Oklahoma Administrative Code
Title 590 - Oklahoma Public Employees Retirement System
Chapter 10 - Public Employees Retirement System
Subchapter 7 - Retirement Benefits
Section 590:10-7-9 - Fractional year computations
Current through Vol. 41, No. 13, March 15, 2024
(a) Rounding of fractional year. Pursuant to 74 O.S. § 913(C), 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. This round-up provision may be used one time for credited service of a member to establish the benefit of the member. This rule is necessary to prevent the gain or loss of service credit to a member. In no event shall the rounding up provisions apply if it would result in any member receiving an additional year or years that the member would not otherwise be entitled to receive.
(b) Rounding for members joining on or after November 1, 2012. Notwithstanding the provisions of subsection (a) of this section, for members who join the System on or after November 1, 2012, rounding of fractional years shall not be permitted. The number of years of credited service shall be based on the actual years and months of credited service without rounding up or down. Unused sick leave, as provided for in 74 O.S. § 913(B)(7)(a), shall be credited at the same rate but not used to round up to another year. Any additional months of unused sick leave credit shall be added to other service credit without any rounding.
(c) Correctional and probation and parole officers. Pursuant to 74 O.S. § 915(A), the computation of retirement benefits of Department of Corrections Correctional and Probation and Parole Officers is 2.25% for certain credit prior to July 1, 1990, and 2.5% for certain credit after July 1, 1990, and 2% for all other credit.
(d) Hazardous Duty Members. Hazardous Duty Members who elect to participate or are required to participate at the higher employee contribution rate will receive retirement benefits at the 2.5% category only on full years of service as Hazardous Duty Members for which the higher contributions have been paid. The fractional portions of years in the 2.5% category will be added to any other service credit, calculated in the 2% category and rounded up therein, if applicable, for the computation of the retirement benefit.
(e) Elected officials.
(f) Elected officials participating at more than one rate. Elected officials who participate at more than one contribution rate during their elected service will receive retirement benefits calculated using (1) the computation factor assigned for each contribution rate paid and (2) the highest annual salary for which that particular contribution rate was paid for each full year of elected service credit. Fractional years of elected service credit will be added to the years of elected service for which the highest contribution rate was paid and rounded up therein, if applicable, for the computation of the retirement benefit.
(g) Rounding for elected officials joining System on or after November 1, 2011. Elected officials who are first elected or appointed on or after November 1, 2011, rounding of fractional years shall not be permitted. The number of years of credited service shall be based on the actual years and months of credited service without rounding up or down.
Amended at 12 Ok Reg 3237, eff 7-27-95 ; Amended at 16 Ok Reg 610, eff 12-2-98 (emergency) ; Amended at 16 Ok Reg 2010, eff 6-11-99 ; Amended at 20 Ok Reg 1750, eff 6-12-03 ; Amended at 25 Ok Reg 1001, eff 5-11-08 ; Amended at 29 Ok Reg 49, eff 9-28-11 (emergency) ; Amended at 29 Ok Reg 498, eff 5-11-12 ; Amended at 30 Ok Reg 550, eff 5-11-13