Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 19 - Medicare Gap Benefit Option
Section 590:10-19-8 - Calculation of the Medicare Gap Benefit

Universal Citation: OK Admin Code 590:10-19-8

Current through Vol. 41, No. 13, March 15, 2024

(a) The mortality tables used in the calculation of the Medicare Gap Benefit shall be the same tables adopted by the Board for other OPERS calculations.

(b) The Pre-Medicare and Post Medicare Benefit payment amounts shall be calculated at the time of retirement and shall not be re-calculated after the member's effective retirement date except to correct errors or as specifically provided in these rules.

(c) The formula for the Pre-Medicare Increase is applied after the calculation of the Eligible Member's Regular Retirement Benefit which includes any required actuarial reductions made for early retirement or selection of Option A or B and shall be applied based upon the age of the member at time of retirement.

Added at 22 Ok Reg 1354, eff 5-26-05; Amended at 24 Ok Reg 1135, eff 5-11-07

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