Oklahoma § 74-930.5 - Cost of living adjustment - Calculation

§ 74-930.5. Cost of living adjustment - Calculation

A. It is the intent of the Legislature to provide a cost of

living adjustment to retirants of the Oklahoma Public Employees

Retirement System which reflects a replacement of the loss of

purchasing power, while remaining consistent with the basic benefit

formula of the System.

B. To fulfill the intent as set forth in subsection A of this

section, every person receiving retirement benefits from the System

as of June 30, 1997, who continues to receive benefits on or after

Oklahoma Statutes - Title 74. State Government

July 1, 1998, shall receive an increase in retirement benefits as

follows:

1. Persons who have been retired ten (10) years or less will

receive two and one-half percent (2.5%) of the retirement benefit on

July 1, 1998, multiplied by the number of years the member has been

retired;

2. Persons who have been retired in excess of ten (10) years

will receive two and one-half percent (2.5%) of the retirement

benefit on July 1, 1998, multiplied by ten (10);

3. For purposes of calculating the increase, the member's

effective retirement date will be utilized, provided further, that a

fractional year of six (6) months or more shall be considered as one

(1) year and less than six (6) months shall be disregarded;

4. The increase provided in this section shall become effective

with the July 1998 benefit payment.

Added by Laws 1998, c. 317, § 15, eff. July 1, 1998.