Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB282

Introduced
2/6/23  

Caption

Oklahoma Public Employees Retirement System; decreasing separation period for a retired member to return to work for former employer. Effective date.

Impact

This reduction in the separation period is significant as it allows retired public employees to re-enter the workforce much sooner. Supporters argue that this will address staffing shortages in critical areas, especially in public services, while providing flexibility for retirees who may wish to transition back into a professional environment without an extended hiatus. Additionally, the proposal seeks to update various definitions and provisions within the retirement system to ensure clarity and functionality.

Summary

Senate Bill 282, introduced by Senator Howard, proposes modifications to the Oklahoma Public Employees Retirement System. Central to this bill is the reduction of the mandatory separation period for retired members wishing to return to work for their former employer. Previously, retirees were required to wait one year after ending their employment before they could be rehired; this bill aims to shorten that period to just six months. The changes are set to take effect on October 1, 2023, for specific provisions, while others will take effect on November 1, 2023.

Contention

While the bill seeks to help retired public employees and their former employers, it may raise questions regarding the adequacy of pension funding and the potential impact on the retirement system's stability. Critics may argue that allowing quick re-employment could undermine the purpose of retirement benefits, leading to an increase in fiscal challenges for the state’s pension system. The passage of this bill might spark further debate on how to balance the interests of retired employees wanting to work and the financial health of the retirement system.

Companion Bills

OK SB282

Carry Over Oklahoma Public Employees Retirement System; decreasing separation period for a retired member to return to work for former employer. Effective date.

Previously Filed As

OK SB282

Oklahoma Public Employees Retirement System; decreasing separation period for a retired member to return to work for former employer. Effective date.

OK HB2171

Public retirement systems; 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; emergency.

OK HB1391

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

OK SB632

Public Employees Retirement System; increasing employer matching amount for certain contributions.

OK HB2854

Public retirement systems; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; accounts; service credit; effective dates.

OK SB964

Teachers' Retirement System of Oklahoma; authorizing certain retired members to return to employment for certain time period. Effective date.

OK HB2688

Retirement; Oklahoma Pension System Reform Act of 2023; effective date.

OK SB692

Oklahoma Public Employees Retirement System; providing for membership of emergency medical personnel.

OK HB2592

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

OK HB1277

Public retirement systems; Oklahoma Public Employee Retirement Benefit Adjustment Act; effective date.

Similar Bills

OK HB2854

Public retirement systems; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; accounts; service credit; effective dates.

OK HB2687

Public retirement systems; Law Enforcement Retirement System; election to participate; members; transfer of contributions and records; credit; effective dates; emergency.

OK HB1334

Public retirement systems; insurance benefits; monthly premium amount; effective date.

OK HB2854

Public retirement systems; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; accounts; service credit; effective dates.

OK HB2108

State government; Oklahoma Employee Insurance and Benefits Act; statutory references; effective date.

OK SB24

Oklahoma Employees Insurance and Benefits Act; allowing for certain retirees to reinstate previously declined coverage. Effective date.

OK SB24

Oklahoma Employees Insurance and Benefits Act; allowing for certain retirees to reinstate previously declined coverage. Effective date.

OK HB2011

Cancer screening; Fighting Chance for Firefighters Act; terms; benefits plans; participation; effective date.