SECTION 715:10-9-1. Return of contributions when death occurs before retirement

  Upon the death of a member, who has not retired, the designated beneficiary on file with TRS prior to the member's death, or estate (if there is no designated beneficiary, or if the designated beneficiary predeceases the member) shall receive the member's total contributions, plus one hundred percent (100%) of all interest earned through the end of the fiscal year. Interest shall cease to accumulate with the payment of any portion of the member's contributions and interest to any beneficiary. Interest on death claims shall be calculated according to the following schedule:

(1)   July 1, 1968, through June 30, 1977, four and one-half percent (4 1/2%), compounded annually.

(2)   July 1, 1977, through June 30, 1981, seven percent (7), compounded annually.

(3)   July 1, 1981, through June 30, 2019, eight percent (8%), compounded annually.

(4)   July 1, 2019 to present, seven and one-half percent (7 1/2%), compounded annually.See OAC 715:10-9-7, if the member and beneficiary were divorced before death.

[Source: Amended at 17 Ok Reg 204, eff 9-8-99 (emergency); Amended at 17 Ok Reg 3071, eff 7-13-00; Amended at 19 Ok Reg 2729, eff 7-11-02; Amended at 36 Ok Reg 1255, eff 8-11-19]