RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 1 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 SENATE FLOOR VERSION February 28, 2024 COMMITTEE SUBSTITUTE FOR SENATE BILL NO. 631 By: Garvin [ Oklahoma Law Enforcement Retirement Syste m - retirement and retirement pay - Oklahoma Pension Legislation Actuarial Analysis Act - effective dates - emergency ] BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: SECTION 1. AMENDATORY 47 O.S. 2021, Section 2 -305, as last amended by Section 9, Chapter 151, O.S.L. 2023 (47 O.S. Supp. 2023, Section 2-305), is amended to rea d as follows: Section 2-305. A. Except as otherwise provided in this title, at any time after attaining normal retirement date, any member of the Oklahoma Law Enforcement Retirement System , upon application for unreduced retirement benefits made and approved, may retire, and, during the remainder of the member’s lifetime, receive annual retirement pay, payable in equal monthly payments, equal to two and one-half percent (2 1/2%) of the final average sa lary times years of credited service. If such retired member is reemployed by a state agency in a position which is not covered by the System, such RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 2 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 retired member shall continue to receive in -service distributions from the System. Prior to September 19, 2002, if such retired member was reemployed by a state agency in a position which is covered by the System, such member shall continue to receive in - service distributions from the System and shall not a ccrue any further credited service . If such a member is reemployed by a state agency in a position which is covered by the System on or after September 19, 2002, such member ’s monthly retirement payments shall be suspended until such member retires and is not reemployed by a state agency in a posi tion which is covered by the System. B. Beginning July 1, 1994, members who retired or were eligible to retire prior to July 1, 1980, or their surviving spouses shall receive annual retirement pay, payable in equ al monthly payments, equal to the greater of t heir current retirement pay, or two and one-half percent (2 1/2%) of the actual paid gross salary being currently paid to a highw ay patrol officer, at the time each such monthly retirement payment is made, mult iplied by the retired member’s years of credited service. C. Except as otherwise p rovided by this subsection, members of the System whose salary is set by statute who have retired after completion of the mandatory twenty (20) years of service, and those members with statutory salaries who retire afte r reaching the mandatory twenty-year retirement shall receive an annual retirement RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 3 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 pay, payable in equal monthly installments, based upon the greater of either: 1. The top base salary currently paid to the hig hest nonsupervisory position in the participating agency at the time each such monthly retirement payment is made, limited to the annual salary limit of the Economic Growth and Tax Relief Reconciliation Act of 2001, as described in paragraph 9 of Section 2 -300 of this title, multiplied by two and one -half percent (2 1/2%), multiplied by the number of years of credited service and fraction thereof for the following positions: a. Oklahoma Highway Patrolman, b. Communications Dispatcher, c. Capitol Patrolman, d. Lake Marine Enforcement Patrolman, and e. Oklahoma State Bureau of Inve stigation - Special Agent or Criminalist; or 2. The member’s final average salary as set forth in paragraph 9 of Section 2-300 of this title, multiplied by two and one -half percent (2 1/2%), and multip lied by the number of years of credited service and fraction thereof. No member of the System retired prior to July 1, 2002, shall receive a benefit less than the amount the member is receiving as of June 30, 2002. RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 4 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 The provisions of paragraph 1 of this sub section shall not be applicable to any member whose fi rst participating service with the System occurs on or after November 1, 2012, except for include those members who died in the performance of their duties pursuant to Section 2-306 of this title. D. Other members of the System whose retirement benefit is not otherwise prescribed by this section who have retired after completion of the mandatory twenty (20) years of service, and those members who retire after reaching the mandatory twenty -year retirement, shall receive an annual retirement pay, payable in equal monthly payments, based upon the greater of either: 1. The actual average salary currently paid to the highest nonsupervisory position in the part icipating agency at the time each such monthly payment is made, limited to the annual salary limit of the Economic Growth and Tax Relief Reconciliation Act of 20 01, as described in paragraph 9 of Section 2-300 of this title, multiplied by two and one-half percent (2 1/2%), multiplied by the number of years of credited service and fraction thereof for the following positions: a. Alcoholic Beverage Laws Enforcement Commission - ABLE Commission Agent III, b. Oklahoma State Bureau of Narcotics and Dangerous Dru gs Control - Narcotics Agent III, RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 5 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 c. Oklahoma Tourism and Recreation Department - Park Ranger II, d. State Board of Pharmacy - Pharmacy Inspector, e. University of Oklahoma - Police Officer, and f. Oklahoma State University - Police Officer; or 2. The other member’s final average salary as set forth in paragraph 9 of Section 2-300 of this title, multiplied by two a nd one-half percent (2 1/2%), multiplied by the number of years of credited service and fraction thereof. No member of the System retired prior to July 1, 2002, shall receive a benefit less than the amount the member is receiving as of June 30, 2002. The participating employer mu st certify to the System in writing the actual average gross salary currently paid to the highest nonsupervisory positi on. The Board of Trustees shall promulgate such rules as are necessary to implement the provisions of this section. The provisions of pa ragraph 1 of this subsection shall not be applicable to any member whose first participating service with the System occurs on or after May 24, 2013, except for include those members who died in the performance of their duties pursuant to Section 2-306 of this title. E. A member who meets the definition of disability as defined in paragraph 11 of Section 2 -300 of this title by direct reaso n of RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 6 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 the performance of the member’s duties as an officer shall re ceive a monthly benefit equa l to: 1. Two and one-half percent (2 1/2%); 2. Multiplied by: a. twenty (20) years of credited service, if the member had performed less than twenty (20) years of credited service, notwithstanding the actual number of years of credited service performed by the member prior to the date of disability, or b. the actual number of years of credited service and fraction thereof performed by the member prior to the date of disability, if the member had performed twenty (20) or more years of credited service; 3. Multiplied by the greater of subparagraph a of this paragraph and division 1 of subparagraph b of this paragraph or division 2 of subparagraph b of this paragrap h, as applicable: a. the final average salary of the member, as se t forth in paragraph 9 of Section 2-300 of this title, and b. (1) the top base salary cur rently paid to the highest nonsupervisory position in the participating agency of the member at the time each monthly payment is made, limited to the annual salary limit of the Economic Growth and Tax Relief Reconciliation Act of 2001 described in paragraph RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 7 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 9 of Section 2-300 of this title, for the following positions: (a) Oklahoma Highway Patrolman, (b) Communications Dispatcher, (c) Capitol Patrolman, (d) Lake Marine Enforcement Patrolman, and (e) Oklahoma State Bureau of Investigation - Special Agent or Criminalist ,. Provided, the participating employe r must certify to the System in writing the top base s alary currently paid to the highest nonsupervisory position for division (1) of subparagraph b of this paragraph, or (2) the actual average salary currently paid to the highest nonsupervisory position in the participating agency of the membe r at the time each monthly payment is made, limited to the annual salary limit of the Econo mic Growth and Tax Relief Reconciliatio n Act of 2001, described in paragraph 9 of Section 2 -300 of this title, for the following positio ns: (a) Alcoholic Beverage Laws Enforcement (ABLE) Commission - ABLE Commission Agent III, RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 8 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (b) Oklahoma State Bureau of Narcotics and Dangerous Drugs Control - Narcotics Agent III, (c) Oklahoma Tourism and Recreation D epartment - Park Ranger II, (d) State Board of Pharmacy - Pharmacy Inspector, (e) University of Oklahoma - Police Officer, and (f) Oklahoma State University - Police Officer,. Provided, the participating employer must certify to the System in writing the actual average gross salary currently pa id to the highest nonsupervisory position for division (2) of subparagraph b of this paragraph; 4. No member of the System receiving b enefits prescribed by this subsection who retired prior to July 1, 2002, shall rece ive a benefit of less than the amount th e member was receiving as of June 30, 2002; 5. The Board of Trustees shall promulgate rules as necessary to implement the provisions of this subsection; and 6. If such member participates in the Oklahoma Law Enforcement Deferred Option Plan pursuant to S ection 2-305.2 of this title, then such member’s disability pension provided pursuant to this subsection shall be reduced to account for such member’s participation in the Oklahoma Law Enforcement Deferred Option Pla n. RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 9 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 F. A member who meets the definition of disability as defined in paragraph 11 of Section 2 -300 of this title and whose disability is by means of personal and traumatic injury of a catastrophic nature and in the line of duty, shall receive a monthly benefit equal to: 1. Two and one-half percent (2 1/2%); 2. Multiplied by: a. twenty (20) years of service, regardless of the actual number of years of credited service perfor med by the member prior to the date of disability, if the member had performed less than twenty (20) years of service, or b. the actual number of years of service performed by th e member if the member had performed twenty (20) or more years of service; 3. Multiplied by a final average salary equal to: a. the salary which the member would have received pursuant to statutory sa lary schedules in effect upon the date of the disabilit y for twenty (20) years of service prior to disability . The final average sal ary for a member who performed less than twenty (20) years of service prior to disa bility shall be computed assuming that the member was paid the highest salary allowable pursuant to the law in effect at the time of RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 10 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 the member’s disability based upon twenty (20) years of service and with an assumption that the member was eligible for any and a ll increases in pay based upon rank during the entire period. If the salary of a member is not prescribed by a specific salary schedule upon the date of the member ’s disability, the final average salary for the member shall be computed by the member’s actual final average salary or the hi ghest median salary amount for a member whose salary wa s prescribed by a specific salary schedule upon the date of the member’s disability, whichever final average salary amount would be greater, or b. the actual final ave rage salary of the member if the member had performed twenty (20) or more years of service prior to disability. If such member participates in the Oklahoma Law Enforce ment Deferred Option Plan pursuant to Section 2-305.2 of this title, such member’s disability pension provided pursuant to this subsection shall be adjusted as provided in Sectio n 2-305.2 of this title to account for such member’s participation in the Oklahoma Law Enforcement Deferred Option Plan. G. A member who meets the definition of disab ility as defined in Section 2-300 of this title and whose disability occurred prior to the member’s normal retirement date but after completing three RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 11 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (3) years of vesting service and not by reason of the performance of the member’s duties or as a res ult of the member’s willful negligence shall receive a monthly benefit equal to two and one -half percent (2 1/2%) of the final average salary multiplied by the number of years of the member ’s credited service. H. Payment of a disability pension shall commence as of the first day of the month coinci ding or next following the date of retirement and shall continue as long as the member meets the definition of total and permanen t disability provided in this section. I. For the purpose of determining the member ’s disability under subsection E, F or G of this section, the member shall be required by the Board to be examined by a minimum of two recognized physicians selected by the Board to determine th e extent of the member’s injury or illness. The examining physicians s hall furnish the Board a detailed written report of the injury or illness of the examined member establishing the extent of disability and the possibilities of the disabled member being returned to his or her regular duties or an alternate occupation or service covered by the System after a normal recuperation period. The Board shall require all retired disabled members who have not attained their normal retirement date to submit to a p hysical examination once each year for a minimum of three (3) years fol lowing retirement. The Board shall select a minimum of two physicians to examine the ret ired RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 12 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 members and pay for their services from the fund . Any retired disabled member found no lon ger disabled by the examining physicians to perform the occupatio n of the member or an alternate occupati on or service covered by the System shall be required t o return to duty and complete twenty (20) years of service as provided in subsection A of this section, or forfeit all his or her rights and claims under Section 2-300 et seq. of this title. J. The disability benefit under this section shall be for the lifetime of the member unless such member is found no longer disabled pursuant to subsection I of this section. Such member shall not be entitled to the retiremen t benefit pursuant to subsection A of this section unless such member returns to active duty and is eligible for a retirement benefit as provided in subsection A of this section. K. At the postoffer, preemployment physical examination required under paragraph 6 of Section 2-300 of this title, t he physician selected by the Board shall determine the extent to which a new member is disabled. If a member is determined to be partially disabled, the physician shall assign a percentage of disability to such partial disability. If such member then bec omes entitled to a disability benefit under either subs ection E or subsection G of this section, the benefit payable shall be reduced by the percentage which such member was determined to be disabled at the postoffer, preemployment physical unless the Boar d makes a determination that RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 13 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 the initially determined p ercentage of disability at the preemployment physical examination is unrel ated to the reason for the disability currently sought pursuant to subsection E or subsection G of this section. Upon employment, the member shall disclose to the Board any disabili ty payments received from any source. The amount of disability to be paid to any member cannot exceed one hundred percent (100%) disability from all sources . The provisions of this subsection shall a pply only to members whose effective date of membership is on or after July 1, 2000. L. In addition to the pension provided for under subsection F of this section, if the member has one or more children under the age of eighteen (18) years or under the ag e of twenty-two (22) years if the child is enrolled ful l-time in and is regularly attending a public or private school or any institution of higher edu cation, Four Hundred Dollars ($400.00) a month shall be paid from the F und for the support of each surviv ing child to the member or person having the care and c ustody of such children until each child reaches the age of eighteen (18) years or reaches the a ge of twenty- two (22) years if the child is enrolled full -time in and is regularly attending a public or private school or any institution of higher education. M. Notwithstanding any other provisions in Section 2-300 through 2-315 of this title, in order to be eligible to receive disability benefits, a member who meets the d efinition of disability RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 14 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 as defined in paragraph 11 of Section 2-300 of this title shall f ile the member’s completed application for disability benefits with the System before such membe r’s date of termination from service and provide such additional information that the System’s rules require within six (6) months of the System ’s receipt of such application. If the member’s completed application for disability benefits is not filed with the System before the member’s date of termination from service or such additional information as is req uired under the System’s rules is not provided within s ix (6) months of the System’s receipt of such application, such member sha ll be eligible only fo r such other benefits as are available to members of the System a nd shall not be eligible to receive any disability benefits. For good cause shown, the Board o f Trustees may waive the requirement that the disability application be filed before the member ’s date of termination from service. In no event shall a member be elig ible to receive any disability ben efit if the member’s completed application is filed more than six (6) months after the member’s date of termination from service. N. If the requirements of Section 2-305.1C of this title are satisfied, a member who, by reason of disability or attainment o f normal retirement date or age, is separated from serv ice as a public safety officer with the member’s participating employer may elect to have payment made directly to the provider for qualified health insurance premiums by deduction from his or her mont hly disability RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 15 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 benefit or monthly retirement payment, a fter December 31, 2006, in accordance with Section 402( l) of the Internal Revenue Code of 1986, as amended. For distributions made after December 29, 2022, the election provided for under Section 402(l) of the Internal Revenue Code of 1986, as amended, may be made whether payment of the premiums is made directly to the provider of the accident or h ealth plan or qualified long-term care insurance contract by deduction from a distribution from the System or is made to the member. SECTION 2. AMENDATORY 62 O.S. 2021, Section 3103, as last amended by Section 1, Chapter 306, O.S.L. 2 022 (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 substitute bill, made to a retirement bill by any com mittee 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 retirement bill by the respec tive 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 enters into a contract with the Legislative Servi ce Bureau pursuant to RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 16 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 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 a n amendment to a retireme nt 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 accrued liability for or increase the actuarial ac crued 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 statut e in effect on the effective date of the measure allowing such purchase, of years of service for purposes of reaching RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 17 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 a normal retirement date in the applicable retirement system, but which can not be used in order to c ompute 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 benefit 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 System prior to November 1, 2015, f. which provides for a one-time increase in retiremen t 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 st atutory authorization and does not exceed: RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 18 (Bold face denotes Committee Amendments) 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) 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 Dol lars ($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 increase is paid, (3) the lesser of two percent (2 %) of the gross annual retirement bene fit 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. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 19 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (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 the 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 actu arial 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 Police 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. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 20 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (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 reinstates annual retir ement pay for a member of the Oklahoma Law Enforcement Retirement System whose first participating service with the System occurred on or after November 1, 2012 , pursuant to Section 2 - 305 of Title 47 of the Oklahoma Statutes . A nonfiscal retirement bill shall include any retiremen t bill that has as its sole purpose th e 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 o f the revenue from a tax to a retirement system or increasing the percentage of the revenue earmarked from a tax to a retirement system; RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 21 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 6. "Reduction-in-cost amendment" means an amendment to a retirement bill having a fiscal impact which reduces the cost of the bill as such cost is determined by the actuarial invest igation 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 resolution 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 impa cts the revenue of any state tax in which a portion of the revenue generated 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 bill; 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 Oklahoma Police Pension and Retirement System, the Oklahom a Law Enforcement Retirement System, o r a retirement system established after January 1, 2006. SECTION 3. Section 1 of this act shall become effective in accordance with Section 58 of Article V of the Oklahoma Constitution. RBS No. 3486 SENATE FLOOR VERSION - SB631 SFLR Page 22 (Bold face denotes Committee Amendments) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 SECTION 4. Section 2 of this act shall become effective July 1, 2024. 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 APPROPRIATIONS February 28, 2024 - DO PASS AS AMENDED