Oklahoma 2022 Regular Session

Oklahoma House Bill HB2278 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	An Act
2		-	ENROLLED HOUSE
	1	+	RBH No. 6003
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	29	+	SENATE FLOOR VERSION
	30	+	March 29, 2021
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	33	+	ENGROSSED HOUSE
3	34		BILL NO. 2278 By: West (Josh) of the House
4	35
5	36		and
6	37
7	38		Rosino of the Senate
8		-
9		-
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11	40
12	41
13	42
14	43		An Act relating to public retirement systems;
15	44		amending 11 O.S. 2011, Section s 49-106 and 49-106.1,
16	45		as last amended by Section 3, Chapter 281, O.S.L.
17	46		2014 (11 O.S. Supp. 2020, Section 49 -106.1), which
18	47		relate to the Oklahoma Firefighters Pension and
19	48		Retirement System; modifying distribution
20	49		requirements; and declaring an emergency .
21	50
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23	52
24	53
25		-	SUBJECT: Public retirement systems
26	54
27	55		BE IT ENACTED BY THE PEOP LE OF THE STATE OF OKLAHOMA:
28		-
29	56		SECTION 1. AMENDATORY 11 O.S. 2011, Section 49 -
30	57		106, is amended to read as follows:
31		-
32	58		Section 49-106. A. Any firefighter who reaches the
33	59		firefighter's normal retirement date shall be entitled, upon writ ten
34	60		request, to retire from such service and be paid from the System a
35	61		monthly pension equal to the member 's accrued retirement benefit;
36	62		provided, that the pension shall cease during any period of time the
37	63		member may thereafter serve for compensation in an y municipal fire
38	64		department in the state. If such a member is reemployed by a
39		-	participating municipality in a position which is not covered by the
	65	+	participating municipality in a position which is not covered by the RBH No. 6003
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40	93		System, retirement shall also include receipt by such member of in -
41	94		service distributions from the System.
42		-
43	95		B. With respect to distributions under the System made for
44	96		calendar years beginning on or after January 1, 2005, the System
45	97		shall apply the minimum distribution incidental benefit
46		-	requirements, incidental benefit requirements, and minimum RBH No. 6003
47		-	ENR. H. B. NO. 2278 Page 2
	98	+	requirements, incidental benefit requirements, and minimum
48	99		distribution requirements of Section 401(a)(9) of the Internal
49	100		Revenue Code of 1986, as amended, in accordance with the final
50	101		regulations under Section 401(a)(9) of the Internal Revenue Code of
51	102		1986, as amended, which were issued in April 2002 and June 2004
52	103		including Treasury Regulations Sections 1.401(a)(9)-1 through
53	104		1.401(a)(9)-9; provided, however, that for distributions required to
54	105		be made after December 31, 2019 , for individuals who attain seventy
55	106		and one-half (70 1/2) years of age after December 31, 2019, such
56	107		distributions shall take into account that age 70 1/2 was stricken
57	108		and age 72 was inserted in Section 401(a)(9)(B)(iv) (I), Section
58	109		401(a)(9)(C)(i)(I) and Section 401(a)(9)(C)(ii)(I) of the Internal
59	110		Revenue Code of 1986, as amended , notwithstanding any provision of
60	111		the System to the contrary. With respect to distrib utions under the
61	112		System made for calendar years beginning on or after January 1,
62	113		2001, through December 31, 2004, the System shall apply the minimum
63	114		distribution requirements and incidental benefit requi rements of
64	115		Section 401(a)(9) of the Internal Revenue Code of 1986, as amended,
65		-	in accordance with the regulations under Section 401(a)(9) of the
	116	+	in accordance with the regulations under Section 401(a)(9) of the RBH No. 6003
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66	144		Internal Revenue Code of 1986, as amended, which were proposed in
67	145		January 2001, notwithstanding any provision o f the System to the
68	146		contrary. Effective July 1, 1989 , notwithstanding any other
69	147		provision contained herein to the contrary, in no event shall
70	148		commencement of distribution of the accrued retirement benefit of a
71	149		member be delayed beyond April 1 of the calen dar year following the
72	150		later of:
73		-
74	151		1. The calendar yea r in which the member reaches seventy and
75	152		one-half (70 1/2) years of age for a member who attains age seventy
76	153		and one-half (70 1/2) before January 1, 2020, or effective for
77	154		distributions required to be m ade after December 31, 2019, the
78	155		calendar year in whi ch the member reaches seventy -two (72) years of
79	156		age for an individual who attains age seventy and one -half (70 1/2)
80	157		after December 31, 2019 ; or
81		-
82	158		2. The actual retirement date of the member.
83		-
84	159		Effective September 8, 2009, notwithstanding anything to the
85	160		contrary of the System, the System, which is a governmental plan
86	161		(within the meaning of Section 414(d) of the Internal Revenue Code
87	162		of 1986, as amended) is treated as having complied with Section
88	163		401(a)(9) of the Internal Revenue Code of 1986, as amended, for a ll
89	164		years to which Section 401(a)(9) of the Internal Revenue Code of
90	165		1986, as amended, applies to the System if the System comp lies with
91		-	a reasonable and good -faith interpretation of Section 401(a)(9) of
92		-	the Internal Revenue Code of 1986, as amended. RBH No. 6003
93		-	ENR. H. B. NO. 2278 Page 3
	166	+	a reasonable and good faith good-faith interpretation of Section
	167	+	401(a)(9) of the Internal Revenue Code of 1986, as amended. RBH No. 6003
	168	+
	169	+	SENATE FLOOR VERSION - HB2278 SFLR Page 4
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94	194
95	195		C. Any member or beneficiary eligible to receive a monthly
96	196		benefit from the System may make an election to waive all or a
97	197		portion of monthly benefits.
98		-
99	198		D. If the requirements of Section 49 -106.5 of this title are
100	199		satisfied, a member who, by reason of attainment of normal
101	200		retirement date or age, is separated from service as a public safety
102	201		officer with the member 's participating municipality, may elect to
103	202		have payment made directly to the provider fo r qualified health
104	203		insurance premiums by deduction from his or h er monthly pension
105	204		payment, after December 31, 2006, in accordance with Section 402(1)
106	205		of the Internal Revenue Code of 1986, as amended.
107		-
108	206		SECTION 2. AMENDATORY 11 O.S. 2011, Section 49-106.1, as
109	207		last amended by Section 3, Chapter 2 81, O.S.L. 2014 (11 O.S. Supp.
110	208		2020, Section 49-106.1), is amended to read as follows:
111		-
112		-	Section 49-106.1 A. In lieu of terminating employment and
	209	+	Section 49-106.1. A. In lieu of terminating employment and
113	210		accepting a service retirement pension pursu ant to Sections 49-101
114	211		and 49-106 of this title, any member of th e Oklahoma Firefighters
115	212		Pension and Retirement System serving as an active firefighter in a
116	213		fire department of a participating municipality who has not less
117	214		than twenty (20) years of creditab le service, or any member of the
118	215		Oklahoma Firefighters Pension an d Retirement System whose first
119	216		employment with a participating employer of the System occurs on or
120	217		after November 1, 2013, and who has not less than twenty -two (22)
121		-	years of creditable service and who is eligibl e to receive a service
	218	+	years of creditable servi ce and who is eligible to receive a service RBH No. 6003
	219	+
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122	246		retirement pension ma y elect to participate in the Oklahoma
123	247		Firefighters Deferred Option Plan and defer the receipts of benefits
124	248		in accordance with the provisions of this section.
125		-
126	249		B. For purposes of this section , creditable service shall
127	250		include service credit reciprocally re cognized pursuant to Sections
128	251		49-100.1 through 49-100.8 and Sections 49 -101, 49-101.1 and 49-101.2
129	252		of this title but for eligibility purposes only.
130		-
131	253		C. The duration of participation in the Ok lahoma Firefighters
132	254		Deferred Option Plan for active firefighters shall not exceed five
133	255		(5) years. Participation in the Oklahoma Firefighters Deferred
134	256		Option Plan must begin the first day of a month and end on the last
135	257		day of a month. At the conclusion of a member's participation in
136	258		the Oklahoma Firefighters Deferred O ption Plan, the member shall
137	259		terminate employment with all participating municipalities as a
138		-	firefighter, and shall start receiving the member 's accrued monthly RBH No. 6003
139		-	ENR. H. B. NO. 2278 Page 4
	260	+	firefighter, and shall start receiving the member 's accrued monthly
140	261		retirement benefit from the Sy stem. Such a member may be reemployed
141	262		by a participating municip ality but only in a position not covered
142	263		under the System, and receive in -service distributions of such
143	264		member's accrued monthly retirement benefit from the System.
144		-
145	265		D. When a member begins p articipation in the Oklahoma
146	266		Firefighters Deferred Option Plan, t he contribution of the member
147	267		shall cease. The employer contributions shall continue to be paid
148	268		in accordance with subsection B of Section 49 -122 of this title.
149		-	Employer contributions for members who elect t he Oklahoma
	269	+	Employer contributions for m embers who elect the Oklahoma RBH No. 6003
	270	+
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150	297		Firefighters Deferred Option Plan s hall be credited equally to the
151	298		Oklahoma Firefighters Pension and Retirement System and to the
152	299		member's Oklahoma Firefighters Deferred Option Plan account. The
153	300		monthly retirement benefits th at would have been payable had the
154	301		member elected to cease employ ment and receive a service retirement
155	302		shall be paid into the member 's Oklahoma Firefighters Deferred
156	303		Option Plan account.
157		-
158	304		E. 1. A member who participates in this plan shall be eligible
159	305		to receive cost-of-living increases.
160		-
161	306		2. A member who participates in this plan shall earn interest
162	307		at a rate of two percentage points below the rate of return of the
163	308		investment portfolio of the System, but no less than the actuarial
164	309		assumed interest rate as c ertified by the actuary in the yearly
165	310		evaluation report of the ac tuary. The interest shall be credited to
166	311		the individual account balance of the member on an annual basis.
167		-
168	312		3. Effective November 1, 2013, the Oklahoma Firefighters
169	313		Deferred Option Plan accou nt for a member whose first service with a
170	314		participating municipa lity of the System occurs on or after November
171	315		1, 2013, and who participates for the first time in the Oklahoma
172	316		Firefighters Deferred Option Plan on or after November 1, 2013, and
173	317		has completed active participation in the Oklahoma Firefighters
174	318		Deferred Option Plan, shall earn interest at a rate equal to the
175		-	actual rate of return of the investment portfolio of the System,
	319	+	actual rate of return of the investment portfolio of the System, RBH No. 6003
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176	347		less one (1) percentage point to offset administrative costs of the
177	348		System as determined by the System.
178		-
179	349		F. A member in the plan shall rec eive, at the option of the
180	350		member, a lump-sum payment from the account equal to the payments to
181	351		the account or an annuity based upon the account of the member or
182	352		may elect any other method of payment if approved by the Board of
183	353		Trustees. If a member becom es so physically or mentally disabled
184		-	while in, or in consequence of, the performance of his or her duty RBH No. 6003
185		-	ENR. H. B. NO. 2278 Page 5
	354	+	while in, or in consequence of, the performance of his or her duty
186	355		as to prevent the effective performance of his or her duties that
187	356		the State Board appr oves an in-line-of-duty disability pension, the
188	357		payment from the account shall be an in -line-of-duty disability
189	358		payment. Notwithstanding any other provision contained herein to
190	359		the contrary, commencement of distributions under the Oklahoma
191	360		Firefighters Deferred Option Plan shall be no later than the time as
192	361		set forth in subsection B of Section 49 -106 of this title and a
193	362		member whose first service with a participating municipality of the
194	363		System occurs on or after November 1, 2013, and who participates for
195	364		the first time in the Oklahoma Firefighters Deferred Option Plan o n
196	365		or after November 1, 2013, must receive a distribution of the entire
197	366		remaining balance in the member 's Oklahoma Firefighters Deferred
198	367		Option Plan account no later than April 1 of the calend ar year
199	368		following the later of:
	369	+	1. The calendar year in which th e member reaches seventy and
	370	+	one-half (70 1/2) years of age for a member who attains age seventy RBH No. 6003
200	371
201		-	1. The calendar year in which the member reaches seventy and
202		-	one-half (70 1/2) years of age for a member who attains age seventy
	372	+	SENATE FLOOR VERSION - HB2278 SFLR Page 8
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203	398		and one-half (70 1/2) before January 1, 2020, or effective for
204	399		distributions required to be ma de after December 31, 2019, the
205	400		calendar year in which the member reaches seventy-two (72) years of
206	401		age for an individual who attains age seventy and one -half (70 1/2)
207	402		after December 31, 2019 ; or
208		-
209	403		2. The actual retirement date of the member.
210		-
211	404		G. If a member dies while maintaining an account balance in the
212	405		plan the System shall pay to the designated recipient or recipients
213	406		of the member, or if there is no designated recipient or if the
214	407		designated recipient predeceases the member, to the spouse of the
215	408		member, or if there is no spouse or if the spouse predeceases the
216	409		member, to the estate of the member a lump -sum payment equal to the
217	410		account balance of the member. If such member was receiving, or
218	411		eligible to receive, an in -line-of-duty disability pension at th e
219	412		time of his or her death, payment of the account balance shall be an
220	413		in-line-of-duty disability payment. If a designated recipient is
221	414		the surviving spouse of the member, the surviving spouse shall
222	415		receive his or her portion of the account balance of the member
223	416		pursuant to subsection F of this section. The surviving spouse,
224	417		whether or not he or she is a designated recipient of the member,
225	418		may elect to receive his or her portion of the account balance of
226	419		the member in the same manner as was applicable to the member.
	420	+	H. In lieu of participating in the Oklahoma Firefigh ters
	421	+	Deferred Option Plan pursuant to subsections A, B, C, D, E and F of RBH No. 6003
227	422
228		-	H. In lieu of participating in the Oklahoma Firefighters
229		-	Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
230		-	this section, a member may elect to participate in the Oklahoma RBH No. 6003
231		-	ENR. H. B. NO. 2278 Page 6
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	449	+	this section, a member may elect to participate in the Oklahoma
232	450		Firefighters Deferred Option Plan pursuant to this sub section as
233	451		follows:
234		-
235	452		1. For purposes of this subsection and subse ction I of this
236	453		section, the following definitions shall apply:
237		-
238	454		a. "back drop date" means the member's normal retirement
239	455		date or the date five (5) years before the member
240	456		elects to participat e in the Oklahoma Firefighters
241	457		Deferred Option Plan, whichever da te is later,
242		-
243	458		b. "termination date" means the date the member elects to
244	459		participate in the Oklahoma Firefighters Deferred
245	460		Option Plan pursuant to this subsection, and the date
246	461		the member terminates employment with all
247	462		participating municipalities as an acti ve firefighter,
248		-
249	463		c. "earlier attained credited service " means the credited
250	464		service earned by a member as of the back drop date,
251	465		and
252		-
253	466		d. "deferred benefit balance " means all monthly
254	467		retirement benefits that would have been payable had
255	468		the member elected to ce ase employment on the back
256	469		drop date and receive a service retirement from the
257	470		back drop date to the termination date, all the
258	471		member's contributions and one -half (1/2) of the
259		-	employer contributio ns from the back drop date to the
	472	+	employer contributions from the back drop date to the RBH No. 6003
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260	500		termination date, with int erest based on how the
261	501		benefit would have accumulated on a compound annual
262	502		basis as if the member had participated in the
263	503		Oklahoma Firefighters Deferred Option Plan pursuant to
264	504		subsections A, B, C, D, E and F of this section from
265	505		the back drop date to the termination date; and
266		-
267	506		2. At the termination date, the monthly pension benefit shall
268	507		be determined based on earlier attained credited service and on the
269	508		final average salary as of the back dr op date. The member's
270	509		individual deferred option account shall b e credited with an amount
271	510		equal to the deferred benefit balance, the member shall terminate
272	511		employment with all participating municipalities as a firefighter,
273	512		and shall start receiving the me mber's accrued monthly retirement
274	513		benefit from the System. Such a member may be reemployed by a
275	514		participating municipality but only in a position not covered under
276		-	the System, and receive in -service distributions of such member 's RBH No. 6003
277		-	ENR. H. B. NO. 2278 Page 7
	515	+	the System, and receive in -service distributions of such member 's
278	516		accrued monthly retiremen t benefit from the System. The provisions
279	517		of subsections B, C, E , F and G of this section shall apply to this
280	518		subsection. A member shall not participate in the Oklahoma
281	519		Firefighters Deferred Option Plan pursuant to this subsection if the
282	520		member has elected to participate in the Oklahoma Firefighters
283	521		Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
284		-	this section.
	522	+	this section. RBH No. 6003
	523	+
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	535	+	11
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	537	+	13
	538	+	14
	539	+	15
	540	+	16
	541	+	17
	542	+	18
	543	+	19
	544	+	20
	545	+	21
	546	+	22
	547	+	23
	548	+	24
285	549
286	550		I. Certain surviving spouses and members shall be eligible to
287	551		participate in the Oklahoma Firefighters Deferred Option Plan
288	552		pursuant to subsection H of this section and this subsection.
289		-
290	553		1. For purposes of this subsection, the following definitions
291	554		shall apply:
292		-
293	555		a. "back drop election date " means the date the surviving
294	556		spouse or member elects to commence participation in
295	557		the Oklahoma Firefighters Deferred Option Plan
296	558		pursuant to subsection H of this section and this
297	559		subsection,
298		-
299	560		b. "interest" means the actuarial assumed interest rate
300	561		as certified by the actuary in the yearly evaluation
301	562		report of the actuary,
302		-
303	563		c. "monthly adjustment a mount" means the difference
304	564		between the monthly pension prior to the back drop
305	565		election and the adjusted monthly pension due to the
306	566		back drop election,
307		-
308	567		d. "back drop pension adjustment amount " means the sum of
309	568		all the monthly adjustment amounts adjusted fo r
310	569		interest from the pension commencement date to the
311	570		back drop election date, and
	571	+	e. "deferred benefit balance adjustment amount " means the
	572	+	interest on the deferred benefit balance from the RBH No. 6003
312	573
313		-	e. "deferred benefit balance adjustment amount " means the
314		-	interest on the deferred benefit balance from the
	574	+	SENATE FLOOR VERSION - HB2278 SFLR Page 12
	575	+	(Bold face denotes Committee Amendments) 1
	576	+	2
	577	+	3
	578	+	4
	579	+	5
	580	+	6
	581	+	7
	582	+	8
	583	+	9
	584	+	10
	585	+	11
	586	+	12
	587	+	13
	588	+	14
	589	+	15
	590	+	16
	591	+	17
	592	+	18
	593	+	19
	594	+	20
	595	+	21
	596	+	22
	597	+	23
	598	+	24
	599	+
315	600		pension commencement date to the back drop election
316	601		date.
317		-
318	602		2. If a member who has more than twenty (20) years of
319	603		creditable service and is eligible to receive a service, or a member
320	604		of the Oklahoma Firefighters Pension and Retirement System whose
321	605		first employment with a participating employer of the System occurs
322		-	on or after November 1, 2013, and such member has more than twenty - RBH No. 6003
323		-	ENR. H. B. NO. 2278 Page 8
	606	+	on or after November 1, 2013, and such member has more than twenty -
324	607		two (22) years of creditable service, retirement pension dies on or
325	608		after June 4, 2007, and prior to terminating employment, the
326	609		member's surviving spouse shall be eligible to elect to receive a
327	610		benefit determined as if the member had elected to participate in
328	611		the Oklahoma Firefighters Deferred Option Plan in accordance with
329	612		subsection H of this section on the day immediately preceding such
330	613		member's death. Prior to July 1, 2010, the surviving spou se must
331	614		make any such election within one (1) year from the date of the
332	615		member's death. Effective July 1, 2010, the surviving spouse must
333	616		make any such election within ninety (90) days from the date of the
334	617		member's death. If on or after June 4, 2007, suc h election is made,
335	618		the monthly pension such surviving spouse is entitled to receive
336	619		shall be adjusted in accordance with the provisions of subsection H
337	620		of this section to account for the member 's participation in the
338	621		Oklahoma Firefighters Deferred Option Plan. The surviving spouse
339	622		may only make this election if the me mber has not previously elected
340		-	to participate in the Oklahoma Firefighters Deferred Option Plan.
	623	+	to participate in the Oklahoma Firefighters Deferred Option Plan. RBH No. 6003
	624	+
	625	+	SENATE FLOOR VERSION - HB2278 SFLR Page 13
	626	+	(Bold face denotes Committee Amendments) 1
	627	+	2
	628	+	3
	629	+	4
	630	+	5
	631	+	6
	632	+	7
	633	+	8
	634	+	9
	635	+	10
	636	+	11
	637	+	12
	638	+	13
	639	+	14
	640	+	15
	641	+	16
	642	+	17
	643	+	18
	644	+	19
	645	+	20
	646	+	21
	647	+	22
	648	+	23
	649	+	24
	650	+
341	651		For purposes of this election, the surviving spouse must have been
342	652		married to the firefighte r for the thirty (30) continuous months
343	653		preceding the firefighter 's death; provided, the surviving spouse of
344	654		a member who died while in, or as a consequence of, the performance
345	655		of the member's duty for a participating municipality shall not be
346	656		subject to the marriage limitation for this election.
347		-
348	657		3. If a member has mor e than twenty (20) years of creditable
349	658		service, or a member of the Oklahoma Firefighters Pension and
350	659		Retirement System whose first employment with a participating
351	660		employer of the System occur s on or after November 1, 2013, and such
352	661		member has more than twe nty-two (22) years of creditable service and
353	662		is eligible to receive a service retirement pension, and is eligible
354	663		for a retirement for disability monthly pension pursuant to Section
355	664		49-109 of this title on or after June 4, 2007, such member shall be
356	665		eligible to elect to receive a benefit determined as if the member
357	666		had elected to participate in the Oklahoma Firefighters Deferred
358	667		Option Plan, in accordance with subsection H of this section, on the
359	668		day immediately preceding the date of the member 's disability
360	669		retirement, provided such election is made within two (2) years from
361	670		the date of the member 's disability retirement. The disability
362	671		monthly pension such member is receiving, or entitled to receive,
363	672		shall be adjusted in accordance with the provisions of s ubsection H
364	673		of this section to account for the member 's participation in the
365		-	Oklahoma Firefighters Deferred Option Plan. The deferred benefit
	674	+	Oklahoma Firefighters Deferred Option Plan. The deferred benefit RBH No. 6003
	675	+
	676	+	SENATE FLOOR VERSION - HB2278 SFLR Page 14
	677	+	(Bold face denotes Committee Amendments) 1
	678	+	2
	679	+	3
	680	+	4
	681	+	5
	682	+	6
	683	+	7
	684	+	8
	685	+	9
	686	+	10
	687	+	11
	688	+	12
	689	+	13
	690	+	14
	691	+	15
	692	+	16
	693	+	17
	694	+	18
	695	+	19
	696	+	20
	697	+	21
	698	+	22
	699	+	23
	700	+	24
	701	+
366	702		balance such member is entitled to receive shall be reduced by the
367	703		back drop pension adjustment amount and increa sed by the deferred
368		-	benefit balance adjustment amount. The member may only make a back RBH No. 6003
369		-	ENR. H. B. NO. 2278 Page 9
	704	+	benefit balance adjustment amount. The member may only make a back
370	705		drop election if the deferred benefit balance after the adjustment
371	706		described in this paragraph is great er than Zero Dollars ($0.00).
372	707		The member may only make this elec tion if the member has not
373	708		previously elected to participate in the Oklahoma Firefighters
374	709		Deferred Option Plan.
375		-
376	710		4. If a member has more than twenty (20) years of creditable
377	711		service, or a member of the Oklahoma Firefighters Pension and
378	712		Retirement System wh ose first employment with a participating
379	713		employer of the System occurs on or after November 1, 2013, and such
380	714		member has more than twenty -two (22) years of creditable service and
381	715		is eligible to receive a service retirement pension, and filed a
382	716		grievance for wrongful termination occurring on or after June 4,
383	717		2007, or is not a member of a collective bargaining organization as
384	718		a firefighter, is involuntarily terminated and is seeking to have
385	719		his or her position as a firefighter reinstated through a legal
386	720		process, but is not reinstated as an active member, such member
387	721		shall be eligible to elect to receive a benefit determined as if the
388	722		member had elected to participate in the Oklahoma Firefighters
389	723		Deferred Option Plan in accordance with subsection H of this sec tion
390	724		on the day immediately preceding the date of the member 's
391		-	termination. Such election must be made within two (2) years from
	725	+	termination. Such election must be made within two (2) years from RBH No. 6003
	726	+
	727	+	SENATE FLOOR VERSION - HB2278 SFLR Page 15
	728	+	(Bold face denotes Committee Amendments) 1
	729	+	2
	730	+	3
	731	+	4
	732	+	5
	733	+	6
	734	+	7
	735	+	8
	736	+	9
	737	+	10
	738	+	11
	739	+	12
	740	+	13
	741	+	14
	742	+	15
	743	+	16
	744	+	17
	745	+	18
	746	+	19
	747	+	20
	748	+	21
	749	+	22
	750	+	23
	751	+	24
	752	+
392	753		the date of the member 's termination as an active member and, if the
393	754		member's case pertaining to the member 's termination is on appeal to
394	755		a court of competent jurisdiction, within such period set by the
395	756		State Board in its sole discretion. The monthly pension such member
396	757		is receiving, or entitled to receive, shall b e adjusted in
397	758		accordance with the provisions of subsection H of t his section to
398	759		account for the member 's participation in the Oklahoma Firefighters
399	760		Deferred Option Plan. The deferred benefit balance such member is
400	761		entitled to receive shall be reduced by t he back drop pension
401	762		adjustment amount and increased by the defer red benefit balance
402	763		adjustment amount. The member may only make a back drop election if
403	764		the deferred benefit balance after the adjustment described in this
404	765		paragraph is greater than Zero Dol lars ($0.00). The member may only
405	766		make this election if the memb er has not previously elected to
406	767		participate in the Oklahoma Firefighters Deferred Option Plan.
407		-
408	768		5. Subparagraphs d and e of paragraph 1 and paragraphs 3 and 4
409	769		of this subsection are effectiv e June 4, 2007, provided the Internal
410	770		Revenue Service issues a fa vorable determination letter for the
411	771		System which includes the provisions of such subparagraphs and
412	772		paragraphs without modification or as modified to conform to any
413	773		changes required by the In ternal Revenue Service as part of its
414		-	determination letter review process. In the event the Internal RBH No. 6003
415		-	ENR. H. B. NO. 2278 Page 10
	774	+	determination letter review process. In the event the Internal
416	775		Revenue Service does not issue such a determination letter which
417		-	includes the provisions of such subparagraphs or paragraphs without
	776	+	includes the provisions of such subparagraphs or paragraphs without RBH No. 6003
	777	+
	778	+	SENATE FLOOR VERSION - HB2278 SFLR Page 16
	779	+	(Bold face denotes Committee Amendments) 1
	780	+	2
	781	+	3
	782	+	4
	783	+	5
	784	+	6
	785	+	7
	786	+	8
	787	+	9
	788	+	10
	789	+	11
	790	+	12
	791	+	13
	792	+	14
	793	+	15
	794	+	16
	795	+	17
	796	+	18
	797	+	19
	798	+	20
	799	+	21
	800	+	22
	801	+	23
	802	+	24
	803	+
418	804		modification or as mo dified to conform to any changes required by
419	805		the Internal Revenue Service as part of its determination letter
420	806		review process, then subparagraphs d and e of paragraph 1 and
421	807		paragraphs 3 and 4 of this subsection shall be repealed effective
422	808		June 4, 2007.
423		-
424	809		SECTION 3. It being immediately necessary for the pr eservation
425	810		of the public peace, health or safety, an emergency is hereby
426	811		declared to exist, by reason whereof this act shall take effect and
427		-	be in full force from and after its passag e and approval. RBH No. 6003
428		-	ENR. H. B. NO. 2278 Page 11
429		-	Passed the House of Representatives the 18th day of February,
430		-	2021.
431		-
432		-
433		-
434		-
435		-	Presiding Officer of the House
436		-	of Representatives
437		-
438		-
439		-	Passed the Senate the 14th day of April, 2021.
440		-
441		-
442		-
443		-
444		-	Presiding Officer of the Senate
445		-
446		-
447		-
448		-	OFFICE OF THE GOVERNOR
449		-	Received by the Office of the Governor this ____________________
450		-	day of ___________________, 20_______, at _______ o'clock _______ M.
451		-	By: _________________________________
452		-	Approved by the Governor of the State of Oklahoma this _________
453		-	day of _____________ ______, 20_______, at _______ o'clock _______ M.
454		-
455		-
456		-	_________________________________
457		-	Governor of the State of Oklahoma
458		-
459		-	OFFICE OF THE SECRETARY OF STATE
460		-	Received by the Office of the Secretary of State this __________
461		-	day of ___________________, 20______ _, at _______ o'clock _______ M.
462		-	By: _________________________________
	812	+	be in full force from and after its passage and ap proval.
	813	+	COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND INSURANCE
	814	+	March 29, 2021 - DO PASS