§ 70-17-116.19 — Teacher's Retirement System - Increase in benefits.

Oklahoma § 70-17-116.19

• Jurisdiction: Oklahoma
• Title 70: Schools

Text

A. Beginning July 1, 2004, any person receiving benefits from the Teacher’s Retirement System of Oklahoma as of June 30, 2003, who continues to receive benefits on or after July 1, 2004, shall receive a percentage increase in said benefits on July 1, 2004, as follows: Years of Service Monthly Benefit of the Retired Member as of June 30, 2004 Benefit Increase 20 years or more Less than $1,500.00 4.5% $1,500.00 to $2,500.00 4.0% Over $2,500.00 3.5% 15 to 19 years Less than $1,000.00 4.0% $1,000.00 to $2,000.00 3.5% Greater than $2,000.00 3.0% Less than 15 years Less than $801.00 3.5% $801.00 to $1,499.99 3.0% $1,500.00 or greater 2.5% B. Beginning in July 2004, those individuals receiving benefits pursuant to subsection (3) of Section 17-105 of Title 70 of the Oklahoma Statutes whose benefits commenced prior to July 1, 2003, shall receive an increase in benefits of four percent (4%).

Legislative History

Added by Laws 2004, c. 536, § 20, eff. July 1, 2004.