Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 5 - Contributions and Compensation
Section 590:10-5-2 - Initial opportunity to elect

(1) The date of a member's initial opportunity to make the election to increase his or her maximum annual compensation level to $40,000 (including longevity) shall be July 20,1987 if the member's annual compensation (12 months of salary plus longevity) exceeded $25,000 on July 20, 1987.

(2) If a member's annual compensation (including longevity) did not exceed $25,000 on July 20,1987, the date of the member's initial opportunity to make the election to increase his or her maximum annual compensation level shall be the member's date of reclassification or pay raise which results in an annual (12 months of salary plus longevity) compensation which exceeds $25,000.

(3) If a member receives a retroactive reclassification or pay raise which results in an annual compensation (12 months of salary plus longevity) which exceeds $25,000, the initial opportunity to make the election to increase his or her maximum compensation shall be the date to which the reclassification and pay raise is retroactively paid.

(4) The member's longevity date shall be the date of a member's initial opportunity to make the election to increase his or her annual compensation level if only the longevity payment caused the member's annual compensation to exceed $25,000.

(5) For a member who is a local government employee, the date of the initial opportunity to elect to increase the maximum annual compensation shall be the date of the governing body's approval of the member's reclassification or pay raise which results in an annual compensation (12 months of salary plus longevity) which exceeds $25,000.

(6) A timely election is an election that was completed by filing the appropriate forms and completing the payment of all contributions required within three (3) years of the member's initial opportunity to make said election. For active members whose initial opportunity to make the election was on or after July 1,1991, but no later than June 30, 1994, a timely election must be completed by filing the appropriate forms and completing the payment of all contributions required no later than February 1, 1995. For all active members who fail to make a timely election as provided in this Section, the election may be made at anytime prior to the member's retirement, provided the member pays all contributions required plus interest in the amount of seven and one-half percent (7 1/2%) compounded annually. Any election to increase the maximum compensation level for service prior to July 1, 1994, which is filed and/or completed on or after February 2, 1995, is not considered a timely election. Any election filed and/or completed on or after July 1, 1994 by any member whose initial opportunity to make the election was prior to July 1, 1991, is not considered a timely election.

(7) Members who have stopped the payment plan before completing all required contributions for any reason prior to July 1, 1998, will not be treated as having made a timely election. Members who were making payments of the required contributions and whose payments ceased by operation of law on July 1, 1998 will be treated as having made a timely election without regard to not completing the payment of the entire amount of required contributions.