Okla. Admin. Code § 590:10-7-15

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

Section 590:10-7-15 - [2] Post-retirement employment - calculation of benefits and service

A year of post-retirement service shall be determined as 2076 hours of participation. All retired members who have post-retirement service with a participating employer and are eligible for an additional monthly benefit on or after January 1, 2000, pursuant to 74 O.S. § 914(E) shall have the additional benefit calculated using the actual hours worked and reported and the actual compensation reported for which contributions have been paid for each 2076 hour period. Each 2076 hour period shall be calculated separately and benefits added each January 1 as appropriate. All applicable option and early retirement reductions selected by the member at the time of retirement shall be applied to the additional benefit. Contributions received on such service shall be credited for the fiscal year in which the hours were actually worked.

(b) The initial addition of post-retirement benefits shall be made effective with the January, 2000 benefit payment. The additional benefits shall be cumulative and paid for the initial period to the extent OPERS can identify and verify post-retirement participation. Post-retirement employment for which the retired member has previously been granted additional benefits or for which a refund of contributions has been made will not be included.

(c) The addition of post-retirement benefits shall be available to retired members who remain members on or after July 1, 1999. Joint Annuitant benefits shall be increased only if the member would have otherwise been eligible for the increase in benefits.

(d) For those retired members who have returned to employment with a participating employer and waived receipt of their monthly retirement benefit pursuant to 74 O.S. § 914(E), retirement benefits will be recalculated only upon termination of employment after completion of thirty-six (36) consecutive months of full-time-equivalent employment, as that term is defined under 590:10-3-6 of these rules.

Okla. Admin. Code § 590:10-7-15

Added at 17 Ok Reg 608, eff 12-2-99 through 7-14-00 (emergency)¹; Added at 17 Ok Reg 3178, eff 7-27-00; Amended at 20 Ok Reg 1750, eff 6-12-03; Amended at 21 Ok Reg 1759, eff 6-11-04; Amended at 25 Ok Reg 1001, eff 5-11-08

Amended by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/11/2015

¹ This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency action enacting a new Section, the text of the Section is no longer effective. Therefore, on 7-15-00 (after the 7-14-00 expiration of the emergency action), the text of Section 590:10-7-15 was no longer effective, and remained as such until added again by permanent action on 7-27-00.

² On 12-28-00, a different rule called "Rollovers" was added by emergency rulemaking at this number (590:10-7-15), creating a duplication in numbering. The number was later changed to 590:10-7-16 in permanent rulemaking.