§47-2-305.2.

§47-2-305.2.
   
   A. In lieu of terminating employment and accepting a service
   retirement pension pursuant to Section 2-305 of Title 47 of the
   Oklahoma Statutes, any member of the Oklahoma Law Enforcement
   Retirement System who has not less than twenty (20) years of
   creditable service and who is eligible to receive a service retirement
   pension may elect to participate in the Oklahoma Law Enforcement
   Deferred Option Plan and defer the receipts of benefits in accordance
   with the provisions of this section.
   
   B. For purposes of this section, creditable service shall include
   service credit reciprocally recognized pursuant to Sections 2-300
   through 2-305.1 of Title 47 of the Oklahoma Statutes but for
   eligibility purposes only.
   
   C. The duration of participation in the Oklahoma Law Enforcement
   Deferred Option Plan for a member shall not exceed five (5) years. At
   the conclusion of a member's participation in the Oklahoma Law
   Enforcement Deferred Option Plan, the member shall terminate
   employment with all state law enforcement agencies as an officer, and
   shall start receiving the member's accrued monthly retirement benefit
   from the System.
   
   D. When a member begins participation in the Oklahoma Law Enforcement
   Deferred Option Plan, the contribution of the employee shall cease.
   The employer contributions shall continue to be paid in accordance
   with Section 2-304 of Title 47 of the Oklahoma Statutes. Employer
   contributions for employees who elect the Oklahoma Law Enforcement
   Deferred Option Plan shall be credited equally to the Oklahoma Law
   Enforcement Retirement System and to the Oklahoma Law Enforcement
   Deferred Option Plan. The monthly retirement benefits that would have
   been payable had the member elected to cease employment and receive a
   service retirement shall be paid into the Oklahoma Law Enforcement
   Deferred Option Plan account.
   
   E. 1. A member who participates in this plan shall be eligible to
   receive cost of living increases.
   
   2. A member who participates in this plan shall earn interest at a
   rate of two percentage points below the rate of return of the
   investment portfolio of the System, but no less than the actuarial
   assumed interest rate as certified by the actuary in the yearly
   evaluation report of the actuary. The interest shall be credited to
   the individual account balance of the member on an annual basis.
   
   F. A participant in the Oklahoma Law Enforcement Deferred Option Plan
   shall receive, at the option of the participant:
   
   1. A lump sum payment from the account equal to the option account
   balance of the participant, payable to the participant;
   
   2. A lump sum payment from the account equal to the option account
   balance of the participant, payable to the annuity provider which
   shall be selected by the participant as a result of the research and
   investigation of the participant; or
   
   3. Any other method of payment if approved by the Board.
   
   G. If the participant dies during the period of participation in the
   Oklahoma Law Enforcement Deferred Option Plan, a lump sum payment
   equal to the account balance of the participant shall be paid in
   accordance with Section 2-306.3 of Title 47 of the Oklahoma Statutes.
   
   H. The Oklahoma Law Enforcement Deferred Option Plan shall not be
   implemented until October 1, 1990, or when the Board obtains a ruling
   from the Internal Revenue Service which affirmatively states that said
   plan shall be treated as a qualified plan for federal income tax
   purposes, which ever comes last.