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§47-2-307.7.


§47-2-307.7.
   
   A. A member of the Oklahoma Law Enforcement Retirement System who has
   ten (10) or more years of full-time-equivalent employment with a
   participating employer, and who is terminated by a state agency or
   other state governmental entity because the member's position is
   eliminated through a reduction-in-force after July 1, 1998, and is
   within three (3) years of a normal retirement date as defined in
   paragraph 7 of Section 2-300 of Title 47 of the Oklahoma Statutes may
   purchase termination credit of a period not to exceed the lesser of
   three (3) years or the number of years or months or both years and
   months required in order for the member to reach normal retirement
   date in the same period of time and with the same service credit which
   would have otherwise accrued if the termination had not occurred.
   
   B. In order to receive the termination credit authorized by this
   section, the member shall be required to file an election with the
   System indicating an intent to purchase the credit. The member shall
   have a period of six (6) months from the date the member is terminated
   as described in subsection A of this section within which to file the
   election.
   
   C. To purchase the termination credit, the member shall be required to
   make payment to the System of an amount equal to both the employer and
   employee contributions which would have been paid to the System based
   upon the actual paid base salary as defined in paragraph 8 of Section
   2-300 of Title 47 of the Oklahoma Statutes, which was received by the
   member in the last full month that the member was employed by the
   state agency or other state governmental entity multiplied by the
   number of months required in order for the combination of the
   participating service and member's age to equal the amount required
   for the member to reach normal retirement date with an unreduced
   benefit as if the member had not been terminated.
   
   D. The member must make full payment to the System of all required
   contribution amounts within sixty (60) days of filing the election to
   purchase the credit. The member must vest his or her benefits with a
   declared future retirement date as of the first month the member is
   eligible for normal retirement. Failure to make the full payment to
   the System of the required contribution amounts, for any reason,
   within the time prescribed, shall result in cancellation of the
   election provided pursuant to this section, and return of the purchase
   amount tendered, without interest.
   
   E. Purchased termination credit may only be used as service credit to
   qualify the member for normal retirement.
   
   F. If the member chooses to retire at any time prior to the member's
   normal retirement date or returns to employment with a participating
   employer of the System at any time prior to retirement, the purchase
   of termination credit pursuant to this section shall be void and the
   System will return the purchase amount tendered, without interest.
   
   G. In the event of the death of the member prior to retirement, the
   member's spouse, if otherwise eligible for benefits pursuant to
   Section 2-306 of Title 47 of the Oklahoma Statutes, may elect to
   receive benefits which include the termination credit on the member's
   declared future retirement date, or may elect to receive a return of
   the purchase amount tendered, without interest.
   

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