Oklahoma 2024 Regular Session

Oklahoma House Bill HB3807 Compare Versions

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11 RBS No. 3732
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29-SENATE FLOOR VERSION
30-April 9, 2024
28+STATE OF OKLAHOMA
3129
30+2nd Session of the 59th Legislature (2024)
3231
3332 COMMITTEE SUBSTITUTE
3433 FOR ENGROSSED
35-HOUSE BILL NO. 3807 By: Burns of the House
34+HOUSE BILL 3807 By: Burns of the House
3635
3736 and
3837
3938 Garvin of the Senate
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4443
44+COMMITTEE SUBSTITUTE
45+
4546 [ retirement - members of the Oklahoma Law
4647 Enforcement Retirement System – notice -
4748 contributions – transfers to the System – Oklahoma
4849 Pension Legislation Actuarial Analysis Act -
49-definitions - codification -
50- emergency ]
50+definitions - codification - effective date ]
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5556 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
5657 SECTION 1. AMENDATORY 47 O.S. 2021, Section 2 -300, as
5758 amended by Section 8, Chapter 151, O.S.L. 2023 ( 47 O.S. Supp. 2023,
5859 Section 2-300), is amended to read as follows:
5960 Section 2-300. As used in Section 2 -300 et seq. of this title:
6061 1. “System” means the Oklahoma Law Enforcement Retirement
6162 System;
6263 2. “Act” means Section 2-300 et seq. of this title;
6364 3. “Board” means the Oklahoma Law Enforcement Retirement Board
6465 of the System; RBS No. 3732
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9292 4. “Executive Director” means the managing officer of the
9393 System employed by the Board;
9494 5. “Fund” means the Oklahoma Law Enforcement Retirement Fund;
9595 6. “Participating employer ” means any Oklahoma entity with one
9696 or more employees who are members of the System;
9797 7. a. “Member” means:
9898 (1) all commissioned law enforcement officers of the
9999 Oklahoma Highway Patrol Division of the
100100 Department of Public Safety who have obtained
101101 certification from the Council on Law Enforcement
102102 Education and Training, and all cadets of a
103103 Patrol Academy patrol academy of the Department
104104 of Public Safety,
105105 (2) law enforcement officers and criminalists of the
106106 Oklahoma State Bureau of Investigation,
107107 (3) law enforcement officers of the Oklahoma State
108108 Bureau of Narcotics and Dangerous Drugs Control
109109 designated to perform duties in the investigation
110110 and prevention of crime and the enforcement of
111111 the criminal laws of this state,
112112 (4) law enforcement officers of the Alcoholic
113113 Beverage Laws Enforcement Commission designated
114114 to perform duties in the investigation and RBS No. 3732
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142141 prevention of crime and the enforcement of the
143142 criminal laws of this state,
144143 (5) employees of the Communications Section of the
145144 Oklahoma Highway Patrol Division, radio
146145 technicians and tower technicians of the
147146 Department of Public Safety, who are employed in
148147 any such capacity as of June 30, 2008, and who
149148 remain employed on or after July 1, 2008, until a
150149 termination of service, or until a termination of
151150 service with an election of a vested benefit from
152151 the System, or until retirement. Effective July
153152 1, 2008, a person employe d for the first time as
154153 an employee of the Department of Public Safety in
155154 the Communications Division as an information
156155 systems telecommunication technician of the
157156 Department of Public Safety shall not be a member
158157 of the System,
159158 (6) park rangers of the Oklahoma Tourism and
160159 Recreation Department and any park manager or
161160 park supervisor of the Oklahoma Tourism and
162161 Recreation Department, who was employed in such a
163162 position prior to July 1, 1985, and who elects on
164163 or before September 1, 1996, to participate in
165164 the System, and RBS No. 3732
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193191 (7) inspectors of the State Board of Pharmacy ,
194192 (8) law enforcement support staff of a participating
195193 agency hired on or after the e ffective date of
196194 this act, if so designated by a participating
197195 employer pursuant to Section 2 of this act, and
198196 (9) active commissioned or CLEE T-certified agents
199197 hired by the Department of Wildlife Conservation
200198 on or after the effective date of this act .
201199 b. Effective July 1, 1987, a member does not include a
202200 “leased employee” as defined under Section 414(n)(2)
203201 of the Internal Revenue Code of 1986 , as amended.
204202 Effective July 1, 1999, any individual who agrees with
205203 the participating employer that the individu al’s
206204 services are to be performed as a leased employee or
207205 an independent contractor shall not be a member
208206 regardless of any classification as a common-law
209207 employee by the Internal Revenue Service or any other
210208 governmental agency, or any court of competent
211209 jurisdiction.
212210 c. All persons who shall be offered a position of a
213211 commissioned law enforcement officer as an em ployee of
214212 one of the agencies described in subparagraph a of
215213 this paragraph shall participate in the System only
216214 upon the person meeting the requisite post-offer-pre- RBS No. 3732
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244241 employment physical examination standards which shall
245242 be subject to the following requirements:
246243 (1) all such persons shal l be of good moral
247244 character, free from deformities, mental or
248245 physical conditions, or disease and alcohol or
249246 drug addiction which would prohibit the person
250247 from performing the duties of a law enforcement
251248 officer,
252249 (2) the physical-medical examination shall pertain to
253250 age, sight, hearing, agility and other conditions
254251 the requirements of which shall be established by
255252 the Board,
256253 (3) the person shall be required to meet the
257254 conditions of this subsection prior to the
258255 beginning of actual employment but after an o ffer
259256 of employment has been tendered by a
260257 participating employer,
261258 (4) the Board shall have authority to deny or revoke
262259 membership of any person submitting false
263260 information in such person ’s membership
264261 application, and
265262 (5) the Board shall have final authori ty in
266263 determining eligibility for membership in the RBS No. 3732
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294290 System, pursuant to the provisions of this
295291 subsection;
296292 7. 8. “Normal retirement date ” means the date at which the
297293 member is eligible to receive the unreduced payments of the member ’s
298294 accrued retirement b enefit. Such date shall be the first day of the
299295 month coinciding with or following the date the member:
300296 a. completes twenty (20) years of vesting service, or
301297 b. attains sixty-two (62) years of age with ten (10)
302298 years of vesting service, or
303299 c. attains sixty-two (62) years of age, if:
304300 (1) the member has been transferred to this System
305301 from the Oklahoma Public Employees Retirement
306302 System on or after July 1, 1981, and
307303 (2) the member would have been vested had the member
308304 continued to be a member of the Oklahoma Public
309305 Employees Retirement System.
310306 With respect to distributions under the System made for calendar
311307 years beginning on or after January 1, 2005, the System shall apply
312308 the minimum distribution incidental benefit requirement s, incidental
313309 benefit requirements, and minimum distribution requirements of
314310 Section 401(a)(9) of the Internal Revenue Code of 1986, as amended,
315311 in accordance with the final regulations under Section 401(a)(9) of
316312 the Internal Revenue Code of 1986, as amended, including Treasury
317313 Regulations Sections 1.401(a)(9) -1 through 1.401(a)(9) -9; provided, RBS No. 3732
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345340 that for individuals who attain seventy and one -half (70 1/2) years
346341 of age after December 31, 2019, but before January 1, 2023, such
347342 distributions shall take into ac count that “age 70 1/2” was stricken
348343 and “age 72” was inserted in Sections 401(a)(9)(B)(iv)(I),
349344 401(a)(9)(C)(i)(I) and 401(a)(9)(C)(ii)(I) of the Internal Revenue
350345 Code of 1986, as amended, and, provided further, that for
351346 individuals who attain seventy -two (72) years of age after Decembe r
352347 31, 2022, such distributions shall take into account that “age 72”
353348 was stricken and “the applicable age”, as defined in Section
354349 401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as amended,
355350 was inserted in Section 401(a )(9)(B)(iv)(I), Section
356351 401(a)(9)(C)(i)(I) and Section 401(a)(9)(C)(ii)(I) of the Internal
357352 Revenue Code of 1986, as amended, in all cases notwith standing any
358353 provision of the System to the contrary. With respect to
359354 distributions under the System made for calendar years beginning on
360355 or after January 1, 2001, through December 31, 2004, the System
361356 shall apply the minimum distribution requirements and incidental
362357 benefit requirements of Section 401(a)(9) of the Internal Revenue
363358 Code of 1986, as amended, in acco rdance with the regulations und er
364359 Section 401(a)(9) of the Internal Revenue Code of 1986, as amended,
365360 which were proposed in January 2001, notwit hstanding any provision
366361 of the System to the contrary.
367362 Effective July 1, 1989, notwithstanding any other provision
368363 contained herein to the con trary, in no event shall commencement of RBS No. 3732
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396390 distribution of the accrued retirement benefit of a member be
397391 delayed beyond April 1 of the calendar year following the later of:
398392 (1) the calendar year in which the member reaches sev enty and one-
399393 half (70 1/2) years of age for a member who attains this age before
400394 January 1, 2020, or, for a member who attains this age on or aft er
401395 January 1, 2020, but before January 1, 2023, the calendar year in
402396 which the member reaches seventy -two (72) years of age, or effective
403397 for distributions required to be made after December 31, 2022, the
404398 calendar year in which the member reaches seventy -three (73) years
405399 of age for an individual who attains age seventy -two (72) after
406400 December 31, 2022, or “the applicable age”, as defined in Sect ion
407401 401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as amended, if
408402 later; or (2) the actual retirement date of the member. A member
409403 electing to defer the commencement of retirement benefits pursuant
410404 to Section 2-308.1 of this title may not defer the benefit
411405 commencement beyond the age of sixty -five (65).
412406 Effective September 8, 2009, notwithstanding anything to the
413407 contrary of the System, the System, which as a governmental plan
414408 (within the meaning of Section 414(d) of t he Internal Revenue Code
415409 of 1986, as amended), is treated as having complied with Section
416410 401(a)(9) of the Internal Revenue Code of 1986, as amen ded, for all
417411 years to which Section 401(a)(9) of the Internal Revenue Code of
418412 1986, as amended, applies to the System if the System complies w ith RBS No. 3732
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446439 a reasonable and good faith interpretation of Section 401(a)(9) of
447440 the Internal Revenue Code of 1986, as amended.
448441 A member who was required to join the System effective July 1,
449442 1980, because of the transfer of the employi ng agency from the
450443 Oklahoma Public Employees Retirement System to the System, and was
451444 not a member of the Oklahoma Public Employees Retirement Sy stem on
452445 the date of such transfer shall be allowed to receive credit for
453446 prior law enforcement service rendered to this state, if the member
454447 is not receiving or eligible to receive retirement credit or
455448 benefits for such service in any other public retirement system,
456449 upon payment to the System of the employee contribution the member
457450 would have been subject to had th e member been a member of the
458451 System at the time, plus five percent (5%) interest. Service credit
459452 received pursuant to this paragraph shall be u sed in determining the
460453 member’s retirement benefit, and shall be used in determining years
461454 of service for retirement or vesting purposes;
462455 8. 9. “Actual paid base salary ” means the salary received by a
463456 member, excluding payment for any accumulated leave or uniform
464457 allowance. Salary shall include any amount of nonelective salary
465458 reduction under Section 414(h) of th e Internal Revenue Code of 1986 ;
466459 9. 10. “Final average salary ” means the average of the highest
467460 thirty (30) consecutive complete months of actua l paid gross salary.
468461 Gross salary shall include any amount of elective salary reduction
469462 under Section 457 of the Internal Revenue Code of 198 6, as amended, RBS No. 3732
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497489 and any amount of nonelective salary reduction under Section 414(h)
498490 of the Internal Revenue Code of 1986, as amended. Effective July 1,
499491 1992, gross salary shall include any amount of elective salary
500492 reduction under Section 125 of the Intern al Revenue Code of 1986, as
501493 amended. Effective July 1, 1998, gross salary shall include any
502494 amount of elective sa lary reduction not includable in the gross
503495 income of the member under Section 132(f)(4) of the Internal Revenue
504496 Code of 1986, as amended. Eff ective July 1, 1998, for purposes of
505497 determining a member ’s compensation, any contribution by the member
506498 to reduce his or her regular cash remuneration under Section
507499 132(f)(4) of the Internal Revenue Code of 1986, as amended, shall be
508500 treated as if the mem ber did not make such an election. Only salary
509501 on which required contributions have been made may be used in
510502 computing the final average salary. Gross salary shall not include
511503 severance pay.
512504 In addition to other applicable limitations, and notwithstandin g
513505 any other provision to the contrary, for plan years beginning on or
514506 after July 1, 2002, the annual gross salary of each “Noneligible
515507 Member” taken into account under the System shall not exceed the
516508 Economic Growth and Tax R elief Reconciliation Act of 200 1 (“EGTRRA”)
517509 annual salary limit. The EGTRRA annual salary limit is Two Hundred
518510 Thousand Dollars ($200,000.00), a s adjusted by the Commissioner for
519511 increases in the cost of living in accordance with Section
520512 401(a)(17)(B) of the Internal Revenue Code of 19 86, as amended. The RBS No. 3732
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548539 annual salary limit in effect for a calendar year applies to any
549540 period, not exceeding twelve (12) months, over which salary is
550541 determined (“determination period ”) beginning in such calendar year.
551542 If a determination period consists of fewer than twelve (12) months,
552543 the EGTRRA salary limit will be multiplied by a fraction, the
553544 numerator of which i s the number of months in the determination
554545 period, and the denominator of which is twelve (12). For purposes
555546 of this section, a “Noneligible Member” is any member who first
556547 became a member during a plan year commencing on or after July 1,
557548 1996.
558549 For plan years beginning on or after July 1, 2002, any reference
559550 in the System to the annual salary limit under Section 401(a)(17) of
560551 the Internal Revenue Code of 1986, as amended, shall mean the EGTRRA
561552 salary limit set forth in this provision.
562553 Effective January 1, 2008, gross salary for a plan year shall
563554 also include gross salary, as described above, for services, but
564555 paid by the later of two and one -half (2 1/2) months after a
565556 member’s severance from employment or the end of the calendar year
566557 that includes the date the member terminated employment, if it is a
567558 payment that, absent a severance from employment, would have bee n
568559 paid to the member while the member continued in employment with the
569560 employer.
570561 Effective January 1, 2008, any payments not described above
571562 shall not be considered gross salary if paid after severance from RBS No. 3732
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599589 employment, even if they are paid by the later of two and one -half
600590 (2 1/2) months after the date of severance from employment or the
601591 end of the calendar year that includes the date of severance from
602592 employment, except payments to an individual who does not currently
603593 perform services for the employer by r eason of qualified military
604594 service within the meaning of Section 414(u)(5) of the Internal
605595 Revenue Code of 1986, as amended, to the extent these payments do
606596 not exceed the amounts the individual would have received if the
607597 individual had continued to perform services for the employer ra ther
608598 than entering qualified military service.
609599 Effective January 1, 2008, back pay, within the meaning of
610600 Section 1.415(c)-2(g)(8) of the Income Tax Regulations, shall be
611601 treated as gross salary for the limitation year to whi ch the back
612602 pay relates to the extent the back pay represents wages and
613603 compensation that would otherwise be included in this definition.
614604 Effective for years beginning after December 31, 2008, gross
615605 salary shall also include differential wage payments under Section
616606 414(u)(12) of the Int ernal Revenue Code of 1986, as amended;
617607 10. 11. “Credited service” means the period of service used to
618608 determine the amount of benefits payable to a member. Credited
619609 service shall consist of the period during which the memb er
620610 participated in the System o r the predecessor Plan as an active
621611 employee in an eligible membership classification, plus any service
622612 prior to the establishment of the predecessor Plan which was RBS No. 3732
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650639 credited under the predecessor Plan and for law enforcement officers
651640 and criminalists of th e Oklahoma State Bureau of Investigation and
652641 the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control
653642 who became members of the System on July 1, 1980, any service
654643 credited under the Oklahoma Public Employees Retire ment System as of
655644 June 30, 1980, and for members of the Communications and Lake Patrol
656645 Marine Enforcement Divisions of the Oklahoma Department of Public
657646 Safety, who became members of the System on July 1, 1981, any
658647 service credited under the predecessor Plan or the Oklahoma Public
659648 Employees Retirement System as of June 30, 1981, and for law
660649 enforcement officers of the Alcoholic Beverage Laws Enforcement
661650 Commission who became members of the System on July 1, 1982, any
662651 service credited under the Oklahoma Public Employees Retirement
663652 System as of June 30, 1982, and for park rangers of the Oklahoma
664653 Tourism and Recreation Department who beca me members of the System
665654 on July 1, 1985, any service credited under the Oklahoma Public
666655 Employees Retirement System as of June 30, 1985, and for inspectors
667656 of the State Board of Pharmacy who became members of the System on
668657 July 1, 1986, any service credited under the Oklahoma Public
669658 Employees Retirement System as of June 30, 1986, for law enforcement
670659 officers of the Oklahoma Capitol Patrol Division Section of the
671660 Department of Public Safety who became members of the System
672661 effective July 1, 1993, any servi ce credited under the Oklahoma
673662 Public Employees Retirement System as of June 30, 1993, and for all RBS No. 3732
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701689 commissioned officers in the Gunsmith/Ammunition Reloader Division
702690 of the Department of Public Safety who became members of the System
703691 effective July 1, 1994, any service credited under the Oklahoma
704692 Public Employees Retirement System as of June 30, 1994, and for the
705693 park managers or park supervisors of the Oklah oma Tourism and
706694 Recreation Department who were employed in such a position prior to
707695 July 1, 1985, and who elect to become members of the System
708696 effective September 1, 1996, any service transferred pursuant to
709697 subsection C of Section 2 -309.6 of this title a nd any service
710698 purchased pursuant to subsection B of Section 2 -307.2 of this title.
711699 Effective August 5, 1993, an authorized leave of absence shall
712700 include a period of absence pursuant to the Family and Medical Leave
713701 Act of 1993;
714702 11. 12. “Disability” means a physical or mental condition
715703 which, in the judgment of the Board, totally and presumably
716704 permanently prevents the member from engaging in the usual and
717705 customary duties of the occupation of the member and thereafter
718706 prevents the member from performing the duties of any occupation or
719707 service for which the member is qualified by reason of training,
720708 education or experience. A person is not under a disability when
721709 capable of performing a service to the employer, regardless of
722710 occupation, providing the sala ry of the employee is not diminished
723711 thereby; RBS No. 3732
724712
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751738 12. 13. “Limitation year” means the year used in appl ying the
752739 limitations of Section 415 of the Internal Revenue Code of 1986,
753740 which year shall be the calendar year;
754741 13. 14. “Line of duty” means any action which a member whose
755742 primary function is crime control or reduction or enforcement of the
756743 criminal law is obligated or authorized by rule, regulations,
757744 condition of employment or service, or law to perform including
758745 those social, ceremonial or athletic funct ions to which the member
759746 is assigned, or for which the member is compensated, by the agency
760747 the member serves;
761748 14. 15. “Personal injury” or “injury” means any traumatic
762749 injury as well as diseases which are caused by or result from such
763750 an injury, but not occupational diseases;
764751 15. 16. “Catastrophic nature” means consequences of an injury
765752 that permanently prevent an individual from performing any gainful
766753 work;
767754 16. 17. “Traumatic injury” means a wound or a condition of the
768755 body caused by external force inc luding injuries inflicted by
769756 bullets, explosives, sharp instruments, blunt objects or other
770757 physical blows, chemicals, electricity, climatic conditions,
771758 infectious diseases, radiation and bacteria, but excluding stress
772759 and strain; and
773760 17. 18. “Beneficiary” means the individual designated by the
774761 member on a beneficiary designation form supplied by the Oklahoma RBS No. 3732
775762
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802788 Law Enforcement Retirement System, or, if there is no designated
803789 beneficiary or if the designated beneficiary predeceases the member,
804790 the estate of the member. If the member ’s spouse is not designated
805791 as the sole primary beneficiary, the member ’s spouse must sign a
806792 consent.
807793 SECTION 2. NEW LAW A new section of law to be codified
808794 in the Oklahoma Statutes as Section 2 -309.9 of Title 47, unless
809795 there is created a duplication in numbering, reads as follows:
810796 A. 1. On or before November 1, 2024, a participating member of
811797 the Oklahoma Law Enforcement Retirement System may make an
812798 irrevocable written election to include law enforcement support
813799 staff hired on or after the effective date of the election as
814800 members of the System. Inclu sion of law enforcement support staff
815801 in an election made under this section shall only be to the extent
816802 that such staff position is not already designated as eligible for
817803 membership in the System.
818804 2. A participating member wishing to make an election under
819805 this subsection shall provide written notice of the election to the
820806 System within seven (7) days of the member making such election.
821807 The effective date of the election shall be the first day of the
822808 month following the date that the System receives writ ten notice
823809 from the participating member.
824810 3. For the purposes of this section, “law enforcement support
825811 staff” means employees of a participating member who directly RBS No. 3732
826812
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853838 support law enforcement officers certified by the Council on Law
854839 Enforcement Education and Training (CLEET) , including analysts and
855840 communications staff.
856841 B. Beginning on the effective date of an election under
857842 subsection A of this section , the participating member and law
858843 enforcement support staff at the subject of an election shall
859844 participate in and make contributions to the System as other
860845 participating members of the System. In no event shall
861846 contributions be made by or on behalf of l aw enforcement support
862847 staff to any plan offered by the Oklahoma Public Employees
863848 Retirement System following such election .
864849 C. In no event shall any employee who is at the subject of an
865850 election made pursuant to subsection A of this section be permitted,
866851 directly or indirectly, to influence the potential election of a
867852 participating member agency.
868853 SECTION 3. NEW LAW A new section of law to be codified
869854 in the Oklahoma Statutes as Section 2 -309.10 of Title 47, unless
870855 there is created a dupl ication in numbering, reads as follows:
871856 Law enforcement game wardens of the Department of Wildlife
872857 Conservation who are certified by the Council on Law Enforcement
873858 Education and Training (CLEET) and who are hired on or after July 1,
874859 2024, shall participate in and make contributions to the Oklahoma
875860 Law Enforcement Retirement System as other participating employers
876861 and members of the System. Such employees shall not make RBS No. 3732
877862
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904888 contributions to any plan offered by the Oklahoma Public Employees
905-Retirement System or any retirement plan under Section 401(a) of the
906-Internal Revenue Code of 1986, as amended, sponsored or maintained
907-by the Department of Wildlife Conservation . The Department shall be
908-a participating employer in the Oklahoma Law Enforcement Retireme nt
909-System for all CLEET -certified law enforcement game wardens who
910-participate in the Oklahoma Law Enforcement Retirement System
911-pursuant to the provisions of this section.
889+Retirement System. The Department shall be a participating employer
890+in the Oklahoma Law Enforcement Retirement System for all CLEET -
891+certified law enforcement game wardens who participate in the
892+Oklahoma Law Enforcement Retirement System pursuant to the
893+provisions of this section.
912894 SECTION 4. AMENDATORY 62 O.S. 2021, Section 3103, as
913895 last amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp.
914896 2023, Section 3103), is amended to read as follows:
915897 Section 3103. As used in the Oklahoma Pensi on Legislation
916898 Actuarial Analysis Act:
917899 1. “Amendment” means any amendment, including a substitute
918900 bill, made to a retirement bill by any committee of the House of
919901 Representatives or Senate, any conference committee of the House or
920902 Senate or by the House or Se nate;
921903 2. “RB number” means that number preceded by the letters “RB”
922904 assigned to a retirement bill by the respective staffs of the
923905 Oklahoma State Senate and the Oklahoma House of Representatives when
924906 the respective staff office prepares a retirement bi ll for a member
925907 of the Legislature;
926908 3. “Legislative Actuary” means the firm or entity that enters
927-into a contract with the Legislative Service Bureau pursuant to RBS No. 3732
909+into a contract with the Legislative Service Bureau pursuant to
910+Section 452.15 of Title 74 of the Oklahoma Statutes to provide the RBS No. 3732
928911
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955-Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
956937 actuarial services and other d uties provided for in the Oklahoma
957938 Pension Legislation Actuarial Analysis Act;
958939 4. “Nonfiscal amendment” means an amendment to a retirement
959940 bill having a fiscal impact, which amendment does not chang e any
960941 factor of an actuarial investigation specified in subsection A of
961942 Section 3109 of this title;
962943 5. “Nonfiscal retirement bill ” means a retirement bill:
963944 a. which does not affect the cost or funding factors of a
964945 retirement system,
965946 b. which affects such factors only in a manner which does
966947 not:
967948 (1) grant a benefit increase under the retirement
968949 system affected by the bill,
969950 (2) create an actuarial accrued liability for or
970951 increase the actuarial accrued liability of the
971952 retirement system affected by the bill, or
972953 (3) increase the normal cost of the retirement sy stem
973954 affected by the bill,
974955 c. which authorizes the purchase by an active member of
975956 the retirement system, at the actuarial cost for the
976957 purchase as computed pursuant to the statute in effect
977958 on the effective date of the measure allowing such
978-purchase, of years of service for purposes of reaching RBS No. 3732
959+purchase, of years of service for purposes of reaching
960+a normal retirement date in the applicable retirement RBS No. 3732
979961
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1006-a normal retirement date in the applicable retirement
1007987 system, but which cannot be used in order to compute
1008988 the number of years of service for purposes of
1009989 computing the retirement benefit for the member,
1010990 d. which provides for the computation of a service -
1011991 connected disability retirement benefit for members of
1012992 the Oklahoma Law Enforcement Retirement System
1013993 pursuant to Section 2 -305 of Title 47 of the Oklahoma
1014994 Statutes if the members were unable to complete twenty
1015995 (20) years of service as a result of the disability,
1016996 e. which requires membership in the defined benefit plan
1017997 authorized by Section 901 et seq. of Title 74 of the
1018998 Oklahoma Statutes for persons whose first elec ted or
1019999 appointed service occurs on or after November 1, 2018,
10201000 if such persons had any prior service in the Oklahoma
10211001 Public Employees Retirement System prior to November
10221002 1, 2015,
10231003 f. which provides for a one -time increase in retirement
10241004 benefits if the increase in retirement benefits is not
10251005 a permanent increase in the gross annual retirement
10261006 benefit payable to a member or beneficiary, occurs
10271007 only once pursuant to a single statutory authorization
1028-and does not exceed: RBS No. 3732
1008+and does not exceed:
1009+(1) the lesser of two percent (2%) of the gr oss
1010+annual retirement benefit of the member or One RBS No. 3732
10291011
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1056-(1) the lesser of two percent (2%) of the gross
1057-annual retirement benefit of the member or One
10581037 Thousand Dollars ($1,000.00) and requires that
10591038 the benefit may only be provided if the funded
10601039 ratio of the affected retirement system would not
10611040 be less than sixty percent (60%) but not greater
10621041 than eighty percent (80%) after the benefit
10631042 increase is paid,
10641043 (2) the lesser of two percent (2%) of the gross
10651044 annual retirement benefit of the member or One
10661045 Thousand Two Hundred Dollars ($1,200.00) and
10671046 requires that the benefit may only be provided if
10681047 the funded ratio of the affected retirement
10691048 system would be greater t han eighty percent (80%)
10701049 but not greater than one hundred percent (100%)
10711050 after the benefit increase is paid,
10721051 (3) the lesser of two percent (2%) of the gross
10731052 annual retirement benefit of the member or One
10741053 Thousand Four Hundred Dollars ($1,400.00) and
10751054 requires that the benefit may only be provided if
10761055 the funded ratio of the affected retirement
10771056 system would be greater than one hundred percent
1078-(100%) after the benefit increase is paid, or RBS No. 3732
1057+(100%) after the benefit increase is paid, or
1058+(4) the greater of two percent (2%) of the gross
1059+annual retirement benefi t of the volunteer
1060+firefighter or One Hundred Dollars ($100.00) for RBS No. 3732
10791061
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1106-(4) the greater of two percent (2%) of the gross
1107-annual retirement benefit of the volunteer
1108-firefighter or One Hundred Dollars ($100.00) for
11091087 persons who retired from the Oklahoma
11101088 Firefighters Pension and Retirement System as
11111089 volunteer firefighters and who did not retire
11121090 from the Oklahoma Firefighters Pension and
11131091 Retirement System as a paid firefighter.
11141092 As used in this subparagraph, “funded ratio” means the
11151093 figure derived by dividing the actuarial value of
11161094 assets of the applicable retirement system by the
11171095 actuarial accrued liab ility of the applicable
11181096 retirement system,
11191097 g. which modifies the disability pension standard for
11201098 police officers who are members of the Oklahoma Police
11211099 Pension and Retirement System as provided by Section 3
11221100 of this act Section 50-115 of Title 11 of the Oklahoma
11231101 Statutes,
11241102 h. which provides a cost -of-living benefit increase
11251103 pursuant to the provisions of:
11261104 (1) Section 49-143.7 of Title 11 of the Oklahoma
11271105 Statutes,
11281106 (2) Section 50-136.9 of Title 11 of the Oklahoma
1107+Statutes,
1108+(3) Section 1104K of Title 20 of the Ok lahoma
11291109 Statutes, RBS No. 3732
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1157-(3) Section 1104K of Title 20 of the Oklahoma
1158-Statutes,
11591136 (4) Section 2-305.12 of Title 47 of the Oklahoma
11601137 Statutes,
11611138 (5) Section 17-116.22 of Title 70 of the Oklahoma
11621139 Statutes,
11631140 (6) Section 930.11 of Title 74 of the Oklahoma
11641141 Statutes, or
11651142 i. which modifies the computation of the line -of-duty
11661143 disability benefit pursuant to the provisions of this
11671144 act this section and Sections 50 -101 and 50-115 of
11681145 Title 11 of the Oklahoma Statutes, or
11691146 j. which authorizes membership in the Oklahoma Law
11701147 Enforcement Retirement System for active commissioned
11711148 or CLEET-certified agents of the Office of the
11721149 Attorney General or the Military Department of the
11731150 State of Oklahoma pursuant to Sections 3 and 4 of this
11741151 act.
11751152 A nonfiscal retirement bill shall include any retirement bill that
11761153 has as its sole purpose the appropriation or distribution or
11771154 redistribution of monies in some manner t o a retirement system for
11781155 purposes of reducing the unfunded liability of such system or the
1179-earmarking of a portion of the revenue from a tax to a retirement RBS No. 3732
1156+earmarking of a portion of the revenue from a tax to a retirement
1157+system or increasing the percentage of th e revenue earmarked from a
1158+tax to a retirement system ; RBS No. 3732
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1207-system or increasing the percentage of the revenue earmarked from a
1208-tax to a retirement system;
12091185 6. “Reduction-in-cost amendment” means an amendment to a
12101186 retirement bill having a fiscal impact which reduces the cost of the
12111187 bill as such cost is determined by the actuarial investigation for
12121188 the bill prepared pursuant to Section 3109 of this title;
12131189 7. “Retirement bill” means any bill or joint resolution
12141190 introduced or any bill or joint resolution amended by a member of
12151191 the Oklahoma Legislature which creates or amends any law directly
12161192 affecting a retirement system. A retirement bill shall not mean a
12171193 bill or resolution that impacts the revenue of any state tax in
12181194 which a portion of the revenue generated from such tax is earmarked
12191195 for the benefit of a retirement system;
12201196 8. “Retirement bill having a fiscal impact ” means any
12211197 retirement bill creating or establi shing a retirement system and any
12221198 other retirement bill other than a nonfiscal retirement bill; and
12231199 9. “Retirement system” means the Teachers’ Retirement System of
12241200 Oklahoma, the Oklahoma Public Employees Retirement System, the
12251201 Uniform Retirement System for Justices and Judges, the Oklahoma
12261202 Firefighters Pension and Retirement System, the Oklahoma Police
12271203 Pension and Retirement System, the Oklahoma Law Enforcement
12281204 Retirement System, or a retirement system established after January
1229-1, 2006. RBS No. 3732
1205+1, 2006.
1206+SECTION 5. It being immediately necessary for the preservation
1207+of the public peace, health or safety, an emergency is hereby RBS No. 3732
12301208
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1257-SECTION 5. It being immediately necessary for the preservation
1258-of the public peace, health or safety, an emergency is hereby
12591234 declared to exist, b y reason whereof this act shall take effect and
12601235 be in full force from and after its passage and approval.
1261-COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND INSURANCE
1262-April 9, 2024 - DO PASS AS AMENDED BY CS
1236+
1237+59-2-3732 RD 4/9/2024 3:11:28 PM