Oklahoma § 74-930.4 - Additional retirement benefit

§ 74-930.4. Additional retirement benefit

A. Except as provided by subsection B of this section, the

Oklahoma Public Employees Retirement System shall pay to its

retirees, who retire not later than June 30, 1997, or their joint

annuitant, from assets of the retirement system, an additional

amount, for the fiscal year ending June 30, 1998, based upon the

number of years of credited service upon which the retirement

benefit of the member was computed as follows:

1. One Hundred Fifty Dollars ($150.00) for at least ten (10),

but no more than fourteen (14) years of service;

2. Three Hundred Dollars ($300.00) for at least fifteen (15),

but no more than nineteen (19) years of service;

3. Four Hundred Fifty Dollars ($450.00) for at least twenty

(20), but no more than twenty-four (24) years of service; and

4. Six Hundred Dollars ($600.00) for twenty-five (25) or more

years of service.

B. The Oklahoma Public Employees Retirement System shall pay to

retirees, who retire not later than June 30, 1997, with a disability

retirement benefit and having less than ten (10) years of service,

the sum of One Hundred Fifty Dollars ($150.00).

C. For purposes of subsection A or B of this section, months of

credited service in excess of a whole number of years shall be

disregarded for purposes of determining the applicable payment

amount.

D. The payment authorized by this section shall be distributed

not later than August 1, 1997.

E. The payment authorized by this section shall not be a

recurring benefit and shall only be made for the fiscal year ending

June 30, 1998, and for no other fiscal year.

F. If a retiree has multiple joint annuitants, the amount

prescribed by subsection A of this section shall be divided equally

among the beneficiaries on a per capita basis.

Added by Laws 1997, c. 384, § 22, eff. July 1, 1997.