Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB826 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	~~RBH~~ No. ~~7986~~
	1	+	RBS No. 1886
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3		-	SB826 HFLR Page 1
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	3	+	ENGR. S. B. NO. 826 Page 1 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
30		-
31		-	STATE OF OKLAHOMA
32		-
33		-	1st Session of the 58th Legislature (2021)
34		-
35		-	COMMITTEE SUBSTITUTE
36		-	FOR
37		-	SENATE BILL NO. 826 By: Howard of the Senate
	28	+	ENGROSSED SENATE
	29	+	BILL NO. 826 By: Howard of the Senate
38	30
39	31		and
40	32
41	33		O’Donnell of the House
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	38	+	An Act relating to firefighter retirement; amending
	39	+	11 O.S. 2011, Section 49 -106.1, as last amend ed by
	40	+	Section 3, Chapter 281, O.S.L. 2014 (11 O.S. Supp.
	41	+	2020, Section 49-106.1), which relates to the
	42	+	deferred option plan; specifying that certain
	43	+	distributions be subject to certain law; requiring
	44	+	interest of certain plan be distributed; specifying
	45	+	methods of distribution; specifying methods of
	46	+	distribution if certain election is not made;
	47	+	providing that certain amount be reduced by certain
	48	+	withdrawals from account; providing that only one
	49	+	distribution be made per calendar year; and
	50	+	specifying when certain distribution be made.
46	51
47		-	PROPOSED COMMITTEE SUBSTITUTE
48		-
49		-	[ firefighter retirement - deferred option plan -
50		-	specifying that certain distributions be subject to
51		-	certain law - effective date –
52		-	emergency ]
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57	56		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
58	57		SECTION 1. AMENDATORY 11 O.S. 2011, Section 49 -106.1, as
59	58		last amended by Section 3, Chap ter 281, O.S.L. 2014 (11 O.S. Supp.
60	59		2020, Section 49-106.1), is amended to read as follows:
61		-	Section 49-106.1 A. In lieu of terminating employment and
	60	+	Section 49-106.1. A. In lieu of terminating employment and
62	61		accepting a service retirement pension pursuant to Sections 49 -101
63	62		and 49-106 of this title, any member of the Oklahoma Firefighters
64		-	Pension and Retirement System serving as an active firefighter in a RBH No. 7986
	63	+	Pension and Retireme nt System serving as an active firefighter in a
	64	+	fire department of a participating municipality who has not less
	65	+	than twenty (20) years of creditable service, or any member of the RBS No. 1886
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66		-	SB826 HFLR Page 2
67		-	BOLD FACE denotes Committee Amendments. 1
	67	+	ENGR. S. B. NO. 826 Page 2 1
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92		-	fire department of a participating municipality who has not less
93		-	than twenty (20) years of creditable ser vice, or any member of the
94	92		Oklahoma Firefighters Pens ion and Retirement System whose first
95	93		employment with a participating employer of the System occurs on or
96	94		after November 1, 2013, and who has not less than twenty -two (22)
97	95		years of creditable service and who is eligible to receive a service
98	96		retirement pension may elect to participate in the Oklahoma
99	97		Firefighters Deferred Option Plan and defer the receipts of be nefits
100	98		in accordance with the provisions of this section.
101	99		B. For purposes of this section, creditable service shall
102	100		include service credit reciproca lly recognized pursuant to Sections
103	101		49-100.1 through 49-100.8 and Sections 49 -101, 49-101.1 and 49-101.2
104	102		of this title but for eligibility purposes only.
105	103		C. The duration of participation in the Oklahoma Firefighters
106	104		Deferred Option Plan for active firefig hters shall not exceed five
107	105		(5) years. Participat ion in the Oklahoma Firefighters Deferred
108	106		Option Plan must begin the first day of a month and end on the last
109	107		day of a month. At the conclusion of a member ’s participation in
110	108		the Oklahoma Firefighters Defe rred Option Plan, the member shall
111	109		terminate employment with all participating municipalities as a
112	110		firefighter, and shall start receiving the member ’s accrued monthly
113	111		retirement benefit from the System. Such a member may be reemployed
114		-	by a participating municipality but only in a position not covered RBH No. 7986
	112	+	by a participating m unicipality but only in a position not covered
	113	+	under the System, and receive in -service distributions of su ch
	114	+	member’s accrued monthly retirement benefit from the System. RBS No. 1886
115	115
116		-	SB826 HFLR Page 3
117		-	BOLD FACE denotes Committee Amendments. 1
	116	+	ENGR. S. B. NO. 826 Page 3 1
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142		-	under the System, and receive in -service distributions of such
143		-	member’s accrued monthly retirement benefit from the System.
144	141		D. When a member begins participation in the Oklahoma
145	142		Firefighters Deferred Option P lan, the contribution of the member
146	143		shall cease. The employer contributions shall continue to be paid
147	144		in accordance with subsection B of Section 49 -122 of this title.
148	145		Employer contributions for members who elect the Oklahoma
149	146		Firefighters Deferred Option Plan shall be credited equally to the
150	147		Oklahoma Firefighters Pension and Retirement System and to the
151	148		member’s Oklahoma Firefighters Deferred Option Plan account. The
152	149		monthly retirement benefits that would have been payable had the
153	150		member elected to cease employment and receive a service retirement
154	151		shall be paid into the member’s Oklahoma Firefighters Deferred
155	152		Option Plan account.
156	153		E. 1. A member who participates in this plan shall be eligible
157	154		to receive cost-of-living increases.
158	155		2. A member who participates in this plan shall earn interest
159	156		at a rate of two percentage points below the rate of retur n of the
160	157		investment portfolio of the System, but no less than the actuarial
161	158		assumed interest rate as certified by the actuary in the yearly
162	159		evaluation report of the ac tuary. The interest shall be credited to
163	160		the individual account balance of the member on an annual basis.
164	161		3. Effective November 1, 2013, the Oklahoma Firefighters
165		-	Deferred Option Plan account for a member whose first service with a RBH No. 7986
	162	+	Deferred Option Plan account for a member whose first service with a
	163	+	participating municipa lity of the System occurs on or after Novemb er
	164	+	1, 2013, and who participates for the firs t time in the Oklahoma RBS No. 1886
166	165
167		-	SB826 HFLR Page 4
168		-	BOLD FACE denotes Committee Amendments. 1
	166	+	ENGR. S. B. NO. 826 Page 4 1
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193		-	participating municipality of the System occurs on or after November
194		-	1, 2013, and who participates for the first time in the Oklahoma
195	191		Firefighters Deferred Option Plan on or after November 1, 2013, and
196	192		has completed active participation in the Oklahoma Firefighters
197	193		Deferred Option Plan, shall earn interest at a rate equa l to the
198	194		actual rate of return of the investm ent portfolio of the System,
199	195		less one (1) percentage point to offset administrative costs of the
200	196		System as determined by the System.
201	197		F. A member in the plan shall rec eive, at the option of the
202	198		member, a lump-sum payment from the account equal to the payme nts to
203	199		the account or an annuity based upon the account of the member or
204	200		may elect any other method of payment if approved by the Board of
205	201		Trustees, subject to the mandatory distribution of interest
206	202		provisions in subsection G of this section and the required minimum
207	203		distributions of the Internal Revenue Code of 1986, 26 U.S.C., as
208	204		amended. If a member becomes so physically or mentally disabled
209	205		while in, or in consequen ce of, the performance of his or her duty
210	206		as to prevent the effective performance of his or her dutie s that
211	207		the State Board approves an in -line-of-duty disability pension, the
212	208		payment from the account shall be an in -line-of-duty disability
213	209		payment. Notwithstanding any other provision contained here in to
214	210		the contrary, commencement of distributions under t he Oklahoma
215	211		Firefighters Deferred Option Plan shall be no later than the time as
216		-	set forth in subsection B of Section 49 -106 of this title and a. A RBH No. 7986
	212	+	set forth in subsection B of Section 49 -106 of this title and a. A
	213	+	member whose first service with a participating mu nicipality of the
	214	+	System occurs on or after November 1, 2 013, and who participates for RBS No. 1886
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218		-	SB826 HFLR Page 5
219		-	BOLD FACE denotes Committee Amendments. 1
	216	+	ENGR. S. B. NO. 826 Page 5 1
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244		-	member whose first service with a participating municipality of the
245		-	System occurs on or after November 1, 2013, and who participates for
246	241		the first time in the Oklahoma Firefighters Deferred Option Plan on
247	242		or after November 1, 2013, must receive a distribution of the entire
248	243		remaining balance in the member ’s Oklahoma Firefighters Deferred
249	244		Option Plan account no l ater than April 1 of the calendar year
250	245		following the later of:
251	246		1. The calendar year in which the member reaches seventy and
252	247		one-half (70 1/2) years of age ; or
253	248		2. The actual retirement date of the m ember.
254	249		G. Upon the effective date of this act and for ea ch plan year
255	250		thereafter, for retired members, disabled members and surviving
256	251		spouses receiving monthly retirement benefits from the System , the
257	252		interest earned annually on the accumulated Plan B balance of the
258	253		member, as determined as of June 30 of the relevant plan year, shall
259		-	be distributed each year as a direct payment to the member or, if
260		-	applicable, the member's surviving spouse, or as a payment or
261		-	transfer to an eligible retirement plan pursuant to the provisions
262		-	of Section 49-106.3 of this title. A member's failure to make an
263		-	election of either a direct lump sum payment or direct rollover of
	254	+	be distributed each year as a direct payment to the member or as a
	255	+	payment or transfer to an eligible retirement plan pursuant to the
	256	+	provisions of Section 49-106.3 of this title. Failure to make an
	257	+	election of either a direct lump sum payment or directed rollover of
264	258		the interest earned for the applicable plan year shall result in:
265	259		1. An automatic rollover of the interest earned for the
266	260		applicable plan year to an individual re tirement plan, consistent
267		-	with the mandatory distribution rules of Section 401(a)(31) of the RBH No. 7986
	261	+	with the mandatory distribution rules of Section 401(a)(31) of the
	262	+	Internal Revenue Code of 1986, as amended, for any member before the
	263	+	member attains the later of age 62 or the member ’s normal retirement
	264	+	date; or RBS No. 1886
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269		-	SB826 HFLR Page 6
270		-	BOLD FACE denotes Committee Amendments. 1
	266	+	ENGR. S. B. NO. 826 Page 6 1
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295		-	Internal Revenue Code of 1986, as amended, for any member before the
296		-	member attains the later of age 62 or the member’s normal retirement
297		-	date; or
298	291		2. A direct lump sum distribution to the member for any other
299	292		member before he or she attains the required minimum distribution
300	293		age specified by the Internal Rev enue Code of 1986, as amended.
301	294		The amount of mandatory distributio n of interest earned annually
302	295		for any plan year shall be reduced by the amount of voluntary
303	296		withdrawals from the member’s Plan B balance during the plan year.
304	297		No individual shall receive both a mandatory distribution of
305	298		interest and an IRS-required minimum distribution in the same
306	299		calendar year. In any calendar year in which the System would
307	300		otherwise distribute both a mandatory distribution of interest and
308	301		an IRS required minimum distribution to an individual, only the IRS -
309	302		required minimum distribution shall be made.
310	303		H. If a member dies while maintaining an account balance in the
311	304		plan the System shall pay to the designated recipient or recipients
312	305		of the member, or if there is no designated recipient or if the
313	306		designated recipient predeceases the member, to the spouse of the
314	307		member, or if there is no spouse or if the spouse predeceases the
315	308		member, to the estate of the member a lump-sum payment equal to the
316	309		account balance of the member. If such member was receiving, or
317	310		eligible to receive, an in -line-of-duty disability pension a t the
318		-	time of his or her death, payment of the account balance shall be an RBH No. 7986
	311	+	time of his or her death, payment of the account balance shall be an
	312	+	in-line-of-duty disability payment. If a designated recipient is
	313	+	the surviving spouse of the member, the surviving spouse shall
	314	+	receive his or her portion of the account balance of the member RBS No. 1886
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320		-	SB826 HFLR Page 7
321		-	BOLD FACE denotes Committee Amendments. 1
	316	+	ENGR. S. B. NO. 826 Page 7 1
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346		-	in-line-of-duty disability payment. I f a designated recipient is
347		-	the surviving spouse of the member, the surviving spouse shall
348		-	receive his or her portion of the account balance of the member
349	341		pursuant to subsection F of this section. The surviving spouse,
350	342		whether or not he or she is a designated recipient of the member,
351	343		may elect to receive his or her portion of the account balance of
352	344		the member in the same manner as was applicable to the member.
353	345		H. I. In lieu of participating in the Oklahoma Firefighters
354	346		Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
355	347		this section, a member may elect to participate in the Oklahoma
356	348		Firefighters Deferred Option Plan pursuant to this subsection as
357	349		follows:
358	350		1. For purposes of this subsection and subsectio n I J of this
359	351		section, the following definitions shall apply:
360		-	a. "back drop date" means the member's normal retirement
	352	+	a. “back drop date” means the member’s normal retirement
361	353		date or the date five (5) years befo re the member
362	354		elects to participate in the O klahoma Firefighters
363	355		Deferred Option Plan, whichever date is later,
364		-	b. "termination date~~" mean s~~ the date the member elects to
	356	+	b. “termination date” means the date the member elects to
365	357		participate in the Oklahoma Firefighters Deferred
366	358		Option Plan pursuant to this subsect ion, and the date
367	359		the member terminates empl oyment with all
368		-	participating municipalities as an active firefighter, RBH No. 7986
	360	+	participating municipalities as an active firefighter,
	361	+	c. “earlier attained credited service ” means the credited
	362	+	service earned by a member as of the back drop date,
	363	+	and RBS No. 1886
369	364
370		-	SB826 HFLR Page 8
371		-	BOLD FACE denotes Committee Amendments. 1
	365	+	ENGR. S. B. NO. 826 Page 8 1
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396		-	c. "earlier attained cr edited service" means the credited
397		-	service earned by a member as of the back drop date,
398		-	and
399		-	d. "deferred benefit balance" means all monthly
	390	+	d. “deferred benefit balan ce” means all monthly
400	391		retirement benefits th at would have been payable had
401	392		the member elected to ceas e employment on the back
402	393		drop date and receive a service retirement from the
403	394		back drop date to the termination date, all the
404		-	member's contributions and one -half (1/2) of the
	395	+	member’s contributions and one -half (1/2) of the
405	396		employer contributions fr om the back drop date to the
406	397		termination date, with inter est based on how the
407	398		benefit would have accumulated on a compound an nual
408	399		basis as if the member had participated in the
409	400		Oklahoma Firefighters Deferred Opti on Plan pursuant to
410	401		subsections A, B, C, D, E and F of this section from
411	402		the back drop date to the te rmination date; and
412	403		2. At the termination date, the monthly pension benefit shall
413	404		be determined based on earlier attained credited service and on the
414		-	final average salary as of the back drop date. The member's
	405	+	final average salary as of the back drop date. The member’s
415	406		individual deferred option account shall be credited with an amount
416	407		equal to the deferred benefit balance, the m ember shall terminate
417	408		employment with all participating municipalities as a firefighter ,
418		-	and shall start receiving the member's accrued monthly retirement
419		-	benefit from the System. Such a member may be reemployed by a RBH No. 7986
	409	+	and shall start receiving the member ’s accrued monthly retirement
	410	+	benefit from the System. Such a member may be reemployed by a
	411	+	participating municipality but only in a position not covered under
	412	+	the System, and receive in -service distributions of such member’s
	413	+	accrued monthly retirement benefit from the System. The provisions RBS No. 1886
420	414
421		-	SB826 HFLR Page 9
422		-	BOLD FACE denotes Committee Amendments. 1
	415	+	ENGR. S. B. NO. 826 Page 9 1
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447		-	participating municipality but only in a position not covered under
448		-	the System, and receive in -service distributions of such member’s
449		-	accrued monthly retirement benefit from the System. The provisions
450	440		of subsections B, C, E, F and G H of this section shall apply to
451	441		this subsection. A member sh all not participate in the Oklahoma
452	442		Firefighters Deferred Option Plan pursuant to thi s subsection if the
453	443		member has elected to pa rticipate in the Oklahoma Firefighters
454	444		Deferred Option Plan pursuant to subsections A, B, C, D, E and F of
455	445		this section.
456	446		I. J. Certain surviving spouses and members shall be eligible
457	447		to participate in the Oklaho ma Firefighters Deferred Option Plan
458	448		pursuant to subsection H I of this section and this subsection.
459	449		1. For purposes of this subsection, the following definitions
460	450		shall apply:
461		-	a. "back drop election date" means the date the surviving
	451	+	a. “back drop election date ” means the date the surviving
462	452		spouse or member elec ts to commence participation in
463	453		the Oklahoma Firefighters Deferred Option Plan
464	454		pursuant to subsection H I of this section and this
465	455		subsection,
466		-	b. "interest" means the actuarial ~~assumed~~ interest rate
	456	+	b. “interest” means the actuarial a ssumed interest rate
467	457		as certified by the actuary in the yearly evaluation
468	458		report of the actuary,
469		-	c. "monthly adjustment amount" means the difference
470		-	between the monthly pension prior to the back drop RBH No. 7986
	459	+	c. “monthly adjustment am ount” means the difference
	460	+	between the monthly pension pr ior to the back drop
	461	+	election and the adjusted monthly pension due to the
	462	+	back drop election, RBS No. 1886
471	463
472		-	SB826 HFLR Page 10
473		-	BOLD FACE denotes Committee Amendments. 1
	464	+	ENGR. S. B. NO. 826 Page 10 1
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498		-	election and the adjusted monthly pension due to the
499		-	back drop election,
500		-	d. "back drop pension adjustment amount" means the sum of
	489	+	d. “back drop pension adjustment amount ” means the sum of
501	490		all the monthly adjustment amounts adjusted for
502	491		interest from the pension commencement date to the
503	492		back drop election date, and
504		-	e. "deferred benefit balance adjustment amount" means the
	493	+	e. “deferred benefit balance adjustment amount ” means the
505	494		interest on the deferred benefit balance from the
506	495		pension commencement da te to the back drop election
507	496		date.
508	497		2. If a member who has more than twenty (20) years of
509	498		creditable service and is eligible to receive a service, or a member
510	499		of the Oklahoma Firefighters Pension and Retirement System whose
511	500		first employment with a particip ating employer of the System occurs
512	501		on or after November 1, 2013, and such member has more than twent y-
513	502		two (22) years of creditable service, retirement pension dies on or
514	503		after June 4, 2007, and prior to terminating employment, the
515	504		member’s surviving spouse shall be eligible to elect to receive a
516	505		benefit determined as if the member had elected to particip ate in
517	506		the Oklahoma Firefighters Deferred Option Plan in accordance with
518	507		subsection H I of this section on the day immediately preceding such
519	508		member’s death. Prior to July 1, 2010, the surviving spo use must
520	509		make any such election within one (1) year from the date of the
521		-	member’s death. Effe ctive July 1, 2010, the surviving spouse must RBH No. 7986
	510	+	member’s death. Effective July 1, 2010, the surviving spouse m ust
	511	+	make any such election within ninety (90) days from the date of the
	512	+	member’s death. If on or after June 4, 2007, su ch election is made, RBS No. 1886
522	513
523		-	SB826 HFLR Page 11
524		-	BOLD FACE denotes Committee Amendments. 1
	514	+	ENGR. S. B. NO. 826 Page 11 1
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548	538
549		-	make any such election within ninety (90) days from the date of the
550		-	member’s death. If on or after June 4, 2007, such election is made,
551	539		the monthly pension such surviving s pouse is entitled to receive
552	540		shall be adjusted in accordance with the provision s of subsection H
553		-	I of this section to account for the member's participation in the
	541	+	I of this section to account for the member ’s participation in the
554	542		Oklahoma Firefighters Deferred Opti on Plan. The surviving spouse
555	543		may only make this electio n if the member has not previously elected
556	544		to participate in the Oklahoma Firefig hters Deferred Option Plan.
557	545		For purposes of this election, the surviving spouse must have been
558	546		married to the firefig hter for the thirty (30) continuous months
559	547		preceding the firefighter’s death; provided, the surviving spouse of
560	548		a member who died while in , or as a consequence of, the performance
561	549		of the member’s duty for a participating municipality shall not be
562	550		subject to the marriage limitation for this election.
563	551		3. If a member has more than twenty (20) years of creditable
564	552		service, or a member of the Okl ahoma Firefighters Pension and
565	553		Retirement System whose first employment wi th a participating
566	554		employer of the System oc curs on or after November 1, 2013, and such
567	555		member has more than twenty-two (22) years of creditable service and
568	556		is eligible to receive a service retirement pension, and is eligible
569	557		for a retirement for disabilit y monthly pension pursuant to Section
570	558		49-109 of this title on or after June 4, 2007, such member shal l be
571	559		eligible to elect to receive a benefit determined as if the member
572		-	had elected to participate in the Oklahoma Firefighters Deferred RBH No. 7986
	560	+	had elected to participate in the Oklahoma Firefighters Deferred
	561	+	Option Plan, in accordance with subsection H I of this section, on
	562	+	the day immediately preceding the date of the member ’s disability RBS No. 1886
573	563
574		-	SB826 HFLR Page 12
575		-	BOLD FACE denotes Committee Amendments. 1
	564	+	ENGR. S. B. NO. 826 Page 12 1
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599	588
600		-	Option Plan, in accordance with subsection H I of this section, on
601		-	the day immediately preceding the date of the member’s disability
602	589		retirement, provided such election is made within two (2) years from
603	590		the date of the member ’s disability retirement. The disability
604	591		monthly pension such member is receiving, or entitle d to receive,
605	592		shall be adjusted in accordance with the pr ovisions of subsection H
606	593		I of this section to account for the member ’s participation in the
607	594		Oklahoma Firefighters Deferred Option Plan. The deferred benef it
608	595		balance such member is entitled to receiv e shall be reduced by the
609	596		back drop pension adjustment am ount and increased by the deferred
610	597		benefit balance adjustment amount. The member may only make a back
611	598		drop election if the deferred benefit balance after the adjustment
612	599		described in this paragraph i s greater than Zero Dollars ($0.00).
613	600		The member may only make this election if the member has not
614	601		previously elected to participate in the Ok lahoma Firefighters
615	602		Deferred Option Plan.
616	603		4. If a member has more tha n twenty (20) years of creditable
617	604		service, or a member of the Oklahoma Firefighters Pension and
618	605		Retirement System whose first employment with a participating
619	606		employer of the System occur s on or after November 1, 2013, and such
620	607		member has more than twenty -two (22) years of creditable service and
621	608		is eligible to receive a service retirement pension, and file d a
622	609		grievance for wrongful termination occurring on or after June 4,
623		-	2007, or is not a member of a collective bargaining organization as RBH No. 7986
	610	+	2007, or is not a member of a collective bargaining organization as
	611	+	a firefighter, is involuntarily terminated and is seeking to h ave
	612	+	his or her position as a firefighter reinstated throu gh a legal RBS No. 1886
624	613
625		-	SB826 HFLR Page 13
626		-	BOLD FACE denotes Committee Amendments. 1
	614	+	ENGR. S. B. NO. 826 Page 13 1
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650	638
651		-	a firefighter, is involuntarily terminated and is seeking to have
652		-	his or her position as a firefighter reinstated through a legal
653	639		process, but is not reinstated as an active member, such member
654	640		shall be eligible to elect to receive a benefit determined as if the
655	641		member had elected to participate in the Oklahoma Firef ighters
656	642		Deferred Option Plan in accordance with subsectio n H I of this
657	643		section on the day immediately preceding the date of the member ’s
658	644		termination. Such election must be made within two (2) years from
659	645		the date of the member’s termination as an active me mber and, if the
660	646		member’s case pertaining to the member ’s termination is on appeal to
661	647		a court of competent jurisdiction, within such period set by the
662	648		State Board in its sole discretion. The monthly pension such member
663	649		is receiving, or entitled to receive , shall be adjusted in
664	650		accordance with the provisions of subsection H I of this section to
665	651		account for the member ’s participation in the Oklahoma Firefighters
666	652		Deferred Option Plan. The deferred benefit balance s uch member is
667	653		entitled to receive shall be r educed by the back drop pension
668	654		adjustment amount and inc reased by the deferred benefit balance
669	655		adjustment amount. The member may only make a bac k drop election if
670	656		the deferred benefit balance after the adjustme nt described in this
671	657		paragraph is greater th an Zero Dollars ($0.00). The member may only
672	658		make this election if the member has not previously elected to
673		-	participate in the Oklahoma Firefighters Deferred Option Plan. RBH No. 7986
	659	+	participate in the Oklahoma Firefight ers Deferred Option Plan.
	660	+	5. Subparagraphs d and e of paragraph 1 and paragraphs 3 and 4
	661	+	of this subsection a re effective June 4, 2007, provided the Internal
	662	+	Revenue Service issues a favorable determination letter for the RBS No. 1886
674	663
675		-	SB826 HFLR Page 14
676		-	BOLD FACE denotes Committee Amendments. 1
	664	+	ENGR. S. B. NO. 826 Page 14 1
677	665		2
678	666		3
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700	688
701		-	5. Subparagraphs d and e of paragraph 1 and paragraphs 3 and 4
702		-	of this subsection are effective June 4, 2007, provided the Internal
703		-	Revenue Service issues a favorable determinat ion letter for the
704	689		System which includes the provisi ons of such subparagraphs and
705	690		paragraphs without modification or a s modified to conform to any
706	691		changes required by the Internal Revenue Service as part of its
707	692		determination letter review process. In the event the Internal
708	693		Revenue Service does not issue su ch a determination letter which
709	694		includes the provisions of such su bparagraphs or paragraphs without
710	695		modification or as modified to conform to any changes required by
711	696		the Internal Revenue Service as part of its determination letter
712	697		review process, then subp aragraphs d and e of paragraph 1 and
713	698		paragraphs 3 and 4 of this su bsection shall be repealed effective
714	699		June 4, 2007.
715		-	SECTION 2. This act shall become effective July 1, 2021.
716		-	SECTION 3. It being immediat ely necessary for the preservation
717		-	of the public peace, health or safety, an emergency is hereby
718		-	declared to exist, by reason whereof this act shall take effect and
719		-	be in full force from and after its passage and approval.
	700	+	Passed the Senate the 9th day of March, 2021.
720	701
721		-	COMMITTEE REPORT BY: COMMITTEE O N RULES, dated 04/06/2021 - DO PASS,
722		-	As Amended.
	702	+
	703	+
	704	+	Presiding Officer of the Senate
	705	+
	706	+
	707	+	Passed the House of Representatives the ____ day of __________,
	708	+	2021.
	709	+
	710	+
	711	+
	712	+	Presiding Officer of the House
	713	+	of Representatives
	714	+