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53	53	STATE OF OKLAHOMA
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55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	SENATE BILL 1600 By: Bullard
58	58
59	59
60	60
61	61
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63	63	AS INTRODUCED
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65	65	An Act relating to Oklahoma Public Emplo yees
66	66	Retirement System; amending 74 O.S. 2021, Section
67	67	914, which relates to retirement process es; modifying
68	68	separation period for postretirement employment
69	69	subject to certain requirements; making language
70	70	gender neutral; and providing an effective date .
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75	75	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
76	76	SECTION 1. AMENDATORY 74 O.S. 2021, Section 914, is
77	77	amended to read as follows:
78	78	Section 914. A. The normal retirement date for a member of the
79	79	Oklahoma Public Employees Retirement System shall be as defined in
80	80	Section 902 of this title , provided members empl oyed on or after
81	81	January 1, 1983, shall have six (6) or more years of full-time-
82	82	equivalent employment with a participating employer before receiving
83	83	any retirement benefits or if the member is a legislative session
84	84	employee of the Legislature, shall have t hree (3) or more years of
85	85	full-time-equivalent employment with a pa rticipating employer before
86	86	receiving any retirement benefits. In no event shall a normal
87	87	retirement date for a member be before six (6) months after the
88	88	RBS No. 2257
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139	139	entry date of the participating em ployer by whom he or she is
140	140	employed.
141	141	B. A member may be employed beyond the normal retirement date
142	142	by the appointing authority of the participating employer . However,
143	143	the member may not receive retirement pay so long as the member
144	144	continues employment u nder this act Section 901 et seq. of this
145	145	title. Any member who has terminated employment with a
146	146	participating employer prior to the month immediately preceding said
147	147	such member’s normal retirement date must elect a vested benefit
148	148	pursuant to Section 917 of this title before receiving any
149	149	retirement benefits.
150	150	C. Notice for retirement shall be filed through t he retirement
151	151	coordinator for the participating empl oyer in such form and manner
152	152	as the Oklahoma Public Emplo yees Retirement System Board of Trustees
153	153	shall prescribe; provided, that such notice for retirement shall be
154	154	filed with the office of the retirement system at least sixty (60)
155	155	days prior to the date sele cted for the member’s retirement;
156	156	provided further, that the Executive Director may waive the sixty-
157	157	day notice for good cause shown as defined by the Board.
158	158	1. The participating employer shall provide the System with the
159	159	following information for a re tiring member, no later than the
160	160	fifteenth day of the month of retirement: last day physically on
161	161	the job; last day on payroll; and fi nal unused sick leave balance.
162	162	RBS No. 2257
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213	213	2. Failure to submit this information by the deadline, or
214	214	errors in submitted information tha t result in a disqualification of
215	215	retirement eligibility shall be the r esponsibility of the
216	216	participating employer. In cases where the error results in
217	217	disqualification of retirement eligibility, it is the participating
218	218	employer’s responsibility to re employ the member, or retain the
219	219	member on the payroll, for time period req uired to reach
220	220	eligibility, not exceeding two (2) months.
221	221	D. No retirement benefits shall be payable to any member until
222	222	the first day of the month following the termination of the mem ber’s
223	223	employment with any participating employer. The type of retireme nt
224	224	benefit selected by a member may not be changed on or after the
225	225	effective date of the member ’s retirement. Receipt of workers ’
226	226	compensation benefits shall in no respect disquali fy the retiree for
227	227	benefits.
228	228	E. If a retiree should be elected or appointe d to any position
229	229	or office for which compensation for service is paid from levies or
230	230	taxes imposed by the state or any political subdivision thereof, the
231	231	retiree shall not receive any retirement benefit for any month for
232	232	which the retiree serves in such position or office after the
233	233	retiree has received compensation in a sum equal to the amount
234	234	allowable as wages or earnings by the Social Security Administration
235	235	in any calendar year. This subsection shall not apply to service
236	236	rendered by a retiree as a ju ror, as a witness in any legal
237	237	RBS No. 2257
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288	288	proceeding or action, as an election board judge or clerk, or in any
289	289	other office or position of a similar nature, or to an employer that
290	290	is not a participating employer. Provided, further, that any
291	291	participating employer wh o is employing such a re tiree shall make
292	292	proper written notification to the System informing it of the
293	293	beginning date of such retiree ’s employment and the date such
294	294	retiree reaches the maximum compensation allowed by this section in
295	295	the calendar year. Any retiree returning to wo rk for a
296	296	participating employer shall make contributions to the System and
297	297	the employer shall do likewise. All retirees who have returned to
298	298	employment and participation in the System following retirement
299	299	shall have post-retirement benefits calculated on one of the
300	300	following methods:
301	301	1. All service accumulated from date of reemployment shall be
302	302	computed based on the benefit formula applicable at that time and
303	303	the additional benefits shall be added to the previous benefits.
304	304	Such additional benefits shall be calculated each year based upon
305	305	additional service accrued from July 1 to Ju ne 30 of the previous
306	306	year and the additional benefit, if any, will be added to th e
307	307	retiree’s monthly benefit beginning January 1, 2000, and each
308	308	January 1 thereafter. However, the post-retirement service credit
309	309	shall be cumulative, beginning with service credit accrued after the
310	310	date of retirement, provided that the retiree has not received a
311	311	distribution of the post -retirement contributions.
312	312	RBS No. 2257
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363	363	2. Any retiree who returns to empl oyment with a participating
364	364	employer may elect not to receive any retirement be nefits while so
365	365	reemployed. If such an election is made and reemployment is for a
366	366	minimum period of thirty -six (36) consecutive months, all service
367	367	accumulated from date of ree mployment shall be participating
368	368	service. For purposes of determining the retirement benefits of
369	369	such a member upon the termination of such reemployment all
370	370	creditable service of the member shall be computed based on the
371	371	benefit formula applicable at the time of termination of such
372	372	reemployment. Provided, a retiree who became reemp loyed prior to
373	373	July 1, 1982, and who is reemployed for a minimum of thirty -six (36)
374	374	consecutive months shall have all the creditable service of such
375	375	retiree computed based on th e benefit formula applicable at the time
376	376	of termination of such reemployment if the retiree elects not to
377	377	receive retirement benefits prior to such terminatio n of
378	378	reemployment. A retiree who has waived receipt of the monthly
379	379	benefit, but is not reemployed for the full thirty-six (36)
380	380	consecutive months, shall upon termination of suc h reemployment have
381	381	only the additional amount added to his or her benefit as if t hey
382	382	had not waived the benefit as provided in paragraph 1 of this
383	383	subsection.
384	384	3. All post-retirement additional benefits shall be calculated
385	385	using actual hours worked as well as the actual compensation
386	386	received and upon which contributions are paid. P ost-retirement
387	387	RBS No. 2257
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438	438	service is not subject to the partial year round -up provisions of
439	439	subsection C of Section 913 of this title.
440	440	4. A retired member who returns to work for a partic ipating
441	441	employer pursuant to this section shall be bound by the election
442	442	made pursuant to paragraph (2) of subsection A of Section 915 of
443	443	this title if the member had made such election prior to retirement.
444	444	If the member had not made such election prior to retirement, the
445	445	member may do so during the member ’s reemployment with a
446	446	participating employer pursuant to this section.
447	447	a. A retired member who retires prior to the effective
448	448	date of this act may not be rehired by their his or
449	449	her former employer, nor may the retired member be
450	450	permitted to enter into an employment contract of any
451	451	kind with a former employer, for a period of one (1)
452	452	year after the retired member ended his or h er
453	453	employment with the former employer , unless the
454	454	retired member waives his or her benefit under
455	455	paragraph 2 of this subsection and returns as a bona
456	456	fide employee.
457	457	b. A member who retires on or after the effective date of
458	458	this act may not be rehired by his or her former
459	459	employer, nor may the retired member be permitted to
460	460	enter into an employment contract of any kind with a
461	461	former employer, for a period of ninety (90) days
462	462	RBS No. 2257
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513	513	following the date that the retired member ended his
514	514	or her employment with the for mer employer, unless the
515	515	retired member waives his or her benefit under
516	516	paragraph 2 of this subsection and returns as a bona
517	517	fide employee.
518	518	F. Except as otherwise provided by subsection G of this
519	519	section, any member may elect to retire before his or her n ormal
520	520	retirement date on the first day of any month coinciding with or
521	521	following the attainment of age fifty -five (55), provided such
522	522	member has completed ten (10) years of participating service, but i n
523	523	no event before six (6) mon ths after the entry date. Any member who
524	524	shall retire before the normal retirement date shall receive an
525	525	annual retirement benefit adjusted in accordance with the following
526	526	percentage schedule:
527	527	Percentage of Normal
528	528	Age Retirement Benefit
529	529	62 100.00%
530	530	61 93.33%
531	531	60 86.67%
532	532	59 80.00%
533	533	58 73.33%
534	534	57 66.67%
535	535	56 63.33%
536	536	55 60.00%
537	537	RBS No. 2257
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588	588	G. Any member whose first participati ng service occurs on or
589	589	after November 1, 2011, may elect to retire before his or her normal
590	590	retirement date on the first day of any month coinciding w ith or
591	591	following the attainment of age sixty (60), provided such member has
592	592	completed ten (10) years of participating service, but in no event
593	593	before six (6) months after the entry dat e. Any member who shall
594	594	retire before the normal retirement date shall receive an annual
595	595	retirement benefit adjusted in accordance with the following
596	596	percentage schedule:
597	597	Percentage of Normal
598	598	Age Retirement Benefit
599	599	65 100.00%
600	600	64 93.33%
601	601	63 86.67%
602	602	62 80.00%
603	603	61 73.33%
604	604	60 66.67%
605	605	SECTION 2. This act shall become effective November 1, 20 24.
606	606
607	607	59-2-2257 RD 1/11/2024 9:06:42 AM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1600 Compare Versions