SECTION 610:25-27-8. Fiscal limitations of the program

(a)   If insufficient funds are available for employment incentive payments to qualified persons during any fiscal year, the Chancellor may make reductions in the payments made to those qualifying. [70 O.S. §698.3(D)].

(b)   Each year the benefit to all eligible teachers will be determined on, or as of June 30, for the group of teachers that achieved eligibility for TSEIP benefits (having satisfied all program requirements) by the end of that school year. If, in any given year, funds are not available for lemployment incentive payments at the maximum amount, due to a reduction in employment incentive payments as determined by the Chancellor, the amount to be disbursed to all eligible participants will be reduced uniformly. Upon distribution of that amount, the obligation of the program to those eligible teachers shall be satisfied. The foregoing is true even if no funds are available for disbursement.

[Source: Added at 18 Ok Reg 2773, eff 6-25-01; Amended at 18 Ok Reg 3559, eff 8-8-01 (emergency); Amended at 19 Ok Reg 248, eff 10-23-01 (emergency); Amended at 19 Ok Reg 1503, eff 5-28-02]