Oklahoma § 74-912 - Consolidation of other systems

§ 74-912. Consolidation of other systems

(1) The State of Oklahoma, any county, city or town, or any

instrumentality thereof whose employees or a class of whose

employees are members of any other retirement or pension plan

authorized by a statute of the State of Oklahoma may, by resolution

adopted by the official board, body, or officer or officers

authorized to apply for application, request the board to submit a

proposal for consolidation of such other system with the Oklahoma

Public Employees Retirement System, including an estimate of the

Oklahoma Statutes - Title 74. State Government

contribution rate necessary to comply with the actuarial standard of

this system. Such proposal shall provide that: (a) the operation

of such other pension system shall be discontinued; (b) the existing

retirants or annuitants of such other system shall continue to be

paid by the Oklahoma Public Employees Retirement System on the basis

of the benefits schedule applicable in such other system at the date

of proposed consolidation; (c) all cash and securities to the credit

of such other system shall be transferred to the Oklahoma Public

Employees Retirement System; (d) funds of such other system which

represent accumulated contributions, if any, of members shall be

credited to the employees accumulated contribution reserve of each

employee. The balance of the funds so transferred to the Oklahoma

Public Employees Retirement System shall be offset against the

liability on account of existing retirants, annuitants, and active

members; (e) the resulting liability so determined shall be the

basis for a rate of contribution of such employer; (f) such

consolidation shall take effect only on the anniversary of the entry

date.

Laws 1963, c. 50, § 12; Laws 1970, c. 296, § 4, emerg. eff. April

28, 1970.