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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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