Oklahoma 2024 Regular Session

Oklahoma House Bill HB2991 Compare Versions

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	30	+	March 26, 2024
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3	34		BILL NO. 2991 By: West (Josh) and Munson of
4	35		the House
5	36
6	37		and
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8	39		Gollihare of the Senate
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14	45		An Act relating to retirement; amending 11 O.S. 2021,
15	46		Section 49-106, as amended by Section 1, Chapter 151,
16	47		O.S.L. 2023 (11 O.S. Supp. 2023, Section 49 -106),
17	48		which relates to the Oklahoma Firefighters Pension
18	49		and Retirement System; updating reference; directing
19	50		that revisions be taken into account; and declaring
20	51		an emergency.
21	52
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23	54
24		-
25		-	SUBJECT: Retirement
26		-
27	55		BE IT ENACTED BY THE PEOPLE OF TH E STATE OF OKLAHOMA:
28		-
29	56		SECTION 1. AMENDATORY 11 O.S. 2021, Section 49 -106, as
30	57		amended by Section 1, Chapter 151, O.S.L. 2023 (11 O.S. Supp. 2023,
31	58		Section 49-106), is amended to read as follows:
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33	59		Section 49-106. A. Any firefighter w ho reaches the
34	60		firefighter's normal retirement date shall be entitled, upon written
35	61		request, to retire from such service and be paid from the Oklahoma
36	62		Firefighters Pension and Retirement System a monthly pension equal
37	63		to the member's accrued retirement ben efit; provided, that the
38	64		pension shall cease during any period of time the member may
39	65		thereafter serve for compensation in any municipal fire department
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40	93		in the state. If such a member is reemployed by a participating
41	94		municipality in a position which is no t covered by the System,
42	95		retirement shall also include receipt by such member of in -service
43	96		distributions from the System.
44		-
45	97		B. With respect to distributions under the System made for
46		-	calendar years beginning on or after January 1, 2005, the System ~~ENR. H. B. NO. 2991 Page 2~~
	98	+	calendar years beginning on or after January 1, 2005, the System
47	99		shall apply the minimum distribution incidental benefit
48	100		requirements, incidental benefit requirements, and minimum
49	101		distribution requirements of Section 401(a)(9) of the Internal
50	102		Revenue Code of 1986, as amended, in accordance with the final
51	103		regulations under Secti on 401(a)(9) of the Internal Revenue Code of
52	104		1986, as amended, including Treasury Regulations Sections
53	105		1.401(a)(9)-1 through 1.401(a)(9) -9; provided, however, that for
54	106		distributions required to be made after December 31 , 2019, for
55	107		individuals who attain se venty and one-half (70 1/2) years of age
56	108		after December 31, 2019, but before January 1, 2023, such
57	109		distributions shall take into account that age 70 1/2 was stricken
58	110		and age 72 was inserted in Section 401(a)(9)(B)(iv)(I), Section
59	111		401(a)(9)(C)(i)(I) and Sec tion 401(a)(9)(C)(ii)(I) of the Internal
60	112		Revenue Code of 1986, as amended, and, provided further, that for
61	113		individuals who attain seventy -two (72) years of age after December
62	114		31, 2022, such distributions shall take into account that "age 72"
63	115		was stricken and "the applicable age", as defined in Section
64	116		401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as amended,
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65	144		was inserted in Section 401(a)(9)(B)(iv)(I) of the Internal Revenue
66	145		Code of 1986, as amended (applicable to calendar year 2023) , Section
67	146		401(a)(9)(C)(i)(I) and Section 401(a)(9)(C)(ii)(I) of the Internal
68	147		Revenue Code of 1986, as amended, and that the further revision of
69	148		Section 401(a)(9)(B)(iv) of the Internal Revenue Code of 1986, as
70	149		amended, effective for ca lendar years after 2023 with respect to
71	150		certain distributions shall be taken into account, in all cases
72	151		notwithstanding any provision of the System to the contrary. With
73	152		respect to distributions under the System made for calendar years
74	153		beginning on or after January 1, 2001, through December 31, 2004,
75	154		the System shall apply the minimum distribution requirements and
76	155		incidental benefit requirements of Section 401(a)(9) of the Internal
77	156		Revenue Code of 1986, as amended, in accordance with the regulations
78	157		under Section 401(a)(9) of the Internal Rev enue Code of 1986, as
79	158		amended, which were proposed in January 2001, notwithstanding any
80	159		provision of the System to the contrary. Effective July 1, 1989,
81	160		notwithstanding any other provision contained herein to the
82	161		contrary, in no event shall commencement o f distribution of the
83	162		accrued retirement benefit of a member be delayed beyond April 1 of
84	163		the calendar year following the later of:
85		-
86	164		1. The calendar year in which the member reaches seventy and
87	165		one-half (70 1/2) years o f age for a member who attains age se venty
88	166		and one-half (70 1/2) before January 1, 2020, or effective for
89	167		distributions required to be made after December 31, 2019, but
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90	195		before January 1, 2023, the calendar year in which the member
91		-	reaches seventy-two (72) years of age for an ~~indiv idual~~ who ~~attains ENR. H. B. NO. 2991 Page 3~~
	196	+	reaches seventy-two (72) years of age for an individual who at tains
92	197		age seventy and one-half (70 1/2) after December 31, 2019, or
93	198		effective for distributions required to be made after December 31,
94	199		2022, the calendar year in which the member reaches seventy -three
95	200		(73) years of age for an individual who attains age sev enty-two (72)
96	201		after December 31, 2022, or "the applicable age", as defined in
97	202		Section 401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as
98	203		amended, if later; or
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100	204		2. The actual retirement date of the member.
101		-
102	205		Effective September 8, 2009, notwithstanding anything to the
103	206		contrary of the System, the System, which is a governmental plan
104	207		(within the meaning of Section 414(d) of the Internal Revenue Code
105	208		of 1986, as amended) is treated as having complied with Section
106	209		401(a)(9) of the Internal Revenue Code of 19 86, as amended, for all
107	210		years to which Section 401(a)(9) of the Internal Revenue Code of
108	211		1986, as amended, applies to the System if the System complies with
109	212		a reasonable and good -faith interpretation of Section 401(a)(9) of
110	213		the Internal Revenue Code of 198 6, as amended.
111		-
112	214		C. Any member or beneficiary eligible to receive a monthly
113	215		benefit from the System may make an election to waive all or a
114	216		portion of monthly benefits.
115		-
116	217		D. If the requirements of Section 49 -106.5 of this title are
117	218		satisfied, a member who, by reason of attainment of normal
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118	246		retirement date or age, is separated from service as a public safety
119	247		officer with the member 's participating municipality, may elect to
120	248		have payment made directly to the provider for qualified health
121	249		insurance premiums by de duction from his or her monthly pension
122	250		payment, after December 31, 2006, in accordance with Section 402(l)
123	251		of the Internal Revenue Code of 1986, as amended. For distributions
124	252		made after December 29, 2022, the election provided for under
125	253		Section 402(l) of the Internal Revenue Code of 1986, as amended, may
126	254		be made whether payment of the premiums is made directly to the
127	255		provider of the accident or health plan or qualified long -term care
128	256		insurance contract by deduction from a distribution from the System
129	257		or is made to the member.
130		-
131	258		SECTION 2. It being immediately necessary for the preservation
132	259		of the public peace, health or safety, an emergency is hereby
133	260		declared to exist, by reason whereof this act shall tak e effect and
134	261		be in full force from an d after its passage and approval.
135		-	ENR. H. B. NO. 2991 Page 4
136		-	Passed the House of Representatives the 6th day of March, 2024.
137		-
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141		-	Presiding Officer of the House
142		-	of Representatives
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146		-	Passed the Senate the 22nd day of April, 2024.
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151		-	Presiding Officer of the Senate
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153		-
154		-	OFFICE OF THE GOVERNOR
155		-	Received by the Office of the Governor this ____________________
156		-	day of ___________________, 20_______, at _______ o'clock _______ M.
157		-	By: _________________________________
158		-	Approved by the Governor of the State of Oklahoma this _____ ____
159		-	day of ___________________, 20_______, at _______ o'clock _______ M.
160		-
161		-
162		-	_________________________________
163		-	Governor of the State of Oklahoma
164		-
165		-	OFFICE OF THE SECRETARY OF STATE
166		-	Received by the Office of the Secretary of State this __________
167		-	day of ___________________, 20_______, at _______ o'clock _______ M.
168		-	By: _________________________________
	262	+	COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND INSURANCE
	263	+	March 26, 2024 - DO PASS