Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB447 Compare Versions

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 59th Legislature (2023)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 447 By: Montgomery of the Senate
7	37
8	38		and
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10	40		Lepak of the House
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15	45		An Act relating to Oklahoma Public Employ ees
16	46		Retirement System; amending 74 O.S. 2021, Sec tion
17	47		917, which relates to payment of vested benefits;
18	48		updating statutory language; making language gender
19	49		neutral; providing that payment under certain
20	50		circumstances shall not reinstate membership in
21	51		System; and providing an effective date.
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27		-	SUBJECT: Oklahoma Public Employees Retirement S ystem
28		-
29	57		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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31	58		SECTION 1. AMENDATORY 74 O.S. 2021, Section 917, is
32	59		amended to read as follows:
33		-
34	60		Section 917. (1) Upon termination of employmen t with a
35	61		participating employer, not followed by em ployment with such
36	62		participating employ er, or another participating employer, within
37	63		four (4) calendar mo nths, the member shall be paid an amount equal
38	64		to the amount of money he or she has paid into the Sy stem upon the
39	65		filing of the proper application with the System. Payment of these
40	66		accumulated contributions may be made in less than four (4) calendar
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	68	+	SB447 HFLR Page 2
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41	94		months only in the event that a member is not eligible to elect a
42	95		vested benefit pursuant to this section and said the member is
43	96		terminally ill, as evidence d by a physician’s certification that the
44	97		member is not expected to live beyond four (4) months.
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47		-	ENR. S. B. NO. 447 Page 2
48	98		(2) If such member has completed eight (8) years of credited
49	99		service at date of termination or if the membe r is a legislative
50	100		session employee of the Legislat ure or if the employee is a session
51	101		employee employed by the Legislative Service Bureau, four (4) years
52	102		of credited service at date of termination, he or she may elect a
53	103		vested benefit in lieu of receiving his or her accumulated
54	104		contributions. The amount of the vested benefit shall commence at
55	105		the normal retirement date and shall be paid monthly during the
56	106		lifetime of the retirant with the last payment made on the last day
57	107		of the month in which death occur s.
58		-
59	108		(3) Upon death before the normal or early retir ement date of a
60	109		member who has elected a vested benefit, his or her accumulated
61	110		contributions shall be paid to his or her beneficiary unless the
62	111		spouse of the deceased member elects monthly benefits as pro vided
63	112		for in Section 918 of this title.
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65	113		(4) Upon death after the normal or early retirement date of a
66	114		retirant who elected a vested benefit without an option, the excess,
67	115		if any, of his or her accumulated contributions over the sum of all
68	116		payments of the vested benefit made to da te of death shall be paid
69	117		to his or her beneficiary.
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71	145		(5) If a former employee, who meet s the eligibility
72	146		requirements for membership, returns to employment after the
73	147		expiration of four (4) calendar months following the termination of
74	148		his or her employment and the employee has with drawn his or her
75	149		accumulated contributions, he or she may pay to the System the sum
76	150		of the accumulated con tributions he or she has withdrawn plus
77	151		interest of not to exceed ten per cent (10%), as determined by the
78	152		Board, and shall receive the same benefits a s if he or she had never
79	153		withdrawn his or her contributions. No member shall be permitted to
80	154		take advantage of the payback for restoration of creditable service
81	155		more than one time. If a membe r, who has elected a vested benefit,
82	156		or a reemployed member, wh o has not withdrawn the member ’s
83	157		contributions, again becomes an employee of a participating
84	158		employer, the period of absence sh all not be counted as a break in
85	159		service; however, the period of a bsence shall not be credited.
86		-
87	160		(6) Prior to January 1, 1991, me mbers, who at the time of
88	161		employment were ineligible for membe rship into the System due to
89	162		their age, shall receive benefits fo r the period of ineligibility if
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91		-	ENR. S. B. NO. 447 Page 3
92	163		the employer and employee contrib utions are paid to the System for
93	164		that ineligible period. No i nterest shall be paid on a payback of
94	165		this type. However, eff ective January 1, 1991, to receive benefits,
95	166		the member shall pay the amount determined by the Board pursuant to
96	167		Section 913.5 of this title.
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98	195		(7) When any error in cal culation or participation coverage to
99	196		a prior or current employee exists, it shall be th e responsibility
100	197		of the participating employer which made the err or to pay the amount
101	198		determined by the Board pursuant to Section 913. 5 of this title.
102	199		This obligation of the participating emplo yer to pay the amount due
103	200		pursuant to this section shall be co nsidered a current obligation of
104	201		the employer until the amount is paid in full, regardless of the
105	202		dates of the periods of service. Payment made pursuant to this
106	203		paragraph shall not reinstate th e membership of a former member of
107	204		the system who withdrew his or her employee contributions pursuant
108	205		to paragraph (1) of this section.
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110	206		(8) Upon application to the Board and payment as determined by
111	207		the Board, a member of the Sys tem may receive service cr edit for
112	208		those years of service that the member was eligible t o receive
113	209		service credit from the Teachers ’ Retirement System of Oklah oma. To
114	210		receive the service credit, the member shall pay the amount
115	211		determined by the Board pursu ant to Section 913.5 of th is title.
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117	212		(9) Upon the death of a retired member, the benefit payment for
118	213		the month in which the retired member died, if not previo usly paid,
119	214		shall be made to the beneficiary of the member or to the membe r’s
120	215		estate if there is no beneficiary. Such benefi t payment shall be
121	216		made in an amount equal to a full monthly b enefit payment regardless
122	217		of the day of the month in which the retired member died.
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124	245		(10) Subject to the provisions of Sections 918 and 918.1 o f
125	246		this title, if there ar e two or more beneficiarie s designated by the
126	247		member, upon the member ’s death, the System shall pay any applicable
127	248		benefits to any of the beneficiaries that h ave completed all
128	249		required paperwork regardless of whether or not all ben eficiaries
129	250		have completed such paperwork.
130		-
131	251		SECTION 2. This act shall become effective November 1, 2023.
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134		-	ENR. S. B. NO. 447 Page 4
135		-	Passed the Senate the 9th day of March, 2023.
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137		-
138		-
139		-	Presiding Officer of the Senate
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142		-	Passed the House of Representatives the 25th day of April, 2023.
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146		-	Presiding Officer of the House
147		-	of Representatives
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149		-	OFFICE OF THE GOVERNOR
150		-	Received by the Office of the Governor this _______ _____________
151		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
152		-	By: _______________________________ __
153		-	Approved by the Governor of the State of Oklahoma thi s _________
154		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
155		-
156		-	_________________________________
157		-	Governor of the State of Oklahoma
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159		-
160		-	OFFICE OF THE SECRETARY OF STATE
161		-	Received by the Office of the Secretary of State this _______ ___
162		-	day of __________________, 20 _______, at _____ __ o'clock _______ M.
163		-	By: _______________________________ __
	253	+	COMMITTEE REPORT BY: COMMITTEE ON BANKING, FINANCIAL SERVICES AND
	254	+	PENSIONS, dated 04/03/2023 - DO PASS.