OK
Oklahoma Senate Bill SB873

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB873

Introduced
2/6/23  
Refer
2/7/23  

Caption

Oklahoma Law Enforcement Retirement System; transferring certain Department of Corrections Employees into System.

Impact

This legislation is expected to significantly impact the retirement benefits of corrections personnel, aligning their retirement plans with those of law enforcement officers. By offering a streamlined and tailored retirement system, the bill aims to better meet the needs of employees within the Department of Corrections and to ensure that they receive benefits that are proportionate to the unique demands of their roles. This transition is anticipated to strengthen the recruitment and retention of quality staff in correctional facilities by providing enhanced retirement benefits.

Summary

Senate Bill 873 seeks to enhance the Oklahoma Law Enforcement Retirement System by incorporating certain employees from the Department of Corrections. The bill establishes an irrevocable election process for new hires and existing employees, allowing them to opt into the Law Enforcement Retirement System, thereby ensuring that they contribute to a retirement fund specifically designed for law enforcement personnel. Employees eligible for this transition must make their election within a specified timeframe and are required to cease accruing benefits in the Oklahoma Public Employees Retirement System upon making the switch.

Contention

While the bill presents a move towards improving retirement benefits for law enforcement and correctional employees, it may also raise concerns among current employees about potential losses in accrued benefits from the Oklahoma Public Employees Retirement System. Some stakeholders may argue that the process for opting out of their current system could be disadvantageous if not adequately communicated and understood. Additionally, the fiscal implications of transferring employees and their associated funds between retirement systems could generate debates regarding budget allocations and sustainability of these retirement funds.

Companion Bills

OK SB873

Carry Over Oklahoma Law Enforcement Retirement System; transferring certain Department of Corrections Employees into System.

Previously Filed As

OK SB873

Oklahoma Law Enforcement Retirement System; transferring certain Department of Corrections Employees into System.

OK HB2592

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

OK HB2142

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

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 HB2687

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

OK HB2688

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

OK HB1068

Retirement; Oklahoma Public Employees Retirement System; definition; eligibility; death benefits; employee contribution; reference; effective date.

OK SB692

Oklahoma Public Employees Retirement System; providing for membership of emergency medical personnel.

OK SB632

Public Employees Retirement System; increasing employer matching amount for certain contributions.

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