Retirement Benefits to Employees generally.
Oklahoma City Municipal Code § 40-65
in effect§ 40-65. - Retirement Benefits to Employees generally.
(a) Prior to July 1, 1980, there shall be paid monthly to a Participant who is eligible to retire basic Retirement Benefits equal to 40 percent of his/her Average Final Compensation, plus any supplemental payment for which the Participant might be eligible under Section 40-65(c). In no event shall this basic retirement benefit exceed $500.00 per month nor shall the supplement exceed the amount of $125.00 per month for Participants retiring on or before June 30, 1980; however, on July 1, 1980, and thereafter there shall not be a maximum limit on basic or supplemental Retirement Benefits.
(b) On or after July 1, 1980, but prior to December 1, 1997, a Participant who has served ten or more years but less than 20 years shall be entitled to receive annual Retirement Benefits payable monthly calculated based on two percent of his/her Average Final Compensation, as defined in Section 40-51(2), for each full year of service, which amount shall be subject to a reduction of four percent of the Retirement Benefits for each full year or a portion of a year in which payments are begun prior to his/her Normal Retirement Age.
(c) Supplemental benefit. There shall be added as a supplement to the Retirement Benefits of each Participant an amount equal to one percent of his/her Average Final Compensation for each complete year in excess of 20 years served with the City, up to a maximum of 20 percent of his/her Average Final Compensation. This supplemental benefit shall be prospective and apply only to those individuals applying for Retirement Benefits on or after June 18, 1991 but before December 1, 1997.
(d) On or after December 1, 1997, but prior to March 1, 2001, any Participant who has served ten and up to and including 20 years shall be entitled to receive annual Retirement Benefits, payable monthly, with calculations based on two percent of his/her Average Final Compensation, as defined in Section 40-51(2), for each year of service (treating each whole month of service as one-twelfth of two percent), which amount shall be subject to a reduction of four percent of the Retirement Benefits for each full year or a portion of a year in which payments are begun prior to his/her Normal Retirement Age.
(e) On or after December 1, 1997, but prior to March 1, 2001, any Participant who has served more than 20 years shall be credited with a supplement to his/her Retirement Benefits in an amount equal to one percent for each whole year of service in excess of 20 (treating each whole month of service as one-twelfth of one percent) of his/her Average Final Compensation, as defined in Section 40-51(2), up to a maximum of 20 percent of his/her Average Final Compensation. The supplemental benefit, along with the amount calculated under Section 40-65(d), which amount shall be subject to a reduction of four percent of the Retirement Benefits for each full year or a portion of a year in which payments are begun prior to his/her Normal Retirement Age.
(f) On or after March 1, 2001, any Participant who has served five or more years shall be entitled to receive annual Retirement Benefits, payable monthly, with calculations based on two percent of his/her Average Final Compensation, for each year of service up to a maximum of 100 percent of his/her Average Final Compensation, treating each whole month of service as one-twelfth of two percent as defined in section 40-51(2), with said amount then subject to a reduction of four percent of the Retirement Benefits for each full year or a portion of a year in which payments are begun prior to his/her Normal Retirement Age.
(g) If the requirements of Section 40-88 are satisfied, a Participant who, by reason of Retirement, is separated from service as a public safety officer with the City, may elect to have payment made directly to the provider for qualified health insurance premiums by deduction from his or her monthly Retirement Benefits, after December 31, 2006, in accordance with Code Section 402(l). For distributions made after December 29, 2022, the election provided for under Code Section 402(l) may be made whether payment of the premiums is made directly to the provider of the accident or health plan or qualified long-term care insurance contract by deduction from a distribution from the System or is made to the Participant.
(Ord. No. 21916, § 2, 2-12-02; Ord. No. 23463, § 2, 10-9-07; Ord. No. 27456, § 2, 11-7-23; Ord. No. 27732, § 2, 11-19-24)
Source: City of Oklahoma City, Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/ok/oklahoma_city/codes/code_of_ordinances?nodeId=OKMUCO2020_CH40PERESY_ARTIIIPERE_DIV1EMREPR_PTBGEPR_S40-65REBEEMGEFetched: 10/28/2026