Oklahoma Administrative Code Title 550 - Oklahoma Police Pension and Retirement System
Oklahoma Administrative Code Title 550 pertains to the Oklahoma Police Pension and Retirement System (OPPRS). This title outlines the administrative rules and regulations governing the system, which provides retirement, death, and disability benefits to municipal police officers in Oklahoma.
Here's a breakdown of the key areas covered by Title 550, based on the provided search results:
Key Provisions:
Administrative Operations (Chapter 1): This chapter covers general provisions, the organization of the Board of Trustees, petition procedures, collections and disbursements, and tax qualification compliance. It details the principal office, hours, communication procedures, and fees for record inspection.
Retirement and Pension Benefit Program (Chapter 10): This is a core chapter, establishing the rules for eligibility, calculation of benefits, and administration of retirement and disability benefits. It addresses physical-medical examination requirements and policies related to disability.
Vesting: Participants become vested after 10 years of credited service.
Normal Retirement: Generally, participants are eligible for normal retirement after 20 years of credited service, regardless of age.
Benefit Calculation: Monthly retirement benefits are typically calculated at 2.5% of the final average salary (average paid base salary over the highest 30 consecutive months of the last 60 months of credited service) multiplied by years of credited service, up to a maximum of 30 years.
Disability Benefits: Provisions exist for both in-line-of-duty and out-of-duty disability, with benefits calculated based on years of service and final average salary.
Oklahoma Police Deferred Option Plan (Chapter 15): This chapter details the Deferred Option Plan (DOP), which allows eligible participants to defer terminating employment and drawing retirement benefits for a period not exceeding 5 years. During this period, a separate account is established to which retirement benefits and a portion of employer contributions and interest are credited.
Purchase of Transferred Credited Service (Chapter 20): This chapter outlines the rules for purchasing service credit from other systems.
Investments (Chapter 25): This chapter covers the investment policies and strategies for the System's assets, emphasizing fiduciary duties to diversify investments and minimize risk.
Periods of Absence for Which a Member is Not Receiving Compensation (Chapter 30): This chapter addresses how periods of absence without compensation are handled in relation to credited service.
Where to find the full text:
You can typically find the full text of the Oklahoma Administrative Code, Title 550, through the following sources:
Oklahoma Secretary of State's Office of Administrative Rules website: This is the official source for the Oklahoma Administrative Code. You may need to navigate to the "View Code" section and select Title 550.
Legal information websites: Websites like Cornell Law School's Legal Information Institute (LII) and Justia often host state administrative codes, including Title 550.
Oklahoma Police Pension and Retirement System's official website (OPPRS): The OPPRS often provides links or direct access to the relevant administrative rules on their website, such as their "Administrative Rules" document.
It's important to note that while these sources provide the administrative code, it's always advisable to check for the most current version, as regulations can be amended.
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