RBH No. 6117
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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 2171 By: Ford
AS INTRODUCED
An Act relating to public retirement systems;
authorizing retirement benefit distribution for
certain retired members of the Oklahoma Firef ighters
Pension and Retirement System; authorizing retirement
benefit distribution for certain retired members of
the Oklahoma Police Pension and Retirement System;
authorizing retirement benefit distribution for
certain retired members of the Uniform Reti rement
System for Justices and Judges; authorizing
retirement benefit distribution for certain retired
members of the Oklahoma Law Enforcement Retirement
System; authorizing retirement benefit distribution
for certain retired members of the Teachers '
Retirement System of Oklahoma; authorizing retirement
benefit distribution for certain retired members of
the Oklahoma Public Employees Retirement System;
providing for codification; providing an effective
date; and declaring an emergency .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 49-143.8 of Title 11, unless
there is created a duplication in numbering, reads as follows: RBH No. 6117
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The Board of Trustees of the Oklahoma Firefighter s Pension and
Retirement System shall be authorized to provide a one-time
retirement benefit distribution subject to the following con ditions:
1. The retirement benefit increase may only be provided to a
member of the System who has been retired for two (2) or more years
as of the effective date of the benefit increase ;
2. The retirement benefit increase shall be One Thousand Five
Hundred Dollars ($1,500.00) or greater but shall not exceed Three
Thousand Two Hundred Dollars ($3,200.00);
3. The retirement benefit increase shall not be a modification
of the final average compensation used in order to compute the
retirement benefit of the member ; and
4. The retirement benefit increase may only be computed by
using the then-applicable gross annual retirement benefit f or the
member divided by the whole number twelve (12). The resulting
amount may be paid to the retired member in addition to the
retirement benefits otherwise payable to the me mber.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 50-136.10 of Title 11, unless
there is created a duplication in numbering, reads as follows:
The Board of Trustees of the Oklahoma Police Pension and
Retirement System shall be authorized to provide a one-time
retirement benefit distribution subject to the following con ditions: RBH No. 6117
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1. The retirement benefit increase may only be provided to a
member of the System who has been retired for two (2) or more years
as of the effective date of the benefit increase ;
2. The retirement benefit increase shall be One Thousand Five
Hundred Dollars ($1,500.00) or greater but shall not exceed Three
Thousand Two Hundred Dollars ($3,200.00);
3. The retirement benefit increase shall not be a modification
of the final average compensation used in or der to compute the
retirement benefit of the member ; and
4. The retirement benefit incr ease may only be computed by
using the then-applicable gross annual retirement benefit f or the
member divided by the whole number twelve (12). The resulting
amount may be paid to the retired member in addition to the
retirement benefits otherwise payable to the member.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1104L of Title 20, unless there
is created a duplication in numbering, reads as follows:
The Board of Trustees of the Uniform Retirement System for
Justices and Judges shall be authorized to provide a one-time
retirement benefit distribution subject to the following con ditions:
1. The retirement benefit increase may only be provided to a
member of the System who has been retired for two (2) or more years
as of the effective date of the benefit increase ; RBH No. 6117
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2. The retirement benefit increase shall be One Thousand Five
Hundred Dollars ($1,500.00) or greater but shall not exceed Three
Thousand Two Hundred Dollars ($3,200.00);
3. The retirement benefit increase shall not be a modification
of the final average compensation used in order to compute the
retirement benefit of the member ; and
4. The retirement benefit increase may only be computed by
using the then-applicable gross annual retirement benefit f or the
member divided by the whole number twelve (12). The resulting
amount may be paid to the retired member in addition to the
retirement benefits otherwise payable to the member.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2-305.13 of Title 47, unless
there is created a duplication in numbering, reads as follows:
The Board of Trustees of the Oklahoma Law Enforcement Retirement
System shall be authorized to provide a one-time retirement benefit
distribution subject to the following con ditions:
1. The retirement benefit increase may only be provided to a
member of the System who has been retired for two (2) or more years
as of the effective date of the benefit increase ;
2. The retirement benefit increase shall be One Thousand Five
Hundred Dollars ($1,500.00) or greater but shall not exceed Three
Thousand Two Hundred Dollars ($3,200.00); RBH No. 6117
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3. The retirement benefit increase shall not be a modification
of the final average compensation used in order to compute the
retirement benefit of the member ; and
4. The retirement benefit increase may only be computed by
using the then-applicable gross annual retirement benefit f or the
member divided by the whole number twelve (12). The resulting
amount may be paid to the retired member in addition to the
retirement benefits otherwise payable to the member.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 17-116.23 of Title 70, unless
there is created a duplication in numbering, reads as follows:
The Board of Trustees of the Teachers' Retirement System of
Oklahoma shall be authorized to provide a one-time retirement
benefit distribution subject to the following con ditions:
1. The retirement benefit increase may only be provided to a
member of the System who has been retired for two (2) or more years
as of the effective date of t he benefit increase;
2. The retirement benefit increase shall be One Thousand Five
Hundred Dollars ($1,500.00) or greater but shall not exceed Three
Thousand Two Hundred Dollars ($3,200.00);
3. The retirement benefit increase shall not be a modification
of the final average compensation used in order to compute the
retirement benefit of the me mber; and RBH No. 6117
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4. The retirement benefit increas e may only be computed by
using the then-applicable gross annual retirement benefit f or the
member divided by the whole number twelve (12). The resulting
amount may be paid to the retired member in addition to t he
retirement benefits otherwise payable to t he member.
SECTION 6. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as S ection 930.12 of Title 74, unless there
is created a duplication in numbering, reads as foll ows:
The Board of Trustees of the Oklahoma Public Employees
Retirement System shall be authorized to provide a one-time
retirement benefit distribution subject to the following conditions:
1. The retirement benefit increase may only be provided to a
member of the System who h as been retired for two (2) or more years
as of the effective date of the be nefit increase;
2. The retirement benefit increase shall be One Thousand Five
Hundred Dollars ($1,500.00) or greater but shall not exceed Three
Thousand Two Hundred Dollars ($3,200.00);
3. The retirement benefit increase shall not be a modification
of the final average compensation used in order to compute the
retirement benefit of the member; and
4. The retirement benefit inc rease may only be computed by
using the then-applicable gross annual retirement benefit f or the
member divided by the whole number twelve (12). The resulting RBH No. 6117
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amount may be paid to the retired mem ber in addition to the
retirement benefits otherwise payable to the member.
SECTION 7. This act shall become effective July 1, 2023.
SECTION 8. It being immediately necessary for the preservation
of the public peace, healt h or safety, an emergency is here by
declared to exist, by rea son whereof this act shall take effect and
be in full force from and after its passage and approval.
59-1-6117 CMA 01/16/23
THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
2512 E. 71
st
Street , Suite D ∙ Tulsa, Oklahoma 74136
(918) 492-9658 ∙ (918) 492- 9659
January 11, 2023
Representative Russ Ford
Room 300
Re: RHB No. 6117
RBH No. 6117 would allow the trustees of the State’s retirement
systems to give a one ti me benefit to those retired participants who
have been retired at least 2 years. The amount of the benefit is an
extra monthly check (13
th
monthly payment). The amount of benfit
shall be at least $1,500 but not exceed $3,200.
RBH No. 6117 is a non fiscal bill as defined by OPLAAA. If a
benefit is given, the unfunded accrued actuarial liability will
increase.
I am a member of the American Academy of Actuaries and meet the
Qualification Standards of the American Academy of Actuaries to
render the actuarial opinion herein.
Thomas E. Cummins
Thomas E. Cummins, MAAA