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Oklahoma House Bill HB2854

Oklahoma 2023 Regular Session

Oklahoma House Bill HB2854 Compare Versions

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28-ENGROSSED HOUSE
29-BILL NO. 2854 By: Wallace, Deck and Hefner of
30-the House
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29+HOUSE OF REPRESENTATIVES - FLOOR VERSION
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31+STATE OF OKLAHOMA
32+
33+1st Session of the 59th Legislature (2023)
34+
35+HOUSE BILL 2854 By: Wallace of the House
3136
3237 and
3338
3439 Thompson (Roger) of the
3540 Senate
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45+AS INTRODUCED
4146
4247 An Act relating to public retirement sy stems;
4348 amending 62 O.S. 2021, Section 3103, as amended by
4449 Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp.
4550 2022, Section 3103), which relates to the Oklahom a
4651 Pension Legislation Actuarial Analysis Act; modifying
4752 definitions; imposing conditions related t o approvals
4853 by the Internal Revenue Service; providing for
4954 termination of provisions of the Retir ement Freedom
5055 Act; providing for cessation of certain employe e
5156 contributions; requiring employee contributions
5257 pursuant to provisions of defined benefit plan;
5358 providing for cessation of certain employer
5459 contributions; requiring employer contributions
5560 pursuant to provisions of defined benefit plan;
5661 authorizing management of defined contribution plan
5762 accounts for certain period of time; requiring
5863 irrevocable election with regard to defined
5964 contribution plan account balance s; providing for
6065 termination of effec t of provisions of the Retirement
6166 Freedom Act; providing exce ptions; providing for
6267 vesting treatment of defined contribution plan
6368 account balances as of design ated date; providing for
6469 computation of service credit in de fined benefit plan
6570 based on purchase of service at actuarial cost;
6671 amending 74 O.S. 2021, Sections 913.4, 920, 929,
6772 1316.2 and 1707, which relate to the Oklahoma Public
6873 Employees Retirement System and the Deferred Savings
6974 Incentive Plan; modifying provisions related to
70-participation in defined contribution plan; providing
75+participation in define d contribution plan; providing RBH No. 5208
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71103 for participating servic e credit resulting from
72104 purchase at actuarial cost; modifying provisions
73105 related to membership of electe d officials in defined
74-contribution plan; modifying provisions related to RBH No. 5208
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106+contribution plan; modifying provisions related to
101107 payment of employer con tributions; modifying
102108 provisions related to participati on in deferred
103109 compensation plan; providing for codification; and
104110 providing effective date s.
105111
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108114
109115 BE IT ENACTED BY THE PEOPLE OF THE STAT E OF OKLAHOMA:
110116 SECTION 1. AMENDATORY 62 O.S. 2021, Section 3103, as
111117 amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp. 2022,
112118 Section 3103), is amended to read as follows:
113119 Section 3103. As used in the Oklahoma Pension Legislation
114120 Actuarial Analysis Act:
115121 1. "Amendment" means any amendment, including a substitute
116122 bill, made to a retirement bill by any committee of the House or
117123 Senate, any conference committee of the House or Senate o r by the
118124 House or Senate;
119125 2. "RB number" means that number pre ceded by the letters "RB"
120126 assigned to a retirement bill by the respective staffs of the
121127 Oklahoma State Senate and the Oklahoma House of Representatives when
122128 the respective staff office prepares a retirement bill for a member
123129 of the Legislature;
124130 3. "Legislative Actuary" means the firm or entity that enters
125131 into a contract with the Legislative Service Bureau pursuant to
126-Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
132+Section 452.15 of Title 74 of the Oklahoma Statutes to provide the RBH No. 5208
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127160 actuarial services and other duties provided for in the Oklahoma
128-Pension Legislation Actuarial Analysis Act; RBH No. 5208
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161+Pension Legislation Actuarial Analysis Act;
155162 4. "Nonfiscal amendment" means an amendment to a retirement
156163 bill having a fiscal impact, which amendment does not change any
157164 factor of an actuarial investig ation specified in subsection A of
158165 Section 3109 of this title;
159166 5. "Nonfiscal retirement bill" means a retirement bill:
160167 a. which does not affect the cost or funding factors of a
161168 retirement system,
162169 b. which affects such factors only in a manner which does
163170 not:
164171 (1) grant a benefit increase under the retirement
165172 system affected by the bill,
166173 (2) create an actuarial accrued liability for or
167174 increase the actuarial accrued liability of the
168175 retirement system affected by the bill, or
169176 (3) increase the normal cost of t he retirement system
170177 affected by the bill,
171178 c. which authorizes the purchase by an active member of
172179 the retirement system, at the actuarial cost for the
173180 purchase as computed pursuant to the statute in effect
174181 on the effective date of the measure allowing suc h
175182 purchase, of years of service for purposes of reaching
176-a normal retirement date in the applicable retirement
177-system, but which cannot be used in order to compute RBH No. 5208
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211+system, but which cannot be used in order to compute
204212 the number of years of service for purposes of
205213 computing the retirement benefit for the memb er,
206214 d. which provides for the computation of a service -
207215 connected disability retirement benefit for members of
208216 the Oklahoma Law Enforcement Retirement System
209217 pursuant to Section 2 -305 of Title 47 of the Oklahoma
210218 Statutes if the members were unable to comple te twenty
211219 (20) years of service as a result of the disability,
212220 e. which requires membership in the defined benefit plan
213221 authorized by Section 901 et seq. of Title 74 of the
214222 Oklahoma Statutes for persons whose first elected or
215223 appointed service occurs on or after November 1, 2018,
216224 if such persons had any prior service in the Oklahoma
217225 Public Employees Retirement System prior to November
218226 1, 2015,
219227 f. which provides for a one -time increase in retirement
220228 benefits if the increase in retirement benefits is not
221229 a permanent increase in the gross annual retirement
222230 benefit payable to a member or beneficiary, occurs
223231 only once pursuant to a single statutory authorization
224232 and does not exceed:
225233 (1) the lesser of two percent (2%) of the gross
226-annual retirement benefit of the member or One
227-Thousand Dollars ($1,000.00) and requires that RBH No. 5208
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262+Thousand Dollars ($1,000.00) and requires that
254263 the benefit may only be provided if the funded
255264 ratio of the affected retirement system would not
256265 be less than sixty percent (60%) but not greater
257266 than eighty percent (80%) after the benefit
258267 increase is paid,
259268 (2) the lesser of two percent (2%) of the gross
260269 annual retirement benefit of the member or One
261270 Thousand Two Hundred Dollars ($1,200.00) and
262271 requires that the benefit may only be provided if
263272 the funded ratio of the affected retirement
264273 system would be greater than eighty percent (80%)
265274 but not greater than o ne hundred percent (100%)
266275 after the benefit increase is paid,
267276 (3) the lesser of two percent (2%) of the gross
268277 annual retirement benefit of the member or One
269278 Thousand Four Hundred Dollars ($1,40 0.00) and
270279 requires that the benefit may only be provided if
271280 the funded ratio of the affected retirement
272281 system would be greater than one hundred percent
273282 (100%) after the benefit increase is paid, or
274283 (4) the greater of two percent (2%) of the gross
275284 annual retirement benefit of the volunteer
276-firefighter or One Hundred D ollars ($100.00) for
277-persons who retired from the Oklahoma RBH No. 5208
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285+firefighter or One Hundred D ollars ($100.00) for RBH No. 5208
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313+persons who retired from the Oklahoma
304314 Firefighters Pension and Retirement System as
305315 volunteer firefighters and who did not retire
306316 from the Oklahoma Firefighters Pension and
307317 Retirement System as a paid firefighter.
308318 As used in this subpa ragraph, "funded ratio" means the
309319 figure derived by dividing the actuarial value of
310320 assets of the applicable retirement system by the
311321 actuarial accrued liability of the applicable
312322 retirement system,
313323 g. which modifies the disability pension standard for
314324 police officers who are members of the Oklahoma Police
315325 Pension and Retirement System as provided by Section 3
316326 of this act,
317327 h. which provides a cost -of-living benefit increase
318328 pursuant to the provi sions of:
319329 (1) Section 49-143.7 of Title 11 of the Oklahoma
320330 Statutes,
321331 (2) Section 50-136.9 of Title 11 of the Oklahoma
322332 Statutes,
323333 (3) Section 1104K of Title 20 of the Oklahoma
324334 Statutes,
325335 (4) Section 2-305.12 of Title 47 of the Oklahoma
326336 Statutes, RBH No. 5208
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353364 (5) Section 17-116.22 of Title 70 of the Oklahoma
354365 Statutes,
355366 (6) Section 930.11 of Title 74 of the Oklahoma
356367 Statutes, or
357368 i. which modifies the computation of the line -of-duty
358369 disability benefit pursuant to the provisions of this
359370 act, or
360371 j. which provides for the termina tion of the defined
361372 contribution retirement plan created pursua nt to
362373 Section 935.1 et seq. of Title 74 of the Oklahoma
363374 Statutes pursuant to the provisions of Sections 2
364375 through 10 of this act together with provisions for
365376 conversion of defined contribution plan account
366377 balances into participating service in the Oklahom a
367378 Public Employees Retirement System defined benefit
368379 plan created pursuant to Section 901 et seq. of Title
369380 74 of the Oklahoma Statutes or such other disposition
370381 of defined contribution plan acc ount balances as may
371382 be authorized pursuant to the provisions o f this act.
372383 A nonfiscal retirement bill shall include any retirement bill that
373384 has as its sole purpose the appropriation or distribution or
374385 redistribution of monies in some manner to a retireme nt system for
375386 purposes of reducing the unfunded liability of su ch system or the
376387 earmarking of a portion of the revenue from a tax to a retirement RBH No. 5208
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403415 system or increasing the percentage of the revenue earmarked from a
404416 tax to a retirement system;
405417 6. "Reduction-in-cost amendment" means an amendment to a
406418 retirement bill having a fiscal impact which reduces the cost of the
407419 bill as such cost is determined by the actuarial investigation for
408420 the bill prepared pursuant to Section 3109 of this title;
409421 7. "Retirement bill" means any bill or joint resolution
410422 introduced or any bill o r joint resolution amended by a member of
411423 the Oklahoma Legislature which creates or amends any law directly
412424 affecting a retirement system. A retirement bill shall not mean a
413425 bill or resolution that impacts the revenue of any state tax in
414426 which a portion of the revenue generated from such tax is earmarked
415427 for the benefit of a retirement system;
416428 8. "Retirement bill having a fiscal impact" means any
417429 retirement bill creating or establishing a reti rement system and any
418430 other retirement bill other than a nonfis cal retirement bill; and
419431 9. "Retirement system" means the Teachers' Retirement System of
420432 Oklahoma, the Oklahoma Public Employees Retirement System, the
421433 Uniform Retirement System for Justices a nd Judges, the Oklahoma
422434 Firefighters Pension and Retirement Sys tem, the Oklahoma Police
423435 Pension and Retirement System, the Oklahoma Law Enforcement
424436 Retirement System, or a retirement system established after January
425437 1, 2006. RBH No. 5208
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452465 SECTION 2. NEW LAW A new section of law to be codified
453466 in the Oklahoma Statutes as Section 935.101 of Title 74, unless
454467 there is created a duplica tion in numbering, reads as follows:
455468 The Oklahoma Public Employees Retirement System shall administer
456469 this act in accordance with applicable provisions of the federal
457470 Internal Revenue Code and take whatever action is reasonable and
458471 necessary in order to comply with the federal Internal Revenue Code
459472 and any regulations promulgated thereto.
460473 SECTION 3. NEW LAW A new section of law to be codified
461474 in the Oklahoma Statutes as Section 935.102 of Title 74, unless
462475 there is created a duplication in numbering, reads as follows:
463476 A. Except as may be required by the provisions of this act, the
464477 provisions of Section 935.1 through Section 935.11 of Title 74 of
465478 the Oklahoma Statutes shall cease to have the force and effect of
466479 law on November 1, 202 3.
467480 B. Effective November 1, 2023, each member maintaining an
468481 account established pursuant to the provisions of Sectio n 935.1
469482 through 935.11 of Title 74 of the Oklahoma Statutes shall cease
470483 making employee contributions to their account and shall begin
471484 accruing participating service in the defined benefit plan created
472485 pursuant to the provisions of Section 902 et seq. of Tit le 74 of the
473486 Oklahoma Statutes. Effective November 1, 2023, each member who
474487 maintains an account established pursuant to the provisions of
475488 Section 935.1 through 935.11 of Title 74 of the Oklahoma Statutes RBH No. 5208
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502516 and employed on November 1, 2023, by an employer participating in
503517 the defined contribution plan shall make employee contributions to
504518 the defined benefit plan as requir ed by Section 919.1 of Title 74 of
505519 the Oklahoma Statutes.
506520 C. Employer contributions and matching amounts otherwise
507521 required by the provisi ons of Section 935.5 of Title 74 of the
508522 Oklahoma Statutes shall cease and employer contributions with
509523 respect to employee compensation shall be made as provided by
510524 Section 920 or 920A of Title 74 of the Oklahoma Statutes.
511525 D. Employees maintaining a plan a ccount established pursuant to
512526 the provisions of Section 935.1 through 935.11 of Title 74 of the
513527 Oklahoma Statutes may conti nue to actively manage the plan account,
514528 including any gains or losses resulting from such active management,
515529 until final dispositio n of the plan account balance by acquisition
516530 of service credit in the defined benefit plan created pursuant to
517531 the provisions of Section 901 et seq. of Title 74 of the Oklahoma
518532 Statutes, a transfer of the account balance to a tax -qualified
519533 retirement plan or such other disposition as may be authorized
520534 pursuant to the Internal Revenue Code of 1986, as amended, and rules
521535 and regulations promulgated pursuant thereto.
522536 E. Each person maintaining a plan account pursuant to the
523537 provisions of Section 935.1 through 935.11 of Title 74 of the
524538 Oklahoma Statutes and employed on November 1, 2023, by an employer
525539 participating in the defined contribution plan shall make an RBH No. 5208
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552567 election, which shall be irrevocable, within one hundred eighty
553568 (180) days from the effective date of this act to purchase service
554569 credit in the defined benefit pla n created pursuant to the
555570 provisions of Section 901 et seq. of Title 74 of the Oklahoma
556571 Statutes using the actuarial co st provisions of Section 913.5 of
557572 Title 74 of the Oklahoma Statutes, to tr ansfer the balance to a tax -
558573 qualified plan or to receive a distribution of the balance as may be
559574 allowed pursuant to the Internal Revenue Code of 1986, as amended,
560575 or any rules or regulations promulga ted pursuant thereto. If a
561576 member fails to make such an election within one hundred eighty
562577 (180) days from the effective date of this act, the member shall not
563578 be permitted to purchase service credit pursuant to this act.
564579 Service credit purchased pursuant to this act shall be counted as
565580 service for all purposes including, but not limited to vesting,
566581 full-time equivalent employment, retirement eligibility, and
567582 calculation of a retirement benefit. Purchases of service credit
568583 pursuant to the provisions of Section 913.5 of Title 74 of the
569584 Oklahoma Statutes are only allowed for members who are employed and
570585 participating with a participating employer.
571586 F. If a person maintaining a plan account pursuant to the
572587 provisions of Section 935.1 through 935.11 of Title 74 of the
573588 Oklahoma Statutes and e mployed on November 1, 2023, by an employer
574589 participating in the defined contribution plan fails to make an
575590 election pursuant to subsection E of this section, he or she shall RBH No. 5208
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602618 have the balance of the plan account transferred to an account
603619 established for the employee in the Oklahoma State Employees
604620 Deferred Savings Ince ntive and Deferred Compensation Plans as may be
605621 allowed pursuant to the Internal Revenue Code of 1986, as amended,
606622 or any rules or regulations promulgated pursuant thereto .
607623 G. A person maintaining a pl an account pursuant to the
608624 provisions of Section 935. 1 through 935.11 of Title 74 of the
609625 Oklahoma Statutes who is no longer employed on November 1, 2023, by
610626 an employer participating in the defined contribution plan may
611627 receive a distribution or transfer the balance of the account as may
612628 be allowed pursuant to the I nternal Revenue Code of 1986, as
613629 amended, or any rules or regulations promulgated pursuant thereto.
614630 The Oklahoma Public Employees R etirement System may contract with
615631 one or more entities to facilitate t he transfer of plan accounts
616632 pursuant to this subsection .
617633 SECTION 4. NEW LAW A new section of law to be codified
618634 in the Oklahoma Statutes as Section 935.103 of Title 74, unless
619635 there is created a duplication in numbering, reads as foll ows:
620636 A. The Oklahoma Public Employees Retirement System shall make
621637 final disposition of the accounts established pursuant to the
622638 provisions of Section 935.1 through 935.11 of Title 74 of the
623639 Oklahoma Statutes by November 1, 2024, or the last date required by
624640 the Internal Revenue Code of 1986, as amended, for dis tributions of
625641 plan account balances, whichever date last oc curs. RBH No. 5208
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652669 B. Effective November 1, 2023, notwithstanding the provisions
653670 of Section 935.7 of Title 74 of the Oklahoma Statutes, a member
654671 maintaining a defined contribution plan account pursuant to the
655672 provisions of the Retirement Freedom Act and employed on November 1,
656673 2023, by an employer who participates in the defined contribution
657674 plan shall be one hundred percent (100%) vested in their accoun t
658675 balance as of that date, including employer matching amounts and any
659676 gains or losses resulting from management of the account pursuant to
660677 the provisions of the Retirement Freedom Act.
661678 SECTION 5. NEW LAW A new section of law to be codified
662679 in the Oklahoma Statutes as Section 935.104 of Title 7 4, unless
663680 there is created a duplication in numbering, reads as follows:
664681 Any service credit in the Oklahoma Public Employees Retirement
665682 System as provided by Section 901 et seq. of Title 74 of the
666683 Oklahoma Statutes purchased by transfer of an account balan ce
667684 pursuant to the provisions of this act shall not exceed the total
668685 period of service accrued by the member while a participant in the
669686 defined contribution plan created by Section 935.1 through 935.11 of
670687 Title 74 of the Oklahoma Statutes. A member may purchase all or
671688 part of the service accrued by the member while a participant in the
672689 defined contribution plan created by Section 935.1 through 935.11 of
673690 Title 74 of the Oklahoma Statutes.
674691 SECTION 6. AMENDATORY 74 O.S. 2021, Section 913.4, is
675692 amended to read as follows: RBH No. 5208
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702720 Section 913.4 A. 1. Except as otherwise provided in this
703721 subsection, an elected official may elect to participate in the
704722 System and if he or she elects to do so shall have the option of
705723 participating at any one of the computation factors set forth in
706724 paragraph 3 or 4 of this subsect ion and will receive retirement
707725 benefits in accordance with the computa tion factor chosen. The
708726 election on participation in the System must be in writing, must
709727 specify the computation fa ctor chosen, and must be filed with the
710728 System within ninety (90) day s after the elected official takes
711729 office. The election to participate and the election of a
712730 computation factor shall be ir revocable. Reelection to the same
713731 office will not permit new e lections. Failure of an elected
714732 official to file such election form within the ninety-day period
715733 shall be deemed an irrevocable election to participate in the System
716734 at the maximum computation factor.
717735 2. Contributions and benefits will be based upon the elected
718736 official's annual compensation as defined in Section 902 of t his
719737 title. Employer and elected official contributions shall be
720738 remitted at least monthly, or as the Board may otherwise pr ovide, to
721739 the System for deposit in the Oklahoma Public Employe es Retirement
722740 Fund. Effective July 1, 1994, and thereafter, the part icipating
723741 employer shall contribute as provided in Section 920 of this title.
724742 3. Except as provided in paragraph 4 of this subsection,
725743 effective July 1, 1994, the computation factor sele cted and the RBH No. 5208
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752771 corresponding elected official contribution rate shall b e as
753772 follows:
754773 Elected official Computation Alternate
755774 Contribution Rate Factor Formula
756775 4.5% 1.9% $12.50
757776 6% 2.5% $20.00
758777 7.5% 3.0% $25.00
759778 8.5% 3.4% $27.50
760779 9% 3.6% $30.00
761780 10% 4.0% $40.00
762781 4. Elected officials who are first elected or appointed to an
763782 elected office on or after November 1, 2010, shall elect a
764783 computation factor o f either 1.9% or 4%. The elected official
765784 contribution rate for the 1.9% computation factor is currently 4.5%
766785 and the contribution rate for the 4% computation factor is currently
767786 10%. All other computation factors and contribution rates set forth
768787 in paragraph 3 of this subsection shall not be available to any
769788 person first elected or appointed to an elected office on o r after
770789 November 1, 2010.
771790 5. The contribution rate for elected offic ials who are first
772791 elected or appointed to an elected office on or afte r November 1,
773792 2011, shall be in the amount specified in paragraph (a) of
774793 subsection (1) of Section 919.1 of this tit le. The amount of the
775794 retirement benefit for elected officials who a re first elected or RBH No. 5208
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802822 appointed to an elected office on or after November 1, 2011, shall
803823 be based on the provisions of paragra ph (1) of subsection A of
804824 Section 915 of this title.
805825 6. The computation factors and corresponding elected official
806826 contribution rates provided for in paragraphs 3 and 4 of this
807827 subsection shall be based on the entire compensation as an elected
808828 official subject to the definition and maximum compensation levels
809829 as set forth in paragraph (9) of Section 902 of this title.
810830 7. Elected officials who are first elected or appointed on or
811831 after November 1, 2011, shall also be eligible to make the election
812832 of an alternate multiplier and contribution rate pursuant to
813833 paragraph 2 of subsection A of Section 915 of this title.
814834 8. A statewide elected official or legislator whose first
815835 service as an elected official occ urs on or after November 1, 2015,
816836 shall become a participant in the defined contribution system
817837 created by Sections 935.1 through 935.11 of this title and such
818838 elected official shall no t accrue any service credit in the defined
819839 benefit plan of the Oklahoma Public Employees Retirement System
820840 created pursuant to Section 901 et seq. of this title.
821841 9. Notwithstanding the p rovisions of paragraph 8 of this
822842 subsection, a statewide elected offi cial or legislator who is first
823843 elected or appointed on or after Novemb er 1, 2018, and who has
824844 participating service in the defined benefit plan prior to November
825845 1, 2015, shall be a memb er of the defined benefit plan. RBH No. 5208
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852873 B. The normal retirement date for an elected official shall be
853874 the first day of the month coinciding with o r following the
854875 official's sixtieth birthday or the f irst day of the month
855876 coinciding with or following the date at which the sum of the
856877 elected official's age and number of years of cr edited service total
857878 eighty (80). The normal retirement date for an el ected official
858879 first elected or appointed to an elect ed office on or after November
859880 1, 2011, shall be the first day of the month coinciding with or
860881 following the official's sixty -fifth birthday or the date upon which
861882 the elected or appointed official attai ns the age of sixty-two (62)
862883 and who has at least ten (10) years of elected or appointed service.
863884 Any elected official first elected or appointed to an elected office
864885 before November 1, 2011, who has a minimum of ten (10) years'
865886 participating service may retire under the early retirement
866887 provisions of this act, including those electing a vested benefit
867888 and shall receive an adjustment of annual benefits in accordance
868889 with the following p ercentage schedule:
869890 Percentage of Normal
870891 Age Retirement Benefits
871892 60 100%
872893 59 94%
873894 58 88%
874895 57 82%
875896 56 76% RBH No. 5208
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902924 55 70%
903925 Any elected official first elected or appointed to an elected
904926 office on or after November 1, 2011, who has a minimum of ten (10)
905927 years' elected or appointed service may retire under the early
906928 retirement provisions of this act, including those electing a vested
907929 benefit and shall receive an adjustment of annual benefits in
908930 accordance with the following percentage schedule:
909931 Percentage of Normal
910932 Age Retirement Benefits
911933 62 100%
912934 61 93.33%
913935 60 86.67%
914936 C. 1. Any elected o fficial shall receive annual benefits
915937 computed based upon the computation factor selected multiplied by
916938 the member's highest annual compensation received as an elected
917939 official prior to retirement or termination of employment multiplied
918940 by the number of years of credited service. No elected official
919941 shall retire using such highest annual compensation unless the
920942 elected official has made the required election and has paid the
921943 required contributions on such salary.
922944 2. The retirement benefit may be computed pursuant to the
923945 provisions of paragraph (1) of subsec tion A of Section 915 of this
924946 title if the benefit would be hig her. Elected officials who have a
925947 vested benefit prior to July 1, 19 80, may elect to receive annual RBH No. 5208
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952975 benefits based on the alternate formula provided above. Such annual
953976 benefits shall be paid in equal monthly installments.
954977 3. Elected officials who become members of the Oklahoma Public
955978 Employees Retirement System on or aft er August 22, 2008, will
956979 receive retirement benefits in accordance with the computation
957980 factor selected pursuant to subsecti on A of this section multiplied
958981 by the member's highest annual compensation received as an elected
959982 official and only for those years of credited service the member
960983 served as an elected official. If such elected official has
961984 participating service as a none lected member, then such nonelected
962985 service shall be computed s eparately pursuant to the provisions of
963986 paragraph (1) of subsection A of Section 915 of this title with the
964987 final benefit result added to th e final benefit result for elected
965988 service. In no event shall the elected official be entitled to
966989 apply the computation factor selected pursuant to subsection A of
967990 this section or the compensation received as an elected official to
968991 the computation of none lected service.
969992 4. Elected officials who are first e lected or appointed to an
970993 elected office on or after August 22, 2008, may not receive a
971994 maximum benefit greater than their single hi ghest annual
972995 compensation received as a member of the Oklahoma Public E mployees
973996 Retirement System.
974997 D. Any elected official making an election to participate at a
975998 computation factor less than the maximum and later selecting a RBH No. 5208
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10021026 higher computation factor shal l contribute to the System a sum equal
10031027 to the amount which the elected official would have contributed if
10041028 the elected official had made such election at the time the elected
10051029 official first became eligible, plus interest as determined by the
10061030 Board, in order to receive the additional benefits for all service
10071031 as an elected official; otherwise, the additional benefits shall be
10081032 applicable only to service for which the elected official pays the
10091033 appropriate percent of contributions to the System.
10101034 E. The surviving spouse of a deceased elected official who was
10111035 first elected or appoint ed to an elected office before November 1,
10121036 2011, and who has at least six (6) years of participating service
10131037 and the surviving spouse of a deceased elected official who was
10141038 first elected or appointed to an elected office on or after November
10151039 1, 2011, and who has at least eight (8) years of participating
10161040 service shall be entitled to receive survivor benefits in the amoun t
10171041 herein prescribed, if married to the decedent continuously for a
10181042 period of at least three (3) years immediately preceding the elected
10191043 official's death. Provided the elected official had met the service
10201044 requirements, survivor benefits shall be payable wh en the deceased
10211045 member would have met the requirements for normal or early
10221046 retirement. The amount of the benefits the surviving spouse may
10231047 receive shall be fifty percent (50%) of the amount of benefits the
10241048 deceased elected official was receiving or will b e eligible to
10251049 receive. Elected officials may elect a retirement opti on as RBH No. 5208
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10521077 provided in Section 918 of this title in lieu of the survivors
10531078 benefit provided above.
10541079 F. Any elected official who se rved in the Armed Forces of the
10551080 United States, as defined in pa ragraph (23) of Section 902 of this
10561081 title, prior to membership in the Oklahoma Public Employees
10571082 Retirement System shall be granted credited service of not to exceed
10581083 five (5) years for those per iods of active military service during
10591084 which the elected offici al was a war veteran.
10601085 G. Anyone appointed or elected to an elected p osition after
10611086 July 1, 1990, shall not be eligible to receive benefits a s provided
10621087 in this section until such person has part icipated as an elected
10631088 official for six (6) years. Anyone appo inted or elected to an
10641089 elected position on or after November 1, 2011, shall not be eligible
10651090 to receive benefits as provided in this section until such person
10661091 has participated as an elected offi cial for eight (8) years.
10671092 H. Elected officials who terminate p articipation in the System
10681093 and who have a minimum of six (6) years of participating service
10691094 shall be entitled to elect a vested benefit and shall be entitled to
10701095 the retirement options as provid ed in Section 918 of this title in
10711096 lieu of the survivors benefi t provided in subsection E of this
10721097 section. Elected officials, first elected or appointed to an
10731098 elected office on or after November 1, 2011 , who terminate
10741099 participation in the System and who h ave a minimum of eight (8)
10751100 years of participating service shall be entitled to elect a vested RBH No. 5208
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11021128 benefit and shall be entitled to retir ement options as provided in
11031129 Section 918 of this title in lieu of the s urvivors benefits provided
11041130 in subsection E of this se ction.
11051131 I. In determining the number of years of credited servi ce, a
11061132 fractional year of six (6) months or more shall be considered a s one
11071133 (1) year, and less than six (6) months or more shall be disregard ed.
11081134 For members who joined the System on or after No vember 1, 2011, the
11091135 number of years of credited service shall b e based on actual years
11101136 and months of credited service without roundi ng up or down.
11111137 SECTION 7. AMENDATORY 74 O.S. 2021, Section 920, is
11121138 amended to read as follows:
11131139 Section 920. (1) Effective July 1, 1994, every state agency
11141140 which is a participating employer shall contribute to the System an
11151141 amount equal to eleven and one-half percent (11 1/2%) of the monthly
11161142 compensation of each member, but not in excess of Forty Thou sand
11171143 Dollars ($40,000.00).
11181144 (2) Effective July 1, 1995, every s tate agency which is a
11191145 participating employer shall contribute to the System an amount
11201146 equal to eleven and one-half percent (11 1/2%) of the monthly
11211147 compensation of each member, not to exceed t he allowable annual
11221148 compensation as defined in paragraph (9) of Section 902 of this
11231149 title.
11241150 (3) Effective July 1, 1996, every state agency which is a
11251151 participating employer shall contribute to the System an amount RBH No. 5208
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11521179 equal to twelve percent (12%) of the month ly compensation of each
11531180 member, not to exceed the allowable ann ual compensation defined in
11541181 paragraph (9) of Section 902 of this titl e.
11551182 (4) Effective July 1, 1999, and through the fiscal year ending
11561183 June 30, 2005, every state agency which is a participatin g employer
11571184 shall contribute to the System an amount equal to te n percent (10%)
11581185 of the monthly compensation of each member, not to ex ceed the
11591186 allowable annual compensation defined in paragraph (9) of Section
11601187 902 of this title.
11611188 (5) Effective July 1, 2005, e xcept as otherwise provided by
11621189 subsection (11) of this section, every state agency which is a
11631190 participating employer shall contribut e an amount to the System
11641191 equal to a percentage of monthly compensation of each member, not to
11651192 exceed the allowable annual c ompensation defined in paragraph (9) of
11661193 Section 902 of this tit le as follows:
11671194 July 1, 2005 – June 30, 2006 11 1/2%
11681195 July 1, 2006 – June 30, 2007 12 1/2%
11691196 July 1, 2007 – June 30, 2008 13 1/2%
11701197 July 1, 2008 – June 30, 2009 14 1/2%
11711198 July 1, 2009 – June 30, 2011 15 1/2%
11721199 July 1, 2011 – June 30, 2012
11731200 and each year thereafter 16 1/2%
11741201 (6) The Board shall certify, on or before November 1 of each
11751202 year, to the Office of Management and Enterprise Services an RBH No. 5208
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12021230 actuarially determined estimate of the rate of contribution wh ich
12031231 will be required, together with all accumulated contributio ns and
12041232 other assets of the System, to be paid by each participating
12051233 employer to pay all liabilities which shall exist or accrue under
12061234 the System, including amortization of the past service cost over a
12071235 period of not to exceed forty (40) years from June 30, 1987, and the
12081236 cost of administration of the System, as determined by the Board,
12091237 upon recommendation of the actuary.
12101238 (7) The Office of Management and Enterprise Services and the
12111239 Governor shall include in the budget and in the budget request for
12121240 appropriations the sum required to satisfy the state's obligation
12131241 under this section as certified by the Board and shall present the
12141242 same to the Legislature for allowance and appropriation.
12151243 (8) Each other participating employer shall appropriate and pay
12161244 to the System a sum sufficient to satisfy the obligation under this
12171245 section as certified by the Board.
12181246 (9) Each participating employer is hereby authorized to pay the
12191247 employer's contribution from the same fund that the compensation for
12201248 which said contribution is paid from or from any other funds
12211249 available to it for such purpose.
12221250 (10) Forfeitures arising from severance of employment, death or
12231251 for any other reason may not be applied to increase the benefits any
12241252 member would otherwise receive under the System's law. Ho wever,
12251253 forfeitures may be used to reduce an employer's contribution. RBH No. 5208
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12521281 (11) Effective November 1, 2015, an employer shall be required
12531282 to make payment to the Oklahoma Public Employees Retirement System
12541283 of the amount described by subsection A of Section 10 of this act
12551284 with respect to any employee who is a participant in the de fined
12561285 contribution system created pursuant to the provisions of Sections 1
12571286 through 11 of this act. The employer shall be re quired to make the
12581287 required matching contribution amount for al l employees that
12591288 participate in the defined contribution system and t o remit the
12601289 difference between such amount and the amount the employer would
12611290 otherwise have paid pursuant to the provisions of this section to
12621291 the Oklahoma Public Employees Retirement Sys tem.
12631292 SECTION 8. AMENDATORY 74 O.S. 2021, Section 929, is
12641293 amended to read as follows:
12651294 Section 929. A. Any person who is licensed by the Department
12661295 of Rehabilitation Services as a vending stand operator or managing
12671296 operator shall be eligible for membership in the Oklahoma Public
12681297 Employees Retirement System established by Sections 901 through 928
12691298 of this title. Enrollment in the System shall be optio nal with each
12701299 operator under regulations prescribed by the Oklahoma Public
12711300 Employees Retirement System Board of Trustees. Persons who elect to
12721301 participate in the Oklahoma Public Employees Retirement System
12731302 pursuant to the provisions of this section shall be considered as
12741303 state employees only for retirement purposes and shall make
12751304 contributions pursuant to the provisions of Section 919.1 of this RBH No. 5208
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13021332 title. Any payment or contributions to be made for members of the
13031333 System shall be payable by the operator in suc h manner as may be
13041334 determined by the Department of Rehabilitation Services, and sha ll
13051335 not be a responsibility or liability of the Department of
13061336 Rehabilitation Services; provided that, the Department may, in its
13071337 discretion, make all or a part of such paymen ts.
13081338 B. Any person first licensed under this section on or after
13091339 November 1, 2015, shall not be eligible for membership in the
13101340 Oklahoma Public Employees Retirement System established by Sections
13111341 901 through 928 of this title, but such person shall be eligi ble for
13121342 participation in the defined contribution plan as set forth in
13131343 Section 2 of Enrolled House Bill No. 2630 of the 2nd Session of the
13141344 54th Oklahoma Legislature, as amended by Section 2 of this act.
13151345 SECTION 9. AMENDATORY 74 O.S. 2021, Section 131 6.2, is
13161346 amended to read as follows:
13171347 Section 1316.2 A. Any employee, other than an education
13181348 employee, who retires pursuant to the provisions of the Oklahoma
13191349 Public Employees Retirement System or who has a vested benefit
13201350 pursuant to the provisions of the Oklahoma Public Employees
13211351 Retirement System may continue in force the health and dental
13221352 insurance benefits authorized by the provis ions of the Oklahoma
13231353 Employees Insurance and Benefits Act, or other employer insurance
13241354 benefits if the employer does not part icipate in the plans offered
13251355 by the Office of Management an d Enterprise Services, if such RBH No. 5208
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13521383 election to continue in force is made wit hin thirty (30) days from
13531384 the date of termination of service . Except as otherwise provided
13541385 for in Section 840-2.27I of this title and subsection H of this
13551386 section, health and dental i nsurance coverage may not be reinstated
13561387 at a later time if the election to continue in force is declined.
13571388 Vested employees other than education employees who have terminated
13581389 service and are not re ceiving benefits and effective July 1, 1996,
13591390 nonvested persons who have terminated service with more than eight
13601391 (8) years of participating service with a participating employer,
13611392 who within thirty (30) days from the date of termination of service
13621393 elect to continue such coverage, shall pay the full cost of the
13631394 insurance premium at the rate and pursuant to the terms and
13641395 conditions established by the Office. Provided also, any employee
13651396 other than an education employee who commences employment with a
13661397 participating employer on or after September 1, 1991, who terminates
13671398 service with such employer on or after July 1, 1996, but who
13681399 otherwise has insufficient years of service to retire or terminate
13691400 service with a vested benefit pursuant to the provisions of the
13701401 Oklahoma Public Employees Retirement System or to elect to conti nue
13711402 coverage as a nonvested employee as provided in this section, but
13721403 who, immediately prior to employment with the participating
13731404 employer, was covered as a dependent on the health and dental
13741405 insurance policy of a spouse who was an active employee other th an
13751406 an education employee, may count as part of his or her credited RBH No. 5208
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14021434 service for the purpose of determining eligibility to elect to
14031435 continue coverage under this section, the time during which the
14041436 terminating employee was covered as such a dependent.
14051437 B. 1. Health insurance benefit plans offered pursuant to this
14061438 section shall include:
14071439 a. indemnity plans offered through the Office,
14081440 b. managed care plans offered as alternatives to the
14091441 indemnity plans offered through the Office,
14101442 c. Medicare supplements offer ed pursuant to the Oklahoma
14111443 Employees Insurance and Benefits Act,
14121444 d. Medicare risk-sharing contracts offered as
14131445 alternatives to the Medicare supplements offered
14141446 through the Office. All Medicare risk-sharing
14151447 contracts shall be subject to a risk adjustment
14161448 factor, based on generally accepted actuarial
14171449 principles for adverse selecti on which may occur, and
14181450 e. for the Oklahoma Publi c Employees Retirement System,
14191451 other employer-provided health insurance bene fit plans
14201452 if the employer does not participate in the plans
14211453 offered pursuant to the Oklahoma Employees Insurance
14221454 and Benefits Act.
14231455 2. Health insurance benefit plans offered pursuant to this
14241456 section shall provide prescription drug benefits, except for plan s
14251457 designed pursuant to the Medicare Prescription Dru g Improvement and RBH No. 5208
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14521485 Modernization Act of 2003, for which provision of prescriptio n drug
14531486 benefits is optional, and except for plans offered pursuant to
14541487 subparagraph e of paragraph 1 of this subsection.
14551488 C. 1. Designated public retirement systems shall contr ibute a
14561489 monthly amount towards the health insurance premium of certain
14571490 individuals receiving benefits from the public retirement system as
14581491 follows:
14591492 a. a retired employee, other than an education employee
14601493 or an employee who participates in the defined
14611494 contribution system administered by the Oklahoma
14621495 Public Employees Retirement System o n or after
14631496 November 1, 2015, who is receiving benefits from the
14641497 Oklahoma Public Employees Retirement System after
14651498 September 30, 1988, shall have One Hundred Five
14661499 Dollars ($105.00), or the premium rate of the health
14671500 insurance benefit plan, whichever is less , paid by the
14681501 Oklahoma Public Employees Retirement System to the
14691502 Board or to another insurance carrier or other
14701503 qualified benefits administrator of the employer if
14711504 the employer does not participate in the plans offered
14721505 by the Office in the manner specified in subsection G
14731506 of this section,
14741507 b. a retired employee or surviving spouse other than an
14751508 education employee who is receiving benefits from the RBH No. 5208
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15021536 Oklahoma Law Enforcement Retir ement System after
15031537 September 30, 1988, is under sixty-five (65) years of
15041538 age and is not otherwise eligible for Medicare shall
15051539 have the premium rate for the health insurance benefit
15061540 plan or One Hundred Five D ollars ($105.00), whichever
15071541 is less, paid by the Oklahoma Law Enforcement
15081542 Retirement System to the Office in the manner
15091543 specified in subsection G of this section,
15101544 c. a retired employee other than an education employee
15111545 who is receiving benefits from the Okl ahoma Law
15121546 Enforcement Retirement System after Se ptember 30,
15131547 1988, is sixty-five (65) years of age or older or who
15141548 is under sixty-five (65) years of age and is eligible
15151549 for Medicare shall have One Hundred Five Dollars
15161550 ($105.00), or the premium rate of the h ealth insurance
15171551 benefit plan, whichever is less, paid by the Oklahoma
15181552 Law Enforcement Retirement System to the Office in the
15191553 manner specified in subsection G of this section, and
15201554 d. a retired employee other than an education employee
15211555 who is receiving benef its from the Uniform Retirement
15221556 System for Justices and Judges after September 30,
15231557 1988, shall have One Hundred Five Dollars ($105. 00),
15241558 or the premium rate of the health insurance plan,
15251559 whichever is less, paid by the Uniform Retirement RBH No. 5208
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15521587 System for Justices and Judges to the Office in the
15531588 manner specified in subsection G of this section.
15541589 2. Premium payments made pursuant to this sectio n shall be made
15551590 subject to the following conditions:
15561591 a. the health plan shall be authorized by the provisions
15571592 of the Oklahoma Employees Insurance and Benefits Act,
15581593 except that if an employer from which an employee
15591594 retired or with a vested benefit pursuant to the
15601595 provisions of the Oklahoma Public Employees Retirement
15611596 System does not participate in the plans authorized by
15621597 the provisions of the Oklahoma Employees Insurance an d
15631598 Benefits Act, the health plan will be the health
15641599 insurance benefits of the employer from which the
15651600 individual retired or vested,
15661601 b. for plans offered by the Oklahoma Employees Insurance
15671602 and Benefits Act, the a mount to be paid shall be
15681603 determined pursuant to the provisions of this
15691604 subsection and shall first be applied in whole or in
15701605 part to the prescription drug coverage premium. Any
15711606 remaining amount shall be applied toward the medical
15721607 coverage premium,
15731608 c. for all plans, if the amount paid by the public
15741609 retirement system does not cover the full cost of the RBH No. 5208
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16011637 elected coverage, the individual shall pay the
16021638 remaining premium amount, and
16031639 d. payment shall be made by the retirement systems in the
16041640 manner specified under subsection G of this section.
16051641 D. For any member of the Oklahom a Law Enforcement Retirement
16061642 System killed in the line of duty, whet her the member was killed in
16071643 the line of duty prior to May 18, 2005, or on or after May 18, 2005,
16081644 or if the member was on a d isability leave status at the time of
16091645 death, the surviving spou se or dependents of such deceased member of
16101646 the Oklahoma Law Enforce ment Retirement System may elect to continue
16111647 or commence health and dental insurance benefits, provided the
16121648 dependents pay the full cost of such insurance, and for de aths
16131649 occurring on or after July 1, 2002, such election is made within
16141650 thirty (30) days of the date of death. The eligibility for the
16151651 benefits shall terminate for the surviving children when the
16161652 children cease to qu alify as dependents.
16171653 E. Effective July 1, 2004, a retired memb er of the Oklahoma Law
16181654 Enforcement Retirement System who retired fro m the System by means
16191655 of a personal and traumatic injury of a catastrophic nature and in
16201656 the line of duty and any surviving s pouse of such retired member and
16211657 any surviving spouse of a memb er who was killed in the line of duty
16221658 shall have one hundred percent (100%) of the retired member's or
16231659 surviving spouse's health care premium cost, whether the member or
16241660 surviving spouse elects coverage under the Medicare supplement or RBH No. 5208
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16511688 Medicare risk-sharing contract, paid by the Oklahoma Law Enforcement
16521689 Retirement System to the Office in the manner specified in
16531690 subsection H of this section . For plans offered by the Office, such
16541691 contributions will first be applied in whole or in part to the
16551692 prescription drug coverage premium, if any.
16561693 F. Dependents of a deceased employee wh o was on active work
16571694 status or on a disability leave at the time of death or of a
16581695 participating retardant or of any person wh o has elected to receive
16591696 a vested benefit under the Oklahoma Pu blic Employees Retirement
16601697 System, the Uniform Retirement System for Justices and Judges or the
16611698 Oklahoma Law Enforcement Retirement System may continue the health
16621699 and dental insurance benefits i n force, provided the dependents pay
16631700 the full cost of such insu rance and they were covered as eligible
16641701 dependents at the time of su ch death and such election is made
16651702 within thirty (30) days of date of death . The eligibility for the
16661703 benefits shall terminat e for the surviving children when the
16671704 children cease to qualify as dependents.
16681705 G. The amounts required to be paid by the Oklahoma Public
16691706 Employees Retirement System, the Uniform Retirement System for
16701707 Justices and Judges and the Oklahoma Law Enforcement Re tirement
16711708 System pursuant to this secti on shall be forwarded no later than the
16721709 tenth day of each month following the month for which payment is due
16731710 by the Oklahoma Public Employees Retirement System Board of Trustees
16741711 or the Oklahoma Law Enforcement Retireme nt Board to the Office for RBH No. 5208
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17011739 deposit in the Health, Dental and Li fe Insurance Reserve Fund or to
17021740 another insurance carrier or other administrator of qualified
17031741 benefits of the employer as provided for in subsection H of Section
17041742 1315 of this title.
17051743 H. Upon retirement from employment of the Board of Regents of
17061744 the University of Oklahoma, any person who was or is employed at the
17071745 George Nigh Rehabilitation Institute and who transferred employment
17081746 pursuant to Section 3427 of Title 70 of the Oklahoma Statutes, any
17091747 person who was employed at the Medica l Technology and Research
17101748 Authority and who transferred employment pursuant to Section 7068 of
17111749 this title and any person who is a member of the Oklahoma Law
17121750 Enforcement Retirement System pursuant to the authority of Sec tion
17131751 2-314 of Title 47 of the Oklahom a Statutes may participate in the
17141752 benefits authorized by the provisions of the Oklahoma Employ ees
17151753 Insurance and Benefits Act for retired participants including
17161754 health, dental and life insurance benefits, if such electio n to
17171755 participate is made within thirt y (30) days from the date of
17181756 termination of service. Life insurance benefits for any such per son
17191757 who transferred employment shall not exceed the coverage the person
17201758 had at the time of such transfer . Retirees who transferred
17211759 employment and who participate pursuant to this paragrap h shall pay
17221760 the premium for elected benefits less any amounts paid b y a state
17231761 retirement system pursuant to this section. RBH No. 5208
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17501789 SECTION 10. AMENDATORY 74 O.S. 2021, Section 1707, is
17511790 amended to read as follows:
17521791 Section 1707. A. Effective January 1, 1998, for each qualified
17531792 participant as defined in this section who is a state employee as
17541793 defined in this section, the Oklahoma Public Employees Retirement
17551794 System shall pay each m onth from funds appropriated or deposited to
17561795 the Oklahoma State Employees Deferred Savings Incentive Plan Fund
17571796 created pursuant to this section the sum of Twenty-five Dollars
17581797 ($25.00) to a plan established pursuant to the Internal Revenue
17591798 Code, Section 401(a), for the benefit of the employee; provided, if
17601799 monies in the fund are insufficient to fully fund the contributions
17611800 in any month, payments shall be suspended until such time as
17621801 sufficient monies are available. Employees receiving payroll other
17631802 than monthly shall have an amount contributed which is equivalent to
17641803 Twenty-five Dollars ($25.00) per month.
17651804 B. For the purposes of this s ection, "qualified participant"
17661805 means a state employee as defined in this section who is an active
17671806 participant in the Oklahom a State Employees Deferred Compensation
17681807 Plan making deferrals o f at least Twenty-five Dollars ($25.00) per
17691808 month. A qualified participant shall not include an employee who
17701809 participates in the defined contribution system administered by the
17711810 Oklahoma Public Employees Retirement System on or after November 1,
17721811 2015. Effective July 1, 2000, each qualified participant shall be
17731812 eligible for a contribution of Twenty-five Dollars ($25.00) to the RBH No. 5208
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18001840 Oklahoma State Employees Deferred Savings Incentive Plan beginning
18011841 with the first employee deferral into the Oklahoma State Employee s
18021842 Deferred Compensation Plan. The Director of the Office of
18031843 Management and Enterprise Services shall be responsible for the
18041844 provision of such information and assistance as may be necessary to
18051845 determine which employees are qualified participants and shall
18061846 provide for appropriate payroll transactions to accomplish
18071847 contributions to the Oklahoma State Employees Deferred Savings
18081848 Incentive Plan and the Oklahoma State Employees Deferred
18091849 Compensation Plan. The Oklahoma Public Employees Retirement System
18101850 shall be responsible for establishing rules and plan documents for
18111851 administration of such contributions. Funds so credited shall be
18121852 held and invested in the same manner as the Oklahoma State Employees
18131853 Deferred Compensation Plan, as provided in Section 1701 of this
18141854 title.
18151855 C. For the purposes of this section, "state employee" means any
18161856 officer or employee of the executive, legislative, or judicial
18171857 branches of the government of this state who is an active member of
18181858 a public retirement system of this state, but does n ot include:
18191859 1. Employees of the public elementary, secondary, or ar ea
18201860 vocational school districts;
18211861 2. Employees of The Oklahoma State System of Higher Education
18221862 except employees of the Oklaho ma State Regents of Higher Education,
18231863 employees of the governin g boards and employees of the Board of RBH No. 5208
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18501891 Regents of the University of Oklahoma who are participating members
18511892 of the Oklahoma Public Employees Retirement System;
18521893 3. Persons on temporary, student, internship, or other limited -
18531894 term appointments except for Exec utive Fellows in the Carl Albert
18541895 Public Internship Program created i n Section 840-3.4 of this title;
18551896 or
18561897 4. Persons employed pursuant to Section 1.6a of Title 53 of the
18571898 Oklahoma Statutes.
18581899 D. No public official shall be able to make contributions to
18591900 the Section 401(a) plan described by this section during a term of
18601901 office which commenced prior to July 1, 1997. A public official may
18611902 make contributions to the Section 401(a) plan described by this
18621903 section during a term of office which commences after July 1, 1997.
18631904 No legislator shall be eligible to make contributions to the Section
18641905 401(a) plan described by this section until such contributions have
18651906 been approved by the Board on Legislative Compens ation. The
18661907 provisions of this subsection shall be applicable o nly in the event
18671908 that the Plan permits employee contributions.
18681909 E. There is hereby created in the State Treasury a revolving
18691910 fund to be designated the "Oklahoma State Employees Deferred Savings
18701911 Incentive Plan Fund". The fund shall be a continuing fund, no t
18711912 subject to fiscal year limitations, and shall consist of any monie s
18721913 the Legislature may appropriate or transfer to the fund and any
18731914 monies contributed for the fund from any other sources, pub lic or RBH No. 5208
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19001942 private. All monies accruing to the credit of said fund are hereby
19011943 appropriated and may be budgeted and expended by the Okl ahoma Public
19021944 Employees Retirement System for the matching of deferred
19031945 compensation contributions pursuant to this section and in
19041946 accordance with rules promulgated by the Oklahoma Public Em ployees
19051947 Retirement System and for reimbursement of expenses for
19061948 administration of the Deferred Savings Incentive Plan and the
19071949 Oklahoma State Employees Deferred Compensation Plan. Expenditures
19081950 from the fund shall be made by warrants issued by the State
19091951 Treasurer against claims filed as prescribed by law with the
19101952 Director of the Office of Management and Enterprise Services for
19111953 approval and payment.
19121954 F. Effective July 1, 2000, every employer which has state
19131955 employees participating in the Oklahoma State Employ ees Deferred
19141956 Savings Incentive Plan shall pay to the Fund an amount equal to
19151957 Twenty-five Dollars ($25.00) each month for each qualified
19161958 participant as defined in this section, along with an amo unt to
19171959 reimburse the cost of administration of the Oklahoma Sta te Employees
19181960 Deferred Savings Incentive Plan and the Oklahoma State Employees
19191961 Deferred Compensation Plan for each qualified participant, as
19201962 determined by the Board.
19211963 1. The Board shall certify each year to the Office of
19221964 Management and Enterprise Services t he determined amount for the
19231965 administrative cost of the Oklahoma Sta te Deferred Savings Incentive RBH No. 5208
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19501993 Plan and the Oklahoma State Employees Deferred Compensation Plan
19511994 which will be required to be p aid for each qualified participant.
19521995 The Board of Trustees shal l promulgate such rules as are necessary
19531996 to implement the provisions of this subsection and provide the
19541997 methodology for the determination.
19551998 2. Each employer shall pay at least monthly to the Fu nd the sum
19561999 sufficient to satisfy the obligation under this sect ion as certified
19572000 by the Board.
19582001 3. Each employer is hereby authorize d to pay the employer's
19592002 contribution from the same fund that the compensation for which said
19602003 contribution is paid from or fro m any other funds available to it
19612004 for such purpose.
19622005 SECTION 11. Section 1 of this act shall become effective
19632006 October 1, 2023.
19642007 SECTION 12. Sections 2 through 10 of this act shall become
1965-effective November 1, 202 3. RBH No. 5208
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2002-Passed the Senate the ____ day of __________, 2023.
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2007- Presiding Officer of the Senate
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2008+effective November 1, 202 3.
2009+
2010+COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
2011+02/16/2023 - DO PASS, As Coauthored.