2018 Oklahoma Statutes
Title 70. Schools
§70-17-107. Disposition of interest.

Universal Citation: 70 OK Stat § 70-17-107 (2018)

The interest earned on the investments in the Teachers' Retirement System of Oklahoma shall be credited in the following manner:

1. money on deposit in the Teachers' Deposit Fund or Tax-Sheltered Annuity Fund shall be credited with interest annually compounded;

2. there shall be deducted from the annual interest on investments an amount necessary for the amortization of bonds purchased and owned by the Teachers' Retirement System of Oklahoma;

3. there shall be deducted from the annual interest on investments an amount of money necessary for the operation of the Teachers' Retirement System of Oklahoma; and

4. any residue remaining in the Interest Fund after the requirements of paragraphs 1 through 3 of this section have been fully met shall be used for the purpose of paying retirement benefits to the retirees of the Teachers' Retirement System of Oklahoma and transferred to the Retirement Benefit Fund; the interest income shall be distributed to the various funds on June 30 each year.

Added Laws 1969, c. 157, § 7. Amended by Laws 1970, c. 176, § 4, operative Aug. 2, 1970; Laws 1974, c. 246, § 2, operative July 1, 1974; Laws 1975, c. 353, § 2, operative July 1, 1975; Laws 1980, c. 270, § 1, eff. July 1, 1980; Laws 1982, c. 227, § 5, emerg. eff. May 4, 1982; Laws 1983, c. 6, § 3, emerg. eff. Feb. 24, 1983; Laws 1986, c. 131, § 19, July 1, 1986; Laws 1988, c. 321, § 30, operative July 1, 1988.

Disclaimer: These codes may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.