Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 7 - Retirement Benefits
Section 590:10-7-5 - Selecting an option
Universal Citation: OK Admin Code 590:10-7-5
Current through Vol. 41, No. 13, March 15, 2024
(a) The member may choose to receive the maximum benefit or receive benefits under any one of the retirement Options provided in 74 O.S. § 918.
(1) The type of retirement benefit selected
by the member and/or the member's spouse, if applicable, cannot be changed
under any circumstances on or after the effective date of retirement, except as
provided in this Section.
(2) In
the event of the death of the named joint annuitant after the member's
retirement date, the member shall provide the System with a copy of the joint
annuitant's death certificate as notice of said death. The member's benefit
will "pop-up" to reflect the amount of benefit the member would be entitled to
absent the selection of an option. The "pop-up" increase becomes effective the
first day of the month following the death of the joint annuitant, provided the
member has given notice of said death. If the death of the joint annuitant
occurred prior to June 30, 1994, the benefit increase may become effective with
the July 1994 benefit payment, provided the member has given notice of said
death. Retrospective benefits will not be paid for any month prior to July 1994
and are limited to a maximum of six (6) months. The "pop-up" increase is
limited to members retiring with an Option A or Option B.
(b) A member choosing Option C provided in 74 O.S. § 918 shall be subject to the following provisions:
(1) In the event of the death of the retired
member within the ten-year certain period under Option C, and there are no
living designated beneficiaries, the person responsible for the estate of the
deceased retired member shall be given the option for the estate to receive
monthly benefits for the remainder of the ten-year period, or receive the
present value of the remaining benefit payments in a one-time, lump-sum
distribution.
(2) In the event the
retired member predeceases a designated beneficiary within the ten-year certain
period, and the designated beneficiary dies after the beneficiary has begun to
receive benefits, the person responsible for the estate of the beneficiary
shall be given the option for the beneficiary's estate to receive monthly
benefits for the remainder of the ten-year period, or receive the present value
of the remaining benefit payments in a one-time, lump-sum
distribution.
(3) For purposes of
this subsection:
(A) "person responsible for
the estate" means the personal representative, executor or administrator of the
estate as determined by a court of competent jurisdiction, or in the case of a
probate waiver as permitted by 74 O.S. § 916.1, the appropriate claiming heir;
and
(B) "present value of the
remaining benefit payments" means the lump-sum distribution shall be discounted
using an interest rate equal to the actuarially assumed interest rate adopted
by the Board of Trustees for investment earnings for the year in which the
election is made pursuant to this subsection.
(4) The following shall be provided by the
person responsible for the estate before any benefits will be paid:
(A) taxpayer identification number (TIN) for
the estate, if applicable;
(B)
legal documents naming the personal representative, executor or administrator
of the estate, or in the case of a probate waiver, the appropriate documents as
set forth in 74 O.S. § 916.1;
(C)
copy of the death certificate for the member or beneficiary; and
(D) statement in writing from the person
responsible for the estate selecting either the monthly or lump-sum payout
method.
Amended at 12 Ok Reg 3237, eff 7-27-95; Amended at 24 Ok Reg 47, eff 8-24-06 (emergency); Amended at 24 Ok Reg 1135, eff 5-11-07
Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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