Directs the Firefighters' Retirement System to form a committee to study issues related to allowing employees of private entities to participate in the system
Impact
The bill signifies a shift towards potentially broadening the membership base of the Firefighters' Retirement System. By allowing private employees to join, it could lead to changes in how the system operates and is funded. This could affect the financial sustainability and viability of the retirement system, as integrating private entities may introduce complexities regarding contributions, governance, and benefits compatibility with existing members. The findings of the committee will likely establish a framework for any future legislative actions regarding these recommendations.
Summary
House Resolution 166 directs the Firefighters' Retirement System to establish a committee tasked with studying the potential inclusion of employees from private nonprofit or quasi-governmental entities as members of the retirement system. Historically, there have been inquiries regarding the authority of these employees to participate, prompting the need for a dedicated review of the matter. This committee will investigate the implications of such inclusion, especially in terms of ownership interests, liabilities in bankruptcy, and overall operational integrity within the retirement system.
Sentiment
The sentiment surrounding HR166 appears to be cautiously optimistic, as stakeholders recognize the necessity of addressing requests from private entities while also emphasizing the importance of thorough legislative review. Supporters may see the potential for enhanced collaboration between different sectors, promoting inclusivity within the retirement framework. However, there are apprehensions regarding the complexities of such changes and ensuring that the integrity and benefits of the existing firefighter members remain intact.
Contention
Potential points of contention revolve around the implications of permitting private sector employees in a historically public retirement system. Critics may argue that such a move could dilute the benefits for current members and complicate the retirement system's governance. Additionally, there may be concerns regarding the transparency and accountability of the proposed committee, particularly in how it will manage the intersection of public retirement benefits with private sector employment considerations. The study's outcomes may highlight significant legal and financial challenges that could arise from this expansion.
Directs the Firefighters' Retirement System to form a committee to study issues related to allowing employees of private entities to participate in the system
Provides relative to the administration and participation in the Deferred Retirement Option Plan for the Firefighters' Retirement System (EN SEE ACTUARIAL NOTE APV)
Requests the Firefighters' Retirement System to study the feasibility of merging members of the New Orleans Firefighters' Pension and Relief Fund hired after a certain date into the system
Public retirement systems; cost-of-living increases; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date.
AN ACT relating to optional retirement benefits for hazardous duty employees participating in the County Employees Retirement System's hybrid cash balance plans.