Oklahoma 2024 Regular Session

Oklahoma House Bill HB3267

Introduced
2/5/24  

Caption

Retirement; retirement benefit increase; Teachers' Retirement System; codification; effective date.

Impact

The introduction of HB 3267 signifies a direct impact on the state's approach to supporting retired educators by offering a cost of living adjustment (COLA) that aligns with economic needs. Advocates for the bill argue that this adjustment is essential to help retirees cope with rising living costs and maintaining their purchasing power. The bill seeks to ensure that pension benefits keep pace with inflation, thereby aiding in the retention of quality educators who have dedicated their careers to the state’s educational system.

Summary

House Bill 3267 proposes an increase in retirement benefits for certain retired members of the Teachers' Retirement System of Oklahoma. Specifically, the bill mandates an eight percent increase for individuals whose gross retirement benefits are below $90,000 annually. For members with gross benefits between $90,000 and $97,199.99, the bill outlines a provision to raise their benefits to a maximum of $97,200. This legislation is aimed at improving the financial security of retired educators, particularly those on the lower end of the income spectrum.

Contention

Despite its positive reception among retirees and educators, the bill may face scrutiny regarding its fiscal implications for the state's budget. Critics may argue that an increase in retirement benefits could strain the pension fund, particularly if economic conditions or investment returns are unfavorable. Furthermore, there may be concerns about adequately funding this increase without risking other vital state programs or services. Thus, the discussion surrounding HB 3267 will likely involve debates about fiscal responsibility versus the necessity of providing adequate support for retired teachers.

Companion Bills

No companion bills found.

Previously Filed As

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 HB2755

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

OK HB1423

Teachers' Retirement System of Oklahoma; retirement eligibility; modifying required period of employment for participation in retirement benefits; 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 HB1068

Retirement; Oklahoma Public Employees Retirement System; definition; eligibility; death benefits; employee contribution; reference; 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 HB2528

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

OK HB2167

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

OK HB1391

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

Similar Bills

No similar bills found.