OK
Oklahoma House Bill HB1423

Oklahoma 2024 Regular Session

Oklahoma House Bill HB1423

Introduced
2/6/23  
Refer
2/7/23  

Caption

Teachers' Retirement System of Oklahoma; retirement eligibility; modifying required period of employment for participation in retirement benefits; effective date.

Impact

The bill's impact is expected to simplify and enhance the retirement process for teachers, allowing them to qualify for benefits sooner, thereby potentially boosting teacher retention and satisfaction. By lowering the service requirement from seven years to five, it may lead to increased participation in the retirement system by providing a realistic timeline for teachers to plan for their retirement. This amendment affects only new members of the retirement system and aims to reflect contemporary work patterns and teaching service trends.

Summary

House Bill 1423 amends regulations pertaining to the Teachers' Retirement System of Oklahoma by modifying the requirements for retirement eligibility. Specifically, the bill reduces the length of necessary service for retirement benefits from seven years to five years for members who enter the system after October 31, 2017. This change is aimed at increasing access to retirement benefits and providing more opportunities for teachers to retire earlier, aligning the eligibility criteria more favorably towards newer educators in the state's teaching workforce.

Contention

Notable points of contention may arise regarding the financial implications of these eligibility changes on the Teachers' Retirement System funding. Critics argue that reducing the vesting period risks undermining the stability of the retirement fund and may encourage a wave of early retirements that could affect teaching continuity and the overall experience level of the workforce. Discussions on balancing teacher benefits against fiscal sustainability are likely to be pivotal as the bill moves forward.

Companion Bills

OK HB1423

Carry Over Teachers' Retirement System of Oklahoma; retirement eligibility; modifying required period of employment for participation in retirement benefits; effective date.

Previously Filed As

OK HB1423

Teachers' Retirement System of Oklahoma; retirement eligibility; modifying required period of employment for participation in retirement benefits; effective date.

OK HB2008

Teachers' Retirement System of Oklahoma; definitions; eligibility; participation; computations; postretirement earnings limitations; employment; minimum salary schedule; retired teachers; effective date.

OK HB2319

Teachers' Retirement System; postretirement employment; retirement benefits; effective date; emergency.

OK HB2320

Teachers' Retirement System; postretirement employment; retirement benefits; effective date; emergency.

OK HB2528

Retirement; Teachers' Retirement System of Oklahoma; references; terms; application; procedure; options; liability; expenses; effective date; emergency.

OK HB1068

Retirement; Oklahoma Public Employees Retirement System; definition; eligibility; death benefits; employee contribution; reference; effective date.

OK HB2755

Retirement; Teachers' Retirement System; members; credit; service; effective date.

OK HB2592

Retirement; Oklahoma Law Enforcement Retirement System; definition; Oklahoma Public Employees Retirement System; definition; members; retirement benefit; death; employee contributions; effective date.

OK HB2171

Public retirement systems; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date; emergency.

OK SB634

Teachers' Retirement System; authorizing certain retirement benefits for specific members; providing calculation for benefit amount; establishing certain requirements for death benefit payment. Effective date.

Similar Bills

OK HB1237

Public retirement systems; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; death benefit amount; effective date.

OK HB2686

Teachers' Retirement System of Oklahoma; modifying required period of employment for participation in retirement benefits; effective date.

OK HB2189

Public retirement systems; Teachers' Retirement System; vesting; effective date; emergency.

OK SB634

Teachers' Retirement System; authorizing certain retirement benefits for specific members; providing calculation for benefit amount; establishing certain requirements for death benefit payment. Effective date.

OK SB634

Teachers' Retirement System; authorizing certain retirement benefits for specific members; providing calculation for benefit amount; establishing certain requirements for death benefit payment. Effective date.

OK HB1423

Teachers' Retirement System of Oklahoma; retirement eligibility; modifying required period of employment for participation in retirement benefits; effective date.

OK HB2528

Retirement; Teachers' Retirement System of Oklahoma; references; deleting terms; application; procedure; options; liability; expenses; effective date; emergency.

OK HB2499

Public retirement systems; Oklahoma Police Pension and Retirement System; benefits; trusts; effective date; emergency.