Oklahoma Administrative Code
Title 715 - Teachers' Retirement System
Chapter 10 - General Operations
Subchapter 15 - Service Retirement
Section 715:10-15-11 - Designation of beneficiaries or joint annuitant for retirement options

Universal Citation: OK Admin Code 715:10-15-11
Current through Vol. 42, No. 1, September 16, 2024

A designation of beneficiary or joint annuitant must be made when the retirement contract is completed. A member who selects the Maximum, Option 1 or Option 4 retirement plan may name more than one beneficiary. Once the member has been retired for more than sixty (60) days or if no change in the member's retirement plan occurs, beneficiaries named for the Maximum, Option 1, or Option 4 retirement plan may be changed by the member at any time in the manner prescribed by TRS. The joint annuitant for the Option 2 or Option 3 retirement plan cannot be changed even if the joint annuitant dies before the member, providing, however, the retired member may designate a beneficiary different from the joint annuitant to receive the $5,000 death benefit. The member who elects the Option 4 retirement plan must name a beneficiary, who can be any living person or persons, or a trust. The beneficiary does not have to be a spouse or dependent. In the case of a divorce the retirement contract remains in force and the member's joint annuitant (ex-spouse) will receive the member's monthly benefit after the member's death (if named as a joint annuitant) unless a Court, acting through a Qualified Domestic Relations Order, directs otherwise. A beneficiary designation is valid for TRS purposes when properly executed and on file with TRS prior to the death of the member. TRS shall not be responsible for determining the competency of a member to designate a beneficiary except as otherwise provided by Oklahoma law.

Amended at 16 Ok Reg 743, eff 10-5-98 through 7-14-99 (emergency)1; Amended at 16 Ok Reg 3567, eff 9-13-99; Amended at 25 Ok Reg 2598, eff 7-11-08

1This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of section 715:10-15-11 reverted back to the permanent text that was effective before enactment of the emergency action on 10-5-98, as was last published in the 1996 Edition of the OAC, and remained as such until amended again by permanent action on 9-13-99.

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