Oklahoma House Bill HB2592

Oklahoma 2024 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

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

Impact

One of the primary impacts of HB 2592 is the expansion of retirement eligibility to specific categories of law enforcement personnel, ensuring they receive benefits comparable to those in OLERS. The measure is intended to attract and retain dedicated public safety employees by offering them enhanced retirement benefits. This could significantly affect the financial obligations of the state in terms of retirement funding and may necessitate adjustments to budgeting for future fiscal years.

Summary

House Bill 2592 proposes amendments to the Oklahoma Law Enforcement Retirement System (OLERS) and the Oklahoma Public Employees Retirement System (OPERS) regarding definitions and eligibility of certain employees for retirement benefits. Specifically, the bill modifies the definitions of 'member' to include correctional officers, probation and parole officers, and fugitive apprehension agents who are hired after a designated date. This adjustment aims to enhance the retirement benefits provided to these specific classes of public employees.

Contention

There were notable points of contention during discussions surrounding HB 2592, particularly concerning the fiscal implications of expanding the retirement benefits to new employee categories. Critics may argue that while the bill aims to provide equitable benefits, it could contribute to increased long-term liabilities for the state's pension systems. Proponents assert that it is essential for maintaining competitive compensation for law enforcement personnel and ensuring proper recognition of their service.