Oklahoma Administrative Code
Title 715 - Teachers' Retirement System
Chapter 10 - General Operations
Subchapter 5 - Establishing Other Service Credits
Section 715:10-5-37 - Incentive service credit

Universal Citation: OK Admin Code 715:10-5-37

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

(a) Pursuant to 70 O.S. §17-116.2B, an active member of TRS who is employed and participating with an entity or institution within The Oklahoma State System of Higher Education may purchase not to exceed two (2) years of incentive credit if:

(1) the member has reached his or her normal retirement date or is within two (2) years of reaching the member's normal retirement date as authorized in Section 17-105 of this title, or

(2) the member is eligible for or is within two (2) years of being eligible for early retirement pursuant to paragraph 1 of subsection A of Section 17-116.2 of this title.

(b) Purchased incentive credit may only be used as participation service to qualify the member for normal or early retirement or as additional participation service if the member is already eligible for normal or early retirement, and in the same period of time and with the same service credit which would have otherwise accrued if the purchase had not occurred.

(c) The member shall notify TRS no later than sixty (60) days after the date of last employment indicating an intent to purchase the incentive credit.

(d) Upon receipt of notice of the member's intent to purchase incentive service credit, TRS shall calculate the purchase price for eligible incentive credit based upon actuarial costs as defined in OAC 715:10-5-4 (subparagraphs 1-5) and notify the member, in writing, of the cost to purchase the credit.

(e) The member must make payment to TRS of the cost to purchase the credit. Full or partial payments made pursuant to this section shall not be refundable under any circumstances.

(f) Complete payment for such service must be made ninety (90) days prior to the member's effective retirement date.

(g) A member cannot purchase both credit for termination due to reduction in force and incentive credit.

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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