SECTION 590:10-3-10. Incentive credit

(a)   Pursuant to 74 O.S. §913(b) certain eligible members of the System may purchase up to two (2) full years of incentive credit at actuarial value. Incentive credit may be used as participating service or addition to age.

(b)   Those eligible to purchase incentive credit include the following:

(1)   Employees who are eligible for normal or early retirement because of age or are within two (2) years of reaching normal or early retirement age;

(2)   members who have accumulated at least 78 points toward the Rule of 80, and/or members who have accumulated at least 88 points towards the Rule of 90;

(3)   elected officials who are eligible for normal or early retirement because of age or are within two (2) years of reaching normal or early retirement age; and

(4)   Hazardous Duty Members who are eligible for normal or early retirement because of age or are within two (2) years of reaching normal or early retirement age, or to qualify for the Rule of 80 or 90. Hazardous Duty Members are not eligible to purchase incentive credit to qualify for retirement pursuant to the twenty (20) years of full-time-equivalent employment requirement.

(c)   Incentive creditcannot be used as full time equivalent employment. Members must have at least four (4) years of the required six (6) years of full time equivalent employment in order to be eligible for this purchase and must accrue six (6) years of full time equivalent employment prior to retirement.

(d)   Members must be active and participating at the time of purchase or at the time of the transfer pursuant to subsection (f) of this section.

(e)   This purchase may be amortized over sixty (60) months as provided for in 590:10-3-9.

(f)   Eligible members purchasing incentive credit pursuant to this section may transfer a participating service purchase to an addition to age purchase or an addition to age purchase to a participating service purchase. This transfer applies to purchases already made by an eligible member or to purchases currently being made through installment payments pursuant to 590:10-3-9. Full or partial installment payments made pursuant to this section shall not be refundable under any circumstances. Transferring an incentive purchase to another incentive purchase pursuant to this paragraph may not result in an equal transfer.

[Source: Added at 12 Ok Reg 3237, eff 7-27-95; Amended at 20 Ok Reg 1750, eff 6-12-03; Amended at 21 Ok Reg 1759, eff 6-11-04; Amended at 24 Ok Reg 1135, eff 5-11-07; Amended at 29 Ok Reg 49, eff 9-28-11 (emergency); Amended at 29 Ok Reg 498, eff 5-11-12; Amended at 31 Ok Reg 2314, eff 9-12-14]