A. Members of the Oklahoma Employment Security Commission Retirement Plan may decide individually to transfer from the Oklahoma Employment Security Commission Retirement Plan to the Oklahoma Public Employees Retirement System. Any such decision shall be made prior to August 15, 1987. The decision shall be made upon forms obtained from the Oklahoma Public Employees Retirement System. Prior to September 1, 1988, the Oklahoma Employment Security Commission shall certify to the Oklahoma Public Employees Retirement System, the names and periods of credited service for those persons deciding to transfer. In addition the Oklahoma Employment Security Commission may purchase additional periods of credited service for any of its employees who are members of the Oklahoma Public Employees Retirement System.

B. Any person that makes the decision to transfer pursuant to the provisions of subsection A of this section, beginning November 1, 1987, shall cease being a member of the Oklahoma Employment Security Commission Retirement Plan and shall commence being a member of the Oklahoma Public Employees Retirement System. On November 1, 1987, the Oklahoma Employment Security Commission shall transfer to the Oklahoma Public Employees Retirement System for each person deciding to transfer and for each employee who is currently a member of the Oklahoma Public Employees Retirement System for whom extra credited service is to be purchased an amount equal to the employer and employee contributions which would have been paid for such credited service had the person been a member of the Oklahoma Public Employees Retirement System at the time of accrual of such credited service, plus five percent (5%) simple interest to date of transfer.

C. Upon the payment of the employee and employer contribution, service accrued by the person while a member of the Oklahoma Employment Security Commission Retirement Plan shall be treated as credited service in the Oklahoma Public Employees Retirement System.

D. On January 1, 1988, the Oklahoma Employment Security Commission shall return to those persons transferring to the Oklahoma Public Employees Retirement System, any employee contributions made by the person which are not required to be transferred to the Oklahoma Public Employee Retirement System.

E. The Oklahoma Employment Security Commission is authorized to establish a plan of voluntary early retirement for its employees, utilizing any funds in its independent retirement system in excess of those amounts necessary to ensure its actuarial soundness. Such plan may require employees' contributions as determined by the Commission. Prior to January 1, 1991, the Commission may acquire additional credited service for its employees in the Oklahoma Public Employees Retirement System at full actuarial value; provided, however, effective January 1, 1991, to acquire additional credited service for its employees in the System, the employee shall pay the amount determined by the Board pursuant to Section 39 of this act.

Added by Laws 1986, c. 81, § 2, emerg. eff. April 3, 1986. Amended by Laws 1987, c. 236, § 182, emerg. eff. July 20, 1987; Laws 1990, c. 340, § 34, eff. July 1, 1990.