Public retirement systems; Oklahoma Pension Actuarial Analysis Act; term; Oklahoma Law Enforcement Retirement System; participation; employees; agency; codification; effective dates.
Impact
The bill seeks to update the existing legal framework governing retirement systems, particularly emphasizing the Oklahoma Law Enforcement Retirement System. By making new hires from the State Fire Marshal's office participants of the same retirement system, HB2116 is intended to enhance the stability and consistency of retirement benefits for law enforcement personnel. This could potentially improve recruitment and retention within these agencies by offering competitive retirement options.
Summary
House Bill 2116 focuses on amendments to the Oklahoma Pension Actuarial Analysis Act and the Oklahoma Law Enforcement Retirement System. It introduces specific provisions for the participation of newly hired commissioned or CLEET-certified officers from the Office of the State Fire Marshal. These officers will be required to participate in the Oklahoma Law Enforcement Retirement System instead of any plan offered by the Oklahoma Public Employees Retirement System. This change aligns with ongoing efforts to streamline retirement benefits for law enforcement personnel in Oklahoma.
Contention
While the bill does not appear to provoke significant contention based on the discussions noted, the underlying principle of modifying retirement contributions for new employees could lead to enforcement and operational discussions in the future. Stakeholders may express concerns regarding the implications for budget allocations in the retirement systems and how these amendments affect the broader workforce, particularly in the public safety sector. The act categorizes these amendments as non-fiscal, indicating that they are not expected to induce any changes in funding requirements immediately.
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.
Public retirement systems; distribution; 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.
Public retirement systems; Law Enforcement Retirement System; election to participate; members; transfer of contributions and records; credit; effective dates; emergency.
Public retirement systems; Oklahoma Law Enforcement Retirement System; membership; school district board; elections; service credit; effective date; emergency.
Public retirement systems; Oklahoma Law Enforcement Retirement System; membership; school district board; elections; service credit; effective date; emergency.
Firefighter retirement; modifying methods of payment for deferred option plans; specifying certain distributions be subject to certain law; providing only one distribution be made per calendar year. Effective date. Emergency.