Oklahoma 2023 Regular Session

Oklahoma House Bill HB2232

Introduced
2/6/23  

Caption

Public finance; Oklahoma Pension Legislation Actuarial Analysis Act; definitions; effective date.

Impact

The enactment of HB2232 would significantly affect state laws regarding the management of public pension funds. By establishing standardized definitions and requirements for actuarial analyses, it intends to create a more consistent framework for evaluating the financial status of these funds. This predictability could help policymakers make more informed decisions when it comes to funding and managing pension obligations, ensuring that the state can honor its commitments to retirees and public employees.

Summary

House Bill 2232, known as the Oklahoma Pension Legislation Actuarial Analysis Act, addresses the management and analysis of public pension funds in Oklahoma. The bill seeks to enhance the understanding and oversight of pension liabilities by providing a clearer definition of actuarial terms and methodologies. This aims to foster financial transparency and accountability within the management of public pension systems, ultimately contributing to better fiscal health for the state.

Contention

Discussions surrounding HB2232 indicate a mix of support and concern among legislators. Proponents argue that the bill is essential for safeguarding the financial future of public pensions, as it ensures that actuarial analyses are conducted with consistency and transparency. However, some critics worry that the increased regulatory requirements might impose additional burdens on pension plans, potentially leading to unintended consequences such as reduced flexibility in managing funds. The balance between robust oversight and operational freedom for pension administrators is a key point of contention as the bill moves forward.

Companion Bills

No companion bills found.

Previously Filed As

OK HB2232

Public finance; Oklahoma Pension Legislation Actuarial Analysis Act; definitions; effective date.

OK HB1391

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; post-retirement employment; effective dates; emergency.

OK HB1391

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; post-retirement employment; effective dates; emergency.

OK HB4130

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; Oklahoma Firefighters Pension and Retirement System; definition; membership; service; actuarial analysis; reports; procedure; effective dates.

OK HB4123

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; post-retirement employment; effective dates; emergency.

OK HB2279

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definitions; benefit increase based on criteria; conditions; increase amount; effective dates.

OK HB2279

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definitions; benefit increase based on criteria; conditions; increase amount; effective dates.

OK HB2488

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; Oklahoma Public Employees Retirement System; effective dates.

OK HB2745

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; Oklahoma Police Pension and Retirement System; disability benefits; computation; effective dates.

OK HB2379

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; Teachers' Retirement System of Oklahoma; postretirement earnings limitation; substitute teaching; effective dates.

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