Oklahoma 2022 Regular Session

Oklahoma House Bill HB2458 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	~~An Act~~
	1	+	RBH No. 5587
2	2
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	33	+	ENGROSSED HOUSE
4	34		BILL NO. 2458 By: Lepak and Davis of the
5	35		House
6	36
7	37		and
8	38
9	39		Montgomery of the Senate
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14	45		An Act relating to public retirement systems;
15	46		amending 20 O.S. 2011, Sections 1102C and 1103.1,
16	47		which relate to the Uniform Retirement System for
17	48		Justices and Judges; amending 74 O.S. 2011, Sections
18	49		906, as amended by Section 3, Chapter 312, O.S.L.
19	50		2017, 909.1, as amended by Section 1, Chapter 109,
20	51		O.S.L. 2012, 915, as last amended by Section 2,
21	52		Chapter 112, O.S.L. 2020, 918 and 932 (74 O.S. Supp.
22	53		2020, Sections 906, 909.1 and 915), which relate to
23	54		the Oklahoma Public Employees Retirement System;
24	55		modifying references; authorizing release of certain
25	56		information; and providing an effective date.
26	57
27	58
28	59
29	60
30		-	SUBJECT: Public retirement systems
31		-
32	61		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
33		-
34	62		SECTION 1. AMENDATORY 20 O.S. 2011, Section 1102C, is
35	63		amended to read as follows:
36		-
37	64		Section 1102C. A. Except as otherwise provided for in this
38	65		section and Section 1104.2 of Title 2 0 of the Oklahoma Statutes this
39	66		title, members who join the U niform Retirement System for Justices
40	67		and Judges on September 1, 2005, or thereafter, may elect to have
41		-	the retirement benefit paid under one of the options provided in
	68	+	the retirement benefit paid under one of the options provided in RBH No. 5587
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42	96		this section in lieu of ha ving it paid in the form stated in Section
43	97		1104 of Title 20 of the Oklahoma Statutes this title. The election
44	98		of an option must be made prior to the member 's retirement date or
45	99		to receipt of a benefit after termination of service with a vested
46	100		benefit. A specific person must be designated as joint annuitant at
47		-	the time of the election of Option A or B. Election of an option is RBH No. 5587
48		-
49		-	ENR. H. B. NO. 2458 Page 2
	101	+	the time of the election of Option A or B. Election of an option is
50	102		available with respect to the vested benefit. All retirement
51	103		benefits of a married member shall be paid pursuant to the Option A
52	104		plan or Option B plan as provided for in this section unless the
53	105		spouse of a member consents in writing for the unreduced benefits to
54	106		be paid as provided for in Section 1104 of Title 20 of the Oklahoma
55	107		Statutes or pursuant to Option B as provided for in this section
56	108		title.
57		-
58	109		B. The amount of retirement benefit payab le under an option
59	110		shall be based on the age and sex of the member and the age and sex
60	111		of the joint annuitant at the retirement date, and shall be such
61	112		amount as to be the actuarial equivalent of the retirement benefit
62	113		otherwise payable under Section 1104 of Title 20 of the Oklahoma
63	114		Statutes this title.
	115	+	C. The retirement options are:
	116	+	Option A. Joint and one -half to joint annuitant survivor.
	117	+	A reduced retirement benefit is payable to the
	118	+	retiree during his or her lifetime with one-half
	119	+	(1/2) of that amount continued to the joint RBH No. 5587
64	120
65		-	C. The retirement options are:
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67		-	Option A. Joint and one -half to joint annuitant survivor. A
68		-	reduced retirement benefit is payable to the retiree during his or
69		-	her lifetime with one -half (1/2) of that amount continued to the
70		-	joint annuitant during such joint annuitant 's remaining lifetime, if
71		-	any, after the death of the retiree. If the named joint annuitant
72		-	dies at any time after the member 's retirement date, bu t before the
73		-	death of the retiree, the retiree shall return to the unreduced
74		-	retirement benefit, including any postretirement benefit increases,
75		-	the member would have received had the member not selected Option A.
76		-	The benefit shall be determined at the da te of death of the named
77		-	joint annuitant. This increase shall become effective the first day
78		-	of the month following the date of death of the named joint
79		-	annuitant, and shall be payable for the retiree 's remaining
80		-	lifetime. The retiree shall notify the Un iform Retirement System
81		-	for Justices and Judges of the death of the named joint annuitant in
82		-	writing. In the absence of the written notice being filed by the
83		-	member notifying the Uniform Retirement System for Justices and
84		-	Judges of the death of the named joint annuitant within six (6)
85		-	months of the date of death, nothing in this subsection shall
86		-	require the Uniform Retirement System for Justices and Judges to pay
87		-	more than six (6) months of retrospective benefits increase.
	147	+	annuitant during such joint annuitant 's remaining
	148	+	lifetime, if any, after the death of the retiree.
	149	+	If the named joint annuitant dies at any time after
	150	+	the member's retirement date, but before the death
	151	+	of the retiree, the retiree shall return to the
	152	+	unreduced retirement benefit, including any
	153	+	postretirement benefit increases, the member would
	154	+	have received had the member not selected Option A.
	155	+	The benefit shall be deter mined at the date of
	156	+	death of the named joint annuitant. Thi s increase
	157	+	shall become effective the first day of the month
	158	+	following the date of death of the named joint
	159	+	annuitant, and shall be payable for the retiree 's
	160	+	remaining lifetime. The retiree shal l notify the
	161	+	Uniform Retirement System for Justices and Judge s
	162	+	of the death of the named joint annuitant in
	163	+	writing. In the absence of the written notice
	164	+	being filed by the member notifying the Uniform
	165	+	Retirement System for Justices and Judges of the
	166	+	death of the named joint annuitant within six (6)
	167	+	months of the date of death, nothing in this
	168	+	subsection shall require the Uniform Retirement
	169	+	System for Justices and Judges to pay more than six
	170	+	(6) months of retrospective benefits increase. RBH No. 5587
88	171
89		-	Option B. Joint and survivor. A reduced retirement benefit is
90		-	payable to the retiree during his or her lifetime with that amount
91		-	continued to the joint annuitant during the joint annuitant 's
92		-	remaining lifetime, if any, after the death of the retiree. If the
93		-	named joint annuitant dies at any time after the member 's retirement
94		-	date, but before the death of the retiree, the retiree shall return RBH No. 5587
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96		-	ENR. H. B. NO. 2458 Page 3
97		-	to the unreduced retirement benefit, including any postretirement
98		-	benefit increases, the member would have received had the member not
99		-	selected Option B. The benefit shall be determined at the date of
100		-	death of the named joint annuitant. This increase shall become
101		-	effective the first day of the month following the date of death of
102		-	the named joint annuitant, and shall be payable for the retiree 's
103		-	remaining lifetime. The retiree shall notify the Uniform Retirement
104		-	System for Justices and Judges of the death of the named joint
105		-	annuitant in writing. In the absence of such written notice being
106		-	filed by the member notifying the Uniform Retirement System for
107		-	Justices and Judges of the death of the named joint annuitant within
108		-	six (6) months of the date of death, nothing in this subsection
109		-	shall require the Uniform Retirement System for Justices and Judges
110		-	to pay more than six (6) months of retrospective b enefits increase.
	198	+	Option B. Joint and survivor. A reduced retirement benefit
	199	+	is payable to the retiree during his or her
	200	+	lifetime with that amount continued to the joint
	201	+	annuitant during the joint annuitant 's remaining
	202	+	lifetime, if any, after the death of the retiree.
	203	+	If the named joint a nnuitant dies at any time after
	204	+	the member's retirement date, but before the death
	205	+	of the retiree, the retiree shall return to the
	206	+	unreduced retirement benefit, including any
	207	+	postretirement benefit increases, the member would
	208	+	have received had the member n ot selected Option B.
	209	+	The benefit shall be determined at the date of
	210	+	death of the named joint annuitant. This increase
	211	+	shall become effective the first day of the month
	212	+	following the date of death of the named joint
	213	+	annuitant, and shall be payable for th e retiree's
	214	+	remaining lifetime. The retiree shall notify the
	215	+	Uniform Retirement System for Justices and Judges
	216	+	of the death of the named joint annuitant in
	217	+	writing. In the absence of such written notice
	218	+	being filed by the member notifying the Uniform
	219	+	Retirement System for Justices and Judges of the
	220	+	death of the named joint annuitant within six (6)
	221	+	months of the date of death, nothing in this RBH No. 5587
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	249	+	subsection shall require the Uniform Retirement
	250	+	System for Justices and Judges to pay more than six
	251	+	(6) months of retrospective benefits increase.
112	252		D. If a member who is eligib le to retire in accordance with the
113	253		provisions of this section or Section 1104 of Title 20 of the
114	254		Oklahoma Statutes this title but is not actually retired or is
115	255		eligible to vest or has elected a vested benefit dies, the member's
116	256		spouse may elect to receive benefits as a joint annuitant under
117	257		Option B, calculated as if the member retired on the date of death,
118	258		in lieu of receiving the member 's accumulated contributions.
119	259		However, no benefits shall b e payable before the date the deceased
120	260		member would have met the requirements for a normal or early
121	261		retirement. The provisions of this paragraph shall be applicable to
122	262		a surviving spouse of a deceased member who died prior to the
123	263		effective date of this ac t, but only if no benefits or distributions
124	264		have been previously paid.
125		-
126	265		SECTION 2. AMENDATORY 20 O.S. 2011, Section 1103.1, is
127	266		amended to read as follows:
128		-
129	267		Section 1103.1 A. On and after January 1, 2001, the
130	268		Administrative Directo r of the Courts, in addition to the members '
131	269		contributions, shall transfer monthly amounts for deposit in the
132	270		State Judicial Retirement Fund as set out in Section 1309 of this
133	271		title equal to two percent (2.0%) of the monthly total actual paid
134		-	gross salaries of the me mbers of the Uniform Retirement System for
	272	+	gross salaries of the members of the Uniform Retirement System for RBH No. 5587
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135	300		Justices and Judges. Effective July 1, 2005, such amounts
136	301		transferred by the Administrative Director of the Courts shall be as
137	302		follows:
138		-
139	303		Fiscal Year Ending Percentage of Contribution
140		-
141		-	June 30, 2006 3.0% RBH No. 5587
142		-
143		-	ENR. H. B. NO. 2458 Page 4
144		-
	304	+	June 30, 2006 3.0%
145	305		June 30, 2007 4.0%
146		-
147	306		June 30, 2008 5.5%
148		-
149	307		June 30, 2009 7.0%
150		-
151	308		June 30, 2010 8.5%
152		-
153	309		June 30, 2011 10.0%
154		-
155	310		June 30, 2012 11.5%
156		-
157	311		June 30, 2013 13.0%
158		-
159	312		June 30, 2014 14.5%
160		-
161	313		June 30, 2015 16.0%
162		-
163	314		June 30, 2016 17.5%
164		-
165	315		June 30, 2017 19.0%
166		-
167	316		June 30, 2018 20.5%
168		-
169	317		June 30, 2019 and th ereafter 22.0%
170		-
171	318		B. The State Judicial Retirement Fund should have a funded
172	319		ratio at or near ninety percent (90%) or be receiving sufficient
173	320		contributions to amortize any unfunded liability of the fund
174	321		according to the amortization schedule adopted by the B oard of
175	322		Trustees of the Oklahoma Public Employees Retirement System. The
176		-	Board of Trustees shall provide a copy of the annual actuarial
	323	+	Board of Trustees shall provide a copy of the annual actuarial RBH No. 5587
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177	351		report to the Governor, the Chief Justice of the Supreme Court, the
178	352		Legislative Service Bureau, the Speaker of the Hous e of
179	353		Representatives and the President Pro Tempore of the Sen ate. In
180	354		addition to this report, the Board shall provide a letter setting
181	355		forth the amount of the actuarially required contributions for the
182	356		System and any other recommendations that the Board m ay deem
183	357		necessary.
184		-
185	358		C. The Administrative Director of the Cou rts shall remit to the
186	359		System all statutorily required retirement contributions due on a
187	360		monthly basis. All required court and employee contributions and
188		-	supporting documentation are due a nd must be received by the System RBH No. 5587
189		-
190		-	ENR. H. B. NO. 2458 Page 5
	361	+	supporting documentation are due and mus t be received by the System
191	362		on or before the fifteenth day of the month following the month for
192	363		which the contributions are due. Court and employee contributions
193	364		remitted to the System after thirty (30) days from the above due
194	365		date shall be subject to a m onthly late charge of one and one-half
195	366		percent (1.5%) of the unpaid balance to be paid by the
196	367		Administrative Director of the Courts to the System.
197		-
198	368		SECTION 3. AMENDATORY 74 O.S. 2011, Section 906, as
199	369		amended by Section 3, Chapter 3 12, O.S.L. 2017 (74 O.S. Supp. 2020,
200	370		Section 906), is amended to read as follows:
201		-
202	371		Section 906. (1) The Board shall hold regular meetings in
203	372		Oklahoma City at least once each quarter, the dates, time, and place
204	373		thereof to be fixed by the Board. The Board shall hold a regular
205		-	meeting in July of each year which meeting shall be the annual
	374	+	meeting in July of each year which meeti ng shall be the annual RBH No. 5587
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206	402		meeting and at which meeting it shall elect its Chairman chair.
207	403		Special meetings may be called upon written call of the Chairman
208	404		chair or by agreement of any seven eight members of the Board.
209	405		Notice of a special meeting shall be de livered to all trustees in
210	406		person or, by registered or certified United States mail , or by
211	407		electronic mail not less than seven (7) days prior to the date fixed
212	408		for the meeting; provided, however, that notice of such meeting may
213	409		be waived by any member eith er before or after such meeting and
214	410		attendance at such meeting shall constitute a waiver of notice of
215	411		such meeting, unless a member participates therein solely to object
216	412		to the transaction of any business because the meeting has not been
217	413		legally called or convened.
218		-
219	414		(2) Eight (8) trustees shall constitute a quorum for the
220	415		transaction of business, but any official action of the Board shall
221	416		be based upon a favorable vote by at least eight (8) truste es at a
222	417		regular or special meeting of the Board.
223		-
224	418		(3) The trustees shall serve the System without compensation
225	419		but shall receive their actual and necessary expenses, subject to
226	420		statutory limitations applying to other state employees, as are
227	421		incurred in the performance of their duties, which shall be paid as
228	422		an operating expense from the appropriate operating fund of the
229		-	System.
	423	+	System. RBH No. 5587
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231	451		SECTION 4. AMENDATORY 74 O.S. 2011, Section 909.1, as
232	452		amended by Section 1, Chapter 109, O.S.L. 2012 (74 O.S. Supp. 2020,
233	453		Section 909.1), is amended to read as follow s:
234		-	RBH No. 5587
235		-
236		-	ENR. H. B. NO. 2458 Page 6
237	454		Section 909.1 A. The Oklahoma Public Employees Retirement
238	455		System Board of Trustees shall discharge their duties with respect
239	456		to the System solely in the interest of the participants and
240	457		beneficiaries and:
241		-
242	458		1. For the exclusive purpose of:
243		-
244	459		a. providing benefits to participants and their
245	460		beneficiaries, and
246		-
247	461		b. defraying reasonable expenses of administering the
248	462		System;
249		-
250	463		2. With the care, skill, prudence, and diligence under the
251	464		circumstances then prevailing that a prudent person acting in a like
252	465		capacity and familiar with such matters would use in the conduct of
253	466		an enterprise of a like character and with like aims;
254		-
255	467		3. By diversifying the investments of the System so as to
256	468		minimize the risk of lar ge losses, unless under the circumstances it
257	469		is clearly prudent not to do so; and
258		-
259	470		4. In accordance with the laws, documents and instruments
260	471		governing the System.
	472	+	B. The Board of Trustees may procure insurance indemnifying the
	473	+	members of the Board of Trus tees from personal loss or RBH No. 5587
261	474
262		-	B. The Board of Trustees may procure insurance indemnifying the
263		-	members of the Board of Trustees from personal loss or
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264	501		accountability from liability resu lting from a member's action or
265	502		inaction as a member of the Board of Trustees.
266		-
267	503		C. The Board of Trustees may establish an investment committee.
268	504		The investment committee shall be composed of not more than five (5)
269	505		members of the Board of Trustees appointed by the chairman of the
270	506		Board of Trustees. The committee shall make recommendations to the
271	507		full Board of Trustees on all matters related to the choice of
272	508		custodians and managers of the assets of the System, on the
273	509		establishment of investment and fund mana gement guidelines, and in
274	510		planning future investment policy. The committee shall have no
275	511		authority to act on behalf of the Board of Trustees in any
276	512		circumstances whatsoever. No recommendation o f the committee shall
277	513		have effect as an action of the Board o f Trustees nor take effect
278	514		without the approval of the Board of Trustees as provided by law.
279		-
280	515		D. The Board of Trustees shall retain qualified investment
281		-	managers to provide f or the investment of the monies of the System. RBH No. 5587
282		-
283		-	ENR. H. B. NO. 2458 Page 7
	516	+	managers to provide for the investment of the monies of the System.
284	517		The investment managers shall be c hosen by a solicitation of
285	518		proposals on a competitive bid basis pursuant to standards set by
286	519		the Board of Trustees. Subject to the overall investment guidelines
287	520		set by the Board of Trustees, the investment managers shall have
288	521		full discretion in the manage ment of those monies of the System
289	522		allocated to the investment managers. The Board of Trustees shall
290	523		manage those monies not specifically allocated to the investment
291		-	managers. The monies of the System allocated to the investment
	524	+	managers. The monies of the System allocated to the investment RBH No. 5587
	525	+
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	527	+	(Bold face denotes Committee Amendments) 1
	528	+	2
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292	552		managers shall be managed by the investment managers, which may
293	553		include selling investments and realizing losses if such action is
294	554		considered advantageous to longer term return maximization. Because
295	555		of the total return objective, no distinction shall be made for
296	556		management and performance evaluation purposes between realized and
297	557		unrealized capital gains and losses.
298		-
299	558		E. Funds and revenues for investment by the investment managers
300	559		or the Board of Trustees shall be placed w ith a custodian selected
301	560		by the Board of Trustees. The custo dian shall be a bank or trust
302	561		company offering pension fund master trustee and master custodial
303	562		services. The custodian shall be chosen by a solicitation of
304	563		proposals on a competitive basis purs uant to standards set by the
305	564		Board of Trustees. In complianc e with the investment policy
306	565		guidelines of the Board of Trustees, the custodian bank or trust
307	566		company shall be contractually responsible for ensuring that all
308	567		monies of the System are invested in income-producing investment
309	568		vehicles at all times. If a cus todian bank or trust company has not
310	569		received direction from the investment managers of the System as to
311	570		the investment of the monies of the System in specific investment
312	571		vehicles, the custodian bank or trust company shall be contractually
313	572		responsible to the Board of Trustees for investing the monies in
314	573		appropriately collateralized short -term interest-bearing investment
315		-	vehicles.
	574	+	vehicles. RBH No. 5587
	575	+
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	577	+	(Bold face denotes Committee Amendments) 1
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316	601
317	602		F. By November 1, 1988, and prior to August 1 of each year
318	603		thereafter, the Board of Trustees shall develop a written investment
319	604		plan for the System.
320		-
321	605		G. The Board of Trustees shall compile a quarterly financial
322	606		report of all the funds of the System on a fiscal year basis. The
323	607		report shall be compiled pursuant to uniform reporting standards
324	608		prescribed by the Oklahoma State Pension Commission for all state
325	609		retirement systems. The report shall include several relevant
326	610		measures of investment value, including acquisition cost and current
327	611		fair market value with appropriate sum maries of total holdings and
328		-	returns. The report shall contain combined and individual rate of RBH No. 5587
329		-
330		-	ENR. H. B. NO. 2458 Page 8
	612	+	returns. The report shall conta in combined and individual rate of
331	613		returns of the investment managers by category of investment, over
332	614		periods of time. The Board of Trustees shall include in the
333	615		quarterly reports all commission s, fees or payments for investment
334	616		services performed on beha lf of the Board. The report shall be
335	617		distributed to the Governor, the Oklahoma State Pension Commission,
336	618		the Legislative Service Bureau, the Speaker of the House of
337	619		Representatives and the Presi dent Pro Tempore of the Senate. In
338	620		lieu of compiling and dis tributing the quarterly report, the Board
339	621		may provide the Pension Commission with direct access to the same
340	622		data from the custodian bank for the System.
341		-
342	623		H. After July 1 and before December 1 of each year, the Board
343	624		of Trustees shall publish widely an annu al report presented in
344		-	simple and easily understood language pursuant to uniform reporting
	625	+	simple and easily understood language pursuant to uniform reporting RBH No. 5587
	626	+
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	628	+	(Bold face denotes Committee Amendments) 1
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	652	+
345	653		standards prescribed by the Oklahoma State Pension Commission for
346	654		all state retirement systems. The rep ort shall be submitted to the
347	655		Governor, the Speaker of the Ho use of Representatives, the President
348	656		Pro Tempore of the Senate, the Oklahoma State Pension Commission and
349	657		the members of the System. The annual report shall cover the
350	658		operation of the System du ring the past fiscal year, including
351	659		income, disbursements, a nd the financial condition of the System at
352	660		the end of the fiscal year. The annual report shall also contain
353	661		the information issued in the quarterly reports required pursuant to
354	662		subsection G of this section as well as a summary of the results of
355	663		the most recent actuarial valuation to include total assets, total
356	664		liabilities, unfunded liability or over funded status, contributions
357	665		and any other information deemed relevant by the Board of Trustees.
358	666		The annual report shall be written in such a manner as to pe rmit a
359	667		readily understandable means for analyzing the financial condition
360	668		and performance of the System for the fiscal year.
361		-
362	669		I. The Board shall distribute the corpus and income of the
363	670		System to the members and their beneficiaries in accordance with the
364	671		System's laws and rules and regulations. At no time prior to the
365	672		satisfaction of all liabilities with respect to members and their
366	673		beneficiaries shall any part of the corpus and income be used for ,
367	674		or diverted to, purposes other than the exclusive benefit o f the
368		-	members and their beneficiaries.
	675	+	members and their beneficiaries. RBH No. 5587
	676	+
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	678	+	(Bold face denotes Committee Amendments) 1
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369	702
370	703		SECTION 5. AMENDATORY 74 O.S. 2011, Section 915, as last
371	704		amended by Section 2, Chapter 112, O.S.L. 2020 (74 O.S. Supp. 2020,
372	705		Section 915), is amended to read as follows:
373		-
374	706		Section 915. A. (1) Except as otherwise provided in this
375		-	subsection and as provided for elected officials in Section 913.4 of RBH No. 5587
376		-
377		-	ENR. H. B. NO. 2458 Page 9
	707	+	subsection and as provided for elected officials in Section 913.4 of
378	708		this title, any member who shall retire on or after the member 's
379	709		normal retirement date shall be entitled to receive an annual
380	710		retirement benefit eq ual to two percent (2%) of the member 's final
381	711		average compensation as determined pursuant to paragraph (18) of
382	712		Section 902 of this title, multiplied by the number of years of
383	713		credited service tha t has been credited to the member in accordance
384	714		with the provisions of Section 913 of this title other than years
385	715		credited pursuant to paragraph (2) of this subsection.
386		-
387	716		(2) Effective January 1, 2004, except as otherwise provided for
388	717		elected officials in S ection 913.4 of this title and except for
389	718		those members making contributions pursuant to paragraphs (c), (d),
390	719		(e) and (f) of subsection (1) of Section 919.1 of this title, any
391	720		member who shall retire shall be entitled to receive an annual
392	721		retirement benefit equal to two and one-half percent (2 1/2%) of the
393	722		member's final average compensation as determined pursuant to
394	723		paragraph (18) of Section 902 of this title, multiplied by the
395	724		number of full years of participating service after January 1, 2004,
396	725		that have been credited to the member in accordance with the
397		-	provisions of Section 913 of this title and only for those full
	726	+	provisions of Section 913 of this title and only for those full RBH No. 5587
	727	+
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	729	+	(Bold face denotes Committee Amendments) 1
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	753	+
398	754		years of participating service for which contributions have been
399	755		made pursuant to paragraph (g) of subsection (1) of Section 919.1 of
400	756		this title. The two and one-half percent (2 1/2%) multiplier shall
401	757		not apply to purchased service, purchased or granted military
402	758		service or transferred service. In order to receive the two and
403	759		one-half percent (2 1/2%) multiplier in computing retirement
404	760		benefits, an active member shall make an irrevocable written
405	761		election to pay the contributions pursuant to paragraph (g) of
406	762		subsection (1) of Section 919.1 of this title. The two and one -half
407	763		percent (2 1/2%) multiplier pursuant to this paragraph shall not
408	764		apply to additional years of service credit attributed to sick lea ve
409	765		pursuant to paragraph 7 of subsection B of Section 913 of this title
410	766		and fractional years pursuant to subsection C of Section 913 of this
411	767		title and shall be attributable only to the participat ing service
412	768		credited after the election of the member.
413		-
414	769		(3) The minimum final average compensation for any person who
415	770		becomes a member of the System on or after July 1, 1995:
416		-
417	771		a. and who had twenty (20) or more years of credited
418	772		service within the System as of the member's
419	773		retirement date shall be no less than Thirte en
420	774		Thousand Eight Hundred Dollars ($13,800.00) per annum,
421		-	RBH No. 5587
422		-
423		-	ENR. H. B. NO. 2458 Page 10
424	775		b. and who had at least fifteen (15) but not more than
425	776		nineteen (19) years of credited service within the
426		-	System as of the member 's retirement date shall be no
	777	+	System as of the member 's retirement date shall be no RBH No. 5587
	778	+
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	780	+	(Bold face denotes Committee Amendments) 1
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	798	+	19
	799	+	20
	800	+	21
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	804	+
427	805		less than Six Thousand Nine Hundred Do llars
428	806		($6,900.00) per annum,
429		-
430	807		c. and who had less than fifteen (15) years of credited
431	808		service within the System as of the member 's
432	809		retirement date shall not be eligible for any minimum
433	810		amount of final average compensation and the member 's
434	811		final average compensation shall be the final average
435	812		compensation as defined by paragraph (18) of Section
436	813		902 of this title.
437		-
438	814		(4) Provided, further, any member who has elected a vested
439	815		benefit pursuant to Section 917 of this title shall be entitled to
440	816		receive benefits as o utlined in this section except the percent
441	817		factor and the member 's maximum compensation level in effect the
442	818		date the member's employment was terminated with a participating
443	819		employer shall be appl icable.
444		-
445	820		(5) Any member who is a correctional officer or a pr obation and
446	821		parole officer employed by the Department of Corrections at the time
447	822		of retirement and who retires on or before June 30, 2000, shall be
448	823		entitled to receive an annual retirement benefi t equal to two and
449	824		one-half percent (2 1/2%) of the final ave rage compensation of the
450	825		member not to exceed Twenty -five Thousand Dollars ($25,000.00) and
451	826		two percent (2%) of the final average salary in excess of Twenty -
452	827		five Thousand Dollars ($25,000.00) but not exceeding the maximum
453		-	compensation level as provided in paragraph (9) of Section 902 of
	828	+	compensation level as provided in paragraph (9) of Section 902 of RBH No. 5587
	829	+
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	842	+	12
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	844	+	14
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	846	+	16
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	849	+	19
	850	+	20
	851	+	21
	852	+	22
	853	+	23
	854	+	24
	855	+
454	856		this title, multiplied by the number of years of service as a
455	857		correctional officer or a probation and parole officer ,; provided,
456	858		any years accrued prior to July 1, 1990, as a correctional officer
457	859		or a probation and parole of ficer by a member who is employed as a
458	860		correctional officer or a probation and parole officer on July 1,
459	861		1990, shall be calculated for retirement purposes at two and one -
460	862		quarter percent (2 1/4%) of the final average compensation of the
461	863		member not to exceed Twenty-five Thousand Dollars ($25,000.00) and
462	864		two percent (2%) of the final average salary in excess of Twenty -
463	865		five Thousand Dollars ($25,000.00) but not exceeding the maximum
464	866		compensation level as provided in paragraph (9) of Section 902 of
465	867		this title, multiplied by the number of years of such service and
466	868		any years in excess of twenty (20) years as such an officer or years
467	869		credited to the member in accordance with the provisions of Section
468		-	913 of this title shall be calculated for retirement purposes at two RBH No. 5587
469		-
470		-	ENR. H. B. NO. 2458 Page 11
	870	+	913 of this title shall be calculated for retirement purposes at t wo
471	871		percent (2%) of the final average compensation of the member
472	872		multiplied by the number of years of such service. Any person who
473	873		contributes to the System as a correctional officer or a probati on
474	874		and parole officer as provided in paragraph (b) or (c) of subsection
475	875		(1) of Section 919.1 of this title, on or before June 30, 2000, but
476	876		who does not make such contributions after June 30, 2000, and who
477	877		does not qualify for normal retirement under subpa ragraph (c) of
478	878		paragraph (24) of Section 902 of this title sh all have retirement
479		-	benefits for each year of full -time-equivalent participating service
	879	+	benefits for each year of full -time-equivalent participating service RBH No. 5587
	880	+
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	906	+
480	907		as a correctional or a probation and parole officer after July 1,
481	908		1990, computed on two and one -half percent (2 1/2%) of the final
482	909		average compensation based upon thos e years as a correctional
483	910		officer or a probation and parole officer. Provided, further, any
484	911		fugitive apprehension agent shall be entitled to receive benefits as
485	912		outlined in this act for service as a fugitive apprehension agent
486	913		prior to July 1, 2002, only upon payment to the System of the
487	914		employee contributions which would have been paid if such fugitive
488	915		apprehension agent had been covered by this section prior to the
489	916		effective date of this act, p lus interest of not to exceed ten
490	917		percent (10%) as determined by the Board. The Department of
491	918		Corrections may make the employee contribution and interest payment
492	919		on behalf of such member.
493		-
494	920		(6) Any member who is a correctional officer, a probation and
495	921		parole officer or a fugitive apprehension agent employed by the
496	922		Department of Corrections at the time of retirement and who retires
497	923		on or after July 1, 2002, shall be entitled to receive an annual
498	924		retirement benefit equal to two and one -half percent (2 1/2%) o f the
499	925		final average compensation of the member, but not excee ding the
500	926		maximum compensation level as provided in paragraph (18) of Section
501	927		902 of this title, multiplied by the number of years of service as a
502	928		correctional officer, a probation and parole offi cer or a fugitive
503	929		apprehension agent, and any years in excess of twenty (20) years as
504		-	such an officer or agent, or years credited to the member in
	930	+	such an officer or agent, or years credited to the member in RBH No. 5587
	931	+
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	957	+
505	958		accordance with the provisions of Section 913 of this title, shall
506	959		be calculated for retirement purposes at t wo percent (2%) of the
507	960		final average compensation of the memb er multiplied by the number of
508	961		years of such service. For purposes of this paragraph, "final
509	962		average compensation " shall be determined by computing the average
510	963		annual salary, in the manner presc ribed by paragraph (18) of Section
511	964		902 of this title, for the highest three (3) years of the last ten
512	965		(10) years of participating service immediately preceding retirement
513	966		or termination of employment for all years of service performed by
514	967		such member, both for years of service performed as a correctional
515		-	officer, probation and parole officer or fugitive apprehension RBH No. 5587
516		-
517		-	ENR. H. B. NO. 2458 Page 12
	968	+	officer, probation and parole officer or fugitive apprehension
518	969		agent, not in excess of twenty (20) years, and for years of service
519	970		performed in excess of twenty (20) years, whether as a correctional
520	971		officer, probation and parole officer, fugitive apprehension agent
521	972		or other position unless the computation of benefits would result in
522	973		a lower retirement benefit amount than if final average compensation
523	974		were to be computed as otherwise provided by this paragraph . "Final
524	975		average compensation" shall be determined by comput ing the average
525	976		annual salary for the highest five (5) of the last ten (10) years of
526	977		participating service immediately preceding retirement or
527	978		termination of employment, with respect to members w hose first
528	979		participating service occurs on or after July 1, 2 013.
	980	+	(7) Any member who is a correctional officer, a probation and
	981	+	parole officer or a fugitive apprehension agent who has at least RBH No. 5587
529	982
530		-	(7) Any member who is a correctional officer, a probation and
531		-	parole officer or a fugitive apprehension agent who has at least
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	1000	+	17
	1001	+	18
	1002	+	19
	1003	+	20
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	1008	+
532	1009		five (5) years of service as a correctional officer, a probati on and
533	1010		parole officer or a fugitive apprehension agent who is in such
534	1011		position on June 30, 2004, or who is hired after June 30, 2004, in
535	1012		such position, and who receives a promotion or change in job
536	1013		classification after June 30, 2004, to another position in the
537	1014		Department of Corrections, and who is employed by the De partment of
538	1015		Corrections at the time of retirement and who retires on or after
539	1016		July 1, 2004, shall be entitled to receive an annual retirement
540	1017		benefit equal to two and one -half percent (2 1/2%) of the final
541	1018		average compensation of the member, but not exceed ing the maximum
542	1019		compensation level as provided in paragraph (18) of Section 902 of
543	1020		this title, multiplied by the number of years of service with the
544	1021		Department of Corrections and any years in exc ess of twenty (20)
545	1022		years with the Department or years credite d to the member in
546	1023		accordance with the provisions of Section 913 of this title, shall
547	1024		be calculated for retirement purposes at two percent (2%) of the
548	1025		final average compensation of the member mul tiplied by the number of
549	1026		years of such service. For purposes of this paragraph, "final
550	1027		average compensation " shall be determined by computing the average
551	1028		annual salary, in the manner prescribed by paragraph (18) of Section
552	1029		902 of this title, for the highe st three (3) years of the last ten
553	1030		(10) years of participatin g service immediately preceding retirement
554	1031		or termination of employment for all years of service performed by
555		-	such member with the Department. "Final average compensation" shall
	1032	+	such member with the Department. "Final average compensation " shall RBH No. 5587
	1033	+
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556	1060		be determined by computing the average annual salary for the highest
557	1061		five (5) of the last ten (10) years of participating service
558	1062		immediately preceding retirement or termination of employment, with
559	1063		respect to members whose first participating service occurs on or
560	1064		after July 1, 2013.
561		-	RBH No. 5587
562		-
563		-	ENR. H. B. NO. 2458 Page 13
564	1065		(8) Any person who contributed to the System as a correctional
565	1066		officer, a probation and parole officer or a fugitive apprehension
566	1067		agent as provided in paragraphs paragraph (b) or (c) of subsection
567	1068		(1) of Section 919.1 of this title, and who re tires under normal
568	1069		retirement or early retirement on or after January 1, 2004, under
569	1070		paragraph (24) of Section 902 of this title, and any public safety
570	1071		officer described by paragraph (37) of Section 902 of this title
571	1072		hired on or after the effective date of this act by the Grand River
572	1073		Dam Authority and who retires on or after the effective date of this
573	1074		act, shall have retirement benefits for each year of full -time-
574	1075		equivalent participating service as a correctional officer, a
575	1076		probation and parole officer or a fugitive apprehension agent, or
576	1077		Grand River Dam public safet y officer computed on two and one -half
577	1078		percent (2 1/2%) of the final average compensation based upon those
578	1079		years as a correctional officer, a probation and parole officer, a
579	1080		fugitive apprehension agent or a Grand River Dam public safety
580	1081		officer. For purposes of this paragraph, "final average
581	1082		compensation" shall be determined by computing the average annual
582		-	salary, in the manner prescribed by paragraph (18) of Section 902 of
	1083	+	salary, in the manner prescribed by paragraph (18) of Section 902 of RBH No. 5587
	1084	+
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583	1111		this title, for the hi ghest three (3) years of the last ten (10)
584	1112		years of participating service immediately preceding retirement or
585	1113		termination of employment for all years of service performed by such
586	1114		member, both for years of service performed as a correctional
587	1115		officer, probation and parole officer or fugitive apprehension
588	1116		agent, or years of service performed as a Grand River Dam public
589	1117		safety officer, not in excess of twenty (20) years, and for years of
590	1118		service performed in excess of twenty (20) years, whether as a
591	1119		correctional officer, probation and parole officer, fugitive
592	1120		apprehension agent, Grand River Dam public safety officer, or other
593	1121		position unless the computation of benefits would result in a lower
594	1122		retirement benefit amount than if final average compensation were to
595	1123		be computed as otherwise provided by this paragraph. "Final average
596	1124		compensation" shall be determined by computing the average annual
597	1125		salary for the highest five (5) of the last ten (10) years of
598	1126		participating service immediately preceding retirement or
599	1127		termination of employment, with respect to members whose first
600	1128		participating service occurs on or after July 1, 2013, or with
601	1129		respect to Grand River Dam public safety officers whose first
602	1130		participating service occurs on or after the effective date of this
603	1131		act.
604		-
605	1132		(9) Any member who is:
606		-
607	1133		a. initially on or after July 1, 2 002, employed as a
608	1134		firefighter for the Oklahoma Military Department and RBH No. 5587
609	1135
610		-	ENR. H. B. NO. 2458 Page 14
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611	1162		who retires on or after the member 's normal retirement
612	1163		date shall be entitled to receive an annual retirement
613	1164		benefit equal to two and one-half percent (2 1/2%) of
614	1165		the final average co mpensation of the member
615	1166		multiplied by the number of years of service in such
616	1167		service,
617		-
618	1168		b. (1) a firefighter who performs firefighting services
619	1169		for the Oklahoma Military Department prior to
620	1170		July 1, 2002, and who makes an election in
621	1171		writing on a form prescr ibed for this purpose by
622	1172		the System not later than December 31, 2002,
623	1173		shall be entitled to receive a retirement benefit
624	1174		based upon two and one -half percent (2 1/2%) of
625	1175		the final average compensat ion of the member
626	1176		multiplied by the number of years of servic e as a
627	1177		firefighter with the Oklahoma Military Department
628	1178		on or after July 1, 2002. The election
629	1179		authorized by this subdivision shall be
630	1180		irrevocable once the election is filed with the
631	1181		System,
632		-
633	1182		(2) a firefighter who performs firefighting services
634	1183		for the Oklahoma Military Department prior to
635	1184		July 1, 2002, and who makes the election in
636		-	division (1) of this subparagraph may also make
	1185	+	division (1) of this subparagraph may also make RBH No. 5587
	1186	+
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637	1213		an election in writing on a form prescribed for
638	1214		this purpose by the System not later than
639	1215		December 31, 2002, to receive a retire ment
640	1216		benefit based upon two and one -half percent (2
641	1217		1/2%) of the final average compensation of the
642	1218		member multiplied by the number of years of
643	1219		service as a firefighter with the Oklahoma
644	1220		Military Department prior to July 1, 2002. The
645	1221		election authorized by this subdivision shall be
646	1222		irrevocable once the election is filed with the
647	1223		System. Retirement benefits shall be calculated
648	1224		based upon the two and one -half percent (2 1/2%)
649	1225		multiplier upon paymen t being made pursuant to
650	1226		Section 913.5 of this title.
651		-
652	1227		(10) Any person who contributes to the System as a deputy
653	1228		sheriff or county jailer as provided in paragraph (f) of subsection
654	1229		(1) of Section 919.1 of this title, and who retires under normal
655		-	retirement or early retirement under division (v) of subparagraph RBH No. 5587
656		-
657		-	ENR. H. B. NO. 2458 Page 15
	1230	+	retirement or early retirement under division (v) of subparagraph
658	1231		(d) of paragraph (24) of Section 902 of this title, shall have
659	1232		retirement benefits for each year of full -time-equivalent
660	1233		participating service as a deputy sheriff or county jailer computed
661	1234		on two and one-half percent (2 1/2%) of the final average
662	1235		compensation based upon those years as a deputy sheriff or county
663		-	jailer, and any years in excess of twenty (20) years as a deputy
	1236	+	jailer, and any years in excess of twenty (20) years as a deputy RBH No. 5587
	1237	+
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664	1264		sheriff or county jailer, or years credited to the member in
665	1265		accordance with the provisions of Section 913 of this title, shall
666	1266		be calculated for retirement purposes at two percent (2%) of the
667	1267		final average compensation of the member multiplied by the number of
668	1268		years of such service. For purposes of this paragraph, "final
669	1269		average compensation" shall be determined by computing the average
670	1270		annual salary, in the manner prescribed by paragraph (18) of Section
671	1271		902 of this title, both for years of service performed as a deputy
672	1272		sheriff or county jailer not in excess of twenty (20) years, a nd for
673	1273		years of service performed in excess of twenty (20) ye ars, whether
674	1274		as a deputy sheriff or county jailer.
675		-
676	1275		(11) Upon death of a retirant retiree, there shall be paid to
677	1276		his or her beneficiary an amount equal to the excess, if any, of his
678	1277		or her accumulated contributions over the sum of all retirement
679	1278		benefit payments made.
680		-
681	1279		(12) Such annual retirement benefits shall be paid in equal
682	1280		monthly installments, except that the Board may provide for the
683	1281		payment of retirement benefits which total less than Two Hundred
684	1282		Forty Dollars ($240.00) a year on other than a month ly basis.
685		-
686	1283		(13) Pursuant to the rules established by the Board, a retiree
687	1284		receiving monthly benefits from the System may authorize warrant
688	1285		deductions for any products currently offered to active state
689	1286		employees through the Employees Benefits Council, provi ded that
690		-	product is offered to state retirees as a group and has a minimum
	1287	+	product is offered to state retirees as a group and has a minimum RBH No. 5587
	1288	+
	1289	+	SENATE FLOOR VERSION - HB2458 SFLR Page 26
	1290	+	(Bold face denotes Committee Amendments) 1
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691	1315		participation of five hundred state retirees. The System has no
692	1316		responsibility for the marketing, enrolling or administ ration of
693	1317		such products, but shall retain a processing fee of two percent (2%)
694	1318		of the gross deductions for the products. Retirement benefit
695	1319		deductions shall be made for membership dues for any statewide
696	1320		association for which payroll deductions are authori zed pursuant to
697	1321		subsection B of Section 34.70 of Title 62 of the Oklahoma Statutes
698	1322		for retired members of any state -supported retirement system, upon
699	1323		proper authorization given by the member to the board from which the
700	1324		member or beneficiary is currently re ceiving retirement benefits.
701		-	RBH No. 5587
702		-
703		-	ENR. H. B. NO. 2458 Page 16
704	1325		B. A member shall be considered disabled if such member
705	1326		qualifies for the payment of Social Security disability benefits, or
706	1327		the payment of benefits pursuant to the Railroad Retirement Act of
707	1328		1974, Section 231 et seq. of Title 45 of the United States Code, and
708	1329		shall be eligible for bene fits hereunder upon proof of such
709	1330		disability, provided such member is an active regularly scheduled
710	1331		employee with a participating employer at the time of injury or
711	1332		inception of illness or disease resulting in subsequent
712	1333		certification of eligibility for Soc ial Security disability benefits
713	1334		by reason of such injury, illness or disease, providing such
714	1335		disability is certified by the Social Security Administration within
715	1336		one (1) year after the last date physically on the job and after
716	1337		completion of at least eight (8) years of participating service or
717		-	combined prior and participating service or resulting in subsequent
	1338	+	combined prior and participating service or resulting in subsequent RBH No. 5587
	1339	+
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	1365	+
718	1366		certification of eligibility of disability by the Railroad
719	1367		Retirement Board providing su ch certification is made by the
720	1368		Railroad Retirement Board wit hin one (1) year after the last date
721	1369		physically on the job and after completion of at least eight (8)
722	1370		years of participating service or combined prior and participating
723	1371		service. The member shall submit to the Retirement System the
724	1372		Social Security Award No tice or the Railroad Retirement Award Notice
725	1373		certifying the date of entitlement for disability benefits, as
726	1374		issued by the Social Security Administration, Department of Health
727	1375		and Human Services o r the Railroad Retirement Board. Disability
728	1376		benefits shall become effective on the date of entitlement as
729	1377		established by the Social Security Administration or the Railroad
730	1378		Retirement Board, but not before the first day of the month
731	1379		following removal from the payroll, whichever is later, and final
732	1380		approval by the Retirement System. Benefits shall be based upon
733	1381		length of service and compensation as of the date of disability,
734	1382		without actuarial reduction because of commencement prior to the
735	1383		normal retirement date. The only optional form of benefit payment
736	1384		available for disability benefits is Option A as provided for in
737	1385		Section 918 of this title. Option A must be elected in accordance
738	1386		with the provisions of Section 918 of this title. Benefit payments
739	1387		shall cease upon the member's recovery from disability prior to the
740	1388		normal retirement date. Future benefits, if any, shall be paid
741		-	based upon length of service and compensation as of the date of
	1389	+	based upon length of service and compensation as of the date of RBH No. 5587
	1390	+
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742	1417		disability. In the event that disability ceases and the member
743	1418		returns to employment within the System credited service to the date
744	1419		of disability shall be restored, and future benefits shall be
745	1420		determined accordingly.
746		-
747	1421		C. A member who incurred a disability pursuant to subsection B
748		-	of this section on or after July 1, 1999, and who has retired from RBH No. 5587
749		-
750		-	ENR. H. B. NO. 2458 Page 17
	1422	+	of this section on or after July 1, 1999 , and who has retired from
751	1423		the System with an early retiremen t benefit pending certification
752	1424		from the Social Security Administration or the Railroad Retirement
753	1425		Board shall receive a retirement benefit not less than the
754	1426		disability retirement benefit provide d by subsection B of this
755	1427		section once the System receives a Social Security Award Notice or a
756	1428		Railroad Retirement Award Notice pursuant to subsection B of this
757	1429		section and a completed Application for Disability Benefits. In
758	1430		addition, such member shall re ceive the difference, if any, between
759	1431		the early retirement be nefit and the disability benefit from the
760	1432		date the Social Security Administration or the Railroad Retirement
761	1433		Board establishes disability entitlement.
762		-
763	1434		D. Any actively participating member of the System on or after
764	1435		July 1, 1998, except for those employees provided in subparagraph
765	1436		(e) of paragraph (14) of Section 902 of this title, whose employment
766	1437		is less than full-time, shall have his or her final average
767	1438		compensation calculated on an annualized basis using his or her
768	1439		hourly wage subject to the maximum com pensation limits; provided,
769		-	however, any such member whose first participating service occurred
	1440	+	however, any such member whose first participating service occurred RBH No. 5587
	1441	+
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770	1468		before July 1, 2013, and who has at least three (3) years of full -
771	1469		time employment during the last t en (10) years immediately preceding
772	1470		termination or retirement shall not be eligible for the
773	1471		annualization provisions contained herein ; and provided further, any
774	1472		such member whose first participating service occurred on or after
775	1473		July 1, 2013, and who has at least five (5) years of full-time
776	1474		employment during the last ten (10) years immediately preceding
777	1475		termination or retirement shall not be eligible for the
778	1476		annualization provisions contained herein . The Board of Trustees
779	1477		shall promulgate such administrativ e rules as are necessary to
780	1478		implement the provisions of this subsection.
781		-
782	1479		SECTION 6. AMENDATORY 74 O.S. 2011, Section 918, is
783	1480		amended to read as follows:
784		-
785	1481		Section 918. (1) Except as otherwise provided for in this
786	1482		section and Section 918.1 of this title, a member may elect to have
787	1483		the retirement benefit paid under one of the options provided in
788	1484		this section in lieu of having it paid in the form stated in Section
789	1485		915 of this title. The election of an option must be made at any
790	1486		time prior to retirement or prior to termination of service with a
791	1487		vested benefit. A specific person must be designated as joint
792	1488		annuitant at the time of election of Option A or B. Election of an
793	1489		option is available with respect to the vested benefit. All
794	1490		retirement benefits of a married member shall be paid pursuant to
795	1491		the Option A plan or Option B plan as provided for in this section RBH No. 5587
796	1492
797		-	ENR. H. B. NO. 2458 Page 18
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	1518	+
798	1519		unless the spouse of a member consents in writing for the benefits
799	1520		to be paid as provided for in Section 915 of this title or pursuant
800	1521		to Option B or Option C as provided for in this sec tion.
801		-
802	1522		(2) The amount of retirement benefit payable under an option
803	1523		shall be based on the age and sex of the member and the age and sex
804	1524		of the joint annuitant, and shall be such amount as to be t he
805	1525		actuarial equivalent of the retirement benefit otherwise p ayable
806	1526		under Section 915 of this title.
807		-
808	1527		(3) The retirement options are:
809		-
810	1528		Option A. Joint and one -half to joint annuitant survivor. A
811	1529		reduced retirement benefit is payable to the retirant retiree during
812	1530		his or her lifetime with one -half (1/2) of that amou nt continued to
813	1531		the joint annuitant during such joint annuitant 's remaining
814	1532		lifetime, if any, after the death of the retirant retiree. If the
815	1533		named joint annuitant dies at any time after the mem ber's retirement
816	1534		date, but before the death of the retirant retiree, the retirant
817		-	retiree shall return to the retirement benefit, including any post -
	1535	+	retiree shall return to the retirement benefit, including any post
818	1536		retirement benefit increases the member would have received had the
819	1537		member not selected Option A. The bene fit shall be determined at
820	1538		the date of death of the named joi nt annuitant or July 1, 1994,
821	1539		whichever is later. This increase shall become effective the first
822	1540		day of the month following the date of death of the named joint
823	1541		annuitant or July 1, 1994, whiche ver is later, and shall be payable
824		-	for the retirant's retiree's remaining lifetime. The retirant
	1542	+	for the retirant's retiree's remaining lifetime. The retirant RBH No. 5587
	1543	+
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	1569	+
825	1570		retiree shall notify the Oklahoma Public Employees Retirement System
826	1571		of the death of the named joint annuitant in writing. In the
827	1572		absence of the written noti ce being filed by the member notifying
828	1573		the Oklahoma Public Em ployees Retirement System of the death of the
829	1574		named joint annuitant within six (6) months of the date of death,
830	1575		nothing in this subsection shall require the Oklahoma Public
831	1576		Employees Retirement S ystem to pay more than six (6) months of
832	1577		retrospective benefi ts increase.
833		-
834	1578		Option B. Joint and survivor. A reduced retirement benefit is
835	1579		payable to the retirant retiree during his or her lifetime with that
836	1580		amount continued to the joint annuitant during th e joint annuitant's
837	1581		remaining lifetime, if any, after the dea th of the retirant retiree.
838	1582		If the named joint annuitant dies at any time after the member 's
839	1583		retirement date, but before the death of the retirant retiree, the
840	1584		retirant retiree shall return to the retirement benefit, including
841	1585		any post retirement benefit increases the member would have received
842		-	had the member not selected Option B. The benefit shall be RBH No. 5587
843		-
844		-	ENR. H. B. NO. 2458 Page 19
	1586	+	had the member not selected Option B. The benefit shall be
845	1587		determined at the date of death of the named joint annuitant or July
846	1588		1, 1994, whichever is lat er. This increase shall become effective
847	1589		the first day of the month following the date of death of the named
848	1590		joint annuitant or July 1, 1994, whichever is later, and shall be
849	1591		payable for the retirant's retiree's remaining lifetime. The
850	1592		retirant retiree shall notify the Oklahoma Public Employees
851		-	Retirement System of the death of the named joint annuitant in
	1593	+	Retirement System of the death of the named joint annuitant in RBH No. 5587
	1594	+
	1595	+	SENATE FLOOR VERSION - HB2458 SFLR Page 32
	1596	+	(Bold face denotes Committee Amendments) 1
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852	1621		writing. In the absence of such written notice being filed by the
853	1622		member notifying the Oklahoma Public Employees Retirement System of
854	1623		the death of the named joint annuitant within six (6) months of the
855	1624		date of death, nothing in this subsection shall require the Oklahoma
856	1625		Public Employees Retirement System to pay more than six (6) months
857	1626		of retrospective benefits increase.
858		-
859	1627		Option C. Life with ten (10) ye ars certain. A reduced
860	1628		retirement benefit is payable to the retirant retiree during his or
861	1629		her lifetime and if the retirant retiree dies within the ten-year
862	1630		certain period, measured from the commencement of retirement
863	1631		benefits payments, such payments will be continued to the
864	1632		beneficiary during the balance of the te n-year certain period. If
865	1633		the retirant retiree dies within the ten-year certain period, and
866	1634		there are no living designated beneficiaries, the person responsible
867	1635		for the estate of the retirant retiree may elect for the estate to
868	1636		be paid the benefits for th e remainder of the term or to receive the
869	1637		present value of the remaining benefit payments according to rules
870	1638		adopted by the Board of Trustees of the System. If the retirant
871	1639		retiree predeceases a designated beneficiary within the ten -year
872	1640		certain period, and the beneficiary dies after the beneficiary has
873	1641		begun to receive benefits, the person responsible for the estate of
874	1642		the beneficiary may elect for the estate to be paid the benefits for
875		-	the remainder of the term or to receive the present value of the
	1643	+	the remainder of the term or to receive the present value of the RBH No. 5587
	1644	+
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	1646	+	(Bold face denotes Committee Amendments) 1
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	1670	+
876	1671		remaining benefit payments according to rules adopted by the Board
877	1672		of Trustees of the System.
878		-
879	1673		(4) If the selection of a joint annuitant would violate the
880	1674		distribution requirements contained in Secti on 918.1 of this title,
881	1675		such selection will not be permitted.
882		-
883	1676		(5) If a member who is eligible to retire in accordance with
884	1677		the provisions of Section 914 of this title but is not actually
885	1678		retired or is eligible to vest or has elected a vested benefit dies,
886	1679		the member's spouse may elect to receive benefits as a joint
887	1680		annuitant under Option B calculated as if the member retired on the
888	1681		date of death, in lieu of receiving the member 's accumulated
889		-	contributions. However, no benefits shall be payable before the RBH No. 5587
890		-
891		-	ENR. H. B. NO. 2458 Page 20
	1682	+	contributions. However, no benefits shall be payable before the
892	1683		date the deceased member would have met the requirements for a
893	1684		normal or early retirement. The provisions of this paragraph shall
894	1685		be applicable to a surviving spouse of a deceased member who died
895	1686		prior to the effective date of this act, but only if no ben efits or
896	1687		distributions have been previously paid.
897		-
898	1688		(6) Benefits payable to a joint annuitant shall accrue from the
899	1689		first day of the month following the death of a member or retirant
900	1690		retiree and, in the case of Option A and Option B, shall end on the
901	1691		last day of the month in which the joint annuitant dies.
	1692	+	SECTION 7. AMENDATORY 74 O.S. 2011, Section 932, is
	1693	+	amended to read as follows: RBH No. 5587
902	1694
903		-	SECTION 7. AMENDATORY 74 O.S. 2011, Section 932, is
904		-	amended to read as follows:
	1695	+	SENATE FLOOR VERSION - HB2458 SFLR Page 34
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905	1720
906	1721		Section 932. Except for the member 's name, age, amount of
907	1722		contributions paid in, benefits being pa id, amount of credited
908	1723		service and any documents verifying cr edited service or benefits,
909	1724		all information, documents and copies thereof contained in a
910	1725		member's retirement file shall be given confidential treatment and
911	1726		shall not be made public by the System without the prior written
912	1727		consent of the member to which it p ertains, but shall be subject to
913	1728		subpoena or court order. Notwithstanding any provision to the
914	1729		contrary, the System may release tax information returns of a
915	1730		deceased member to a person acting in a fiduciary capacity on behalf
916	1731		of the decedent or the decede nt's estate for the purposes of filing
917	1732		a tax return, a court -appointed personal representative or
918	1733		administrator of the decedent 's estate, the person responsible for
919	1734		an intestate estate, a trustee of a valid trust document, the
920	1735		decedent's prior attorney-in-fact, the spouse of the decedent, the
921	1736		decedent's court-appointed guardian, or some other person acting on
922	1737		behalf of the decedent.
923		-
924	1738		SECTION 8. This act shall become effective Novem ber 1, 2021.
925		-	RBH No. 5587
926		-
927		-	ENR. H. B. NO. 2458 Page 21
928		-	Passed the House of Representatives the 2nd day of March, 2021.
929		-
930		-
931		-
932		-
933		-	Presiding Officer of the House
934		-	of Representatives
935		-
936		-
937		-	Passed the Senate the 19th day of April, 2021.
938		-
939		-
940		-
941		-
942		-	Presiding Officer of the Senate
943		-
944		-
945		-
946		-	OFFICE OF THE GOVERNOR
947		-	Received by the Office of the Governor this ____________________
948		-	day of ___________________, 20_______, at _______ o'clock _______ M.
949		-	By: _________________________________
950		-	Approved by the Governor of t he State of Oklahoma this _________
951		-	day of ___________________, 20_______, at _______ o'clock _______ M.
952		-
953		-
954		-	_________________________________
955		-	Governor of the State of Oklahoma
956		-
957		-	OFFICE OF THE SECRETARY OF STATE
958		-	Received by the Office of the Secretary of St ate this __________
959		-	day of ___________________, 20_______, at _______ o'clock _______ M.
960		-	By: _________________________________
961		-
962		-	THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
963		-	2512 E. 71
964		-	st
965		-	Street , Suite D ∙ Tulsa, Oklahoma 74136 (918) 492-9658 ∙ (918) 492- 9659
966		-
967		-
968		-
969		-	January 13, 2021
970		-
971		-
972		-
973		-	Representative Mark Lepak
974		-	Room 453.2
975		-
976		-
977		-
978		-	Re: RBH No. 5587
979		-
980		-
981		-
982		-	RBH No. 5587 has cleanup language for Oklahoma Public Employees Retirement System and
983		-	Uniform Retirement System for Justices and Judges.
984		-
985		-	It also allows the systems to release tax information of a deceased member to a person acting in a
986		-	fiduciary capacity for purposes of filing a tax return.
987		-
988		-	RBH No. 5587 is a non fiscal bill as defined by OPLAAA.
989		-
990		-	I am a member of the American Academy of Actuaries and meet the Qualification Standards of the
991		-	American Academy of Actuaries to render the actuarial opinion herein.
992		-
993		-
994		-	Thomas E. Cummins
995		-
996		-	Thomas E. Cummins, MAAA
997		-
998		-
	1739	+	COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND INSURANCE
	1740	+	March 29, 2021 - DO PASS