RBS No. 2257
Req. No. 2257 Page 1 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1600 By: Bullard
AS INTRODUCED
An Act relating to Oklahoma Public Emplo yees
Retirement System; amending 74 O.S. 2021, Section
914, which relates to retirement process es; modifying
separation period for postretirement employment
subject to certain requirements; making language
gender neutral; and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 74 O.S. 2021, Section 914, is
amended to read as follows:
Section 914. A. The normal retirement date for a member of the
Oklahoma Public Employees Retirement System shall be as defined in
Section 902 of this title , provided members empl oyed on or after
January 1, 1983, shall have six (6) or more years of full-time-
equivalent employment with a participating employer before receiving
any retirement benefits or if the member is a legislative session
employee of the Legislature, shall have t hree (3) or more years of
full-time-equivalent employment with a pa rticipating employer before
receiving any retirement benefits. In no event shall a normal
retirement date for a member be before six (6) months after the
RBS No. 2257
Req. No. 2257 Page 2 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
entry date of the participating em ployer by whom he or she is
employed.
B. A member may be employed beyond the normal retirement date
by the appointing authority of the participating employer . However,
the member may not receive retirement pay so long as the member
continues employment u nder this act Section 901 et seq. of this
title. Any member who has terminated employment with a
participating employer prior to the month immediately preceding said
such member’s normal retirement date must elect a vested benefit
pursuant to Section 917 of this title before receiving any
retirement benefits.
C. Notice for retirement shall be filed through t he retirement
coordinator for the participating empl oyer in such form and manner
as the Oklahoma Public Emplo yees Retirement System Board of Trustees
shall prescribe; provided, that such notice for retirement shall be
filed with the office of the retirement system at least sixty (60)
days prior to the date sele cted for the member’s retirement;
provided further, that the Executive Director may waive the sixty-
day notice for good cause shown as defined by the Board.
1. The participating employer shall provide the System with the
following information for a re tiring member, no later than the
fifteenth day of the month of retirement: last day physically on
the job; last day on payroll; and fi nal unused sick leave balance.
RBS No. 2257
Req. No. 2257 Page 3 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
2. Failure to submit this information by the deadline, or
errors in submitted information tha t result in a disqualification of
retirement eligibility shall be the r esponsibility of the
participating employer. In cases where the error results in
disqualification of retirement eligibility, it is the participating
employer’s responsibility to re employ the member, or retain the
member on the payroll, for time period req uired to reach
eligibility, not exceeding two (2) months.
D. No retirement benefits shall be payable to any member until
the first day of the month following the termination of the mem ber’s
employment with any participating employer. The type of retireme nt
benefit selected by a member may not be changed on or after the
effective date of the member ’s retirement. Receipt of workers ’
compensation benefits shall in no respect disquali fy the retiree for
benefits.
E. If a retiree should be elected or appointe d to any position
or office for which compensation for service is paid from levies or
taxes imposed by the state or any political subdivision thereof, the
retiree shall not receive any retirement benefit for any month for
which the retiree serves in such position or office after the
retiree has received compensation in a sum equal to the amount
allowable as wages or earnings by the Social Security Administration
in any calendar year. This subsection shall not apply to service
rendered by a retiree as a ju ror, as a witness in any legal
RBS No. 2257
Req. No. 2257 Page 4 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
proceeding or action, as an election board judge or clerk, or in any
other office or position of a similar nature, or to an employer that
is not a participating employer. Provided, further, that any
participating employer wh o is employing such a re tiree shall make
proper written notification to the System informing it of the
beginning date of such retiree ’s employment and the date such
retiree reaches the maximum compensation allowed by this section in
the calendar year. Any retiree returning to wo rk for a
participating employer shall make contributions to the System and
the employer shall do likewise. All retirees who have returned to
employment and participation in the System following retirement
shall have post-retirement benefits calculated on one of the
following methods:
1. All service accumulated from date of reemployment shall be
computed based on the benefit formula applicable at that time and
the additional benefits shall be added to the previous benefits.
Such additional benefits shall be calculated each year based upon
additional service accrued from July 1 to Ju ne 30 of the previous
year and the additional benefit, if any, will be added to th e
retiree’s monthly benefit beginning January 1, 2000, and each
January 1 thereafter. However, the post-retirement service credit
shall be cumulative, beginning with service credit accrued after the
date of retirement, provided that the retiree has not received a
distribution of the post -retirement contributions.
RBS No. 2257
Req. No. 2257 Page 5 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
2. Any retiree who returns to empl oyment with a participating
employer may elect not to receive any retirement be nefits while so
reemployed. If such an election is made and reemployment is for a
minimum period of thirty -six (36) consecutive months, all service
accumulated from date of ree mployment shall be participating
service. For purposes of determining the retirement benefits of
such a member upon the termination of such reemployment all
creditable service of the member shall be computed based on the
benefit formula applicable at the time of termination of such
reemployment. Provided, a retiree who became reemp loyed prior to
July 1, 1982, and who is reemployed for a minimum of thirty -six (36)
consecutive months shall have all the creditable service of such
retiree computed based on th e benefit formula applicable at the time
of termination of such reemployment if the retiree elects not to
receive retirement benefits prior to such terminatio n of
reemployment. A retiree who has waived receipt of the monthly
benefit, but is not reemployed for the full thirty-six (36)
consecutive months, shall upon termination of suc h reemployment have
only the additional amount added to his or her benefit as if t hey
had not waived the benefit as provided in paragraph 1 of this
subsection.
3. All post-retirement additional benefits shall be calculated
using actual hours worked as well as the actual compensation
received and upon which contributions are paid. P ost-retirement
RBS No. 2257
Req. No. 2257 Page 6 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
service is not subject to the partial year round -up provisions of
subsection C of Section 913 of this title.
4. A retired member who returns to work for a partic ipating
employer pursuant to this section shall be bound by the election
made pursuant to paragraph (2) of subsection A of Section 915 of
this title if the member had made such election prior to retirement.
If the member had not made such election prior to retirement, the
member may do so during the member ’s reemployment with a
participating employer pursuant to this section.
a. A retired member who retires prior to the effective
date of this act may not be rehired by their his or
her former employer, nor may the retired member be
permitted to enter into an employment contract of any
kind with a former employer, for a period of one (1)
year after the retired member ended his or h er
employment with the former employer , unless the
retired member waives his or her benefit under
paragraph 2 of this subsection and returns as a bona
fide employee.
b. A member who retires on or after the effective date of
this act may not be rehired by his or her former
employer, nor may the retired member be permitted to
enter into an employment contract of any kind with a
former employer, for a period of ninety (90) days
RBS No. 2257
Req. No. 2257 Page 7 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
following the date that the retired member ended his
or her employment with the for mer employer, unless the
retired member waives his or her benefit under
paragraph 2 of this subsection and returns as a bona
fide employee.
F. Except as otherwise provided by subsection G of this
section, any member may elect to retire before his or her n ormal
retirement date on the first day of any month coinciding with or
following the attainment of age fifty -five (55), provided such
member has completed ten (10) years of participating service, but i n
no event before six (6) mon ths after the entry date. Any member who
shall retire before the normal retirement date shall receive an
annual retirement benefit adjusted in accordance with the following
percentage schedule:
Percentage of Normal
Age Retirement Benefit
62 100.00%
61 93.33%
60 86.67%
59 80.00%
58 73.33%
57 66.67%
56 63.33%
55 60.00%
RBS No. 2257
Req. No. 2257 Page 8 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
G. Any member whose first participati ng service occurs on or
after November 1, 2011, may elect to retire before his or her normal
retirement date on the first day of any month coinciding w ith or
following the attainment of age sixty (60), provided such member has
completed ten (10) years of participating service, but in no event
before six (6) months after the entry dat e. Any member who shall
retire before the normal retirement date shall receive an annual
retirement benefit adjusted in accordance with the following
percentage schedule:
Percentage of Normal
Age Retirement Benefit
65 100.00%
64 93.33%
63 86.67%
62 80.00%
61 73.33%
60 66.67%
SECTION 2. This act shall become effective November 1, 20 24.
59-2-2257 RD 1/11/2024 9:06:42 AM