Oklahoma § 74-910.3 - Oklahoma Housing Finance Authority - Participating

§ 74-910.3. Oklahoma Housing Finance Authority - Participating

employer.

A. Effective July 1, 1997, the Oklahoma Housing Finance Agency

shall be an eligible participating employer in the Oklahoma Public

Oklahoma Statutes - Title 74. State Government

Employees Retirement System. Employees hired after this date shall

participate in the Oklahoma Public Employees Retirement System.

Employees participating in the Oklahoma Housing Finance Agency

benefits plan hired prior to July 1, 1997, may elect to continue the

current benefits plan provided by the Oklahoma Housing Finance

Agency and not to become a member of the Oklahoma Public Employees

Retirement System or at any time while an active employee of the

Oklahoma Housing Finance Agency may:

1. Elect to cease accruing benefits under the current benefits

plan provided by the Oklahoma Housing Finance Agency and to purchase

service credit in the Oklahoma Public Employees Retirement System in

an amount equal to the time employed with the Oklahoma Housing

Finance Agency prior to the time of election and at an actuarial

rate pursuant to Section 913.5 of this title;

2. Elect to cease accruing benefits under the current benefits

plan provided by the Oklahoma Housing Finance Agency and to purchase

a prorated amount of service credit in the Oklahoma Public Employees

Retirement System based on the amount received from the current

benefits plan and pursuant to Section 913.5 of this title; or

3. Elect to cease accruing benefits under the current benefits

plan provided by the Oklahoma Housing Finance Agency, not purchase

any service credit in the Oklahoma Public Employees Retirement

System, and to start a new retirement under the Oklahoma Public

Employees Retirement System.

B. Such employees hired prior to July 1, 1997, who elect to

participate in the Oklahoma Public Employees Retirement System shall

commence accruing benefits in the Oklahoma Public Employees

Retirement System after the date of election and as established by

the Oklahoma Public Employees Retirement System Board of Trustees.

The employees hired prior to July 1, 1997, electing to purchase

service credit authorized by this section shall have all such

service credit canceled which is not utilized in purchasing credit

in the Oklahoma Public Employees Retirement System. The purchase of

service credit as provided in this section shall only be available

upon the election of the employee. The election shall be made in

writing, filed with the Oklahoma Housing Finance Agency and the

Oklahoma Public Employees Retirement System prior to receiving the

credit purchased, and shall be irrevocable. The Oklahoma Housing

Finance Agency shall transfer the amounts from its benefits plan to

the Oklahoma Public Employees Retirement System for those employees

who elect to purchase service credit in the Oklahoma Public

Employees Retirement System.

C. Employees hired prior to July 1, 1997, and who either

elected to purchase service credit in the Oklahoma Public Employees

Retirement System or now desire to purchase service credit in the

Oklahoma Public Employees Retirement System as provided in this

section, shall be allowed up to eight (8) years from the date of

Oklahoma Statutes - Title 74. State Government

election to pay for such service credit. Payments may be made

through payroll deductions if requested by an employee. The

Oklahoma Housing Finance Agency shall provide to the Oklahoma Public

Employees Retirement System all information and documents requested

from the System concerning the status of the retirement plan offered

by the Authority to its employees.

Added by Laws 1997, c. 315, § 2, eff. July 1, 1997. Amended by Laws

1998, c. 419, § 11, eff. July 1, 1998.