Oklahoma § 74-913.9 - Retirement – Annual leave and sick leave

§ 74-913.9. Retirement – Annual leave and sick leave

A. All persons employed by CompSource Oklahoma prior to the

effective date of this act shall remain members of the Oklahoma

Public Employees Retirement System until retirement or termination.

B. Effective January 1, 2015, for all employees who remain

members of the Oklahoma Public Employees Retirement System pursuant

to subsection A of this section, CompSource Mutual Insurance Company

shall pay the required employer contributions applicable to the

participating employers in the Oklahoma Public Employees Retirement

System pursuant to Section 920 of Title 74 of the Oklahoma Statutes

and the employee shall continue to pay employee contributions as

required by Section 919.1 of Title 74 of the Oklahoma Statutes.

C. All employees of CompSource Mutual Insurance Company who

remain members of the Oklahoma Public Employees Retirement System

Oklahoma Statutes - Title 74. State Government

pursuant to subsection A of this section shall continue to be

eligible employees for purposes of Sections 901 through 932 of Title

74 of the Oklahoma Statutes. CompSource Mutual Insurance Company

shall be considered a participating employer, as defined by

paragraph (25) of Section 902 of Title 74 of the Oklahoma Statutes

only for such employees.

D. No person initially employed by CompSource Mutual Insurance

Company after the effective date of this act shall be allowed to

participate in the Oklahoma Public Employees Retirement System

during the term of their employment with the Company, regardless of

whether that employee was previously employed by a participating

employer in the Oklahoma Public Employees Retirement System

including CompSource Oklahoma.

E. 1. All annual leave and sick leave accumulated prior to

January 1, 2015, by an employee who remains a member of the Oklahoma

Public Employees Retirement System pursuant to subsection A of this

section will be recognized by the CompSource Mutual Insurance

Company, subject to all accrual limitations in the Oklahoma

Statutes.

2. Effective January 1, 2015, employees of CompSource Mutual

Insurance Company shall not accrue annual leave and sick leave

pursuant to Section 840-2.20 of Title 74 of the Oklahoma Statutes,

but may accrue annual leave and sick leave according to a policy

established by the Chief Executive Officer of CompSource Mutual

Insurance Company at a rate not to exceed that of state employees

under Title 74 of the Oklahoma Statutes.

3. The total participating service credit of a member who

retires or terminates employment and elects a vested benefit shall

include unused sick leave not to exceed the limitation imposed by

paragraph 7 of subsection B of Section 913 of Title 74 of the

Oklahoma Statutes. If unused sick leave entitles a member to an

additional year of service credit, the CompSource Mutual Insurance

Company shall reimburse the System for the cost of funding the

additional reserve. CompSource Mutual Insurance Company shall

provide the System with adequate and timely information necessary to

determine additional benefits and its cost under this paragraph.

Added by Laws 2013, c. 254, § 14.

§74-913a. Employee denied membership in System or forced to

discontinue participation for certain reasons - Service credit for

years denied participation - Contributions.

Any employee who was denied membership in the Oklahoma Public

Employees Retirement System or was forced to discontinue

participation in the System as a result of receiving a retirement

benefit from another retirement plan authorized under any other law

of this state may receive credit for those years of service

accumulated by the employee during the time the employee was denied

Oklahoma Statutes - Title 74. State Government

participation. To receive this service credit, the member shall pay

to the Board prior to January 1, 1991, for each year of service

purchased pursuant to this subsection, a ten percent (10%)

contribution and interest of ten percent (10%), provided however,

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. Any person purchasing service credit pursuant to this

subsection shall not be eligible for prior or participating service

credit if the member is receiving or eligible to receive service

credit for such time in any other state retirement plan.

Added by Laws 1990, c. 340, § 37, eff. July 1, 1990.

§74-913b. Purchase of incentive credit.

A. A member of the Oklahoma Public Employees Retirement System

who is employed and participating with a participating employer may

purchase not to exceed two (2) years of incentive credit if:

1. The member has reached his or her normal retirement date or

is within two (2) years of reaching the member's normal retirement

date as defined in Section 902 of Title 74 of the Oklahoma Statutes;

or

2. The member is eligible for or is within two (2) years of

being eligible for early retirement pursuant to Section 914 of Title

74 of the Oklahoma Statutes.

B. Purchased incentive credit may only be used as participation

service and/or an addition to the member's age to qualify the member

for normal or early retirement.

C. To receive the incentive credit, the member shall pay the

amount determined by the Board pursuant to Section 913.5 of Title 74

of the Oklahoma Statutes.

Added by Laws 1993, c. 322, § 21, emerg. eff. June 7, 1993. Amended

by Laws 2003, c. 486, § 4, eff. July 1, 2003.

§74-913c. Termination credit.

A. A member of the Oklahoma Public Employees Retirement System

who has six (6) or more years of full-time-equivalent employment

with a participating employer, and who is terminated by a state

agency or other state governmental entity because the member's

position is eliminated through a reduction-in-force after July 1,

1998, and:

1. Is within three (3) years of a normal retirement date as

defined in subparagraph (a) of paragraph (24) of Section 902 of this

title; or

2. Is within six (6) years of a normal retirement date as

defined in subparagraph (b) of paragraph (24) of Section 902 of this

title or in subparagraph (c) of paragraph (24) of Section 902 of

this title,

Oklahoma Statutes - Title 74. State Government

may purchase termination credit of a period not to exceed the lesser

of three (3) years or the number of years or months or both years

and months required in order for the member to reach normal

retirement date in the same period of time and with the same service

credit which would have otherwise accrued if the termination had not

occurred.

B. In order to receive the termination credit authorized by

this section, the member shall be required to file an election with

the System indicating an intent to purchase the credit. The member

shall have a period of six (6) months from the date the member is

terminated as described in subsection A of this section within which

to file the election.

C. To purchase the termination credit, the member shall be

required to make payment to the System of an amount equal to both

the employer and employee contributions which would have been paid

to the System based upon the compensation as defined in paragraph

(9) of Section 902 of this title, which was received by the member

in the last full month that the member was employed by the state

agency or other state governmental entity multiplied by the number

of months required in order for the combination of the participating

service and member's age to equal the amount required for the member

to reach normal retirement date with an unreduced benefit as if the

member had not been terminated.

D. The member must make full payment to the System of all

required contribution amounts within sixty (60) days of filing the

election to purchase the credit. The member must vest his or her

benefits with a declared future retirement date as of the first

month the member is eligible for normal retirement. Failure to make

the full payment to the System of the required contribution amounts,

for any reason, within the time prescribed, shall result in

cancellation of the election provided pursuant to this section, and

return of the purchase amount tendered, without interest.

E. Purchased termination credit may only be used as service

credit to qualify the member for normal retirement. Eligible

members may purchase termination credit or the incentive credit

authorized pursuant to Section 913b of this title, but may not

purchase both termination credit and incentive credit. This

purchase will not be used in the calculation for final average

compensation.

F. If the member chooses to retire at any time prior to the

member's normal retirement date or returns to employment with a

participating employer of the System at any time prior to

retirement, the purchase of termination credit pursuant to this

section shall be void and the System will return the purchase amount

tendered, without interest.

G. In the event of the death of the member prior to retirement,

the member's spouse, if otherwise eligible for benefits pursuant to

Oklahoma Statutes - Title 74. State Government

paragraph (5) of Section 918 of this title, may elect to receive

benefits which include the termination credit on the member's

declared future retirement date, or may elect to receive a return of

the purchase amount tendered, without interest.

Added by Laws 1997, c. 285, § 1, emerg. eff. May 28, 1997. Amended

by Laws 1998, c. 256, § 10, eff. July 1, 1998; Laws 1999, c. 257, §

34, eff. July 1, 1999.

§74-913d.

Repealed by Laws 1998, c. 256, § 11, eff. July 1, 1998.

§74-913e. Purchase of service credit.

Notwithstanding any other provision of law to the contrary, the

spouse of a person who initially became a member of the system in

January 1999, and such member dies within one month of meeting the

required six (6) years of full-time-equivalent employment with a

participating employer for normal retirement purposes, shall be

allowed to elect to purchase at the actuarial cost of up to one

month of service to meet the six (6) years of full-time employment.

The election pursuant to this section shall be made on or before

September 1, 2005, and payment shall be made to the Oklahoma Public

Employees Retirement System on or before December 31, 2005. Upon

receipt of payment by the system, the electing spouse shall begin

receiving benefits pursuant to Option B as provided in Section 918

of Title 74 of the Oklahoma Statutes.

Added by Laws 2005, c. 471, § 1, eff. July 1, 2005.