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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 2854 By: Wallace of the House
and
Thompson (Roger) of the
Senate
AS INTRODUCED
An Act relating to public retirement sy stems;
amending 62 O.S. 2021, Section 3103, as amended by
Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp.
2022, Section 3103), which relates to the Oklahom a
Pension Legislation Actuarial Analysis Act; modifying
definitions; imposing conditions related t o approvals
by the Internal Revenue Service; providing for
termination of provisions of the Retir ement Freedom
Act; providing for cessation of certain employe e
contributions; requiring employee contributions
pursuant to provisions of defined benefit plan;
providing for cessation of certain employer
contributions; requiring employer contributions
pursuant to provisions of defined benefit plan;
authorizing management of defined contribution plan
accounts for certain period of time; requiring
irrevocable election with regard to defined
contribution plan account balance s; providing for
termination of effec t of provisions of the Retirement
Freedom Act; providing exce ptions; providing for
vesting treatment of defined contribution plan
account balances as of design ated date; providing for
computation of service credit in de fined benefit plan
based on purchase of service at actuarial cost;
amending 74 O.S. 2021, Sections 913.4, 920, 929,
1316.2 and 1707, which relate to the Oklahoma Public
Employees Retirement System and the Deferred Savings
Incentive Plan; modifying provisions related to
participation in define d contribution plan; providing RBH No. 5208
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for participating servic e credit resulting from
purchase at actuarial cost; modifying provisions
related to membership of electe d officials in defined
contribution plan; modifying provisions related to
payment of employer con tributions; modifying
provisions related to participati on in deferred
compensation plan; providing for codification; and
providing effective date s.
BE IT ENACTED BY THE PEOPLE OF THE STAT E 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 by any committee of the House or
Senate, any conference committee of the House or Senate o r by the
House or Senate;
2. "RB number" means that number pre ceded by the letters "RB"
assigned to a retirement bill by the respective staffs of the
Oklahoma State Senate and the Oklahoma House of Representatives when
the respective staff office prepares a retirement bill for a member
of the Legislature;
3. "Legislative Actuary" 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 RBH No. 5208
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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 investig ation specified in subsection A of
Section 3109 of this title;
5. "Nonfiscal retirement bill" means a retirement bill:
a. which does not affect the cost or funding factors of a
retirement system,
b. which affects such factors only in a manner which 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 liability of the
retirement system affected by the bill, or
(3) increase the normal cost of t he retirement system
affected by the bill,
c. which authorizes the purchase 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 allowing suc h
purchase, of years of service for purposes of reaching
a normal retirement date in the applicable retirement RBH No. 5208
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system, but which cannot be used in order to compute
the number of years of service for purposes of
computing the retirement benefit for the memb er,
d. which provides for the computation of a service -
connected disability retirement benefit for members of
the Oklahoma Law Enforcement Retirement System
pursuant to Section 2 -305 of Title 47 of the Oklahoma
Statutes if the members were unable to comple te 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 of the
Oklahoma Statutes for persons whose first elected or
appointed service occurs on or after November 1, 2018,
if such persons had any prior service in the Oklahoma
Public Employees Retirement System prior to November
1, 2015,
f. which provides for a one -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 member 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 RBH No. 5208
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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 benefit
increase is paid,
(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 o ne hundred 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 Dollars ($1,40 0.00) 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 is paid, or
(4) the greater of two percent (2%) of the gross
annual retirement benefit of the volunteer
firefighter or One Hundred D ollars ($100.00) for RBH No. 5208
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persons who retired from the Oklahoma
Firefighters Pension and Retirement System as
volunteer firefighters and who did not retire
from the Oklahoma Firefighters Pension and
Retirement System as a paid firefighter.
As used in this subpa ragraph, "funded ratio" means the
figure derived by dividing the actuarial value of
assets of the applicable retirement system 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 provi sions 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, RBH No. 5208
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(5) Section 17-116.22 of Title 70 of the Oklahoma
Statutes,
(6) Section 930.11 of Title 74 of the Oklahoma
Statutes, or
i. which modifies the computation of the line -of-duty
disability benefit pursuant to the provisions of this
act, or
j. which provides for the termina tion of the defined
contribution retirement plan created pursua nt to
Section 935.1 et seq. of Title 74 of the Oklahoma
Statutes pursuant to the provisions of Sections 2
through 10 of this act together with provisions for
conversion of defined contribution plan account
balances into participating service in the Oklahom a
Public Employees Retirement System defined benefit
plan created pursuant to Section 901 et seq. of Title
74 of the Oklahoma Statutes or such other disposition
of defined contribution plan acc ount balances as may
be authorized pursuant to the provisions o f this act.
A nonfiscal retirement bill shall include any retirement bill that
has as its sole purpose the appropriation or distribution or
redistribution of monies in some manner to a retireme nt system for
purposes of reducing the unfunded liability of su ch system or the
earmarking of a portion of the revenue from a tax to a retirement RBH No. 5208
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system or increasing the percentage of the revenue earmarked from a
tax to a retirement system;
6. "Reduction-in-cost amendment" means an amendment to a
retirement bill having a fiscal impact which reduces the cost of the
bill as such cost is determined by the actuarial investigation for
the bill prepared pursuant to Section 3109 of this title;
7. "Retirement bill" means any bill or joint resolution
introduced or any bill o r joint resolution amended by a member of
the Oklahoma Legislature which creates or amends any law directly
affecting a retirement system. A retirement bill shall not mean a
bill or resolution that impacts the revenue of any state tax in
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 reti rement system and any
other retirement bill other than a nonfis cal retirement bill; and
9. "Retirement system" means the Teachers' Retirement System of
Oklahoma, the Oklahoma Public Employees Retirement System, the
Uniform Retirement System for Justices a nd Judges, the Oklahoma
Firefighters Pension and Retirement Sys tem, the Oklahoma Police
Pension and Retirement System, the Oklahoma Law Enforcement
Retirement System, or a retirement system established after January
1, 2006. RBH No. 5208
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SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 935.101 of Title 74, unless
there is created a duplica tion in numbering, reads as follows:
The Oklahoma Public Employees Retirement System shall administer
this act in accordance with applicable provisions of the federal
Internal Revenue Code and take whatever action is reasonable and
necessary in order to comply with the federal Internal Revenue Code
and any regulations promulgated thereto.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 935.102 of Title 74, unless
there is created a duplication in numbering, reads as follows:
A. Except as may be required by the provisions of this act, the
provisions of Section 935.1 through Section 935.11 of Title 74 of
the Oklahoma Statutes shall cease to have the force and effect of
law on November 1, 202 3.
B. Effective November 1, 2023, each member maintaining an
account established pursuant to the provisions of Sectio n 935.1
through 935.11 of Title 74 of the Oklahoma Statutes shall cease
making employee contributions to their account and shall begin
accruing participating service in the defined benefit plan created
pursuant to the provisions of Section 902 et seq. of Tit le 74 of the
Oklahoma Statutes. Effective November 1, 2023, each member who
maintains an account established pursuant to the provisions of
Section 935.1 through 935.11 of Title 74 of the Oklahoma Statutes RBH No. 5208
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and employed on November 1, 2023, by an employer participating in
the defined contribution plan shall make employee contributions to
the defined benefit plan as requir ed by Section 919.1 of Title 74 of
the Oklahoma Statutes.
C. Employer contributions and matching amounts otherwise
required by the provisi ons of Section 935.5 of Title 74 of the
Oklahoma Statutes shall cease and employer contributions with
respect to employee compensation shall be made as provided by
Section 920 or 920A of Title 74 of the Oklahoma Statutes.
D. Employees maintaining a plan a ccount established pursuant to
the provisions of Section 935.1 through 935.11 of Title 74 of the
Oklahoma Statutes may conti nue to actively manage the plan account,
including any gains or losses resulting from such active management,
until final dispositio n of the plan account balance by acquisition
of service credit in the defined benefit plan created pursuant to
the provisions of Section 901 et seq. of Title 74 of the Oklahoma
Statutes, a transfer of the account balance to a tax -qualified
retirement plan or such other disposition as may be authorized
pursuant to the Internal Revenue Code of 1986, as amended, and rules
and regulations promulgated pursuant thereto.
E. Each person maintaining a plan account pursuant to the
provisions of Section 935.1 through 935.11 of Title 74 of the
Oklahoma Statutes and employed on November 1, 2023, by an employer
participating in the defined contribution plan shall make an RBH No. 5208
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election, which shall be irrevocable, within one hundred eighty
(180) days from the effective date of this act to purchase service
credit in the defined benefit pla n created pursuant to the
provisions of Section 901 et seq. of Title 74 of the Oklahoma
Statutes using the actuarial co st provisions of Section 913.5 of
Title 74 of the Oklahoma Statutes, to tr ansfer the balance to a tax -
qualified plan or to receive a distribution of the balance as may be
allowed pursuant to the Internal Revenue Code of 1986, as amended,
or any rules or regulations promulga ted pursuant thereto. If a
member fails to make such an election within one hundred eighty
(180) days from the effective date of this act, the member shall not
be permitted to purchase service credit pursuant to this act.
Service credit purchased pursuant to this act shall be counted as
service for all purposes including, but not limited to vesting,
full-time equivalent employment, retirement eligibility, and
calculation of a retirement benefit. Purchases of service credit
pursuant to the provisions of Section 913.5 of Title 74 of the
Oklahoma Statutes are only allowed for members who are employed and
participating with a participating employer.
F. If a person maintaining a plan account pursuant to the
provisions of Section 935.1 through 935.11 of Title 74 of the
Oklahoma Statutes and e mployed on November 1, 2023, by an employer
participating in the defined contribution plan fails to make an
election pursuant to subsection E of this section, he or she shall RBH No. 5208
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have the balance of the plan account transferred to an account
established for the employee in the Oklahoma State Employees
Deferred Savings Ince ntive and Deferred Compensation Plans as may be
allowed pursuant to the Internal Revenue Code of 1986, as amended,
or any rules or regulations promulgated pursuant thereto .
G. A person maintaining a pl an account pursuant to the
provisions of Section 935. 1 through 935.11 of Title 74 of the
Oklahoma Statutes who is no longer employed on November 1, 2023, by
an employer participating in the defined contribution plan may
receive a distribution or transfer the balance of the account as may
be allowed pursuant to the I nternal Revenue Code of 1986, as
amended, or any rules or regulations promulgated pursuant thereto.
The Oklahoma Public Employees R etirement System may contract with
one or more entities to facilitate t he transfer of plan accounts
pursuant to this subsection .
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 935.103 of Title 74, unless
there is created a duplication in numbering, reads as foll ows:
A. The Oklahoma Public Employees Retirement System shall make
final disposition of the accounts established pursuant to the
provisions of Section 935.1 through 935.11 of Title 74 of the
Oklahoma Statutes by November 1, 2024, or the last date required by
the Internal Revenue Code of 1986, as amended, for dis tributions of
plan account balances, whichever date last oc curs. RBH No. 5208
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B. Effective November 1, 2023, notwithstanding the provisions
of Section 935.7 of Title 74 of the Oklahoma Statutes, a member
maintaining a defined contribution plan account pursuant to the
provisions of the Retirement Freedom Act and employed on November 1,
2023, by an employer who participates in the defined contribution
plan shall be one hundred percent (100%) vested in their accoun t
balance as of that date, including employer matching amounts and any
gains or losses resulting from management of the account pursuant to
the provisions of the Retirement Freedom Act.
SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 935.104 of Title 7 4, unless
there is created a duplication in numbering, reads as follows:
Any service credit in the Oklahoma Public Employees Retirement
System as provided by Section 901 et seq. of Title 74 of the
Oklahoma Statutes purchased by transfer of an account balan ce
pursuant to the provisions of this act shall not exceed the total
period of service accrued by the member while a participant in the
defined contribution plan created by Section 935.1 through 935.11 of
Title 74 of the Oklahoma Statutes. A member may purchase all or
part of the service accrued by the member while a participant in the
defined contribution plan created by Section 935.1 through 935.11 of
Title 74 of the Oklahoma Statutes.
SECTION 6. AMENDATORY 74 O.S. 2021, Section 913.4, is
amended to read as follows: RBH No. 5208
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Section 913.4 A. 1. Except as otherwise provided in this
subsection, an elected official may elect to participate in the
System and if he or she elects to do so shall have the option of
participating at any one of the computation factors set forth in
paragraph 3 or 4 of this subsect ion and will receive retirement
benefits in accordance with the computa tion factor chosen. The
election on participation in the System must be in writing, must
specify the computation fa ctor chosen, and must be filed with the
System within ninety (90) day s after the elected official takes
office. The election to participate and the election of a
computation factor shall be ir revocable. Reelection to the same
office will not permit new e lections. Failure of an elected
official to file such election form within the ninety-day period
shall be deemed an irrevocable election to participate in the System
at the maximum computation factor.
2. Contributions and benefits will be based upon the elected
official's annual compensation as defined in Section 902 of t his
title. Employer and elected official contributions shall be
remitted at least monthly, or as the Board may otherwise pr ovide, to
the System for deposit in the Oklahoma Public Employe es Retirement
Fund. Effective July 1, 1994, and thereafter, the part icipating
employer shall contribute as provided in Section 920 of this title.
3. Except as provided in paragraph 4 of this subsection,
effective July 1, 1994, the computation factor sele cted and the RBH No. 5208
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corresponding elected official contribution rate shall b e as
follows:
Elected official Computation Alternate
Contribution Rate Factor Formula
4.5% 1.9% $12.50
6% 2.5% $20.00
7.5% 3.0% $25.00
8.5% 3.4% $27.50
9% 3.6% $30.00
10% 4.0% $40.00
4. Elected officials who are first elected or appointed to an
elected office on or after November 1, 2010, shall elect a
computation factor o f either 1.9% or 4%. The elected official
contribution rate for the 1.9% computation factor is currently 4.5%
and the contribution rate for the 4% computation factor is currently
10%. All other computation factors and contribution rates set forth
in paragraph 3 of this subsection shall not be available to any
person first elected or appointed to an elected office on o r after
November 1, 2010.
5. The contribution rate for elected offic ials who are first
elected or appointed to an elected office on or afte r November 1,
2011, shall be in the amount specified in paragraph (a) of
subsection (1) of Section 919.1 of this tit le. The amount of the
retirement benefit for elected officials who a re first elected or RBH No. 5208
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appointed to an elected office on or after November 1, 2011, shall
be based on the provisions of paragra ph (1) of subsection A of
Section 915 of this title.
6. The computation factors and corresponding elected official
contribution rates provided for in paragraphs 3 and 4 of this
subsection shall be based on the entire compensation as an elected
official subject to the definition and maximum compensation levels
as set forth in paragraph (9) of Section 902 of this title.
7. Elected officials who are first elected or appointed on or
after November 1, 2011, shall also be eligible to make the election
of an alternate multiplier and contribution rate pursuant to
paragraph 2 of subsection A of Section 915 of this title.
8. A statewide elected official or legislator whose first
service as an elected official occ urs on or after November 1, 2015,
shall become a participant in the defined contribution system
created by Sections 935.1 through 935.11 of this title and such
elected official shall no t accrue any service credit in the defined
benefit plan of the Oklahoma Public Employees Retirement System
created pursuant to Section 901 et seq. of this title.
9. Notwithstanding the p rovisions of paragraph 8 of this
subsection, a statewide elected offi cial or legislator who is first
elected or appointed on or after Novemb er 1, 2018, and who has
participating service in the defined benefit plan prior to November
1, 2015, shall be a memb er of the defined benefit plan. RBH No. 5208
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B. The normal retirement date for an elected official shall be
the first day of the month coinciding with o r following the
official's sixtieth birthday or the f irst day of the month
coinciding with or following the date at which the sum of the
elected official's age and number of years of cr edited service total
eighty (80). The normal retirement date for an el ected official
first elected or appointed to an elect ed office on or after November
1, 2011, shall be the first day of the month coinciding with or
following the official's sixty -fifth birthday or the date upon which
the elected or appointed official attai ns the age of sixty-two (62)
and who has at least ten (10) years of elected or appointed service.
Any elected official first elected or appointed to an elected office
before November 1, 2011, who has a minimum of ten (10) years'
participating service may retire under the early retirement
provisions of this act, including those electing a vested benefit
and shall receive an adjustment of annual benefits in accordance
with the following p ercentage schedule:
Percentage of Normal
Age Retirement Benefits
60 100%
59 94%
58 88%
57 82%
56 76% RBH No. 5208
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55 70%
Any elected official first elected or appointed to an elected
office on or after November 1, 2011, who has a minimum of ten (10)
years' elected or appointed service may retire under the early
retirement provisions of this act, including those electing a vested
benefit and shall receive an adjustment of annual benefits in
accordance with the following percentage schedule:
Percentage of Normal
Age Retirement Benefits
62 100%
61 93.33%
60 86.67%
C. 1. Any elected o fficial shall receive annual benefits
computed based upon the computation factor selected multiplied by
the member's highest annual compensation received as an elected
official prior to retirement or termination of employment multiplied
by the number of years of credited service. No elected official
shall retire using such highest annual compensation unless the
elected official has made the required election and has paid the
required contributions on such salary.
2. The retirement benefit may be computed pursuant to the
provisions of paragraph (1) of subsec tion A of Section 915 of this
title if the benefit would be hig her. Elected officials who have a
vested benefit prior to July 1, 19 80, may elect to receive annual RBH No. 5208
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benefits based on the alternate formula provided above. Such annual
benefits shall be paid in equal monthly installments.
3. Elected officials who become members of the Oklahoma Public
Employees Retirement System on or aft er August 22, 2008, will
receive retirement benefits in accordance with the computation
factor selected pursuant to subsecti on A of this section multiplied
by the member's highest annual compensation received as an elected
official and only for those years of credited service the member
served as an elected official. If such elected official has
participating service as a none lected member, then such nonelected
service shall be computed s eparately pursuant to the provisions of
paragraph (1) of subsection A of Section 915 of this title with the
final benefit result added to th e final benefit result for elected
service. In no event shall the elected official be entitled to
apply the computation factor selected pursuant to subsection A of
this section or the compensation received as an elected official to
the computation of none lected service.
4. Elected officials who are first e lected or appointed to an
elected office on or after August 22, 2008, may not receive a
maximum benefit greater than their single hi ghest annual
compensation received as a member of the Oklahoma Public E mployees
Retirement System.
D. Any elected official making an election to participate at a
computation factor less than the maximum and later selecting a RBH No. 5208
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higher computation factor shal l contribute to the System a sum equal
to the amount which the elected official would have contributed if
the elected official had made such election at the time the elected
official first became eligible, plus interest as determined by the
Board, in order to receive the additional benefits for all service
as an elected official; otherwise, the additional benefits shall be
applicable only to service for which the elected official pays the
appropriate percent of contributions to the System.
E. The surviving spouse of a deceased elected official who was
first elected or appoint ed to an elected office before November 1,
2011, and who has at least six (6) years of participating service
and the surviving spouse of a deceased elected official who was
first elected or appointed to an elected office on or after November
1, 2011, and who has at least eight (8) years of participating
service shall be entitled to receive survivor benefits in the amoun t
herein prescribed, if married to the decedent continuously for a
period of at least three (3) years immediately preceding the elected
official's death. Provided the elected official had met the service
requirements, survivor benefits shall be payable wh en the deceased
member would have met the requirements for normal or early
retirement. The amount of the benefits the surviving spouse may
receive shall be fifty percent (50%) of the amount of benefits the
deceased elected official was receiving or will b e eligible to
receive. Elected officials may elect a retirement opti on as RBH No. 5208
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provided in Section 918 of this title in lieu of the survivors
benefit provided above.
F. Any elected official who se rved in the Armed Forces of the
United States, as defined in pa ragraph (23) of Section 902 of this
title, prior to membership in the Oklahoma Public Employees
Retirement System shall be granted credited service of not to exceed
five (5) years for those per iods of active military service during
which the elected offici al was a war veteran.
G. Anyone appointed or elected to an elected p osition after
July 1, 1990, shall not be eligible to receive benefits a s provided
in this section until such person has part icipated as an elected
official for six (6) years. Anyone appo inted or elected to an
elected position on or after November 1, 2011, shall not be eligible
to receive benefits as provided in this section until such person
has participated as an elected offi cial for eight (8) years.
H. Elected officials who terminate p articipation in the System
and who have a minimum of six (6) years of participating service
shall be entitled to elect a vested benefit and shall be entitled to
the retirement options as provid ed in Section 918 of this title in
lieu of the survivors benefi t provided in subsection E of this
section. Elected officials, first elected or appointed to an
elected office on or after November 1, 2011 , who terminate
participation in the System and who h ave a minimum of eight (8)
years of participating service shall be entitled to elect a vested RBH No. 5208
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benefit and shall be entitled to retir ement options as provided in
Section 918 of this title in lieu of the s urvivors benefits provided
in subsection E of this se ction.
I. In determining the number of years of credited servi ce, a
fractional year of six (6) months or more shall be considered a s one
(1) year, and less than six (6) months or more shall be disregard ed.
For members who joined the System on or after No vember 1, 2011, the
number of years of credited service shall b e based on actual years
and months of credited service without roundi ng up or down.
SECTION 7. AMENDATORY 74 O.S. 2021, Section 920, is
amended to read as follows:
Section 920. (1) Effective July 1, 1994, every state agency
which is a participating employer shall contribute to the System an
amount equal to eleven and one-half percent (11 1/2%) of the monthly
compensation of each member, but not in excess of Forty Thou sand
Dollars ($40,000.00).
(2) Effective July 1, 1995, every s tate agency which is a
participating employer shall contribute to the System an amount
equal to eleven and one-half percent (11 1/2%) of the monthly
compensation of each member, not to exceed t he allowable annual
compensation as defined in paragraph (9) of Section 902 of this
title.
(3) Effective July 1, 1996, every state agency which is a
participating employer shall contribute to the System an amount RBH No. 5208
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equal to twelve percent (12%) of the month ly compensation of each
member, not to exceed the allowable ann ual compensation defined in
paragraph (9) of Section 902 of this titl e.
(4) Effective July 1, 1999, and through the fiscal year ending
June 30, 2005, every state agency which is a participatin g employer
shall contribute to the System an amount equal to te n percent (10%)
of the monthly compensation of each member, not to ex ceed the
allowable annual compensation defined in paragraph (9) of Section
902 of this title.
(5) Effective July 1, 2005, e xcept as otherwise provided by
subsection (11) of this section, every state agency which is a
participating employer shall contribut e an amount to the System
equal to a percentage of monthly compensation of each member, not to
exceed the allowable annual c ompensation defined in paragraph (9) of
Section 902 of this tit le as follows:
July 1, 2005 – June 30, 2006 11 1/2%
July 1, 2006 – June 30, 2007 12 1/2%
July 1, 2007 – June 30, 2008 13 1/2%
July 1, 2008 – June 30, 2009 14 1/2%
July 1, 2009 – June 30, 2011 15 1/2%
July 1, 2011 – June 30, 2012
and each year thereafter 16 1/2%
(6) The Board shall certify, on or before November 1 of each
year, to the Office of Management and Enterprise Services an RBH No. 5208
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actuarially determined estimate of the rate of contribution wh ich
will be required, together with all accumulated contributio ns and
other assets of the System, to be paid by each participating
employer to pay all liabilities which shall exist or accrue under
the System, including amortization of the past service cost over a
period of not to exceed forty (40) years from June 30, 1987, and the
cost of administration of the System, as determined by the Board,
upon recommendation of the actuary.
(7) The Office of Management and Enterprise Services and the
Governor shall include in the budget and in the budget request for
appropriations the sum required to satisfy the state's obligation
under this section as certified by the Board and shall present the
same to the Legislature for allowance and appropriation.
(8) Each other participating employer shall appropriate and pay
to the System a sum sufficient to satisfy the obligation under this
section as certified by the Board.
(9) Each participating employer is hereby authorized to pay the
employer's contribution from the same fund that the compensation for
which said contribution is paid from or from any other funds
available to it for such purpose.
(10) Forfeitures arising from severance of employment, death or
for any other reason may not be applied to increase the benefits any
member would otherwise receive under the System's law. Ho wever,
forfeitures may be used to reduce an employer's contribution. RBH No. 5208
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(11) Effective November 1, 2015, an employer shall be required
to make payment to the Oklahoma Public Employees Retirement System
of the amount described by subsection A of Section 10 of this act
with respect to any employee who is a participant in the de fined
contribution system created pursuant to the provisions of Sections 1
through 11 of this act. The employer shall be re quired to make the
required matching contribution amount for al l employees that
participate in the defined contribution system and t o remit the
difference between such amount and the amount the employer would
otherwise have paid pursuant to the provisions of this section to
the Oklahoma Public Employees Retirement Sys tem.
SECTION 8. AMENDATORY 74 O.S. 2021, Section 929, is
amended to read as follows:
Section 929. A. Any person who is licensed by the Department
of Rehabilitation Services as a vending stand operator or managing
operator shall be eligible for membership in the Oklahoma Public
Employees Retirement System established by Sections 901 through 928
of this title. Enrollment in the System shall be optio nal with each
operator under regulations prescribed by the Oklahoma Public
Employees Retirement System Board of Trustees. Persons who elect to
participate in the Oklahoma Public Employees Retirement System
pursuant to the provisions of this section shall be considered as
state employees only for retirement purposes and shall make
contributions pursuant to the provisions of Section 919.1 of this RBH No. 5208
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title. Any payment or contributions to be made for members of the
System shall be payable by the operator in suc h manner as may be
determined by the Department of Rehabilitation Services, and sha ll
not be a responsibility or liability of the Department of
Rehabilitation Services; provided that, the Department may, in its
discretion, make all or a part of such paymen ts.
B. Any person first licensed under this section on or after
November 1, 2015, shall not be eligible for membership in the
Oklahoma Public Employees Retirement System established by Sections
901 through 928 of this title, but such person shall be eligi ble for
participation in the defined contribution plan as set forth in
Section 2 of Enrolled House Bill No. 2630 of the 2nd Session of the
54th Oklahoma Legislature, as amended by Section 2 of this act.
SECTION 9. AMENDATORY 74 O.S. 2021, Section 131 6.2, is
amended to read as follows:
Section 1316.2 A. Any employee, other than an education
employee, who retires pursuant to the provisions of the Oklahoma
Public Employees Retirement System or who has a vested benefit
pursuant to the provisions of the Oklahoma Public Employees
Retirement System may continue in force the health and dental
insurance benefits authorized by the provis ions of the Oklahoma
Employees Insurance and Benefits Act, or other employer insurance
benefits if the employer does not part icipate in the plans offered
by the Office of Management an d Enterprise Services, if such RBH No. 5208
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election to continue in force is made wit hin thirty (30) days from
the date of termination of service . Except as otherwise provided
for in Section 840-2.27I of this title and subsection H of this
section, health and dental i nsurance coverage may not be reinstated
at a later time if the election to continue in force is declined.
Vested employees other than education employees who have terminated
service and are not re ceiving benefits and effective July 1, 1996,
nonvested persons who have terminated service with more than eight
(8) years of participating service with a participating employer,
who within thirty (30) days from the date of termination of service
elect to continue such coverage, shall pay the full cost of the
insurance premium at the rate and pursuant to the terms and
conditions established by the Office. Provided also, any employee
other than an education employee who commences employment with a
participating employer on or after September 1, 1991, who terminates
service with such employer on or after July 1, 1996, but who
otherwise has insufficient years of service to retire or terminate
service with a vested benefit pursuant to the provisions of the
Oklahoma Public Employees Retirement System or to elect to conti nue
coverage as a nonvested employee as provided in this section, but
who, immediately prior to employment with the participating
employer, was covered as a dependent on the health and dental
insurance policy of a spouse who was an active employee other th an
an education employee, may count as part of his or her credited RBH No. 5208
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service for the purpose of determining eligibility to elect to
continue coverage under this section, the time during which the
terminating employee was covered as such a dependent.
B. 1. Health insurance benefit plans offered pursuant to this
section shall include:
a. indemnity plans offered through the Office,
b. managed care plans offered as alternatives to the
indemnity plans offered through the Office,
c. Medicare supplements offer ed pursuant to the Oklahoma
Employees Insurance and Benefits Act,
d. Medicare risk-sharing contracts offered as
alternatives to the Medicare supplements offered
through the Office. All Medicare risk-sharing
contracts shall be subject to a risk adjustment
factor, based on generally accepted actuarial
principles for adverse selecti on which may occur, and
e. for the Oklahoma Publi c Employees Retirement System,
other employer-provided health insurance bene fit plans
if the employer does not participate in the plans
offered pursuant to the Oklahoma Employees Insurance
and Benefits Act.
2. Health insurance benefit plans offered pursuant to this
section shall provide prescription drug benefits, except for plan s
designed pursuant to the Medicare Prescription Dru g Improvement and RBH No. 5208
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Modernization Act of 2003, for which provision of prescriptio n drug
benefits is optional, and except for plans offered pursuant to
subparagraph e of paragraph 1 of this subsection.
C. 1. Designated public retirement systems shall contr ibute a
monthly amount towards the health insurance premium of certain
individuals receiving benefits from the public retirement system as
follows:
a. a retired employee, other than an education employee
or an employee who participates in the defined
contribution system administered by the Oklahoma
Public Employees Retirement System o n or after
November 1, 2015, who is receiving benefits from the
Oklahoma Public Employees Retirement System after
September 30, 1988, shall have One Hundred Five
Dollars ($105.00), or the premium rate of the health
insurance benefit plan, whichever is less , paid by the
Oklahoma Public Employees Retirement System to the
Board or to another insurance carrier or other
qualified benefits administrator of the employer if
the employer does not participate in the plans offered
by the Office in the manner specified in subsection G
of this section,
b. a retired employee or surviving spouse other than an
education employee who is receiving benefits from the RBH No. 5208
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Oklahoma Law Enforcement Retir ement System after
September 30, 1988, is under sixty-five (65) years of
age and is not otherwise eligible for Medicare shall
have the premium rate for the health insurance benefit
plan or One Hundred Five D ollars ($105.00), whichever
is less, paid by the Oklahoma Law Enforcement
Retirement System to the Office in the manner
specified in subsection G of this section,
c. a retired employee other than an education employee
who is receiving benefits from the Okl ahoma Law
Enforcement Retirement System after Se ptember 30,
1988, is sixty-five (65) years of age or older or who
is under sixty-five (65) years of age and is eligible
for Medicare shall have One Hundred Five Dollars
($105.00), or the premium rate of the h ealth insurance
benefit plan, whichever is less, paid by the Oklahoma
Law Enforcement Retirement System to the Office in the
manner specified in subsection G of this section, and
d. a retired employee other than an education employee
who is receiving benef its from the Uniform Retirement
System for Justices and Judges after September 30,
1988, shall have One Hundred Five Dollars ($105. 00),
or the premium rate of the health insurance plan,
whichever is less, paid by the Uniform Retirement RBH No. 5208
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System for Justices and Judges to the Office in the
manner specified in subsection G of this section.
2. Premium payments made pursuant to this sectio n shall be made
subject to the following conditions:
a. the health plan shall be authorized by the provisions
of the Oklahoma Employees Insurance and Benefits Act,
except that if an employer from which an employee
retired or with a vested benefit pursuant to the
provisions of the Oklahoma Public Employees Retirement
System does not participate in the plans authorized by
the provisions of the Oklahoma Employees Insurance an d
Benefits Act, the health plan will be the health
insurance benefits of the employer from which the
individual retired or vested,
b. for plans offered by the Oklahoma Employees Insurance
and Benefits Act, the a mount to be paid shall be
determined pursuant to the provisions of this
subsection and shall first be applied in whole or in
part to the prescription drug coverage premium. Any
remaining amount shall be applied toward the medical
coverage premium,
c. for all plans, if the amount paid by the public
retirement system does not cover the full cost of the RBH No. 5208
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elected coverage, the individual shall pay the
remaining premium amount, and
d. payment shall be made by the retirement systems in the
manner specified under subsection G of this section.
D. For any member of the Oklahom a Law Enforcement Retirement
System killed in the line of duty, whet her the member was killed in
the line of duty prior to May 18, 2005, or on or after May 18, 2005,
or if the member was on a d isability leave status at the time of
death, the surviving spou se or dependents of such deceased member of
the Oklahoma Law Enforce ment Retirement System may elect to continue
or commence health and dental insurance benefits, provided the
dependents pay the full cost of such insurance, and for de aths
occurring on or after July 1, 2002, such election is made within
thirty (30) days of the date of death. The eligibility for the
benefits shall terminate for the surviving children when the
children cease to qu alify as dependents.
E. Effective July 1, 2004, a retired memb er of the Oklahoma Law
Enforcement Retirement System who retired fro m the System by means
of a personal and traumatic injury of a catastrophic nature and in
the line of duty and any surviving s pouse of such retired member and
any surviving spouse of a memb er who was killed in the line of duty
shall have one hundred percent (100%) of the retired member's or
surviving spouse's health care premium cost, whether the member or
surviving spouse elects coverage under the Medicare supplement or RBH No. 5208
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Medicare risk-sharing contract, paid by the Oklahoma Law Enforcement
Retirement System to the Office in the manner specified in
subsection H of this section . For plans offered by the Office, such
contributions will first be applied in whole or in part to the
prescription drug coverage premium, if any.
F. Dependents of a deceased employee wh o was on active work
status or on a disability leave at the time of death or of a
participating retardant or of any person wh o has elected to receive
a vested benefit under the Oklahoma Pu blic Employees Retirement
System, the Uniform Retirement System for Justices and Judges or the
Oklahoma Law Enforcement Retirement System may continue the health
and dental insurance benefits i n force, provided the dependents pay
the full cost of such insu rance and they were covered as eligible
dependents at the time of su ch death and such election is made
within thirty (30) days of date of death . The eligibility for the
benefits shall terminat e for the surviving children when the
children cease to qualify as dependents.
G. The amounts required to be paid by the Oklahoma Public
Employees Retirement System, the Uniform Retirement System for
Justices and Judges and the Oklahoma Law Enforcement Re tirement
System pursuant to this secti on shall be forwarded no later than the
tenth day of each month following the month for which payment is due
by the Oklahoma Public Employees Retirement System Board of Trustees
or the Oklahoma Law Enforcement Retireme nt Board to the Office for RBH No. 5208
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deposit in the Health, Dental and Li fe Insurance Reserve Fund or to
another insurance carrier or other administrator of qualified
benefits of the employer as provided for in subsection H of Section
1315 of this title.
H. Upon retirement from employment of the Board of Regents of
the University of Oklahoma, any person who was or is employed at the
George Nigh Rehabilitation Institute and who transferred employment
pursuant to Section 3427 of Title 70 of the Oklahoma Statutes, any
person who was employed at the Medica l Technology and Research
Authority and who transferred employment pursuant to Section 7068 of
this title and any person who is a member of the Oklahoma Law
Enforcement Retirement System pursuant to the authority of Sec tion
2-314 of Title 47 of the Oklahom a Statutes may participate in the
benefits authorized by the provisions of the Oklahoma Employ ees
Insurance and Benefits Act for retired participants including
health, dental and life insurance benefits, if such electio n to
participate is made within thirt y (30) days from the date of
termination of service. Life insurance benefits for any such per son
who transferred employment shall not exceed the coverage the person
had at the time of such transfer . Retirees who transferred
employment and who participate pursuant to this paragrap h shall pay
the premium for elected benefits less any amounts paid b y a state
retirement system pursuant to this section. RBH No. 5208
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SECTION 10. AMENDATORY 74 O.S. 2021, Section 1707, is
amended to read as follows:
Section 1707. A. Effective January 1, 1998, for each qualified
participant as defined in this section who is a state employee as
defined in this section, the Oklahoma Public Employees Retirement
System shall pay each m onth from funds appropriated or deposited to
the Oklahoma State Employees Deferred Savings Incentive Plan Fund
created pursuant to this section the sum of Twenty-five Dollars
($25.00) to a plan established pursuant to the Internal Revenue
Code, Section 401(a), for the benefit of the employee; provided, if
monies in the fund are insufficient to fully fund the contributions
in any month, payments shall be suspended until such time as
sufficient monies are available. Employees receiving payroll other
than monthly shall have an amount contributed which is equivalent to
Twenty-five Dollars ($25.00) per month.
B. For the purposes of this s ection, "qualified participant"
means a state employee as defined in this section who is an active
participant in the Oklahom a State Employees Deferred Compensation
Plan making deferrals o f at least Twenty-five Dollars ($25.00) per
month. A qualified participant shall not include an employee who
participates in the defined contribution system administered by the
Oklahoma Public Employees Retirement System on or after November 1,
2015. Effective July 1, 2000, each qualified participant shall be
eligible for a contribution of Twenty-five Dollars ($25.00) to the RBH No. 5208
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Oklahoma State Employees Deferred Savings Incentive Plan beginning
with the first employee deferral into the Oklahoma State Employee s
Deferred Compensation Plan. The Director of the Office of
Management and Enterprise Services shall be responsible for the
provision of such information and assistance as may be necessary to
determine which employees are qualified participants and shall
provide for appropriate payroll transactions to accomplish
contributions to the Oklahoma State Employees Deferred Savings
Incentive Plan and the Oklahoma State Employees Deferred
Compensation Plan. The Oklahoma Public Employees Retirement System
shall be responsible for establishing rules and plan documents for
administration of such contributions. Funds so credited shall be
held and invested in the same manner as the Oklahoma State Employees
Deferred Compensation Plan, as provided in Section 1701 of this
title.
C. For the purposes of this section, "state employee" means any
officer or employee of the executive, legislative, or judicial
branches of the government of this state who is an active member of
a public retirement system of this state, but does n ot include:
1. Employees of the public elementary, secondary, or ar ea
vocational school districts;
2. Employees of The Oklahoma State System of Higher Education
except employees of the Oklaho ma State Regents of Higher Education,
employees of the governin g boards and employees of the Board of RBH No. 5208
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Regents of the University of Oklahoma who are participating members
of the Oklahoma Public Employees Retirement System;
3. Persons on temporary, student, internship, or other limited -
term appointments except for Exec utive Fellows in the Carl Albert
Public Internship Program created i n Section 840-3.4 of this title;
or
4. Persons employed pursuant to Section 1.6a of Title 53 of the
Oklahoma Statutes.
D. No public official shall be able to make contributions to
the Section 401(a) plan described by this section during a term of
office which commenced prior to July 1, 1997. A public official may
make contributions to the Section 401(a) plan described by this
section during a term of office which commences after July 1, 1997.
No legislator shall be eligible to make contributions to the Section
401(a) plan described by this section until such contributions have
been approved by the Board on Legislative Compens ation. The
provisions of this subsection shall be applicable o nly in the event
that the Plan permits employee contributions.
E. There is hereby created in the State Treasury a revolving
fund to be designated the "Oklahoma State Employees Deferred Savings
Incentive Plan Fund". The fund shall be a continuing fund, no t
subject to fiscal year limitations, and shall consist of any monie s
the Legislature may appropriate or transfer to the fund and any
monies contributed for the fund from any other sources, pub lic or RBH No. 5208
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private. All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the Okl ahoma Public
Employees Retirement System for the matching of deferred
compensation contributions pursuant to this section and in
accordance with rules promulgated by the Oklahoma Public Em ployees
Retirement System and for reimbursement of expenses for
administration of the Deferred Savings Incentive Plan and the
Oklahoma State Employees Deferred Compensation Plan. Expenditures
from the fund shall be made by warrants issued by the State
Treasurer against claims filed as prescribed by law with the
Director of the Office of Management and Enterprise Services for
approval and payment.
F. Effective July 1, 2000, every employer which has state
employees participating in the Oklahoma State Employ ees Deferred
Savings Incentive Plan shall pay to the Fund an amount equal to
Twenty-five Dollars ($25.00) each month for each qualified
participant as defined in this section, along with an amo unt to
reimburse the cost of administration of the Oklahoma Sta te Employees
Deferred Savings Incentive Plan and the Oklahoma State Employees
Deferred Compensation Plan for each qualified participant, as
determined by the Board.
1. The Board shall certify each year to the Office of
Management and Enterprise Services t he determined amount for the
administrative cost of the Oklahoma Sta te Deferred Savings Incentive RBH No. 5208
HB2854 HFLR Page 39
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Plan and the Oklahoma State Employees Deferred Compensation Plan
which will be required to be p aid for each qualified participant.
The Board of Trustees shal l promulgate such rules as are necessary
to implement the provisions of this subsection and provide the
methodology for the determination.
2. Each employer shall pay at least monthly to the Fu nd the sum
sufficient to satisfy the obligation under this sect ion as certified
by the Board.
3. Each employer is hereby authorize d to pay the employer's
contribution from the same fund that the compensation for which said
contribution is paid from or fro m any other funds available to it
for such purpose.
SECTION 11. Section 1 of this act shall become effective
October 1, 2023.
SECTION 12. Sections 2 through 10 of this act shall become
effective November 1, 202 3.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
02/16/2023 - DO PASS, As Coauthored.