Beginning July 1, 1996, a member who has any creditable service as an employee of an entity or institution within The Oklahoma State System of Higher Education on or after July 1, 1995, who retires on or after the member's normal retirement age or whose retirement is because of disability shall receive an annual allowance for life, payable monthly, as follows:

1. 1. If the member becomes a member after June 30, 1995, and was not eligible to become a member prior to July 1, 1995, in an amount equal to:

   1. a. two percent (2%) of the member's salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed on or after July 1, 1995, but not later than June 30, 1996, plus
   2. b. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed for a comprehensive university on or after July 1, 1996, plus
   3. c. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed for an employer other than a comprehensive university or for service performed for an employer other than an entity or institution within The Oklahoma State System of Higher Education on or after July 1, 1996, but not later than June 30, 2001, plus
   4. d. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed on or after July 1, 2001.

2. 2. If the member became a member or is eligible to become a member prior to July 1, 1995, and elected to have a maximum compensation level in excess of Twenty-five Thousand Dollars ($25,000.00) pursuant to paragraph 1 of subsection C of Section 17-116.2 of Title 70 of the Oklahoma Statutes or pursuant to subsection E of Section 17-116.2 of Title 70 of the Oklahoma Statutes, or if the member's salary has never exceeded Twenty-five Thousand Dollars ($25,000.00) prior to July 1, 1995, in an amount equal to:

   1. a. two percent (2%) of the member's average salary upon which member contributions were made, not to exceed Forty Thousand Dollars ($40,000.00), multiplied by the number of the member's years of credited service authorized and performed prior to July 1, 1995, plus any years of prior service authorized under this title, plus

   2. b. two percent (2%) of the member's salary upon which member contributions were made, not to exceed the maximum compensation level in effect for the member for the period July 1, 1995, through June 30, 1996, which shall be:

      1. (1) Forty-four Thousand Dollars ($44,000.00), if the member was subject to this maximum compensation level pursuant to paragraph 3 of subsection A of Section 17-116.2 of Title 70 of the Oklahoma Statutes and does not modify the maximum compensation level, or
      2. (2) Forty-nine Thousand Dollars ($49,000.00), if a member employed by a comprehensive university makes the election authorized by subsection A of Section 4 of this act and payment of contributions is made as required by law, or
      3. (3) the full amount of regular annual compensation if a member employed by an entity or institution within The Oklahoma State System of Higher Education, other than a comprehensive university, makes the election authorized by subsection B of Section 4 of this act and payment of contributions is made as required by law, plus

   3. c. two percent (2%) of the member's salary upon which member contributions were made not to exceed the following amounts for members who, as of June 30, 1995, had elected to contribute upon compensation in excess of Twenty-five Thousand Dollars ($25,000.00):

      1. (1) Forty-nine Thousand Dollars ($49,000.00) for service authorized and performed for a comprehensive university on or after July 1, 1996, but not later than June 30, 1997,
      2. (2) Fifty-four Thousand Dollars ($54,000.00) for service authorized and performed for a comprehensive university on or after July 1, 1997, but not later than June 30, 1998,
      3. (3) Fifty-nine Thousand Dollars ($59,000.00) for service authorized and performed for a comprehensive university on or after July 1, 1998, but not later than June 30, 2000,
      4. (4) Sixty-four Thousand Dollars ($64,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2000, but not later than June 30, 2001,
      5. (5) Sixty-nine Thousand Dollars ($69,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2001, but not later than June 30, 2002,
      6. (6) Seventy-four Thousand Dollars ($74,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2002, but not later than June 30, 2003,
      7. (7) Seventy-nine Thousand Dollars ($79,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2003, but not later than June 30, 2004,
      8. (8) Eighty-four Thousand Dollars ($84,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2004, but not later than June 30, 2005,
      9. (9) Eighty-nine Thousand Dollars ($89,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2005, but not later than June 30, 2006, and
      10. (10) Ninety-four Thousand Dollars ($94,000.00) for service authorized and performed for a comprehensive university on or after July 1, 2006, but not later than June 30, 2007, plus
   4. d. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed for an employer other than a comprehensive university or for service performed for an employer other than an entity or institution within The Oklahoma State System of Higher Education on or after July 1, 1996, but not later than June 30, 2007, plus
   5. e. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed for a comprehensive university on or after July 1, 1996, but not later than June 30, 2007, if the member terminates service with a comprehensive university and is subsequently re-employed by a comprehensive university, plus
   6. f. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed after June 30, 2007.

3. 3. If the member became a member or is eligible to become a member prior to July 1, 1995, and was eligible to elect to have a maximum compensation level in excess of Twenty-five Thousand Dollars ($25,000.00) and did not elect or elected not to have a maximum compensation level of Forty Thousand Dollars ($40,000.00) pursuant to paragraph 1 of subsection C of Section 17-116.2 of Title 70 of the Oklahoma Statutes or pursuant to subsection E of Section 17-116.2 of Title 70 of the Oklahoma Statutes, in an amount equal to:

   1. a. two percent (2%) of the member's average salary upon which member contributions were made, not to exceed Twenty-five Thousand Dollars ($25,000.00), multiplied by the number of the member's years of credited service authorized and performed prior to July 1, 1995, plus any years of prior service authorized under this title, plus

   2. b. two percent (2%) of the member's salary upon which member contributions were made, not to exceed the maximum compensation level in effect for the member for the period July 1, 1995, through June 30, 1996, which shall be:

      1. (1) Twenty-seven Thousand Five Hundred Dollars ($27,500.00), if the member was subject to this maximum compensation level pursuant to paragraph 3 of subsection A of Section 17-116.2 of Title 70 of the Oklahoma Statutes and does not modify the maximum compensation level, or
      2. (2) Thirty-two Thousand Five Hundred Dollars ($32,500.00) if a member employed by a comprehensive university makes the election authorized by subsection A of Section 4 of this act and payment of contributions is made as required by law, or
      3. (3) the full amount of regular annual compensation if a member employed by an entity or institution within The Oklahoma State System of Higher Education, other than a comprehensive university, makes the election authorized by subsection B of Section 4 of this act and payment of contributions is made as required by law, plus

   3. c. two percent (2%) of the member's salary upon which member contributions were made, not to exceed the following amounts for members who, as of June 30, 1995, had elected not to contribute upon compensation in excess of Twenty-five Thousand Dollars ($25,000.00):

      1. (1) Thirty-two Thousand Five Hundred Dollars ($32,500.00) for service authorized and performed for a comprehensive university on or after July 1, 1996, but not later than June 30, 1997,
      2. (2) Thirty-seven Thousand Five Hundred Dollars ($37,500.00) for service authorized and performed for a comprehensive university on or after July 1, 1997, but not later than June 30, 1998,
      3. (3) Forty-two Thousand Five Hundred Dollars ($42,500.00) for service authorized and performed for a comprehensive university on or after July 1, 1998, but not later than June 30, 2000,
      4. (4) Forty-seven Thousand Five Hundred Dollars ($47,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2000, but not later than June 30, 2001,
      5. (5) Fifty-two Thousand Five Hundred Dollars ($52,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2001, but not later than June 30, 2002,
      6. (6) Fifty-seven Thousand Five Hundred Dollars ($57,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2002, but not later than June 30, 2003,
      7. (7) Sixty-two Thousand Five Hundred Dollars ($62,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2003, but not later than June 30, 2004,
      8. (8) Sixty-seven Thousand Five Hundred Dollars ($67,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2004, but not later than June 30, 2005,
      9. (9) Seventy-two Thousand Five Hundred Dollars ($72,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2005, but not later than June 30, 2006, and
      10. (10) Seventy-seven Thousand Five Hundred Dollars ($77,500.00) for service authorized and performed for a comprehensive university on or after July 1, 2006, but not later than June 30, 2007, plus
   4. d. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed for an employer other than a comprehensive university or for service performed for an employer other than an entity or institution within The Oklahoma State System of Higher Education on or after July 1, 1996, but not later than June 30, 2007, plus
   5. e. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed for a comprehensive university on or after July 1, 1996, but not later than June 30, 2007, if the member terminates service with a comprehensive university and is subsequently re-employed by a comprehensive university, plus
   6. f. two percent (2%) of the member's average salary upon which member contributions were made, multiplied by the number of the member's years of credited service authorized and performed after June 30, 2007.

Laws 1996, SB 832, c. 359, § 5, emerg. eff. July 1, 1996; Amended by Laws 1999, SB 602, c. 105, § 2, emerg. eff. July 1, 1999 (superseded document available).