Okla. Admin. Code § 715:10-15-5

Current through Vol. 42, No. 4, November 1, 2024

Section 715:10-15-5 - Date of retirement contract is binding; revocation of contract

The final contract for retirement becomes binding on the effective date shown on the contract and shall be known as the date of retirement. The contract may be revoked by the member, or the retirement plan changed, before the date of retirement. Any change or revocation must be in writing, delivered to TRS or postmarked by the United States Postal Service prior to the effective date of retirement. After the retirement date, the contract cannot be canceled. After the retirement date the retirement plan cannot be changed except as outlined in paragraphs one (1) and two (2) below. If the member elected the Option 2 or Option 3 retirement contract and the member's designated joint annuitant dies before the retirement date, the member may select another retirement plan without penalty. If a Maximum or Option 1 retiree should die during the month following the date of retirement and before the first retirement benefit is due, any distribution to beneficiaries designated on the member's retirement contract shall be paid pursuant to OAC 715:10-9-1 and 715:10-9-2.

(1) After the retirement date, a member who elected a reduced benefit under Option 1, Option 2, Option 3 or Option 4 may make a one-time irrevocable election to change their retirement plan within sixty (60) days of the retirement date. The beneficiary or joint annuitant designated by the member at the time of retirement shall not be changed if the member makes the election provided for in this paragraph. Such election must be made in writing, delivered to TRS or postmarked by the United States Postal Service prior to the sixtieth day after the date of retirement.

(2) A member who elected the Maximum benefit and marries after the retirement date, may make a one-time election to change to an Option 2 or Option 3 benefit and name the member's spouse as the designated joint annuitant. The member shall provide proof of the member's good health before the Board of Trustees will permit a change to either Option 2 or 3 and the naming of a joint annuitant. A medical examination conducted by a licensed physician is required for purposes of determining good health. Such examination must be approved by the Medical Board. The member shall be required to provide proof of age for the new joint annuitant. The Board of Trustees shall adjust the monthly benefit to the actuarially equivalent amount based on the newly designated joint annuitant's age. Such election must be made in writing using the forms proscribed by TRS and delivered to TRS or postmarked by the United States Postal Service within one (1) year of the date of marriage.

Okla. Admin. Code § 715:10-15-5

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 19 Ok Reg 2729, eff 7-11-02; Amended at 27 Ok Reg 2802, eff 7-20-10 (emergency); Amended at 28 Ok Reg 981, eff 5-26-11

Amended by Oklahoma Register, Volume 36, Issue 22, August 1, 2019, eff. 8/11/2019

Amended by Oklahoma Register, Volume 41, Issue 23, August 15, 2024, eff. 9/1/2024

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 715:10-15-5 reverted back to the permanent text that was effective prior to 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 by permanent action on 9-13-99.