(a) Retirement. Under rules of the Oklahoma Public Employees Retirement System (OPERS) at OAC 590:10, an employee is eligible to begin receiving normal monthly retirement benefits on the first day of the month coinciding with or following the employee's 62nd birthday, regardless of their number of years of creditable service.
- (1) Any employee hired on or after January 1, 1983 must have six or more years of full-time equivalent employment with a participating employer before receiving retirement benefits.
- (2) An employee may retire early with reduced benefits any time after attaining age 55 provided the employee has ten years of participating service.
(b) Rule of 80. An employee is eligible for normal retirement benefits when the sum of the employee's age and number of years of credited service equals 80. Employees who enroll in OPERS on or after July 1, 1992 are required to have 90 points, rather than 80, or be age 62 in order to qualify for normal retirement benefits.
(c) Disability retirement. An employee who must terminate employment due to health problems may be entitled to monthly disability retirement benefits. The employee must be:
- (1) certified by the Social Security Administration as disabled within one year after the employee's last date physically on the job; and
- (2) have eight years of creditable service.
(d) Application for retirement. The employee contacts the Finance Division Payroll Unit for an application to retire at least three months prior to the effective date of retirement. Contact may be by telephone, by e-mail, or in writing.
- (1) Receipt of a completed application is acknowledged in writing by the Payroll Unit.
- (2) Once a retirement is acknowledged in writing, it is not be postponed or canceled without approval of the Director, appropriate chief officer, or division director.
(e) Unused annual leave at retirement. Payment for the employee's total unused annual leave, within the 240-hour and 480-hour limitations, is made to the employee on a terminal payroll following the payroll period of separation.
(f) Retirement information. Additional information is available at OPERS Employment Retirement System, http://www.opers.state.ok.us.