RBS No. 3732
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SENATE FLOOR VERSION
April 9, 2024
COMMITTEE SUBSTITUTE
FOR ENGROSSED
HOUSE BILL NO. 3807 By: Burns of the House
and
Garvin of the Senate
[ retirement - members of the Oklahoma Law
Enforcement Retirement System – notice -
contributions – transfers to the System – Oklahoma
Pension Legislation Actuarial Analysis Act -
definitions - codification -
emergency ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 47 O.S. 2021, Section 2 -300, as
amended by Section 8, Chapter 151, O.S.L. 2023 (47 O.S. Supp. 2023,
Section 2-300), is amended to read as follows:
Section 2-300. As used in Section 2 -300 et seq. of this title:
1. “System” means the Oklahoma Law Enforcement Retirement
System;
2. “Act” means Section 2-300 et seq. of this title;
3. “Board” means the Oklahoma Law Enforcement Retirement Board
of the System; RBS No. 3732
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4. “Executive Director” means the managing officer of the
System employed by the Board;
5. “Fund” means the Oklahoma Law Enforcemen t Retirement Fund;
6. “Participating employer ” means any Oklahoma entity with one
or more employees who are members of the System;
7. a. “Member” means:
(1) all commissioned law enforcement officers of the
Oklahoma Highway Patrol Division of the
Department of Public Safety who have obtained
certification from the Council on Law Enforcement
Education and Training, and all cadets of a
Patrol Academy patrol academy of the Department
of Public Safety,
(2) law enforcement officers and criminalists of the
Oklahoma State Bureau of Investigation,
(3) law enforcement officers of the Oklahoma State
Bureau of Narcotics and Dangerous Drugs Control
designated to perform duties in the investigation
and prevention of crime and the enforcement of
the criminal laws of this state,
(4) law enforcement officers of the Alcoholic
Beverage Laws Enforcement Commission designated
to perform duties in the investigation and RBS No. 3732
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prevention of crime and the enforcement of the
criminal laws of this state,
(5) employees of the Communications Section of the
Oklahoma Highway Patrol Division, radio
technicians and tower technicians of the
Department of Public Safety, who are employed in
any such capacity as of June 30, 2008, and who
remain employed on or after July 1, 2008, until a
termination of service, or until a termination of
service with an election of a vested benefit from
the System, or until retirement. Effective July
1, 2008, a person employed for the first time as
an employee of the Department of Public Safety in
the Communications Div ision as an information
systems telecommunication technician of the
Department of Public Safety shall not be a member
of the System,
(6) park rangers of the Oklahoma Tourism and
Recreation Department and any park manager or
park supervisor of the Oklahoma Tourism and
Recreation Department, who was employed in such a
position prior to July 1, 1985, and who elects on
or before September 1, 1996, to participate in
the System, and RBS No. 3732
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(7) inspectors of the State Board of Pharmacy ,
(8) law enforcement support staff of a participating
agency hired on or after the effective date of
this act, if so designated by a participating
employer pursuant to Section 2 of this act, and
(9) active commissioned or CLEET -certified agents
hired by the Department of Wildlife Conservati on
on or after the effective date of this act .
b. Effective July 1, 1987, a member does not include a
“leased employee” as defined under Section 414(n)(2)
of the Internal Revenue Code of 1986, as amended.
Effective July 1, 1999, any individual who agrees with
the participating employer that the individual ’s
services are to be performed as a leased employee or
an independent contractor shall not be a member
regardless of any classification as a common -law
employee by the Internal Revenue Service or any othe r
governmental agency, or any court of competent
jurisdiction.
c. All persons who shall be offered a position of a
commissioned law enforcement officer as an employee of
one of the agencies described in subparagraph a of
this paragraph shall participate in the System only
upon the person meeting the requisite post -offer-pre- RBS No. 3732
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employment physical examination standards which shall
be subject to the following requirements:
(1) all such persons shall be of good moral
character, free from deformities, mental or
physical conditions, or disease and alcohol or
drug addiction which would prohibit the person
from performing the duties of a law enforcement
officer,
(2) the physical-medical examination shall pertain to
age, sight, hearing, agility and other conditions
the requirements of which shall be established by
the Board,
(3) the person shall be required to meet the
conditions of this subsection prior to the
beginning of actual employment but after an offer
of employment has been tendered by a
participating employer,
(4) the Board shall have authority to deny or revoke
membership of any person submitting false
information in such pe rson’s membership
application, and
(5) the Board shall have final authority in
determining eligibility for membership in the RBS No. 3732
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System, pursuant to the provisions of this
subsection;
7. 8. “Normal retirement date ” means the date at which the
member is eligible to receive the unreduced payments of the member ’s
accrued retirement benefit. Such date shall be the first day of the
month coinciding with or following the date the member:
a. completes twenty (20) years of vesting service, or
b. attains sixty-two (62) years of age with ten (10)
years of vesting service, or
c. attains sixty-two (62) years of age, if:
(1) the member has been transferred to this System
from the Oklahoma Public Employees Retirement
System on or after July 1, 1981, and
(2) the member would have been vested had the member
continued to be a member of the Oklahoma Public
Employees Retirement System.
With respect to distribution s under the System made for calendar
years beginning on or after January 1, 2005, the System shall apply
the minimum distribution incidental benefit requirements, incidental
benefit requirements, and minimum distribution requirements of
Section 401(a)(9) of the Internal Revenue Code of 1986, as amended,
in accordance with the final regulations under Section 401(a)(9) of
the Internal Revenue Code of 1986, as amended, including Treasury
Regulations Sections 1.401(a)(9) -1 through 1.401(a)(9) -9; provided, RBS No. 3732
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that for individuals who attain seventy and one -half (70 1/2) years
of age after December 31, 2019, but before January 1, 2 023, such
distributions shall take into account that “age 70 1/2” was stricken
and “age 72” was inserted in Sections 401(a)(9)(B)(iv)(I),
401(a)(9)(C)(i)(I) and 401(a)(9)(C)(ii)(I) of the Internal Revenue
Code of 1986, as amended, and, provided further, that for
individuals who attain seventy -two (72) years of age after December
31, 2022, such distributions shall take into account that “age 72”
was stricken and “the applicable age”, as defined in Section
401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as amended,
was inserted in Section 401(a)(9)(B)(iv)(I), Section
401(a)(9)(C)(i)(I) and Section 401(a)(9)(C)(ii)(I) of the Internal
Revenue Code of 1986, as amended, in all cases notwithstanding any
provision of the System to the contrary. With respect to
distributions under the System made for calendar years beginning on
or after January 1, 2001, through December 31, 2004, the System
shall apply the minimum distribution requirements and incidental
benefit requirements of Section 401(a)(9) of the Internal Revenue
Code of 1986, as amended, in accordance with the regulations under
Section 401(a)(9) of the Internal Revenue Code of 1986, as ame nded,
which were proposed in January 2001, notwithstanding any provision
of the System to the contrary.
Effective July 1, 1989, notwithstanding any other provision
contained herein to the contrary, in no event shall commencement of RBS No. 3732
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distribution of the accr ued retirement benefit of a member be
delayed beyond April 1 of the calendar year following the later of:
(1) the calendar year in which the member reaches seventy and one -
half (70 1/2) years of age for a member who attains this age before
January 1, 2020, or, for a member who attains this age on or after
January 1, 2020, but before January 1, 2023, the calendar year in
which the member reaches seventy -two (72) years of age, or effective
for distributions required to be made after December 31, 2022, the
calendar year in which the member reaches seventy -three (73) years
of age for an individual who attains age seventy -two (72) after
December 31, 2022, or “the applicable age”, as defined in Section
401(a)(9)(C)(v) of the Internal Revenue Code of 1986, as amen ded, if
later; or (2) the actual retirement date of the member. A member
electing to defer the commencement of retirement benefits pursuant
to Section 2-308.1 of this title may not defer the benefit
commencement beyond the age of sixty -five (65).
Effective September 8, 2009, notwithstanding anything to the
contrary of the System, the System, which as a governmental plan
(within the meaning of Section 414(d) of the Internal Revenue Code
of 1986, as amended), is treated as having complied with Section
401(a)(9) of the Internal Revenue Code of 1986, as amended, for all
years to which Section 401(a)(9) of the Internal Revenue Code of
1986, as amended, applies to the System if the System complies with RBS No. 3732
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a reasonable and good faith interpretation of Section 401(a)( 9) of
the Internal Revenue Code of 1986, as amended.
A member who was required to join the System effective July 1,
1980, because of the transfer of the employing agency from the
Oklahoma Public Employees Retirement System to the System, and was
not a member of the Oklahoma Public Employees Retirement System on
the date of such transfer shall be allowed to receive credit for
prior law enforcement service rendered to this state, if the member
is not receiving or eligible to receive retirement credit or
benefits for such service in any other public retirement system,
upon payment to the System of the employee contribution th e member
would have been subject to had the member been a member of the
System at the time, plus five percent (5%) interest. Service cred it
received pursuant to this paragraph shall be used in determining the
member’s retirement benefit, and shall be used in determining years
of service for retirement or vesting purposes;
8. 9. “Actual paid base salary ” means the salary received by a
member, excluding payment for any accumulated leave or uniform
allowance. Salary shall include any amount of nonelective s alary
reduction under Section 414(h) of the Internal Revenue Code of 1986;
9. 10. “Final average salary ” means the average of the highest
thirty (30) consecutive complete months of actual paid gross salary.
Gross salary shall include any amount of elective salary reduction
under Section 457 of the Internal Revenue Code of 1986, as amended, RBS No. 3732
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and any amount of nonelective salary reduction und er Section 414(h)
of the Internal Revenue Code of 1986, as amended. Effective July 1,
1992, gross salary shall includ e any amount of elective salary
reduction under Section 125 of the Internal Revenue Code of 1986, as
amended. Effective July 1, 1998, gro ss salary shall include any
amount of elective salary reduction not includable in the gross
income of the member under Section 132(f)(4) of the Internal Revenue
Code of 1986, as amended. Effective July 1, 1998, for purposes of
determining a member ’s compensation, any contribution by the member
to reduce his or her regular cash remuneration under Section
132(f)(4) of the Internal Revenue Code of 1986, as amended, shall be
treated as if the member did not make such an election. Only salary
on which required contributions have been made may be used in
computing the final average salary. Gross salary shall not include
severance pay.
In addition to other applicable limitations, and notwithstanding
any other provision to the contrary, for plan years beginning o n or
after July 1, 2002, the annual gross salary of each “Noneligible
Member” taken into account under the System shal l not exceed the
Economic Growth and Tax Relief Reconciliation Act of 2001 ( “EGTRRA”)
annual salary limit. The EGTRRA annual salary limit is Two Hundred
Thousand Dollars ($200,000.00), as adjusted by the Commissioner for
increases in the cost of living in accordance with Section
401(a)(17)(B) of the Internal Revenue Code of 1986, as amended. The RBS No. 3732
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annual salary limit in effect for a calendar year applies to any
period, not exceeding twelve (12) months, over which salary is
determined (“determination period ”) beginning in such calendar year.
If a determination period consists of fewer than twelve (12) months,
the EGTRRA salary limit will be m ultiplied by a fraction, the
numerator of which is the number of months in the determination
period, and the denominator of which is twelve (12). For purposes
of this section, a “Noneligible Member” is any member who first
became a member during a plan ye ar commencing on or after July 1,
1996.
For plan years beginning on or after July 1, 2002, any reference
in the System to the annual salary limit under Section 401(a)(17) of
the Internal Revenue Code of 1986, as amended, shall mean the EGTRRA
salary limit set forth in this provision.
Effective January 1, 2008, gross salary for a plan year shall
also include gross salary, as described above, for services, but
paid by the later of two and one -half (2 1/2) months after a
member’s severance from employment or t he end of the calendar year
that includes the date the member terminated employment, if it is a
payment that, absent a severance from employment, would have been
paid to the member while the member continued in employment with the
employer.
Effective January 1, 2008, any payments not described above
shall not be considered gross salary if paid after severance from RBS No. 3732
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employment, even if they are paid by the later of two and one -half
(2 1/2) months after the date of severance from employment or the
end of the calendar year that includes the date of severance from
employment, except payments to an individual who does not curren tly
perform services for the employer by reason of qualified military
service within the meaning of Section 414(u)(5) of the Internal
Revenue Code of 1986, as amended, to the extent these payments do
not exceed the amounts the individual would have received if the
individual had continued to perform services for the employer rather
than entering qualified military service.
Effective January 1, 2008, back pay, within the meaning of
Section 1.415(c)-2(g)(8) of the Income Tax Regulations, shall be
treated as gross salary for the limitation year to which the back
pay relates to the extent the back pay represents wages and
compensation that would otherwise be included in this definition.
Effective for years beginning after December 31, 2008, gross
salary shall also include differential wage payments under Section
414(u)(12) of the Internal Revenue Code of 1986, as amended;
10. 11. “Credited service” means the period of service used to
determine the amount of benefits payable to a member. Credited
service shall consist of the period during which the member
participated in the System or the predecessor Plan as an active
employee in an eligible membe rship classification, plus any service
prior to the establishment of the predecessor Plan which was RBS No. 3732
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credited under the predecessor Plan and for law enforcement officers
and criminalists of the Oklahoma State Bureau of Investigation and
the Oklahoma State B ureau of Narcotics and Dangerous Drugs Control
who became members of the System on July 1, 1980, any service
credited under the Oklahoma Public Employees Retirement System as of
June 30, 1980, and for members of the Communications and Lake Patrol
Marine Enforcement Divisions of the Oklahoma Department of Public
Safety, who became members of the System on July 1, 1981, any
service credited under the predecessor Plan or the Oklahoma Public
Employees Retirement System as of June 30, 1981, and for law
enforcement officers of the Alcoholic Beverage Laws Enforcement
Commission who became members of the System on July 1, 1982, an y
service credited under the Oklahoma Public Employees Retirement
System as of June 30, 1982, and for park rangers of the Oklahoma
Tourism and Recreation Department who became members of the System
on July 1, 1985, any service credited under the Oklahoma Public
Employees Retirement System as of June 30, 1985, and for inspectors
of the State Board of Pharmacy who became members of the System on
July 1, 1986, any service credited under the Oklahoma Public
Employees Retirement System as of June 30, 1986, for l aw enforcement
officers of the Oklahoma Capitol Patrol Division Section of the
Department of Public Safety who became members of the Syste m
effective July 1, 1993, any service credited under the Oklahoma
Public Employees Retirement System as of June 30, 1993, and for all RBS No. 3732
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commissioned officers in the Gunsmith/Ammunition Reloader Division
of the Department of Public Safety who became members o f the System
effective July 1, 1994, any service credited under the Oklahoma
Public Employees Retirement System as of June 30, 1994, and for the
park managers or park supervisors of the Oklahoma Tourism and
Recreation Department who were employed in such a position prior to
July 1, 1985, and who elect to become members of the System
effective September 1, 1996, any service transferred pursuant to
subsection C of Section 2 -309.6 of this title and any service
purchased pursuant to subsection B of Section 2 -307.2 of this title.
Effective August 5, 1993, an authorized leave of absence shall
include a period of absence pursuan t to the Family and Medical Leave
Act of 1993;
11. 12. “Disability” means a physical or mental condition
which, in the judgment of the Bo ard, totally and presumably
permanently prevents the member from engaging in the usual and
customary duties of the occupation of the member and thereafter
prevents the member from performing the duties of any occupation or
service for which the member is q ualified by reason of training,
education or experience. A person is not under a disability when
capable of performin g a service to the employer, regardless of
occupation, providing the salary of the employee is not diminished
thereby; RBS No. 3732
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12. 13. “Limitation year” means the year used in applying the
limitations of Section 415 of the Internal Revenue Code of 1986,
which year shall be the calendar year;
13. 14. “Line of duty” means any action which a member whose
primary function is crime control or reduction or enforcement of the
criminal law is obligated or authorized by rule, regulations,
condition of employment or servic e, or law to perform including
those social, ceremonial or athletic functions to which the member
is assigned, or for which the member is compensated, by the agency
the member serves;
14. 15. “Personal injury” or “injury” means any traumatic
injury as well as diseases which are caused by or result from such
an injury, but not occupational diseases;
15. 16. “Catastrophic nature” means consequences of an injury
that permanently prevent an individual from performing any gainful
work;
16. 17. “Traumatic injury” means a wound or a condition of the
body caused by external force including injuries inflicted by
bullets, explosives, sharp instrumen ts, blunt objects or other
physical blows, chemicals, electricity, climatic conditions,
infectious diseases, radiation and bacteria, but excluding stress
and strain; and
17. 18. “Beneficiary” means the individual designated by the
member on a beneficiary designation form supplied by the Oklahoma RBS No. 3732
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Law Enforcement Retirement System, or, if there is no designated
beneficiary or if the designated beneficiary predeceases the member,
the estate of the member. If the member ’s spouse is not designated
as the sole primary beneficiary, the member ’s spouse must sign a
consent.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2 -309.9 of Title 47, unless
there is created a duplication in numbering, reads as follows:
A. 1. On or before November 1, 2024, a participating member of
the Oklahoma Law Enforcement Retirement S ystem may make an
irrevocable written election to include law enforcement support
staff hired on or after the effective date of the election as
members of the System. Inclusion of law enforcement support staff
in an election made under this section shall only be to the extent
that such staff position is not already designated as eligible for
membership in the System.
2. A participating member wishing to make an election under
this subsection shall provide written notice of the election to the
System within seven (7) days of the member making such election.
The effective date of the election shall be the first day of the
month following the date that the System receives written notice
from the participating member.
3. For the purposes of this section, “law enforcement support
staff” means employees of a participating member who directly RBS No. 3732
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support law enforcement officers certified by the Council on Law
Enforcement Education and Training (CLEET), including analysts and
communications staff.
B. Beginning on the effective date of an election under
subsection A of this section , the participating member and law
enforcement support staff at the sub ject of an election shall
participate in and make contributions to the System as other
participating members of the System. In no event shall
contributions be made by or on behalf of l aw enforcement support
staff to any plan offered by the Oklahoma Public Employees
Retirement System following such election .
C. In no event shall any employee who is at the subject of an
election made pursuant to subsection A of this section be permitted,
directly or indirectly, to influence the potential election of a
participating member agency.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2 -309.10 of Title 47, unless
there is created a duplication in numbering, reads as follows:
Law enforcement game ward ens of the Department of Wildlife
Conservation who are certified by the Council on Law Enforcement
Education and Training (CLEET) and who are hired on or after July 1,
2024, shall participate in and make contributions to the Oklahoma
Law Enforcement Retir ement System as other participating employers
and members of the System. Such employees shall not make RBS No. 3732
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contributions to any plan offered by the Oklahoma Public Employees
Retirement System or any retirement plan under Section 401(a) of the
Internal Revenue Code of 1986, as amended, sponsored or maintained
by the Department of Wildlife Conservation . The Department shall be
a participating employer in the Oklahoma Law Enforcement Retireme nt
System for all CLEET -certified law enforcement game wardens who
participate in the Oklahoma Law Enforcement Retirement System
pursuant to the provisions of this section.
SECTION 4. AMENDATORY 62 O.S. 2021, Section 3103, as
last amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp.
2023, 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 substit ute
bill, made to a retirement bill by any committee of the House of
Representatives or Senate, any conference committee of the House or
Senate or by the House or Senate;
2. “RB number” means that number preceded by the letters “RB”
assigned to a retireme nt 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 ent ers
into a contract with the Legislative Service Bureau pursuant to RBS No. 3732
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Section 452.15 of Title 74 of the Oklahoma Statutes to provide the
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 investigation 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 accr ued liability for or
increase the actuarial accrued liability of the
retirement system affected by the bill, or
(3) increase the normal cost of the 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 such
purchase, of years of service for purposes of reaching RBS No. 3732
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a normal retirement date in the applicable retirement
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 member,
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 complete twenty
(20) years of service as a result of the disability,
e. which requires membership in the defined bene fit 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 Syst em 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: RBS No. 3732
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(1) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
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 one hundred percent (100%)
after the benefit incr ease is paid,
(3) the lesser of two percent (2%) of the gross
annual retirement benefit of the member or One
Thousand Four Hundred Dollars ($1,400.00) 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 RBS No. 3732
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(4) the greater of two percent (2%) of the gross
annual retirement benefit of the volunteer
firefighter or One Hundred Dollars ($100.00) for
persons who retired from th e 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 subparagraph, “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 Pol ice
Pension and Retirement System as provided by Section 3
of this act Section 50-115 of Title 11 of the Oklahoma
Statutes,
h. which provides a cost -of-living benefit increase
pursuant to the provisions 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, RBS No. 3732
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(3) Section 1104K of Title 20 of the Oklahoma
Statutes,
(4) Section 2-305.12 of Title 47 of the Oklahoma
Statutes,
(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 this section and Sections 50 -101 and 50-115 of
Title 11 of the Oklahoma Statutes, or
j. which authorizes membership in the Oklahoma Law
Enforcement Retirement System for active commissioned
or CLEET-certified agents of the Office of the
Attorney General or the Military Department of the
State of Oklahoma pursuant to Sections 3 and 4 of 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 retirement system for
purposes of reducing the unfunded liability of such system or the
earmarking of a portion of the revenue from a tax to a retirement RBS No. 3732
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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 imp act 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 or joint resoluti on 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 ge nerated 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 retirement system and any
other retirement bill other than a nonfiscal retirement b ill; and
9. “Retirement system” means the Teachers’ Retirement System of
Oklahoma, the Oklahoma Public Employees Retirement System, the
Uniform Retirement System for Justices and Judges, the Oklahoma
Firefighters Pension and Retirement System, the Oklahom a Police
Pension and Retirement System, the Oklahoma Law Enforcement
Retirement System, or a retirement system established after January
1, 2006. RBS No. 3732
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SECTION 5. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND INSURANCE
April 9, 2024 - DO PASS AS AMENDED BY CS