§70-17-206. Election to participate in alternative retirement plan
382 words·~2 min read·
/ok/title-70-schools/70-17-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
or Teachers Retirement Plan System of Oklahoma.
A. An eligible employee shall have thirty
(30)days from such eligible employee's initial date of hire or the date the alternate retirement plan is adopted by the participating institution, whichever is later, to make a one-time irrevocable written election to participate in the alternate retirement plan or the Teachers' Retirement System of Oklahoma. If an eligible employee fails to make an election within the thirty-day period such eligible employee shall participate in the Teachers' Retirement System of Oklahoma. If an eligible employee makes the election to participate in the alternate retirement plan such eligible employee shall not participate in the Teachers' Retirement System of Oklahoma nor make employee contributions to the Teachers' Retirement System of Oklahoma and the participating institution shall not make employer contributions to the Teachers' Retirement System of Oklahoma except as otherwise required by Section 17-201 et seq. of this title. If an eligible employee elects to participate in the Teachers' Retirement System of Oklahoma, then the eligible employee shall make employee contributions to the Teachers' Retirement System of Oklahoma and the participating institution shall pay the employer contributions of such eligible employee to the Teachers' Retirement System of Oklahoma for the month that the eligible employee was hired through the month that the election is made and as long as the eligible employee participates in the Teachers' Retirement System of Oklahoma.
B. An eligible employee who elects to participate in the alternate retirement plan shall be ineligible for participation in the Teachers' Retirement System of Oklahoma. Ineligibility to participate in the Teachers' Retirement System of Oklahoma shall continue so long as such eligible employee remains employed by a participating institution. If such eligible employee assumes a different position, which is governed by a state retirement system other than the alternate retirement plan authorized in Section 17- 201 et seq. of this title, the eligible employee shall be subject to the retirement system rules applicable to that new position.
However, such eligible employee shall not be eligible for service
credit in the Teachers' Retirement System of Oklahoma for service performed while participating in an alternate retirement plan. Added by Laws 2004, c. 385, § 6, eff. July 1, 2004. Amended by Laws 2017, c. 285, § 4, eff. Nov. 1, 2017.