Oklahoma 2024 Regular Session

Oklahoma House Bill HB3266 Compare Versions

Only one version of the bill is available at this time.

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53	53	STATE OF OKLAHOMA
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55	55	2nd Session of the 59th Legislature (2024)
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57	57	HOUSE BILL 3266 By: Wolfley
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63	63	AS INTRODUCED
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65	65	An Act relating to retirement; authorizing retirement
66	66	benefit increase for certain retire d members of the
67	67	Oklahoma Public Employees Retirement System;
68	68	providing for codification; and providing an
69	69	effective date.
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. NEW LAW A new section of law to be codified
79	79	in the Oklahoma Statutes as Secti on 930.12 of Title 74, unless there
80	80	is created a duplication in numbering, reads a s follows:
81	81	Any member receiving benefits from the Oklahoma Public Employees
82	82	Retirement System as of June 30, 2023, who continues to receive
83	83	benefits on or after July 1, 2023, shall receive:
84	84	1. An increase in benefits of eight percent (8%) if the member
85	85	has a gross retirement benefit of less than Ninety Thousand Dollars
86	86	($90,000.00); and
87	87	2. An increase of benefits in an amount necessary for the
88	88	member's gross retirement benef it to equal Ninety-seven Thousand Two
89	89	RBH No. 8458
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91	91	Req. No. 8458 Page 2 1
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140	140	Hundred Dollars ($97,200.00) if the member has a gross retirement
141	141	benefit of at least Ninety Thousand Dollars ($90,000.00) but less
142	142	than Ninety-seven Thousand One Hundred Ninety-nine Dollars and
143	143	ninety-nine cents ($97,199.99).
144	144	SECTION 2. This act shall become effective November 1, 2024.
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146	146	59-2-8458 CMA 12/20/23
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148	148	THOMAS E. CUMMINS CONSULTING ACTUARY, INC.
149	149	2512 E. 71
150	150	st
151	151	Street , Suite D ∙ Tulsa, Oklahoma 74136
152	152	(918) 492-9658 ∙ (918) 492- 9659
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157	157	January 8, 2024
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161	161	Representative Wolfley
162	162	Room 346.1
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165	165	Re: RBH No. 8458
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168	168	RBH No. 8458 is an OPERS cost of living bill . If the current gross
169	169	payment is less than $90,000 the increase is 8%. If the gross
170	170	payment is less than $92,000 but greater than $90,000 t he increase
171	171	is the amount necessary for the gross benefit to equal $92,000.
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173	173	RBH No. 8458 is a fiscal bill as defined by OPLAAA.
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176	176	I am a member of the American Academy of Actuaries and meet the
177	177	Qualification Standards of the American Academy of Actuaries to
178	178	render the actuarial opinion herein.
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181	181	Thomas E. Cummins
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183	183	Thomas E. Cummins, MAAA
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