RBH No. 7827
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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2279 By: Echols and Fugate of the
House
and
Montgomery of the Senate
COMMITTEE SUBSTITUTE
An Act relating to public retirement systems;
amending 62 O.S. 2021, Section 3103, a s amended by
Section 1, Chapter 306, O. S.L. 2022 (62 O.S. Supp.
2022, Section 3103), which relates to the Oklahoma
Pension Legislation Actuarial Analysis Act; modifying
definitions; providing for retirement benefit
increase based upon prescribed criteria for certain
members of the Oklahoma Firefighters Pension and
Retirement System, the Oklahoma Police Pension and
Retirement System, the Uniform Retirement System for
Justices and Judges, the Oklahoma Law Enforcement
Retirement System, the Teachers' Retirement System of
Oklahoma and the Oklahoma Public Employees Retirement
System; prescribing conditions for retirement benefit
increase; defining terms; providing for method to
determine amount of benefit increase; providing for
maximum increase amount; prohibiting retirement
benefit increase based upon funded ratio of
retirement system after grant of benefit; authorizing
grant of benefit increase subject to limitation based
upon funded ratio; imposing requirement related to
rate of return on retirement system assets; imposing
requirement related to duration of retirement;
prescribing date for effect of benefit increases;
providing for codification; and providing effective
dates.
RBH No. 7827
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BE IT ENACTED BY THE PEOPLE OF T HE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 3103, as
amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp. 2022,
Section 3103), is amended to read as follows:
Section 3103. As used in the Oklahoma Pension Legislation
Actuarial Analysis Act :
1. "Amendment" means any amendment, including a substitute
bill, made to a retirement bill b y any committee of th e House or
Senate, any conference committee of the House or Senate or by the
House or Senate;
2. "RB number" means that number preceded by the letters "RB"
assigned to a retirement bill by the respective staffs of the
Oklahoma State Senate and the Oklahom a House of Representatives when
the respective staff office prepares a retirement bill for a member
of the Legislature;
3. "Legislative Act uary" means the firm or entity that enters
into a contract with the Legislative Service Bureau pursuant to
Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
actuarial services and other duties provided for in the Oklahoma
Pension Legislation Actuarial Analysis Act;
4. "Nonfiscal amendment" means an amendment to a retirement
bill having a fiscal impact, which amendment does not change any
factor of an actuarial investigation specified in subsection A of
Section 3109 of this title; RBH No. 7827
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5. "Nonfiscal retirement bill" means a retirement bill:
a. which does not affect the cost or funding fa ctors of a
retirement system,
b. which affects such factors only in a manner whic h does
not:
(1) grant a benefit increase under the retirement
system affected by the bill,
(2) create an actuarial accrued liability for or
increase the actuarial accrued liab ility of the
retirement system affected by the bill, or
(3) increase the normal c ost of the retirement system
affected by the bill,
c. which authorizes the purch ase by an active member of
the retirement system, at the actuarial cost for the
purchase as computed pursuant to the statute in effect
on the effective date of the measure allo wing such
purchase, of years of service for purposes of reaching
a normal retirement date in the applicable retirement
system, but which cannot be used in order to compute
the number of years of s ervice for purposes of
computing the retirement benefit for the member,
d. which provides for the computation of a service -
connected disability retirement benefit for members of
the Oklahoma Law Enforcement Retirement System RBH No. 7827
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pursuant to Section 2-305 of Title 47 of the Oklahoma
Statutes if the members were unable t o complete twenty
(20) years of service as a result of the disability,
e. which requires membership in the defined benefit plan
authorized by Section 901 et seq. of Title 74 o f the
Oklahoma Statutes for persons whose first elected or
appointed service occu rs on or after November 1, 2018,
if such persons had any prior service in the Ok lahoma
Public Employees Retirement System prior to November
1, 2015,
f. which provides for a on e-time increase in retirement
benefits if the increase in retirement benefits is not
a permanent increase in the gross annual retirement
benefit payable to a mem ber or beneficiary, occurs
only once pursuant to a single statutory authorization
and does not exceed:
(1) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Dollars ($1,000.00) and requires that
the benefit may only be provided if the funded
ratio of the affected retirement system would not
be less than sixty percent (60 %) but not greater
than eighty percent (80%) after the benef it
increase is paid, RBH No. 7827
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(2) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Two Hundred Dollars ($1,200.00) and
requires that the benefit may only be provided if
the funded ratio of the affected retirement
system would be greater than eighty percent (80%)
but not greater than one hundre d percent (100%)
after the benefit increase is paid,
(3) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Four Hundred Dollar s ($1,400.00) and
requires that the benefit may only be provided if
the funded ratio of the affected retirement
system would be greater than one hundred percent
(100%) after the benefit increase i s paid, or
(4) the greater of two percent (2%) of the gross
annual retirement benefit of the volunteer
firefighter or One Hundred Dollars ($ 100.00) for
persons who retired from the Oklahoma
Firefighters Pension and Retirement System as
volunteer firefighte rs and who did not retire
from the Oklahoma Firefighters Pen sion and
Retirement System as a paid firefighter. RBH No. 7827
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As used in this subparagraph, "funded ratio" means the
figure derived by dividing the actua rial value of
assets of the applicable retirement syste m by the
actuarial accrued liability of the applicable
retirement system,
g. which modifies the disability pension standard for
police officers who are members of the Oklahoma Police
Pension and Retirement System as provided by Section 3
of this act,
h. which provides a cost-of-living benefit increase
pursuant to the provisions of:
(1) Section 49-143.7 of Title 11 of the Oklahoma
Statutes,
(2) Section 50-136.9 of Title 11 of the Oklahoma
Statutes,
(3) Section 1104K of Title 20 of the Oklahoma
Statutes,
(4) Section 2-305.12 of Title 47 of the Oklahoma
Statutes,
(5) Section 17-116.22 of Title 70 of the Oklahoma
Statutes,
(6) Section 930.11 of Tit le 74 of the Oklahoma
Statutes, or RBH No. 7827
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i. which modifies the comp utation of the line-of-duty
disability benefit pursuant to the provisions of this
act, or
j. which authorizes the b oards of trustees for the public
retirement systems as described in Sections 2 t hrough
7 of this act to provide retirement benefit increas es
according to the requirements and limitations of those
sections.
A nonfiscal retirement bill shall include any reti rement bill that
has as its sole purpose the appropriation or distribution or
redistribution of monies in some manner to a retirement syst em for
purposes of reducing the unfunded liability of such system or the
earmarking of a portion of the revenue from a tax to a retirement
system or increasing the percentage of the revenue earmarke d from a
tax to a retirement system;
6. "Reduction-in-cost amendment" means an amendment to a
retirement bill havin g a fiscal impact which reduces the cost of the
bill as such cost is determined by the actuarial investigation for
the bill prepared pursuan t to Section 3109 of this title;
7. "Retirement bill" mea ns any bill or joint resolution
introduced or any bill or joint resolution amended by a member of
the Oklahoma Legisla ture which creates or amends any law directly
affecting a retirement system. A retirement bill shall not mean a
bill or resolution that i mpacts the revenue of any state tax in RBH No. 7827
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which a portion of the revenue generated from such tax is earmarked
for the benefit of a retirement system;
8. "Retirement bill having a fiscal impact" means any
retirement bill creating or establishing a retirement system and any
other retirement bill other than a nonfisca l retirement bill; and
9. "Retirement system" means the Tea chers' Retirement System of
Oklahoma, the Oklahoma Public Employees Retirement S ystem, the
Uniform Retirement System for Justices and Judg es, the Oklahoma
Firefighters Pension and Retirement Syste m, the Oklahoma Police
Pension and Retirement System, the Ok lahoma Law Enforcement
Retirement System, or a retirement system established aft er January
1, 2006.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 49-143.8 of Title 11, unless
there is created a duplication in numberi ng, reads as follows:
A. As used in this section:
1. "Beneficiary" means either a retired member of the
retirement system or the survivor or o ther designated beneficiary of
a retired member of the system;
2. "CPI-W" means the measure of inflation published by the
United States Bureau of Labor Statistics for Urban Wage Earners and
Clerical Workers;
3. "Funded ratio" means the figure derived b y dividing the
actuarial value of retirement system assets by the act uarial accrued RBH No. 7827
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liability amount of the retirement system using the information
reported to the retirement system by its actuary in the annual
valuation and which is computed as of a day certain; and
4. "Retirement system" means the Oklahoma Firefigh ters Pension
and Retirement System.
B. The board of trustees of the Oklahoma Firefighters Pension
and Retirement System shall grant a retirement benefit increase to
the retired members of the system or their beneficiaries according
to the requirements of this section.
C. The benefit increase may only be implemented if the Consumer
Price Index-Wage and Clerical Workers (CPI-W) for the calendar year
preceding the year during which the benefit increase is to be
granted reflects a positive rate of incre ase, but the retirement
benefit increase shall not exceed four percent (4.0%).
D. The funded ratio of the retirement system must be at least
seventy-five percent (75%) after the benefit increase is provided to
the eligible retirees or beneficiaries. If the grant of a
retirement benefit increase based on the full amount of the increase
in CPI-W for the applicable year would cause the retirement system
funded ratio to be less than the figure prescribed by this section,
the board of trustees shall provide a retirement benefit increase in
such lesser amount as possible without causing a re duction of the
funded ratio for the system to be less than the amount prescribed by
this section. RBH No. 7827
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E. For the plan year ending June 30 or July 1, as applicable,
immediately prior to the effective date of the retirement benefit
increase otherwise authorized by this section, the rate of return
for the retirement system assets must have been equal to or in
excess of the actuarial assumption for the rate of return on system
assets in effect at the beginning of such plan year.
F. Only those persons who have been retired for at l east one
(1) year prior to the effective date of the retirement benefit
increase shall be eligible for the benefit increase .
G. If otherwise authorized pursuant to the provisions of t his
section, the retirement benefit increase shall b e effective July 1
each year.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Sect ion 50-136.10 of Title 11, unless
there is created a duplicatio n in numbering, reads as follo ws:
A. As used in this section:
1. "Beneficiary" means either a retired member of the
retirement system or the survivor or o ther designated beneficiary of
a retired member of the system;
2. "CPI-W" means the measure of inflation published by the
United States Bureau of Labor Statistics for Urban Wage Earners and
Clerical Workers;
3. "Funded ratio" means the figure derived b y dividing the
actuarial value of retirement system assets by the act uarial accrued RBH No. 7827
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liability amount of the retirement system using the information
reported to the retirement system by its actuary in the annual
valuation and which is computed as of a day certain; and
4. "Retirement system" means the Oklahoma Police Pension and
Retirement System.
B. The board of trustees of the Oklahoma Police Pension and
Retirement System shall grant a retirement benefit increase to the
retired members of the system or their beneficiaries according to
the requirements of this section.
C. The benefit incr ease may only be implemented if the Consumer
Price Index-Wage Earners and Clerical Workers ( CPI-W) for the
calendar year preceding the year during which the benefit increase
is to be granted reflects a positive rate of increase, but the
retirement benefit increase shall not exceed four percent (4.0%).
D. The funded ratio of the retirement system must be at least
ninety percent (90%) after the benefit increase is provided to the
eligible retirees or beneficiaries. If the grant of a retirement
benefit increase based on the full amount of the increase in CPI-W
for the applicable year would cause the retirement system funded
ratio to be less than the figure prescribed by this section, the
board of trustees shall provide a retirement benefit increase in
such lesser amount as possible without causing a reduct ion of the
funded ratio for the system to be less than the amount prescribed by
this section. RBH No. 7827
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E. For the plan year ending June 30 or July 1, as applic able,
immediately prior to the effective date of the retirement benefit
increase otherwise authorized by this section, the rate of return
for the retirement system assets must have been equal to or in
excess of the actuarial assumption for the rate of return on system
assets in effect at the beginning of such plan year.
F. Only those persons who have been r etired for at least one
(1) year prior to the effective date of the retirement benefit
increase shall be eligible for the benefit increase.
G. If otherwise authorized pursuant to the provisions of this
section, the retirement benefit increase shall b e effective July 1
each year.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1104L of Title 20, unless there
is created a duplication in numbering, reads as follow s:
A. As used in this section:
1. "Beneficiary" means either a retired member of the
retirement system or the survivor or o ther designated beneficiary of
a retired member of the system;
2. "CPI-W" means the measure of inflation published by the
United States Bureau of Labor Statistics for Urban Wage Earners and
Clerical Workers;
3. "Funded ratio" means the figure derived b y dividing the
actuarial value of retirement system assets by the act uarial accrued RBH No. 7827
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liability amount of the retirement system using the information
reported to the retirement system by its actuary in the annual
valuation and which is computed as of a day certain; and
4. "Retirement system" means the Uniform Retirement Sys tem for
Justices and Judges.
B. The board of trustees of the Uniform Retirement System for
Justices and Judges shall grant a retirement benefit increase to the
retired members of the system or their beneficiaries according to
the requirements of this section.
C. The benefit increase may only be implemented if the Consumer
Price Index-Wage and Clerical Workers (CPI-W) for the calendar year
preceding the year during which the benefit increase is to be
granted reflects a positive rate of incre ase, but the retirement
benefit increase shall not exceed four percent (4.0%).
D. The funded ratio of the retire ment system must be at least
ninety percent (90%) after the benefit increase is provided to the
eligible retirees or beneficiaries. If the grant of a retirement
benefit increase based on the full amount of the increase in CPI-W
for the applicable year would cause the retirement system funded
ratio to be less than the figure prescribed by this section, the
board of trustees shall provide a retirement benefit increas e in
such lesser amount as possible without causing a reduct ion of the
funded ratio for the system to be less than the amount prescribed by
this section. RBH No. 7827
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E. For the plan year ending June 30 or July 1, as applic able,
immediately prior to the effective date of the retirement benefit
increase otherwise authorized by this section, the rate of return
for the retirement system assets must have been equal to or in
excess of the actuarial assumption for the rate of return on system
assets in effect at the beginnin g of such plan year.
F. Only those persons who have been re tired for at least one
(1) year prior to the effective date of the retirement benefit
increase shall be eligible for the benefit increase.
G. If otherwise authorized pursuant to the provisions of this
section, the retirement benefit increase shall b e effective July 1
each year.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2-305.13 of Title 47, unless
there is created a duplicati on in numbering, reads as follows:
A. As used in this section:
1. "Beneficiary" means either a retired member of the
retirement system or the survivor or other designated beneficiary of
a retired member of the system;
2. "CPI-W" means the measure of inflation published by the
United States Bureau of Labor Statistics for Urban Wage Earners and
Clerical Workers;
3. "Funded ratio" means the figure derived by dividing the
actuarial value of retirement system assets by the act uarial accrued RBH No. 7827
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liability amount of the retirement system using the information
reported to the retirement system by its actuar y in the annual
valuation and which is computed as of a day certain; and
4. "Retirement system" means the Oklahoma Law Enforcement
Retirement System.
B. The board of trustees of the Oklahoma Law Enforcement
Retirement System shall grant a retirement benefit increase to the
retired members of the system or their beneficiaries according to
the requirements of this section.
C. The benefit increase may only be implemented if the Consumer
Price Index-Wage and Clerical Workers (CPI-W) for the calendar year
preceding the year during which the benefit increase is to be
granted reflects a positive rate of incre ase, but the retirement
benefit increase shall not exceed four percent (4.0%).
D. The funded ratio of the retirement syst em must be at least
ninety percent (90%) after the benefit increase is provide d to the
eligible retirees or beneficiaries. If the grant of a retirement
benefit increase based on the full amount of the increase in CPI-W
for the applicable year would cause the retirement system funded
ratio to be less than the figure prescribed by this section, the
board of trustees shall provide a retirement benefit increase in
such lesser amount as possible without causing a reduction of the
funded ratio for the system to be less than the amount prescribed by
this section. RBH No. 7827
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E. For the plan year ending June 30 or July 1, as applicable,
immediately prior to the effective date of the retirement benefit
increase otherwise authorized by this section , the rate of return
for the retirement system assets must have been equal to or in
excess of the actuarial assumption for the rate of return on system
assets in effect at the beginning of such plan year.
F. Only those persons who have been retired for at l east one
(1) year prior to the effective date of the retirement benefit
increase shall be eligible for the benefit increase.
G. If otherwise authorized pursuant to the provisions of this
section, the retirement benefit increase shall be effective July 1
each year.
SECTION 6. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 17-116.23 of Title 70, unless
there is created a duplication in numbering, reads as follows:
A. As used in this section:
1. "Beneficiary" means either a retired member of the
retirement system or the survivor or other designated beneficiary of
a retired member of the system;
2. "CPI-W" means the measure of inflation published by the
United States Bureau of Labor Statistics for Urban Wage Earners and
Clerical Workers;
3. "Funded ratio" means the figure derived by dividing the
actuarial value of retirement system assets by the act uarial accrued RBH No. 7827
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liability amount of the retirement system using the information
reported to the retirement system by its actuary in th e annual
valuation and which is computed as of a day certain; and
4. "Retirement system" means the Teachers' Retirement System of
Oklahoma.
B. The board of trustees of the Teachers' Retirement System of
Oklahoma shall grant a retirement benefit increase to the retired
members of the system or their beneficiaries according to the
requirements of this section.
C. The benefit incr ease may only be implemented if the Consumer
Price Index-Wage and Clerical Workers (CPI-W) for the calendar year
preceding the year during which the benefit increase is to be
granted reflects a positive rate of increase, but the retirement
benefit increase shall not exceed four percent (4.0%).
D. The funded ratio of the re tirement system must be at least
seventy-five percent (75%) after the benefit increase is provided to
the eligible retirees or beneficiaries. If the grant of a
retirement benefit increase b ased on the full amount of the increase
in CPI-W for the applicable year would cause the retirement system
funded ratio to be less than the figure prescribed by this section,
the board of trustees shall provide a retirement benefit increase in
such lesser amount as possible without causing a reduction of the
funded ratio for the system to be less than the amount prescribed by
this section. RBH No. 7827
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E. For the plan year ending June 30 or July 1, as applic able,
immediately prior to the effective date of the retirement benefit
increase otherwise authorized by this section , the rate of return
for the retirement system assets must have been equal to or in
excess of the actuarial assumption for the rate of return on sys tem
assets in effect at the beginning of such plan year.
F. Only those persons who have been retired for at l east one
(1) year prior to the effective date of the retirement benefit
increase shall be eligible for the benefit increase.
G. If otherwise authorized pursuant to the provisions of this
section, the retirement benefit increase shall b e effective July 1
each year.
SECTION 7. NEW LAW A new section of law to be codified
in the Oklahoma Stat utes as Section 930.12 of Title 74, unless there
is created a duplication in numbering, reads as follows:
A. As used in this section:
1. "Beneficiary" means either a retired member of the
retirement system or the survivor or other designated beneficiary of
a retired member of the system;
2. "CPI-W" means the measure of inflation published by the
United States Bureau of Labor Statistics for Urban Wage Earne rs and
Clerical Workers;
3. "Funded ratio" means the figure derived by dividing the
actuarial value of retirement system assets by the ac tuarial accrued RBH No. 7827
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liability amount of the retirement system using the information
reported to the retirement system by i ts actuary in the annual
valuation and which is computed as of a day certain; and
4. "Retirement system" means the Oklahoma Public Employees
Retirement System.
B. The board of trustees of the Oklahoma Public Employees
Retirement System shall grant a retirement benefit increase to the
retired members of the system or their beneficiaries according to
the requirements of this section.
C. The benefit increase may only be implemented if the Consumer
Price Index-Wage and Clerical Workers ( CPI-W) for the calendar year
preceding the year during which the benefit increase is to be
granted reflects a positive rate of increase, but the retirement
benefit increase shall not exceed four percent (4.0%).
D. The funded ratio of the retirement system must be at least
ninety percent (90%) after the benefit increase is provided to the
eligible retirees or beneficiaries. If the grant of a retirement
benefit increase based on the full amount of the increase in CPI-W
for the applicable year would cause the retirement system funded
ratio to be less than the figure prescribed by this section, the
board of trustees shall provide a retirement benefit increase in
such lesser amount as possible without causing a reduction of the
funded ratio for the system to be less than the amount prescribed by
this section. RBH No. 7827
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E. For the plan year ending J une 30 or July 1, as applic able,
immediately prior to the effective date of the retirement benefit
increase otherwise authorized by this section , the rate of return
for the retirement system assets must have been equal to or in
excess of the actuarial assumption for the rate of return on system
assets in effect at the beginning of such plan year.
F. Only those persons who have been retired for at l east one
(1) year prior to the effective date of the retirement benefit
increase shall be eligible for the benefit increase.
G. If otherwise authorized pursuant to the provisions of this
section, the retirement benefit increase shall b e effective July 1
each year.
SECTION 8. Section 1 of this act shall become effective October
1, 2023.
SECTION 9. Sections 2 through 7 of this act shall become
effective November 1, 2023.
COMMITTEE REPORT BY: COMMITTEE ON RULES, dated 03/01/2023 - DO PASS,
As Amended and Coauthored.