SB 1145 — Oklahoma Public Employees Retirement System; authorizing benefit increase for certain retired members. Effective dates.

3870 ENGROSSEDAn Act ENROLLED SENATE BILL NO.

Hall and Haste of the Senate and Caldwell (Trey), Kane, Blancett, Fugate, Hefner, Deck, Menz, Turner, Marti, Dollens, Wolfley, Manger, and MenzWaldron of the House 7 An Act relating to the Oklahoma Public Employees Retirement System;

BESUBJECT: IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Oklahoma Public Employees Retirement System BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

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(1) grant a benefit increase under the retirement system affected by the bill, (2) create an actuarial accrued liability for or increase the actuarial accrued liability of the retirement system affected by the bill, or ENGR.(3) increase the normal cost of the retirement system affected by the bill, c.

which authorizes the purchase by an active member of the retirement system, at the actuarial cost for the ENR.

3870 (3)purchase increaseas computed pursuant to the normalstatute costin effect on the effective date of the measure allowing such purchase, of years of service for purposes of reaching a normal retirement systemdate affectedin bythe applicable retirement system, but which cannot be used in order to compute the bill,number c.of years of service for purposes of computing the retirement benefit for the member, d.

which authorizes the purchase by an active member of the retirement system, at the actuarial cost for the purchase as computed pursuant to the statute in effect on the effective date of the measure allowing such purchase, of years of service for purposes of reaching a normal retirement date in the applicable retirement system, but which cannot be used in order to compute the number of years of service for purposes of computing the retirement benefit for the member, d.

of Title 74 of the Oklahoma Statutes for persons whose first elected or appointed service occurs on or after November 1, 2018, if such persons had any prior service in the Oklahoma Public Employees Retirement System prior to November 1, 2015, ENGR.f.

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(1) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Dollars ($1,000.00) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would not be less than sixty percent (60%) but not greater than eighty percent (80%) after the benefit increase is paid, (2) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Two Hundred Dollars ($1,200.00) and requiresENR. that the benefit may only be provided if the funded ratio of the affected retirement system would be greater than eighty percent (80%) but not greater than one hundred percent (100%) after the benefit increase is paid, (3) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One ENGR.

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3870 requires that the benefit may only be provided if the funded ratio of the affected retirement system would be greater than eighty percent (80%) but not greater than one hundred percent (100%) after the benefit increase is paid, (3) the lesser of two percent (2%) of the gross annual retirement benefit of the member or One Thousand Four Hundred Dollars ($1,400.00) and requires that the benefit may only be provided if the funded ratio of the affected retirement system would be greater than one hundred percent (100%) after the benefit increase is paid, or (4) the greater of two percent (2%) of the gross annual retirement benefit of the volunteer firefighter or One Hundred Dollars ($100.00) for persons who retired from the Oklahoma Firefighters Pension and Retirement System as volunteer firefighters and who did not retire from the Oklahoma Firefighters Pension and Retirement System as a paid firefighter.

ENGR.(1) Section 49-143.7 of Title 11 of the Oklahoma Statutes, (2) Section 50-136.9 of Title 11 of the Oklahoma Statutes, ENR.

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3870 (1) Section 49-143.7 of Title 11 of the Oklahoma Statutes, (2) Section 50-136.9 of Title 11 of the Oklahoma Statutes, (3) Section 1104K of Title 20 of the Oklahoma Statutes, (4) Section 2-305.12 of Title 47 of the Oklahoma Statutes, (5) Section 17-116.22 of Title 70 of the Oklahoma Statutes, (6) Section 930.11 of Title 74 of the Oklahoma Statutes, (7) Section 2 of this act, i.

ENGR.A nonfiscal retirement bill shall include any retirement bill that has as its sole purpose the appropriation or distribution or redistribution of monies in some manner to a retirement system for purposes of reducing the unfunded liability of such system or the earmarking of a portion of the revenue from a tax to a retirement system or increasing the percentage of the revenue earmarked from a tax to a retirement system;

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3870 A nonfiscal retirement bill shall include any retirement bill that has as its sole purpose the appropriation or distribution or redistribution of monies in some manner to a retirement system for purposes of reducing the unfunded liability of such system or the earmarking of a portion of the revenue from a tax to a retirement system or increasing the percentage of the revenue earmarked from a tax to a retirement system;

“Retirement bill” means any bill or joint resolution introduced or any bill or joint resolution amended by a member of theENR. Legislature which creates or amends any law directly affecting a retirement system.

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3870 the Legislature which creates or amends any law directly affecting a retirement system.