Oklahoma 2024 Regular Session

Oklahoma House Bill HB2755

Introduced

2/6/23

Refer

2/7/23

Caption

Retirement; Teachers' Retirement System; members; credit; service; effective date.

Impact

The introduction of HB2755 is expected to enhance the retirement benefits received by many teachers, providing them with a more favorable calculation of their years of service and the benefits that accrue from them. The amendment directly affects existing regulations as it incorporates additional service years not previously recognized in the retirement calculations, leading to potential increases in monthly retirement allowances. This bill emphasizes the value of service-based roles and may encourage more individuals to consider teaching or teaching-adjacent activities as valid career paths.

Summary

House Bill 2755 aims to amend current legislation concerning the Teachers' Retirement System in Oklahoma, specifically addressing the credit for certain members' teaching service. This bill allows members who have served in specific roles, including the AmeriCorps Volunteers in Service to America, to receive additional credit for their service when calculating retirement benefits. This change seeks to recognize and incentivize various forms of public service undertaken by teaching professionals.

Contention

While the bill appears beneficial to prospective retirees, there are concerns regarding the implications of increasing the Teachers' Retirement System's financial obligations. Critics may express apprehension about the cost of implementing these changes given the current funding scenarios for retirement systems. Additionally, there is a debate around whether expanding eligibility for creditable service could dilute the value of the retirement benefits for current pensioners. Such changes might be seen as unfair by those who have dedicated their careers solely to teaching within the Oklahoma school system.

Latest HB2755 Activity

Companion Bills

OK HB2755

Carry Over Retirement; Teachers' Retirement System; members; credit; service; effective date.

Previously Filed As

OK HB2755

Retirement; Teachers' Retirement System; members; credit; service; effective date.

OK HB2528

Retirement; Teachers' Retirement System of Oklahoma; references; terms; application; procedure; options; liability; expenses; effective date; emergency.

OK HB2142

Public retirement systems; Oklahoma Law Enforcement Retirement System; membership; school district board; elections; service credit; effective date; emergency.

OK HB2008

Teachers' Retirement System of Oklahoma; definitions; eligibility; participation; computations; postretirement earnings limitations; employment; minimum salary schedule; retired teachers; effective date.

OK HB2592

Retirement; Oklahoma Law Enforcement Retirement System; definition; Oklahoma Public Employees Retirement System; definition; members; retirement benefit; death; employee contributions; effective date.

OK HB2320

Teachers' Retirement System; postretirement employment; retirement benefits; effective date; emergency.

OK HB2319

Teachers' Retirement System; postretirement employment; retirement benefits; effective date; emergency.

OK HB2167

Oklahoma Law Enforcement Retirement System; retirement pay; benefit calculations; members; effective date; emergency.

OK HB1423

Teachers' Retirement System of Oklahoma; retirement eligibility; modifying required period of employment for participation in retirement benefits; effective date.

OK HB1068

Retirement; Oklahoma Public Employees Retirement System; definition; eligibility; death benefits; employee contribution; reference; effective date.

Similar Bills

OK HB2755

Retirement; Teachers' Retirement System; members; credit; service; effective date.

OK HB2293

Teacher retirement; matching contribution amounts; differential rates; summer school programs requirements; contracts; methodology for certain contribution rate.

OK HB2193

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.