Okla. Admin. Code § 590:10-7-11

Current through Vol. 42, No. 6, December 2, 2024

Section 590:10-7-11 - Minimum final average compensation

(a) All members retiring on or after July 1, 1994 shall have benefits calculated using a final average compensation of not less than Thirteen Thousand Eight Hundred Dollars ($13,800.00), provided they became members of the System prior to July 1, 1995.

(b) For all persons who become members of the System on or after July 1, 1995, the minimum final average compensation shall be determined by the number of years of credited service they have at the time of retirement. For those members with twenty (20) or more years of credited service, they shall have benefits calculated using a final average compensation of not less than Thirteen Thousand Eight Hundred Dollars ($13,800.00). For those members with fifteen (15) to nineteen (19) years of credited service, they shall have benefits calculated using a final average compensation of Six Thousand Nine Hundred Dollars ($6,900.00). For those members with less than fifteen (15) years of credited service, there shall be no minimum final average compensation.

Added at 12 Ok Reg 3237, eff 7-27-95; Amended at 12 Ok Reg 3660, eff 9-1-95 through 7-14-96 (emergency); Amended at 13 Ok Reg 3327, eff 7-25-96