Oklahoma § 74-910.1 - Transfer from Employment Security Commission Retirement

§ 74-910.1. Transfer from Employment Security Commission Retirement

Plan to Public Employees Retirement System.

A. Members of the Oklahoma Employment Security Commission

Retirement Plan may decide individually to transfer from the

Oklahoma Employment Security Commission Retirement Plan to the

Oklahoma Public Employees Retirement System. Any such decision

shall be made prior to August 15, 1987. The decision shall be made

upon forms obtained from the Oklahoma Public Employees Retirement

System. Prior to September 1, 1988, the Oklahoma Employment

Security Commission shall certify to the Oklahoma Public Employees

Retirement System, the names and periods of credited service for

those persons deciding to transfer. In addition the Oklahoma

Employment Security Commission may purchase additional periods of

credited service for any of its employees who are members of the

Oklahoma Public Employees Retirement System.

B. Any person that makes the decision to transfer pursuant to

the provisions of subsection A of this section, beginning November

1, 1987, shall cease being a member of the Oklahoma Employment

Security Commission Retirement Plan and shall commence being a

member of the Oklahoma Public Employees Retirement System. On

November 1, 1987, the Oklahoma Employment Security Commission shall

transfer to the Oklahoma Public Employees Retirement System for each

person deciding to transfer and for each employee who is currently a

member of the Oklahoma Public Employees Retirement System for whom

extra credited service is to be purchased an amount equal to the

employer and employee contributions which would have been paid for

such credited service had the person been a member of the Oklahoma

Public Employees Retirement System at the time of accrual of such

credited service, plus five percent (5%) simple interest to date of

transfer.

C. Upon the payment of the employee and employer contribution,

service accrued by the person while a member of the Oklahoma

Oklahoma Statutes - Title 74. State Government

Employment Security Commission Retirement Plan shall be treated as

credited service in the Oklahoma Public Employees Retirement System.

D. On January 1, 1988, the Oklahoma Employment Security

Commission shall return to those persons transferring to the

Oklahoma Public Employees Retirement System, any employee

contributions made by the person which are not required to be

transferred to the Oklahoma Public Employee Retirement System.

E. The Oklahoma Employment Security Commission is authorized to

establish a plan of voluntary early retirement for its employees,

utilizing any funds in its independent retirement system in excess

of those amounts necessary to ensure its actuarial soundness. Such

plan may require employees' contributions as determined by the

Commission.

Prior to January 1, 1991, the Commission may acquire

additional credited service for its employees in the Oklahoma Public

Employees Retirement System at full actuarial value; provided,

however, effective January 1, 1991, to acquire additional credited

service for its employees in the System, the employee shall pay the

amount determined by the Board pursuant to Section 39 of this act.

Added by Laws 1986, c. 81, § 2, emerg. eff. April 3, 1986. Amended

by Laws 1987, c. 236, § 182, emerg. eff. July 20, 1987; Laws 1990,

c. 340, § 34, eff. July 1, 1990.

§74-910.1a. Service credit for employment with Oklahoma Employment

Security Commission.

Upon payment of a five percent (5%) contribution and interest of

not to exceed five percent (5%) to the Oklahoma Public Employees

Retirement System, a member of the Oklahoma Public Employees

Retirement System shall receive service credit for any years of

service the member had with the Oklahoma Employment Security

Commission if the member is not receiving or eligible to receive

service credit for the time in any other public retirement system;

provided, however, effective January 1, 1990, the rate of

contribution provided herein shall be ten percent (10%) and the rate

of interest shall not exceed ten percent (10%), and effective

January 1, 1991, to receive the service credit, the member shall pay

the amount determined by the Board pursuant to Section 39 of this

act.

Added by Laws 1987, c. 236, § 183, emerg. eff. July 20, 1987.

Amended by Laws 1989, c. 327, § 4, eff. July 1, 1989; Laws 1990, c.

340, § 35, eff. July 1, 1990.