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