A. The provisions of this section shall not be operative and no payments shall be made from the Oklahoma National Guard Supplemental Retirement Pay Revolving Fund created in Section 19 of this act until November 1, 2027. B. The provisions of this section shall only be applicable to a member of the Oklahoma National Guard who has accrued enough service credit prior to the effective date of this act in order to retire from the system maintained by the Defense Finance and Accounting Service, or its successor in interest, for the benefit of members of state National Guards, but who has not attained the required age prior to the effective date of this act in order to be paid the full amount of such benefit. No member of the Oklahoma National Guard shall be eligible to receive a payment pursuant to the provisions of this section unless the member has completed twenty-five (25) years of military service and retires as a member of the Oklahoma National Guard. C. The provisions of this section shall not be applicable to any person who retires with an active duty military pension. D. The amount of the payment shall be determined as follows: 1. Determine the amount of retirement the member would receive if the member had reached the age to accrue federal retirement benefits; 2. If the members of the active duty military retirement system were eligible for a cost-of-living adjustment for the year for which the computation of the payment amount authorized by this section is to be made, the cost-of-living adjustment amount in an annualized form shall be added to the result of the computation in paragraph 1 of this subsection each year; and 3. The resulting amount shall be paid to the Oklahoma National Guard member in twelve (12) equal monthly amounts with allowance as required for rounding. E. Any benefit payable to an eligible member of the Oklahoma National Guard shall only be payable during the member's lifetime, and no benefit authorized pursuant to the provisions of this section shall be payable to a beneficiary other than amounts paid to a member prior to the member's death which are payable to another person pursuant to the provisions of a joint tenancy bank account with a right of survivorship naming a person or persons as beneficiary, a bank account with a transfer on death or payable on death feature, an express trust, including, but not limited to, a trust created by the payee member during his or her lifetime, a will or the statute of intestate succession for distribution of the assets of a person who does not otherwise provide for the disposition of his or her assets after death. F. The payment otherwise authorized pursuant to the provisions of this act may only be made to a person who has become eligible to receive retirement benefits from the retirement system under the supervision of the Defense Finance and Accounting Service, or its successor in interest, as of the date the first payment pursuant to this act is authorized. G. The payments authorized by this section shall be paid to the eligible member until the member begins to receive federal retirement benefits from the Defense Finance and Accounting Service, or its successor in interest, but shall not be paid for any period of time after such time period. H. In the event the funds required for full payment to all eligible members pursuant to the provisions of this section are not sufficient, the payments to the eligible members shall be prorated by dividing the total number of eligible members by the total amount of available funds. The resulting quotient shall be multiplied by the payment amount otherwise due to the eligible member and the result of that computation shall be the reduced dollar amount paid to each member for the applicable period. For any period of time during which payments are prorated pursuant to this subsection, the next increment of available funds shall be used to make payments to the eligible members whose payment amounts were prorated to compensate for the reduction made in the prior payment period.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.