Oklahoma § 20-1102C - Retirement benefit options

§ 20-1102C. Retirement benefit options

A. Except as otherwise provided for in this section and Section

1104.2 of this title, members who join the Uniform Retirement System

for Justices and Judges on September 1, 2005, or thereafter, may

elect to have the retirement benefit paid under one of the options

provided in this section in lieu of having it paid in the form

stated in Section 1104 of this title. The election of an option

must be made prior to the member's retirement date or to receipt of

a benefit after termination of service with a vested benefit. A

specific person must be designated as joint annuitant at the time of

the election of Option A or B. Election of an option is available

with respect to the vested benefit. All retirement benefits of a

married member shall be paid pursuant to the Option A plan as

Oklahoma Statutes - Title 20. Courts

provided for in this section unless the spouse of a member consents

in writing for the unreduced benefits to be paid as provided for in

Section 1104 of this title. The spouse of the member is not required

to consent in writing to the election of the Option B plan by the

member.

B. The amount of retirement benefit payable under an option

shall be based on the age and sex of the member and the age and sex

of the joint annuitant at the retirement date, and shall be such

amount as to be the actuarial equivalent of the retirement benefit

otherwise payable under Section 1104 of this title.

C. The retirement options are:

Option A. Joint and one-half to joint annuitant survivor. A

reduced retirement benefit is payable to the retiree during his or

her lifetime with one-half (1/2) of that amount continued to the

joint annuitant during such joint annuitant's remaining lifetime, if

any, after the death of the retiree. If the named joint annuitant

dies at any time after the member's retirement date, but before the

death of the retiree, the retiree shall return to the unreduced

retirement benefit, including any postretirement benefit increases,

the member would have received had the member not selected Option A.

The benefit shall be determined at the date of death of the named

joint annuitant. This increase shall become effective the first day

of the month following the date of death of the named joint

annuitant, and shall be payable for the retiree's remaining

lifetime. The retiree shall notify the Uniform Retirement System

for Justices and Judges of the death of the named joint annuitant in

writing. In the absence of the written notice being filed by the

member notifying the Uniform Retirement System for Justices and

Judges of the death of the named joint annuitant within six (6)

months of the date of death, nothing in this subsection shall

require the Uniform Retirement System for Justices and Judges to pay

more than six (6) months of retrospective benefits increase.

Option B. Joint and survivor. A reduced retirement benefit is

payable to the retiree during his or her lifetime with that amount

continued to the joint annuitant during the joint annuitant's

remaining lifetime, if any, after the death of the retiree. If the

named joint annuitant dies at any time after the member's retirement

date, but before the death of the retiree, the retiree shall return

to the unreduced retirement benefit, including any postretirement

benefit increases, the member would have received had the member not

selected Option B. The benefit shall be determined at the date of

death of the named joint annuitant. This increase shall become

effective the first day of the month following the date of death of

the named joint annuitant, and shall be payable for the retiree's

remaining lifetime. The retiree shall notify the Uniform Retirement

System for Justices and Judges of the death of the named joint

annuitant in writing. In the absence of such written notice being

Oklahoma Statutes - Title 20. Courts

filed by the member notifying the Uniform Retirement System for

Justices and Judges of the death of the named joint annuitant within

six (6) months of the date of death, nothing in this subsection

shall require the Uniform Retirement System for Justices and Judges

to pay more than six (6) months of retrospective benefits increase.

D. If a member who is eligible to retire in accordance with the

provisions of this section or Section 1104 of this title but is not

actually retired or is eligible to vest or has elected a vested

benefit dies, the member's spouse may elect to receive benefits as a

joint annuitant under Option B, calculated as if the member retired

on the date of death, in lieu of receiving the member's accumulated

contributions. However, no benefits shall be payable before the

date the deceased member would have met the requirements for a

normal or early retirement. The provisions of this paragraph shall

be applicable to a surviving spouse of a deceased member who died

prior to the effective date of this act, but only if no benefits or

distributions have been previously paid.

Added by Laws 2005, c. 464, § 3, eff. Sept. 1, 2005. Amended by

Laws 2021, c. 190, § 1, eff. Nov. 1, 2021; Laws 2024, c. 47, § 1,

eff. Nov. 1, 2024.