RBH No. 6409
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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
HOUSE BILL 2189 By: Johns
AS INTRODUCED
An Act relating to public retirement systems;
amending 70 O.S. 2011, Section 17 -105, as last
amended by Section 1, Chapter 268, O.S.L. 201 9 (70
O.S. Supp. 2020, Section 17 -105), which relates to
the Teachers' Retirement System of Oklahoma;
modifying period of service required for retirement
benefit eligibility; providing for applicability of
provisions related to retirement eligibility for
persons becoming members of the retirement syst em
between specified dates; providing an effective date ;
and declaring an emergency .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 70 O.S. 201 1, Section 17-105, as
last amended by Section 1, Chapter 268, O.S.L. 2019 (70 O.S. Supp.
2020, Section 17-105), is amended to read as follows:
Section 17-105. (1) (a) Any member who has attained age
fifty-five (55) or who has completed thirty (30) years of creditable
service, as defined in Section 17 -101 of this title, or for any
person who initially became a member prior to July 1, 1992,
regardless of whether there were breaks in service after July 1,
1992, whose age and number of years of creditable se rvice total RBH No. 6409
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eighty (80) may be retired upon proper application for retirement on
forms established by the System and executing a retirement contract.
Such a retirement date will also apply to any person who became a
member of the sending system as defined in this act, prior to July
1, 1992, regardless of whether there were breaks in service after
July 1, 1992. Any person who became a member after June 30, 1992,
but prior to November 1, 2011, whose age and number of years of
creditable service total ninety (90) may be retired upon proper
application for retirement and executing a retirement contract. Any
person who becomes a member on or after November 1, 2011, who
attains the age of sixty -five (65) years or who reaches a normal
retirement date pursuant to subparagraph (d) of paragraph (24) of
Section 17-101 of this title having attained a minimum age of sixty
(60) years may be retired upon proper application for retirement and
executing a retirement contract. The application shall be filed on
the form provided by the Board of Trustees for this purpose, not
less than sixty (60) days before the date of retirement, provided
that the Executive Director may waive the sixty -day deadline for
good cause shown as defined by the Board.
1. The employer shall provide the System with the
following information for a retiring member, no later
than the fifteenth day of the month of retirement:
last day physically on the job; last day on payroll; RBH No. 6409
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any regular compensation not already reported to the
System; and final unused sick leave balance.
2. Failure to submit this information by the deadline, or
errors in submitted information that result in a
disqualification of retirement eligibility shall be
the responsibility of the employer. In cases where
the error results in disq ualification of retirement
eligibility, it is the employer's responsibility to
reemploy the member, or retain the member on the
payroll, for the time period required to reach
eligibility, not exceeding two (2) months.
(b) An individual who becomes a membe r of the Teachers'
Retirement System on or after November 1, 2017, shall be employed by
the public schools, state colleges or universities of Oklahoma for a
minimum of seven (7) five (5) years and be a contributing member of
the Teachers' Retirement System of Oklahoma for a minimum of seven
(7) five (5) years to qualify for monthly retirement benefits from
the Teachers' Retirement System of Oklahoma. Any person who became
a member of the System on or after November 1, 2017, and not later
than October 31, 2021, shall be subject to the five -year period of
required contributory membership prescribed by this subsection.
(c) Any member with seven (7) or more years of Oklahoma
teaching service and whose accumulated contributions during such
period have not been withdrawn shall be given an indefinite RBH No. 6409
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extension of membership beginning with the sixth year following his
or her last contributing membership and shall become eligible to
apply for retirement and be retired upon attaining age fifty -five
(55).
(2) An unclassified optional member who has retired or who
retires at sixty-two (62) years of age or older or whose retirement
is because of disability shall have his or her minimum retirement
benefits calculated on an average salary of Five Thousand Three
Hundred Fifty Dollars ($5,350.00) or, if a larger monthly allowance
would result, an amount arrived at pursuant to application of the
formula prescribed herein.
(3) No member shall receive a lesser retirement benefit than he
or she would have received under the law in effect at the time he or
she retired. Any individual under the Teachers' Retirement System,
who through error in stating the title of the position which he or
she held, may, at the discretion of the Board of Trustees, be
changed from the nonclassified optional group to the classified
group for the purpose of calculating retirement benefits.
Any individual regardless of residence, who has a minimum of ten
(10) years of teaching in Oklahoma schools prior to July 1, 1943, or
who taught in Oklahoma schools prior to 1934 and thereafter taught a
minimum of ten (10) years and who does not qualify under the present
retirement System, or who has a minimum of thirty (30) years of
teaching in Oklahoma schools and has reached seventy (70) years of RBH No. 6409
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age prior to July 1, 1984, and is not otherwise eligible to receive
any benefits from the retirement system shall receive a minimum of
One Hundred Fifty Dollars ($150.00) per month in retirement benefits
from the Teachers' Retirement System of Oklahoma plus any general
increase in benefits for annuitants as may be provided hereafter by
the Legislature. Each individual must apply to the Teachers'
Retirement System for such benefit and provide evidence to the
Teachers' Retirement System that the service was actually rendered .
The surviving spouse of any person who made application for the
benefit provided for by this paragraph during his or her lifetime
but did not receive the benefit may submit an application to the
System for payment of the benefit for those months during the
lifetime of the deceased person that he or she was eligible for but
did not receive the benefit. Upon approval of the application by
the Board of Trustees, the benefit shall be paid to the surviving
spouse in one lump sum.
(4) The value of each year of prior service is the total
monthly retirement benefit divided by the number of years of
creditable service.
(5) Upon application of a member who is actively engaged in
teaching in Oklahoma or his or her employer, any member who has been
a contributing member for ten (10) years may be retired by the
System subsequent to the execution and filing thereof, on a
disability retirement allowance, provided that it is found by the RBH No. 6409
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Medical Board after medical examination of such member by a duly
qualified physician that such member is mentally or physically
incapacitated for further performance of duty, that such incapacity
is likely to be permanent, and that such member should be retired.
The System shall rely on and give full consideration to the
conclusions and recommendations in the certified written report of
the Medical Board of the Teachers' Retirement System regarding the
disability application of such member. If the Medical Board does
not find that a member applying for disability retirement is
mentally or physically incapacitated for performance of duty or
otherwise eligible for a disability retirement, the application
shall then be considered by the Board of Trustees. If a member is
determined to be eligible for disability benefits pursuant to the
Social Security System, then such determination shall entitle the
member to the authorized disability retirement allowance provided by
law. For members who are not eligible for disability benefits
pursuant to the Social Security System, the Board of Trustees and
the Medical Board shall apply the same standard for which provision
is made in the first two sentences of this subsection for
determining the eligibility of a person for such disability benefits
in making a determination of eligibility for disability b enefits as
authorized by this subsection.
(6) (a) A member who at the time of retirement has been found
to be permanently physically or mentally incapacitated to perform RBH No. 6409
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the necessary duties to continue in his or her current position
shall receive a mini mum monthly retirement payment for life or until
such time as the member may be found to be recovered to the point
where he or she may return to teaching. Any member retired before
July 1, 1992, shall be eligible to receive the monthly retirement
allowance herein provided, but such payment shall not begin until
the first payment due him or her after July 1, 1992, and shall not
be retroactive. The Board of Trustees is empowered to make such
rules and regulations as it considers proper to preserve equity in
retirements under this provision, which shall include a provision to
protect the rights of the member's spouse.
(b) A member who has qualified for retirement benefits under
disability retirement shall have the total monthly payment deducted
from his or her accumulated contributions plus interest earned and
any money remaining in the member's account after the above
deductions at the death of the member shall be paid in a lump sum to
the beneficiary or to the estate of the member. Provided, if the
deceased disabled member had thirty (30) years or more of creditable
service and the death occurred after June 30, 1981, and death
occurred prior to the disabled member receiving twelve monthly
retirement payments, a surviving spouse may elect to receive the
retirement benefit to which the deceased member would have been
entitled at the time of death under the Option 2 Plan of Retirement
provided for in subsection (8) of this section in lieu of the death RBH No. 6409
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benefit provided for in this subsection and in subsection (1 2) of
this section.
(c) Once each year the System may require any disabled
annuitant who has not yet attained the age of sixty (60) years to
undergo a medical examination, such examination to be made at the
place of residence for the disabled annuitant or other place
mutually agreed upon by a physician or physicians designated by the
System. Should any disabled annuitant who has not yet attained the
age of sixty (60) years refuse to submit to at least one medical
examination in any such year by a physicia n or physicians designated
by the System his or her allowance may be discontinued until he or
she submits to such examination.
(d) Should the Medical Board report and certify to the Board of
Trustees that such disabled annuitant is engaged in or is able t o
engage in a gainful occupation paying more than the difference
between his or her retirement allowance and the average final
compensation, and should the Board of Trustees concur in such report
then the amount of his or her pension shall be reduced to an amount
which, together with his or her retirement allowance and that amount
earnable by him or her, shall equal the amount of his or her average
final compensation. Should his or her earning capacity be later
increased, the amount of his or her pension m ay be further modified,
provided the new pension shall not exceed that amount of the pension
originally granted nor an amount, which when added to the amount RBH No. 6409
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earnable by the member, together with his or her annuity, equals the
amount of his or her average final compensation.
(e) Should a disabled annuitant be restored to active service,
his or her disability retirement allowance shall cease and he or she
shall again become a member of the Teachers' Retirement System and
shall make regular contributions as required under this article.
The unused portion of his or her accumulated contributions shall be
reestablished to his or her credit in the Teachers' Savings Fund.
Any such prior service certificates on the basis of which his or her
service was computed a t the time of his or her retirement shall be
restored to full force and effect.
(7) Should a member before retirement under Section 1 -101 et
seq. of this title make application for withdrawal duly filed with
the System, not earlier than four (4) months af ter the date of
termination of such service as a teacher, the contribution standing
to the credit of his or her individual account in the Teachers'
Savings Fund shall be paid to him or her or, in the event of his or
her death before retirement, shall be pa id to such person or persons
as he or she shall have nominated by written designation, duly
executed and filed with the System; provided, however, if there be
no designated beneficiary surviving upon such death, such
contributions shall be paid to his or h er administrators, executors,
or assigns, together with interest as hereinafter provided. In lieu
of a lump-sum settlement at the death of the member, the amount of RBH No. 6409
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money the member has on deposit in the Teachers' Savings Fund and
the money the member has on deposit in the Teachers' Deposit Fund
may be paid in monthly payments to a designated beneficiary, who
must be the spouse, under the Maximum or Option 1 Plan of Retirement
providing the monthly payment shall be not less than Twenty -five
Dollars ($25.00) per month. The monthly payment shall be the
actuarial equivalent of the amount becoming due at the member's
death based on the sex of the spouse and the age the spouse has
attained at the last birthday prior to the member's death. Provided
further, if there be no designated beneficiary surviving upon such
death, and the contributions standing to the credit of such member
do not exceed Two Hundred Dollars ($200.00), no part of such
contributions shall be subject to the payment of any expense of the
last illness or funeral of the deceased member or any expense of
administration of the estate of such deceased and the System, upon
satisfactory proof of the death of such member and of the name or
names of the person or persons who would be entitled to receive such
contributions under the laws of descent and distribution of the
state, may authorize the payment of accumulated contributions to
such person or persons. A member terminating his or her membership
by withdrawal after June 30, 2003, shall have the int erest computed
at a rate of interest determined by the Board of Trustees and paid
to him or her subject to the following schedule: RBH No. 6409
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(a) If termination occurs within sixteen (16) years from the
date membership began, fifty percent (50%) of such interest
accumulations shall be paid.
(b) With at least sixteen (16) but less than twenty -one (21)
years of membership, sixty percent (60%) of such interest
accumulations shall be paid.
(c) With at least twenty -one (21) but less than twenty -six (26)
years of membership, seventy-five percent (75%) of such interest
accumulations shall be paid.
(d) With at least twenty -six (26) years of membership, ninety
percent (90%) of such interest accumulations shall be paid.
In case of death of an active member, the interest shal l be
calculated and restored to the member's account and paid to his or
her beneficiary.
(8) (a) In lieu of his or her retirement allowance payable
throughout life for such an amount as determined under this section,
the member may select a retirement al lowance for a reduced amount
payable under any of the following options the present value of
which is the actuarial equivalent thereof.
(b) A member may select the option under which he or she
desires to retire at the end of the school year in which he or she
attains age seventy (70) and the option shall be binding and cannot
be changed. Provided further that if a member retires before age
seventy (70), no election of an option shall be effective in case an RBH No. 6409
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annuitant dies before the first payment due unde r such option has
been received.
(c) The first payment of any benefit selected shall be made on
the first day of the month following approval of the retirement by
the System. If the named designated joint annuitant under Option 2
or 3 dies at any time af ter the member's retirement date, but before
the death of the member, the member shall return to the retirement
benefit, including any post retirement benefit increases the member
would have received had the member not selected Option 2 or 3 of
this subsection. The benefit shall be determined at the date of
death of the designated joint annuitant. This increase shall become
effective the first day of the month following the date of death of
the designated joint annuitant, and shall be payable for the
member's remaining lifetime. The member shall notify the Teachers'
Retirement System of Oklahoma of the death of the designated joint
annuitant in writing. In the absence of the written notice being
filed by the member notifying the Teachers' Retirement Syst em of
Oklahoma of the death of the designated joint annuitant within six
(6) months of the date of death, nothing in this subsection shall
require the Teachers' Retirement System of Oklahoma to pay more than
six (6) months of retrospective benefits increas e.
Option 1. If he or she dies before he or she has received in
annuity payments the present value of his or her annuity as it was
at the time of his or her retirement, the balance shall be paid to RBH No. 6409
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his or her legal representatives or to such person as he or she
shall nominate by written designation duly acknowledged and filed
with the System at the time of his or her retirement; or
Option 2. A member takes a reduced retirement allowance for
life. Upon the death of the member the payments shall continue t o
the member's designated joint annuitant for the life of the joint
annuitant. The written designation of the joint annuitant must be
duly acknowledged and filed with the System at the time of the
member's retirement and, except as provided in paragraph ( e) of this
subsection, cannot be changed after the effective date of the
member's retirement; or
Option 3. A member receives a reduced retirement allowance for
life. Upon the death of the member one -half (1/2) of the retirement
allowance paid the member shall be continued throughout the life of
the designated joint annuitant. A written designation of a joint
annuitant must be duly acknowledged and filed with the System at the
time of the member's retirement and, except as provided in paragraph
(e) of this subsection, cannot be changed after the effective date
of the member's retirement; or
Option 4. Some other benefit or benefits shall be paid either
to the member or to such joint annuitant as he or she shall
nominate, provided such other benefit or bene fits, together with the
reduced retirement allowance, shall be certified by the actuary to RBH No. 6409
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be of equivalent actuarial value to his or her retirement allowance
and shall be approved by the System.
(d) Provided that Option 2 and Option 3 shall not be availa ble
if the member's expected benefit is less than fifty percent (50%) of
the lump-sum actuarial equivalent and the designated joint annuitant
is not the spouse of the member.
(e) A member who chose the maximum retirement benefit plan at
the time of retirement may make a one-time election to choose either
Option 2 or 3 and name the member's spouse as designated joint
annuitant if the member marries after making the initial election.
Such an election shall be made within one (1) year of the date of
marriage. The member shall provide proof of a member's good health
before the System will permit a change to either Option 2 or 3 and
the naming of a designated joint annuitant. A medical examination
conducted by a licensed physician is required for purposes of
determining good health. Such examination must be approved by the
Medical Board. The member shall be required to provide proof of age
for the new joint annuitant. The System shall adjust the monthly
benefit to the actuarially equivalent amount based on the new
designated joint annuitant's age. The Board of Trustees shall
promulgate rules to implement the provisions of this subsection.
(f) A member who retires after the effective date of this act
and has selected a retirement allowance for a reduced amo unt payable
under one of the options provided for in this subsection may make a RBH No. 6409
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one-time irrevocable election to select a different option within
sixty (60) days of the member's retirement date. The beneficiary or
joint annuitant designated by the member at the time of retirement
shall not be changed if the member makes the election provided for
in this paragraph.
(g) Any individual who is eligible to be a beneficiary or joint
annuitant of a member under this subsection, and who is also a
beneficiary of a trust created under the Oklahoma Discretionary and
Special Needs Trust Act, Section 175.81 et seq. of Title 60 of the
Oklahoma Statutes, or a comparable Trust Act created under the laws
of another state, hereinafter collectively referred to as "Trust
Acts", may be a beneficiary or joint annuitant under this subsection
by having the trustee of the trust established for the benefit of
that individual named as the legal beneficiary or joint annuitant
under this subsection. The age of that beneficiary shall b e used
for calculating any benefit payable to the trust under this
subsection. The beneficiary of such a trust shall be treated as the
beneficiary or joint annuitant under this subsection except that
payments of any benefits due under this subsection shal l be payable
to the lawfully appointed trustee of the trust. The obligation of
the System to pay the beneficiary or joint annuitant under this
subsection shall be satisfied by payment to the trustee whom the
System, in good faith, believes to be the lawfu lly appointed
trustee. Any conflict between the statutes creating and governing RBH No. 6409
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the Teachers' Retirement System in Section 17 -101 et seq. of this
title and the provisions of any Trust Act referred to above shall be
resolved in favor of the statutes govern ing the System. If an
eligible beneficiary or joint annuitant is named at the time of
retirement, and becomes a beneficiary of a trust under one of the
Trust Acts described herein after that time, the System will
acknowledge the trust as the beneficiary u pon the submission of
adequate documentation of the existence of the trust. All other
provisions of this subsection shall apply to these subsequently
created trusts.
(h) The Board of Trustees of the System may recognize other
trusts set up for the benefi t of individuals otherwise eligible to
be named as a beneficiary or joint annuitant under this subsection
by administrative rule if it can be done without undue additional
administrative expense of the System.
(9) The governing board of any "public school ", as that term is
defined in Section 17 -101 of this title, is hereby authorized and
empowered to pay additional retirement allowances or compensation to
any person who was in the employ of such public school for not less
than seven (7) school years preced ing the date of his or her
retirement. Payments so made shall be a proper charge against the
current appropriation or appropriations of any such public school
for salaries for the fiscal year in which such payments are made.
Such payments shall be made i n regular monthly installments in such RBH No. 6409
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amounts as the governing board of any such public school, in its
judgment, shall determine to be reasonable and appropriate in view
of the length and type of service rendered by any such person to
such public school b y which such person was employed at the time of
retirement. All such additional payments shall be uniform, based
upon the length of service and the type of services performed, to
persons formerly employed by such public school who have retired or
been retired in accordance with the provisions of Section 17 -101 et
seq. of this title.
The governing board of any such public school may adopt rules
and regulations of general application outlining the terms and
conditions under which such additional retirement b enefits shall be
paid, and all decisions of such board shall be final.
(10) In addition to the teachers' retirement herein provided,
teachers may voluntarily avail themselves of the Federal Social
Security Program upon a district basis.
(11) Upon the death of an in-service member, the System shall
pay to the designated beneficiary of the member or, if there is no
designated beneficiary or if the designated beneficiary predeceases
the member, to the estate of the member, the sum of Eighteen
Thousand Dollars ($18,000.00) as a death benefit. Provided, if the
deceased member had ten (10) year s or more of creditable service ,
the member's designated beneficiary may elect to receive the
retirement benefit to which the deceased member would have been RBH No. 6409
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entitled at the time of death under the Option 2 plan of retirement
in lieu of the death benefit provided for in this subsection.
Provided further, the option provided in this subsection is only
available when the member has designated one individual as the
designated beneficiary. The beneficiary or beneficiaries of death
benefits in the amount not to exceed Eighteen Thousand Dollars
($18,000.00), but exclusive of any retirement benefit received by an
electing beneficiary based upon creditable service performed by th e
deceased member, which are provided pursuant to this subsection may
elect to disclaim such death benefits in which case such benefits
will be transferred to a person licensed as a funeral director or to
a lawfully recognized business entity licensed as r equired by law to
provide funeral services for the deceased member. The qualified
disclaimer must be in writing and will be an irrevocable and an
unqualified refusal to accept all or a portion of the death benefit.
It must be received by the transferor n o more than nine (9) months
after the later of the day the transfer creating the interest in the
disclaiming person is made or the day the disclaiming person attains
age twenty-one (21). The interest in the death benefits must pass
without direction by th e disclaiming person to another person.
(12) Upon the death of a retired member who has contributed to
the System, the retirement system shall pay to the designated
beneficiary of the member or, if there is no designated beneficiary
or if the designated b eneficiary predeceases the member, to the RBH No. 6409
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estate of the member, the sum of Five Thousand Dollars ($5,000.00)
as a death benefit. The beneficiary or beneficiaries of benefits
provided pursuant to this subsection may elect to disclaim such
death benefits in which case such benefits will be transferred to a
person licensed as a funeral director or to a lawfully recognized
business entity licensed as required by law to provide funeral
services for the deceased member. The qualified disclaimer must be
in writing and will be an irrevocable and an unqualified refusal to
accept all or a portion of the death benefit. It must be received
by the transferor no more than nine (9) months after the later of
the day the transfer creating the interest in the disclaiming p erson
is made or the day the disclaiming person attains age twenty -one
(21). The interest in the death benefits must pass without
direction by the disclaiming person to another person. The benefit
payable pursuant to this subsection shall be deemed, for purposes of
federal income taxation, as life insurance proceeds and not as a
death benefit if the Internal Revenue Service approves this
provision pursuant to a private letter ruling request which shall be
submitted by the Board of Trustees of the System f or that purpose.
(13) Upon the death of a member who dies leaving no living
beneficiary or having designated his or her estate as beneficiary,
the System may pay any applicable death benefit, unpaid
contributions, or unpaid benefit which may be subject to probate, in
an amount of Twenty-five Thousand Dollars ($25,000.00) or less, RBH No. 6409
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without the intervention of the probate court or probate procedure
pursuant to Section 1 et seq. of Title 58 of the Oklahoma Statutes.
(a) Before any applicable probate procedure may be waived, the
System must be in receipt of the member's proof of death and the
following documents from those persons claiming to be the legal
heirs of the deceased member:
1. The member's valid last will and testament, trust
documents or affidavit t hat a will does not exist;
2. An affidavit or affidavits of heirship which must
state:
a. the names and signatures of all claiming heirs to
the deceased member's estate including the
claiming heirs' names, relationship to the
deceased, current addresses, t ax I.D. numbers if
known and current telephone numbers,
b. a statement or statements by the claiming heirs
that no application or petition for the
appointment of a personal representative is
pending or has been granted in any jurisdiction,
c. a description of the personal property claimed,
(i.e., death benefit or unpaid contributions or
both) together with a statement that such
personal property is subject to probate, RBH No. 6409
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d. a statement by each individual claiming heir
identifying the amount of personal propert y that
the heir is claiming from the System, and that
the heir has been notified of, is aware of and
consents to the identified claims of all the
other claiming heirs of the deceased member
pending with the System;
3. A written agreement or agreements sign ed by all
claiming heirs of the deceased member which provides
that the claiming heirs release, discharge and hold
harmless the System from any and all liability,
obligations and costs which it may incur as a result
of making a payment to any of the deceas ed member's
heirs;
4. A corroborating affidavit from an individual other
than a claiming heir, who was familiar with the
affairs of the deceased member;
5. Proof that all debts of the deceased member, including
payment of last sickness, hospital, medical, death,
funeral and burial expenses have been paid or provided
for.
(b) The Executive Director of the System shall retain complete
discretion in determining which requests for probate waiver may be
granted or denied, for any reason. Should the System have any RBH No. 6409
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question as to the validity of any document presented by the
claiming heirs, or as to any statement or assertion contained
therein, the probate requirement provided for in Section 1 et seq.
of Title 58 of the Oklahoma Statutes shall not be waived.
(c) After paying any death benefits or unpaid contributions to
any claiming heirs as provided pursuant to this subsection, the
System is discharged and released from any and all liability,
obligation and costs to the same extent as if the System had dealt
with a personal representative of the deceased member. The System
is not required to inquire into the truth of any matter specified in
this subsection or into the payment of any estate tax liability.
(14) Upon the death of a retired member, the benefit pay ment
for the month in which the retired member died, if not previously
paid, shall be made to the joint annuitant if still living, to the
beneficiary of the member if the joint annuitant is deceased, or to
the member's estate if there is no surviving joint annuitant or
beneficiary. Such benefit payment shall be made in an amount equal
to a full monthly benefit payment regardless of the day of the month
in which the retired member died.
SECTION 2. This act shall become effective July 1, 202 1.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby RBH No. 6409
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declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passag e and approval.
58-1-6409 MAH 01/15/21
THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
2512 E. 71
st
Street , Suite D ∙ Tulsa, Oklahoma 74136 (918) 492-9658 ∙ (918) 492- 9659
January 18, 2021
Representative Ronny Johns
Room 243.2
Re: RBH No. 6409
RBH No. 6409 reduces the vesting service requirement to 5 years f rom
7 years for members of Oklahoma Teachers Retirement System.
RBH No. 6409 is a fiscal bill as defined by OPLAAA.
I am a member of the American Academy of Actuaries and meet the
Qualification Standards of the American Academy of Actuaries to
render the actuarial opinion herein.
Thomas E. Cummins
Thomas E. Cummins, MAAA