The final contract for retirement becomes binding on the effective date shown on the contract, provided such date is valid under OAC 715:10-15-4, and shall be known as the effective retirement date. Any contract with an invalid effective retirement date in violation of OAC715:10-15-4 may be delayed or canceled by TRS as set out in that section. The contract may be revoked by the member, or the retirement plan changed, before the effective retirement date. Any change or revocation by the member must be in writing and either received by TRS or postmarked by the United States Postal Service prior to the effective retirement date. After the effective retirement date, the contract cannot be canceled by the member. After the effective retirement date, the retirement plan cannot be changed except as outlined in paragraphs one (1) and two (2) below. If the member elected the Option 2 or Option 3 retirement plan and the member's designated joint annuitant dies before the effective retirement date, the member may select another retirement plan without penalty. If a Maximum Plan of Retirement (hereafter referred to as the maximum plan) or Option 1 retiree should die during the month following the effective retirement date and before the first retirement benefit is due, any distribution to beneficiaries designated on the member's retirement contract shall be paid pursuant to OAC 715:10-9-1 and 715:10-9-2.

1. (1) After the effective retirement date, a member who elected a reduced benefit under Option 1, Option 2, Option 3 or Option 4 may make a one-time irrevocable election to change their retirement plan within sixty (60) days of the effective retirement date. The beneficiary or joint annuitant designated by the member at the time of retirement shall not be changed if the member makes the election provided for in this paragraph. Such election must be made in writing and received by TRS or postmarked by the United States Postal Service prior to the sixtieth day after the effective retirement date.
2. (2) A member who elected the maximum plan and marries after the retirement date, may make a one-time election to change to an Option 2 or Option 3retirement plan and name the member's spouse as the designated joint annuitant. The member shall provide proof of the member's good health before the Board of Trustees will permit a change to either the Option 2 or 3 retirement plan and the naming of a joint annuitant. A medical examination conducted by a licensed physician is required for purposes of determining good health. Such examination must be approved by the Medical Board. The member shall be required to provide proof of age for the new joint annuitant. The Board of Trustees shall adjust the monthly benefit to the actuarially equivalent amount based on the newly designated joint annuitant's age. Such election must be made in writing using the forms prescribed by TRS and received by TRS or postmarked by the United States Postal Service within one (1) year of the date of marriage.

<i>¹This emergency action expired before being superseded by a permanent action. Upon expiration of an emergency amendatory action, the last prior permanent text is reinstated. Therefore, on 7-15-99 (after the 7-14-99 expiration of the emergency action), the text of section 715:10-15-5 reverted back to the permanent text that was effective prior to enactment of the emergency action on 10-5-98, as was last published in the 1996 Edition of the OAC, and remained as such until amended by permanent action on 9-13-99.</i>

Amended at 16 Ok Reg 743, eff 10-5-98 through 7-14-99 (emergency)¹

Amended at 16 Ok Reg 3567, eff 9-13-99

Amended at 19 Ok Reg 2729, eff 7-11-02

Amended at 27 Ok Reg 2802, eff 7-20-10 (emergency)

Amended at 28 Ok Reg 981, eff 5-26-11

Amended at 36 Ok Reg 1255, eff 8-11-19

Amended at 41 Ok Reg, Number 23, effective 9-1-24

Amended at 42 Ok Reg, Number 22, effective 9-1-25