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 Oklahoma Administrative Code (Last Updated: March 11, 2021)
 TITLE 550. Oklahoma Police Pension and Retirement System
 Chapter 1. Administrative Operations
 Subchapter 7. Collections and Disbursements

  SECTION 550:1-7-2. Pension vouchers  

Latest version.
  • (a)   The monthly pension voucher, payable to members, eligible beneficiaries, alternate payees, or the member's estate shall be directly deposited on the last business day of the month. The monthly pension benefit will not be paid by the System until a personal depository agent is identified for direct deposit of the benefit.
    (b)   Upon the death of a member or eligible beneficiary, the monthly pension benefit shall be payable as follows:
    (1)   If the member dies during the month but not on the last day of the month and there is a beneficiary, the full monthly pension benefit for the month of the member's death shall be paid to the member's beneficiary upon proper application and approval by the Board.
    (2)   If the member dies during the month but not on the last day of the month and there is not a beneficiary, the full monthly pension benefit for the month of the member's death shall be paid to the member's estate.
    (3)   If the eligible beneficiary dies during the month but not on the last day of the month and there is another eligible beneficiary, the full monthly pension benefit for the month of the eligible beneficiary's death shall be paid to the other eligible beneficiary upon proper application and approval by the Board.
    (4)   If the eligible beneficiary dies during the month and there is not another eligible beneficiary, the full monthly pension benefit for the month of the eligible beneficiary's death shall be paid to the eligible beneficiary's estate.
    (c)   The deferred option voucher shall be mailed first class or transferred electronically through a System approved method as directed by the member, eligible beneficiaries, alternate payees, or member's estate.
[Source: Added at 12 Ok Reg 133, eff 9-30-94 (emergency); Added at 12 Ok Reg 2899, eff 7-13-95; Amended at 14 Ok Reg 1987, eff 5-27-97; Amended at 16 Ok Reg 2553, eff 7-1-99; Amended at 22 Ok Reg 979, eff 6-1-05; Amended at 23 Ok Reg 2798, eff 7-1-06; Amended at 26 Ok Reg 1318, eff 7-1-09; Amended at 32 Ok Reg 1266, eff 8-27-15]