SB 134 — Oklahoma Public Employees Retirement System; modifying separation period for retired member prior to reemployment. Effective date.

1056 SENATEENGROSSED FLOOR VERSION February 17, 2026 3 SENATE BILL NO.

Frix of the Senate and Bashore of the House 75 An[ Act relating to the Oklahoma Public Employees Retirement System;System - retirement provisions - separation period - effective date ] 9 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

amending 74 O.S.

2021, Section 914, which relates to retirement provisions;

updating statutory reference;

updating statutory language;

modifying separation period for employee prior to rehiring with participating employer;

and providing an effective date.

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

The normal retirement date for a member of the Oklahoma Public Employees Retirement System shall be as defined in Section 902 of this title, provided members employed on or after January 1, 1983, shall have six (6) or more years of full-time- equivalent employment with a participating employer before receiving any retirement benefits or, if the member is a legislative session employee of the Legislature, shall have three (3) or more years of full-time-equivalent employment with a participating employer before SENATEreceiving FLOORany VERSIONretirement -benefits. SB134 SFLR Page 1 (Bold face denotes Committee Amendments) RBS No.

1056 receiving any retirement benefits.

ENGR.

S.

NO.

134 Page 1 RBS No.

1056 B.

The participating employer shall provide the System with the following information for a retiring member, no later than the SENATEfifteenth FLOORday VERSIONof -the SB134month SFLRof Pageretirement: 2 (Bold face denotes Committee Amendments) RBS No.

1056 fifteenth day of the month of retirement:

Failure to submit this information by the deadline, or errors in submitted information that result in a disqualification of retirement eligibility, shall be the responsibility of the participatingENGR. employer.

S.

B.

NO.

134 Page 2 RBS No.

1056 participating employer.

If a retiree should be elected or appointed to any position or office for which compensation for service is paid from levies or taxes imposed by the state or any political subdivision thereof, the retiree shall not receive any retirement benefit for any month for which the retiree serves in such position or office after the retiree has received compensation in a sum equal to the amount allowable as wages or earnings by the Social Security Administration SENATEin FLOORany VERSIONcalendar -year. SB134 SFLR Page 3 (Bold face denotes Committee Amendments) RBS No.

1056 in any calendar year.

Provided, further, that any participatingENGR. employer who is employing such a retiree shall make proper written notification to the System informing it of the beginning date of such retiree’s employment and the date such retiree reaches the maximum compensation allowed by this section in the calendar year.

S.

B.

NO.

134 Page 3 RBS No.

1056 participating employer who is employing such a retiree shall make proper written notification to the System informing it of the beginning date of such retiree’s employment and the date such retiree reaches the maximum compensation allowed by this section in the calendar year.

However, the post-retirement service credit shall be cumulative, beginning with service credit accrued after the SENATEdate FLOORof VERSIONretirement, -provided SB134that SFLRthe Pageretiree 4has (Boldnot facereceived denotesa Committeedistribution Amendments)of RBSthe No.post-retirement contributions.;

1056 date of retirement, provided that the retiree has not received a distribution of the post-retirement contributions.;

If such an election is made and reemployment is for a minimumENGR. period of thirty-six (36) consecutive months, all service accumulated from date of reemployment shall be participating service.

S.

B.

NO.

134 Page 4 RBS No.

1056 minimum period of thirty-six (36) consecutive months, all service accumulated from date of reemployment shall be participating service.