OK SB1662

Allows members of the Teachers' Retirement System of Oklahoma who retire after the effective date of this act to make a one-time irrevocable election to select a different retirement benefit option within 60 days of their retirement date.

The beneficiary designated at the time of retirement cannot be changed if the member exercises this one-time election option.

Applies to members who have selected a retirement allowance for a reduced amount payable under any of the available retirement options.

The one-time election must occur within 60 days of the member's retirement date and is irrevocable once made.