Oklahoma 2024 Regular Session

Oklahoma House Bill HB4051

Introduced
2/5/24  
Refer
2/6/24  
Report Pass
2/27/24  
Engrossed
3/18/24  
Refer
3/27/24  
Report Pass
4/9/24  
Enrolled
4/29/24  

Caption

Retirement; Firefighters Pension and Retirement System; purchase; military service credit; effective dates.

Impact

If enacted, HB 4051 would harmonize the treatment of military service within the retirement framework for firefighters, potentially leading to enhanced benefits for those who have served in the military. Importantly, the amendment is designed to provide a non-fiscal pathway for enhancing pension benefits, meaning it does not require additional state funding to be initiated. This is expected to positively impact the financial planning of firefighters who have prior military service, increasing their retirement benefits without posing a direct financial burden on the state.

Summary

House Bill 4051 aims to amend the Oklahoma statutes concerning the Firefighters Pension and Retirement System, specifically to allow participants to purchase up to five years of military service credit. This amendment is significant as it recognizes the contributions of military personnel who serve in conjunction with their roles as firefighters, facilitating a more inclusive acknowledgment of their service. The bill also modifies definitions and provisions related to disability retirement benefits and actuarial considerations tied to retirement funding.

Sentiment

The sentiment surrounding HB 4051 appears to be largely positive among lawmakers and stakeholders advocating for firefighters' rights and benefits. Supporters argue that the bill appropriately recognizes the unique sacrifices made by firefighters who are also veterans, thereby encouraging both current and future service members to join firefighting roles. There is an undercurrent of respect for those serving dual capacities, viewing the legislation as a necessary and overdue adjustment to existing laws.

Contention

Despite the overall support for the bill, there remains some contention regarding the specifics of implementation and potential impacts on pension funding. Critics may raise concerns about how these amendments could affect the long-term sustainability of the pension system, especially if many members choose to purchase additional service credits. There is an ongoing discussion about ensuring that these benefits do not inadvertently stretch the funding of existing retirement systems, emphasizing the need for careful actuarial analysis.

Companion Bills

No companion bills found.

Previously Filed As

OK HB2755

Retirement; Teachers' Retirement System; members; credit; service; effective date.

OK HB2171

Public retirement systems; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; codification; effective date; emergency.

OK HB2854

Public retirement systems; Oklahoma Public Employees Retirement System; defined contribution plan; defined benefit plan; accounts; service credit; effective dates.

OK HB2142

Public retirement systems; Oklahoma Law Enforcement Retirement System; membership; school district board; elections; service credit; effective date; emergency.

OK HB2688

Retirement; Oklahoma Pension System Reform Act of 2023; effective date.

OK HB1391

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; post-retirement employment; effective dates; emergency.

OK HB2131

Retirement; Oklahoma Police Pension and Retirement System; sums; exception; effective date.

OK HB2687

Retirement; Oklahoma Pension System Reform Act of 2023; effective date.

OK HB1402

Retirement; Oklahoma Firefighters Pension and Retirement Act of 2023; effective date.

OK HB2592

Retirement; Oklahoma Law Enforcement Retirement System; definition; Oklahoma Public Employees Retirement System; definition; members; retirement benefit; death; employee contributions; effective date.

Similar Bills

OK HB2508

State military forces; modifying various provisions of the Oklahoma Uniform Code of Military Justice and other statutes related to state military forces; emergency.

OK HB3709

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Oklahoma Public Employees Retirement System; military service credit; term; effective dates.

OK HB2545

State military forces; enacting the Oklahoma Uniformed Services Employment and Reemployment Rights Act; emergency.

OK HB2769

Militia; Military Department; Adjutant General's duties; eligibility; authority; technology hardware or software; exempting federal programs; nonjudicial punishment; court-martial; creating National Guard CareerTech Assistance Program; creating revolving fund; effective date.

OK HB3712

Militia; Oklahoma Military Code; various modifications; effective date.