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SB282
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OK

Oklahoma Senate Bill SB282

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Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB282 Compare Versions

Only one version of the bill is available at this time.

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2		RBS No. 1526
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53	53		STATE OF OKLAHOMA
54	54
55	55		1st Session of the 59th Legislature (2023)
56	56
57	57		SENATE BILL 282 By: Howard
58	58
59	59
60	60
61	61
62	62
63	63		AS INTRODUCED
64	64
65	65		An Act relating to Oklahoma Public Employees
66	66		Retirement System; ame nding 62 O.S. 2021, Section
67	67		3103, as last amended by Section 1, Chapte r 306,
68	68		O.S.L. 2022 (62 O.S. Supp. 2022, Section 3103) , which
69	69		relates to definitions; modifying definition of
70	70		nonfiscal retirement bill; amending 74 O. S. 2021,
71	71		Section 914, which relates to retirement; decreasing
72	72		separation period for a retired member to re turn to
73	73		work for former employer; updating statutory
74	74		language; and providing an effective date .
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81	81		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
82	82		SECTION 1. AMENDATORY 62 O.S. 2021, Section 3103, as
83	83		last amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp.
84	84		2022, Section 3103), is amended to read as follows:
85	85		Section 3103. As used in the Oklahoma Pension Legislation
86	86		Actuarial Analysis Act:
87	87		1. “Amendment” means any amendment, including a substitute
88	88		bill, made to a retirement bill by any committee of the House of
89	89		Representatives or Senate, any conference committee of the House of
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141	141		Representatives or Senate or by the House of Representatives or
142	142		Senate;
143	143		2. “RB number” means that number pr eceded by the letters “RB”
144	144		assigned to a retirement bill by the respective staffs of the
145	145		Oklahoma State Senate and the Oklahoma House of Representatives when
146	146		the respective staff office prepares a retirement bill for a member
147	147		of the Legislature;
148	148		3. “Legislative Actuary” means the firm or entity that enters
149	149		into a contract with the Legislative Service Bureau pursuant to
150	150		Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
151	151		actuarial services and other duties provide d for in the Oklahoma
152	152		Pension Legislation Actuarial Analysis Act;
153	153		4. “Nonfiscal amendment” means an amendment to a retirement
154	154		bill having a fiscal impact, which amendment does not change any
155	155		factor of an actuarial investigation specified in subsection A o f
156	156		Section 3109 of this title;
157	157		5. “Nonfiscal retirement bill” means a retirement bill:
158	158		a. which does not affect the cost or funding factors of a
159	159		retirement system,
160	160		b. which affects such factors only in a manner which does
161	161		not:
162	162		(1) grant a benefit increase under the retirement
163	163		system affected by the bill,
164	164		RBS No. 1526
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215	215		(2) create an actuarial accrued liability for or
216	216		increase the actuarial accrued liability of the
217	217		retirement system affected by the bill, or
218	218		(3) increase the normal cost of the retirement system
219	219		affected by the bill,
220	220		c. which authorizes the purchase by an active member of
221	221		the retirement system, at the actuarial cost for the
222	222		purchase as computed pursuant to the statute in effect
223	223		on the effective date of the measure allowing such
224	224		purchase, of years of service f or purposes of reaching
225	225		a normal retirement date in the applicable retirement
226	226		system, but which cannot be used in order to compute
227	227		the number of years of service for purposes of
228	228		computing the retirement benefit for the member,
229	229		d. which provides for the com putation of a service -
230	230		connected disability retirement benefit for members of
231	231		the Oklahoma Law Enforcement Retirement System
232	232		pursuant to Section 2-305 of Title 47 of the Oklahoma
233	233		Statutes if the members were unable to complete twenty
234	234		(20) years of service a s a result of the disability,
235	235		e. which requires membership in the defined benefit plan
236	236		authorized by Section 901 et seq. of Title 74 of the
237	237		Oklahoma Statutes for persons whose first elected or
238	238		appointed service occurs on or after November 1, 2018,
239	239		RBS No. 1526
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290	290		if such persons had any prior service in the Oklahoma
291	291		Public Employees Retirement System prior to November
292	292		1, 2015,
293	293		f. which provides for a one-time increase in retirement
294	294		benefits if the increase in retirement benefits is not
295	295		a permanent increase in the gross ann ual retirement
296	296		benefit payable to a member or beneficiary, occurs
297	297		only once pursuant to a single statutory authorization
298	298		and does not exceed:
299	299		(1) the lesser of two percent (2%) of the gross
300	300		annual retirement benefit of the member or One
301	301		Thousand Dollars ($1,000.00) and requires that
302	302		the benefit may only be provided if the funded
303	303		ratio of the affected retirement system would not
304	304		be less than sixty percent (60%) but not greater
305	305		than eighty percent (80%) after the benefit
306	306		increase is paid,
307	307		(2) the lesser of two percent (2%) of the gross
308	308		annual retirement benefit of the member or One
309	309		Thousand Two Hundred Dollars ($1,200.00) and
310	310		requires that the benefit may only be provided if
311	311		the funded ratio of the affected retirement
312	312		system would be greater than eighty percen t (80%)
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364	364		but not greater than one hundred percent (100%)
365	365		after the benefit increase is paid,
366	366		(3) the lesser of two percent (2%) of the gross
367	367		annual retirement benefit of the member or One
368	368		Thousand Four Hundred Dollars ($1,400.00) and
369	369		requires that the benef it may only be provided if
370	370		the funded ratio of the affected retirement
371	371		system would be greater than one hundred percent
372	372		(100%) after the benefit increase is paid, or
373	373		(4) the greater of two percent (2%) of the gross
374	374		annual retirement benefit of the voluntee r
375	375		firefighter or One Hundred Dollars ($100.00) for
376	376		persons who retired from the Oklahoma
377	377		Firefighters Pension and Retirement System as
378	378		volunteer firefighters and who did not retire
379	379		from the Oklahoma Firefighters Pension and
380	380		Retirement System as a paid fire fighter.
381	381		As used in this subp aragraph, “funded ratio” means the
382	382		figure derived by dividing the actuarial value of
383	383		assets of the applicable retirement system by the
384	384		actuarial accrued liability of the applicable
385	385		retirement system,
386	386		g. which modifies the disab ility pension standard for
387	387		police officers who are members of the Oklahoma Police
388	388		RBS No. 1526
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439	439		Pension and Retirement System as provi ded by Section 3
440	440		of this act 50-115 of Title 11 of the Oklahoma
441	441		Statutes,
442	442		h. which provides a cost-of-living benefit increase
443	443		pursuant to the provisions of:
444	444		(1) Section 49-143.7 of Title 11 of the Oklahoma
445	445		Statutes,
446	446		(2) Section 50-136.9 of Title 11 of the Oklahoma
447	447		Statutes,
448	448		(3) Section 1104K of Title 20 of the Oklahoma
449	449		Statutes,
450	450		(4) Section 2-305.12 of Title 47 of the Oklahoma
451	451		Statutes,
452	452		(5) Section 17-116.22 of Title 70 of the Oklahoma
453	453		Statutes, and
454	454		(6) Section 930.11 of Title 74 of the Oklahoma
455	455		Statutes, or
456	456		i. which modifies the computation of the line-of-duty
457	457		disability benefit pursuant to the provisions of this
458	458		act Section 50-115 of Title 11 of the Oklahoma
459	459		Statutes, or
460	460		j. which modifies the period in which a retired member of
461	461		the Oklahoma Public Employees Retirement System is
462	462		required to wait prior to re-entering employment w ith
463	463		RBS No. 1526
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514	514		a former employer pursuant to Section 914 of Title 74
515	515		of the Oklahoma Statutes.
516	516		A nonfiscal retirement bill shall include any retirement bill th at
517	517		has as its sole purpose the appropriation or distribution or
518	518		redistribution of monies in some manner to a retirement system for
519	519		purposes of reducing the unfunded liability of such system or the
520	520		earmarking of a portion of the revenue from a tax to a reti rement
521	521		system or increasing the percentage of the revenue earmarked from a
522	522		tax to a retirement system;
523	523		6. “Reduction-in-cost amendment” means an amendment to a
524	524		retirement bill having a fiscal impact which reduces the cost of the
525	525		bill as such cost is deter mined by the actuarial investigation for
526	526		the bill prepared pursuant to Section 3109 of this title;
527	527		7. “Retirement bill” means any bill or joint resolution
528	528		introduced or any bill or joint resolution a mended by a member of
529	529		the Oklahoma Legislature which cre ates or amends any law directly
530	530		affecting a retirement system. A retirement bill shall not mean a
531	531		bill or resolution that impacts the revenue of any state tax in
532	532		which a portion of the revenue genera ted from such tax is earmarked
533	533		for the benefit of a reti rement system;
534	534		8. “Retirement bill having a fiscal impact” means any
535	535		retirement bill creating or establishing a retirement system and any
536	536		other retirement bill other than a nonfiscal retirement bill; and
537	537		RBS No. 1526
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588	588		9. “Retirement system” means the Teachers’ Retirement System of
589	589		Oklahoma, the Oklahoma Public Employees Retirement System, the
590	590		Uniform Retirement System for Justices and Judges, the Oklahoma
591	591		Firefighters Pension and Retir ement System, the Oklahoma Po lice
592	592		Pension and Retirement System, the Oklahoma Law Enf orcement
593	593		Retirement System, or a retirement system established after January
594	594		1, 2006.
595	595		SECTION 2. AMENDATORY 74 O.S. 202 1, Section 914, is
596	596		amended to read as follows:
597	597		Section 914. A. The normal retirement date for a member of the
598	598		Oklahoma Public Employees Retirement System shall be as defined in
599	599		Section 902 of this title, provided memb ers employed on or after
600	600		January 1, 1983, shall have six (6) or more years of full-time-
601	601		equivalent employment with a participating employer before receiving
602	602		any retirement benefits or if the member is a legislative session
603	603		employee of the Legislature, shal l have three (3) or more years of
604	604		full-time-equivalent employment with a participating employer before
605	605		receiving any retirement benefits. In no event shall a normal
606	606		retirement date for a member be before six (6) months after the
607	607		entry date of the particip ating employer by whom he or she is
608	608		employed.
609	609		B. A member may be employed beyond the normal retirement date
610	610		by the appointing authority of the participating employer. However,
611	611		the member may not receive retirement pay so lon g as the member
612	612		RBS No. 1526
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663	663		continues employment under this act Section 901 et seq. of this
664	664		title. Any member who has terminated empl oyment with a
665	665		participating employer prior to the month immediately preceding said
666	666		such member’s normal retirement date must elect a vested benefit
667	667		pursuant to Section 917 o f this title before receiving any
668	668		retirement benefits.
669	669		C. Notice for retirement shall be filed through the retirement
670	670		coordinator for the participating employer in such form and manner
671	671		as the Oklahoma Public Employees Retirement Sy stem Board of Trustees
672	672		shall prescribe; provided, that such notice for retirem ent shall be
673	673		filed with the office of the retirement system at least sixty (60)
674	674		days prior to the date sele cted for the member’s retirement;
675	675		provided further, that the Executive Director may waive the sixty -
676	676		day notice for good cause shown as defined by the Board.
677	677		1. The participating employer shall provide the Oklahoma Public
678	678		Employees Retirement System with the following information for a
679	679		retiring member, no later than the fifteenth day of the month of
680	680		retirement: last day physically on the job; last day on payroll;
681	681		and final unused sick leave balance.
682	682		2. Failure to submit this information by the deadline, or
683	683		errors in submitted information tha t result in a disqualification of
684	684		retirement eligibility shall be the responsibility of the
685	685		participating employ er. In cases where the error results in
686	686		disqualification of retirement eligibility, it is the participati ng
687	687		RBS No. 1526
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724	724		12
725	725		13
726	726		14
727	727		15
728	728		16
729	729		17
730	730		18
731	731		19
732	732		20
733	733		21
734	734		22
735	735		23
736	736		24
737	737
738	738		employer’s responsibility to reempl oy the member, or retain the
739	739		member on the payroll, for time period required to reach
740	740		eligibility, not exceeding two (2) months.
741	741		D. No retirement benefits shall be payable to any member until
742	742		the first day of the mont h following the termination of the mem ber’s
743	743		employment with any participating employer. The type of retirement
744	744		benefit selected by a member may not b e changed on or after the
745	745		effective date of the member’s retirement. Receipt of workers’
746	746		compensation benefits shall in no respect disqualify t he retiree for
747	747		benefits.
748	748		E. If a retiree should be elected or appointed to any position
749	749		or office for which com pensation for service is paid from levies or
750	750		taxes imposed by the state or any political subdivision there of, the
751	751		retiree shall not receive any retirement benefit for any month for
752	752		which the retiree serves in such position or office after the
753	753		retiree has received compensation in a sum equal to the amount
754	754		allowable as wages or earnings by the Social Security Ad ministration
755	755		in any calendar year. T his subsection shall not apply to service
756	756		rendered by a retiree as a juror, as a witness in any legal
757	757		proceeding or action, as an election boa rd judge or clerk, or in any
758	758		other office or position of a similar nature, or to an employer that
759	759		is not a participating employer. Provided, further, that any
760	760		participating employer who is employing such a retiree shall make
761	761		proper written notification to the System informing it of the
762	762		RBS No. 1526
763	763
764	764		Req. No. 1526 Page 11 1
765	765		2
766	766		3
767	767		4
768	768		5
769	769		6
770	770		7
771	771		8
772	772		9
773	773		10
774	774		11
775	775		12
776	776		13
777	777		14
778	778		15
779	779		16
780	780		17
781	781		18
782	782		19
783	783		20
784	784		21
785	785		22
786	786		23
787	787		24
788	788		1
789	789		2
790	790		3
791	791		4
792	792		5
793	793		6
794	794		7
795	795		8
796	796		9
797	797		10
798	798		11
799	799		12
800	800		13
801	801		14
802	802		15
803	803		16
804	804		17
805	805		18
806	806		19
807	807		20
808	808		21
809	809		22
810	810		23
811	811		24
812	812
813	813		beginning date of such retiree ’s employment and the date such
814	814		retiree reaches the maximum compensation allowed by this section in
815	815		the calendar year. Any retiree returning to work for a
816	816		participating employer shall make cont ributions to the System and
817	817		the employer shall do likewise. All retirees who have returned to
818	818		employment and participation in the System following retirement
819	819		shall have post-retirement benefits calculated on one of the
820	820		following methods:
821	821		1. All service accumulated from date of reemployment shall be
822	822		computed based on the benefit f ormula applicable at that time and
823	823		the additional benefits shall be added to the previous benefits.
824	824		Such additional benefits shall be calculated each year based upon
825	825		additional service accrued from July 1 to June 30 of the previous
826	826		year and the additional benefit, if any, will be added to th e
827	827		retiree’s monthly benefit beginning January 1, 2000, and each
828	828		January 1 thereafter. However, the post -retirement service credit
829	829		shall be cumulative, beginning with service credit accrued after the
830	830		date of retirement, provided that the retiree has not re ceived a
831	831		distribution of the post -retirement contributions.
832	832		2. Any retiree who returns to employment with a part icipating
833	833		employer may elect not to receive any retirement benefits while so
834	834		reemployed. If such an elect ion is made and reemployment is for a
835	835		minimum period of thirty -six (36) consecutive months, all service
836	836		accumulated from date of reemployment shall be participating
837	837		RBS No. 1526
838	838
839	839		Req. No. 1526 Page 12 1
840	840		2
841	841		3
842	842		4
843	843		5
844	844		6
845	845		7
846	846		8
847	847		9
848	848		10
849	849		11
850	850		12
851	851		13
852	852		14
853	853		15
854	854		16
855	855		17
856	856		18
857	857		19
858	858		20
859	859		21
860	860		22
861	861		23
862	862		24
863	863		1
864	864		2
865	865		3
866	866		4
867	867		5
868	868		6
869	869		7
870	870		8
871	871		9
872	872		10
873	873		11
874	874		12
875	875		13
876	876		14
877	877		15
878	878		16
879	879		17
880	880		18
881	881		19
882	882		20
883	883		21
884	884		22
885	885		23
886	886		24
887	887
888	888		service. For purposes of determining the retirement benefits of
889	889		such a member upon the ter mination of such reemployment all
890	890		creditable service of the member shall be computed based on the
891	891		benefit formula applicable at the time of terminatio n of such
892	892		reemployment. Provided, a retiree who became reemployed prior to
893	893		July 1, 1982, and who is reemp loyed for a minimum of thirty -six (36)
894	894		consecutive months shall have all the creditable service of such
895	895		retiree computed based on the benefit formula applicable at the time
896	896		of termination of such reemployment if the retiree elects not to
897	897		receive retirement benefits prior to such termination o f
898	898		reemployment. A retiree who has waived receipt of the monthly
899	899		benefit, but is not reemployed for the full thir ty-six (36)
900	900		consecutive months, shall upon termination of such reemployment have
901	901		only the additional amoun t added to his or her benefit as if t hey
902	902		had not waived the benefit as provided in paragraph 1 of this
903	903		subsection.
904	904		3. All post-retirement additional benefits shall be calculated
905	905		using actual hours worked as well as the actual compensation
906	906		received and upon which contributions are paid. Post -retirement
907	907		service is not subject to the partial year round -up provisions of
908	908		subsection C of Section 913 of this title.
909	909		4. A retired member who returns to work for a participating
910	910		employer pursuant to this section sha ll be bound by the election
911	911		made pursuant to paragraph (2) of subsection A of Section 915 of
912	912		RBS No. 1526
913	913
914	914		Req. No. 1526 Page 13 1
915	915		2
916	916		3
917	917		4
918	918		5
919	919		6
920	920		7
921	921		8
922	922		9
923	923		10
924	924		11
925	925		12
926	926		13
927	927		14
928	928		15
929	929		16
930	930		17
931	931		18
932	932		19
933	933		20
934	934		21
935	935		22
936	936		23
937	937		24
938	938		1
939	939		2
940	940		3
941	941		4
942	942		5
943	943		6
944	944		7
945	945		8
946	946		9
947	947		10
948	948		11
949	949		12
950	950		13
951	951		14
952	952		15
953	953		16
954	954		17
955	955		18
956	956		19
957	957		20
958	958		21
959	959		22
960	960		23
961	961		24
962	962
963	963		this title if the member had made such election prior to retirement.
964	964		If the member had not made such election prior to retirement, the
965	965		member may do so during the member’s reemployment with a
966	966		participating employer pursuant to this section. A Prior to the
967	967		effective date of th is act, a retired member may not be rehired by
968	968		their former employer, nor may the retired member be permitted to
969	969		enter into an employment con tract of any kind with a former
970	970		employer, for a period of one (1) year after the retired member
971	971		ended his or her employment with the former employer u nless the
972	972		retired member waives his or her benefit under paragraph 2 of this
973	973		subsection and returns as a b ona fide employee. On or after the
974	974		effective date of this act, the period that shall pr ecede the date a
975	975		retired member may return to work for his or her former employer
976	976		shall be six (6) months following the date that the retired member
977	977		ended his or her employment with the former employer.
978	978		F. Except as otherwise provided by subsection G of this
979	979		section, any member may elect to retire before his or her normal
980	980		retirement date on the first day of any month coinciding with or
981	981		following the attainment of age fi fty-five (55), provided such
982	982		member has completed ten (10) years of participating service, but i n
983	983		no event before six (6) months after the entry date. Any member who
984	984		shall retire before the normal retirement date shall receive an
985	985		annual retirement benefit adjusted in accordance with the following
986	986		percentage schedule:
987	987		RBS No. 1526
988	988
989	989		Req. No. 1526 Page 14 1
990	990		2
991	991		3
992	992		4
993	993		5
994	994		6
995	995		7
996	996		8
997	997		9
998	998		10
999	999		11
1000	1000		12
1001	1001		13
1002	1002		14
1003	1003		15
1004	1004		16
1005	1005		17
1006	1006		18
1007	1007		19
1008	1008		20
1009	1009		21
1010	1010		22
1011	1011		23
1012	1012		24
1013	1013		1
1014	1014		2
1015	1015		3
1016	1016		4
1017	1017		5
1018	1018		6
1019	1019		7
1020	1020		8
1021	1021		9
1022	1022		10
1023	1023		11
1024	1024		12
1025	1025		13
1026	1026		14
1027	1027		15
1028	1028		16
1029	1029		17
1030	1030		18
1031	1031		19
1032	1032		20
1033	1033		21
1034	1034		22
1035	1035		23
1036	1036		24
1037	1037
1038	1038		Percentage of Normal
1039	1039		Age Retirement Benefit
1040	1040		62 100.00%
1041	1041		61 93.33%
1042	1042		60 86.67%
1043	1043		59 80.00%
1044	1044		58 73.33%
1045	1045		57 66.67%
1046	1046		56 63.33%
1047	1047		55 60.00%
1048	1048		G. Any member whose first participating service occurs on or
1049	1049		after November 1, 2011, may elect to retire before his or her normal
1050	1050		retirement date on the first day of any month coinciding with or
1051	1051		following the attainment of age sixty (60), pro vided such member has
1052	1052		completed ten (10) years of participating service, but in no event
1053	1053		before six (6) months after the entry date. Any member who shall
1054	1054		retire before the normal retirement date shall receive an annual
1055	1055		retirement benefit adjusted in accor dance with the following
1056	1056		percentage schedule:
1057	1057		Percentage of Normal
1058	1058		Age Retirement Benefit
1059	1059		65 100.00%
1060	1060		64 93.33%
1061	1061		63 86.67%
1062	1062		RBS No. 1526
1063	1063
1064	1064		Req. No. 1526 Page 15 1
1065	1065		2
1066	1066		3
1067	1067		4
1068	1068		5
1069	1069		6
1070	1070		7
1071	1071		8
1072	1072		9
1073	1073		10
1074	1074		11
1075	1075		12
1076	1076		13
1077	1077		14
1078	1078		15
1079	1079		16
1080	1080		17
1081	1081		18
1082	1082		19
1083	1083		20
1084	1084		21
1085	1085		22
1086	1086		23
1087	1087		24
1088	1088		1
1089	1089		2
1090	1090		3
1091	1091		4
1092	1092		5
1093	1093		6
1094	1094		7
1095	1095		8
1096	1096		9
1097	1097		10
1098	1098		11
1099	1099		12
1100	1100		13
1101	1101		14
1102	1102		15
1103	1103		16
1104	1104		17
1105	1105		18
1106	1106		19
1107	1107		20
1108	1108		21
1109	1109		22
1110	1110		23
1111	1111		24
1112	1112
1113	1113		62 80.00%
1114	1114		61 73.33%
1115	1115		60 66.67%
1116	1116		SECTION 3. Section 1 of this act shall become effective October
1117	1117		1, 2023.
1118	1118		SECTION 4. Section 2 of this act shall become effective
1119	1119		November 1, 2023.
1120	1120
1121	1121		59-1-1526 RD 1/11/2023 4:39:44 PM