees allowed by the
	6757	+	Social Security Adminis tration, whichever is less. For thirty-six
	6758	+	(36) months following a member's effective retirement date, the
	6759	+	retired member shall be subject to earnings limitat ions on allowable RBH No. 7783
	6760	+
	6761	+	ENGR. H. B. NO. 2528 Page 63 1
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	6785	+
	6786	+	earnings. Earnings limits are determined annually based on a
	6787	+	calendar year. For retired members under the age of sixty-two (62)
	6788	+	years, the limit on allowed earnings from the public schools of
	6789	+	Oklahoma for employment for the performan ce of duties ordinarily
	6790	+	performed by classified or nonclassified personnel shall be the
	6791	+	lesser of Fifteen Thousand Dollars ($15,000.00) or limited to one-
	6792	+	half (1/2) of the member's final average salary used in computing
	6793	+	retirement benefits unless or the earnings limitation limit allowed
	6794	+	by the Social Security Administrati on would be greater than Fifteen
	6795	+	Thousand Dollars ($15,000.00) for those under Social Security's full
	6796	+	retirement age, whichever is less. For retired members sixty-two
	6797	+	(62) years of age or o lder the limit on, allowed earnings from the
	6798	+	public schools of Oklahoma for the performance o f duties ordinarily
	6799	+	performed by classified or nonclassified personnel shall be the
	6800	+	lesser of limited to Thirty Thousand Dollars ($30,000.00) or one-
	6801	+	half (1/2) of the member's final average salary used in computing
	6802	+	retirement benefits, whichever is less. For purposes of this
	6803	+	paragraph, the following shall apply:
	6804	+	a. earnings shall mean "regular annual compensation" as
	6805	+	defined in paragraph (25) (22) of Section 17-101 of
	6806	+	this title, and shall include any payment by a public
	6807	+	school for services rendered by a retired member who
	6808	+	is employed for any purpose whatsoever. Supplemental
	6809	+	retirement payments paid by a former public school RBH No. 7783
	6810	+
	6811	+	ENGR. H. B. NO. 2528 Page 64 1
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	6835	+
	6836	+	employer pursuant to subsection (9) of Section 17-105
	6837	+	of this title or other state law shall not be
	6838	+	considered as earnings,
	6839	+	b. the Earnings Limitation for employees allowed by the
	6840	+	Social Security Administration to workers between the
	6841	+	age of sixty-two (62) years and sixty-five (65) years
	6842	+	shall apply to retired members below the age of sixty-
	6843	+	two (62) years,
	6844	+	c. the limit on allowed earnings from the public schools
	6845	+	shall be automatically adjusted effective the first
	6846	+	day of January of each year to reflect the c urrent
	6847	+	Earnings Limitation for employees as determined from
	6848	+	time to time by the Social Security Administration,
	6849	+	d. the earnings limit for th e calendar year in which a
	6850	+	member retires shall be one-twelfth (1/12) of the
	6851	+	annual limit multiplied by the number o f months the
	6852	+	member is eligible to work and receive payments from
	6853	+	the public schools of Oklahoma,
	6854	+	e.
	6855	+	c. earnings in excess of the maximum li mit on allowed
	6856	+	earnings from public schools of Oklahoma shall result
	6857	+	in a loss of future retirement benefits for the year
	6858	+	the postretirement employment was p erformed of One RBH No. 7783
	6859	+
	6860	+	ENGR. H. B. NO. 2528 Page 65 1
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	6884	+
	6885	+	Dollar ($1.00) for each One Dollar ($1.00) earned over
	6886	+	the maximum allowed earnings amount,
	6887	+	f. for those members age seventy (70) years and over, the
	6888	+	earnings in excess of the maximum limit allowed
	6889	+	earnings from public schools of Oklahoma s hall be one-
	6890	+	half (1/2) the member's final average salary used in
	6891	+	computing retirement benefits. Ho wever, any retired
	6892	+	member receiving benefits from the Retirement System
	6893	+	who reached age seventy (70) years prior to July 1,
	6894	+	1991, shall not be restricted by the earnings limits
	6895	+	pursuant to this subparagraph until January 1, 1994.
	6896	+	To qualify for the provis ions of this subparagraph,
	6897	+	the member must be employed less than one-half (1/2)
	6898	+	time compared to other full-time employees in similar
	6899	+	positions;
	6900	+	3. Notwithstanding paragraph 2 of this subsection, a retired
	6901	+	classified or nonclassified member who has been r etired for thirty-
	6902	+	six (36) or more months and who is employed by a public school to
	6903	+	perform duties ordinarily perfor med by classified or nonclassified
	6904	+	personnel shall be able to receive annualized earnings from the
	6905	+	public school with no reduction in retire ment benefits regardless of
	6906	+	the amount of annualized earnings. For for a period of three (3)
	6907	+	years beginning July 1, 2017, members who have retired as of July 1 ,
	6908	+	2017, as active classroom teachers, who have been retired and RBH No. 7783
	6909	+
	6910	+	ENGR. H. B. NO. 2528 Page 66 1
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	6934	+
	6935	+	receiving a benefit for at leas t one (1) year, and who have not been
	6936	+	employed by any public school during that one-year period, shall be
	6937	+	eligible to be reemployed as an active classroom teache r in common
	6938	+	or career tech school districts, with no limitations on earnings.
	6939	+	For a period of three (3) years beginning July 1, 2021, members who
	6940	+	have retired as of July 1, 2020, who have been retired and receiving
	6941	+	a benefit for at least one (1) year, and who have not been employed
	6942	+	by any public school during that one-year period, shall be eligible
	6943	+	to be reemployed as an active classroom teacher in common or career
	6944	+	tech school districts, with no limitations on earnings. The one-
	6945	+	year period starts with the retiree's last day of preretirement
	6946	+	public education employment. Members returning under this section
	6947	+	shall not be subject to any earning limitations following the end of
	6948	+	the three-year periods described in this paragraph. Members
	6949	+	returning under this section shall only be employed pursuant to a
	6950	+	temporary contract; and
	6951	+	4. A member shall be consi dered to be employed by a school
	6952	+	district to perform the duties ordinarily performed by classified or
	6953	+	nonclassified personnel if the member is hired by the school
	6954	+	district in the member's individual capacity to perform the duties
	6955	+	or if the member performs the duties through employment with a
	6956	+	proprietorship, part nership, corporation, limited liability company
	6957	+	or partnership, or any other business structure that has agreed or
	6958	+	contracted to provide the services to the school district. RBH No. 7783
	6959	+
	6960	+	ENGR. H. B. NO. 2528 Page 67 1
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	6984	+
	6985	+	B. A public school distr ict that employs a retired member shall
	6986	+	be required to make contributions to the System for the retired
	6987	+	member in an amount as required in Section 17-108.1 and in paragraph
	6988	+	3 of subsection B of Section 17-116.2 of this title.
	6989	+	C. For purposes of this secti on, postretirement employment of
	6990	+	less than one thousand (1,000) hours per year with the Governor, the
	6991	+	State Senate, the House of Representatives or the Legislative
	6992	+	Service Bureau shall not be considered as postretirement employment
	6993	+	with a public school of Oklahoma.
	6994	+	D. The Board of Trustees of the Teachers' Retirement System of
	6995	+	Oklahoma shall promulgate such rules as are necessary to implement
	6996	+	the provisions of this section.
	6997	+	E. A member who has entered into postretirement employment with
	6998	+	a participating employer of the Teachers' Retirement System of
	6999	+	Oklahoma must fully comply with all the provisions of the rules
	7000	+	promulgated by the Board of Trustees pursuant to this section in
	7001	+	order to continue receiving his or her monthly retirement benefit.
	7002	+	SECTION 21. REPEALER 70 O.S. 2021, Sections 17-104 and
	7003	+	17-114.2, are hereby repealed.
	7004	+	SECTION 22. This act shall become effective July 1, 2023.
	7005	+	SECTION 23. It being immediately necessary for the preservation RBH No. 7783
	7006	+
	7007	+	ENGR. H. B. NO. 2528 Page 68 1
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	7032	+	of the public peace, health or safety, an emergency is hereby
	7033	+	declared to exist, by reaso n whereof this act shall take effect and
	7034	+	be in full force from and after its pa ssage and approval.
	7035	+	Passed the House of Representatives the 20th day of March, 2023.
	7036	+
2169	7037
2170	7038
2171	7039
2172	7040		Presiding Officer of the House
2173	7041		of Representatives
2174	7042
2175	7043
2176	7044
2177		-	Passed the Senate the 25th day of April, 2024.
	7045	+	Passed the Senate the ___ day of __________, 2023.
	7046	+
2178	7047
2179	7048
2180	7049
2181	7050		Presiding Officer of the Senate
2182	7051
2183		-
2184		-	OFFICE OF THE GOVERNOR
2185		-	Received by the Office of the Gove rnor this ____________________
2186		-	day of ___________________, 20_______, at _______ o'clock _______ M.
2187		-	By: _________________________________
2188		-	Approved by the Governor of the State of Oklahoma this _________
2189		-	day of ___________________, 20_______, at _______ o'c lock _______ M.
2190		-
2191		-
2192		-	_________________________________
2193		-	Governor of the State of Oklahoma
2194		-
2195		-	OFFICE OF THE SECRETARY OF STATE
2196		-	Received by the Office of the Secretary of State this __ ________
2197		-	day of ___________________, 20_____ __, at _______ o'clock _______ M.
2198		-	By: _________________________________
2199		-
2200		-
2201		-	THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
2202		-	2512 E. 71
2203		-	st
2204		-	Street , Suite D ∙ Tulsa, Oklahoma 74136
2205		-	(918) 492-9658 ∙ (918) 492- 9659
2206		-
2207		-
2208		-
2209		-
2210		-
2211		-	February 23, 2023
2212		-
2213		-
2214		-	Representative Mark Lepak
2215		-	Room 4537
2216		-
2217		-
2218		-	Re: Proposed Committee Substitute for House Bill No. 2528
2219		-
2220		-
2221		-
2222		-	Proposed Committee Substi tute for House Bill No. 2528 is Teachers
2223		-	Retirement System cleanup bill .
2224		-
2225		-
2226		-
2227		-	Proposed Committee Substitute for House Bill No. 2528 is a non
2228		-	fiscal bill as defined by OPLAAA .
2229		-
2230		-
2231		-	I am a member of the American Academy of Actuaries and meet the
2232		-	Qualification Standards of the American Academy of Actuaries to
2233		-	render the actuarial opinio n herein.
2234		-
2235		-
2236		-	Thomas E. Cummins
2237		-
2238		-	Thomas E. Cummins, MAAA
2239	7052
2240	7053