Oklahoma 2025 Regular Session

Oklahoma House Bill HB1458 Compare Versions

Version 1 (Old)

Version 2 (New)

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1	1		RBH No. 11377
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	2	+	ENGR. H. B. NO. 1458 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	April 15, 2025
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33	27		ENGROSSED HOUSE
34	28		BILL NO. 1458 By: Kane of the House
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36	30		and
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38	32		Daniels of the Senate
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43	39		An Act relating to the Oklahoma Public Employees
44	40		Retirement System; amending 74 O.S. 2021, Section
45	41		916.1, which relates to death benefits; permitting
46	42		beneficiaries to disclaim death benefits; providing
47	43		for transfer of death benefits; providing that
48	44		disclaimer shall be in writing; providing time period
49	45		disclaimer is to be received by the transferor;
50	46		discharging and releasing System from liability,
51	47		obligation, and cost s; and providing an effective
52	48		date.
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57	53		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
58	54		SECTION 1. AMENDATORY 74 O.S. 2021, Section 916.1, is
59	55		amended to read as follows:
60	56		Section 916.1. A. Upon the death of a retired member , the
61	57		Oklahoma Public Employees Retirement System shall pay to the
62	58		beneficiary of the member or if there is no beneficiary or if the
63	59		beneficiary predeceases the member, to the estate of the member, the
64	60		sum of Four Thousand Dollars ($4,000.00) as a death be nefit for
65	61		those retired members who died prior to July 1, 1999. For those
66		-	retired members who died on or after July 1, 1999, the sum shall be RBH No. 11377
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	62	+	retired members who died on or after July 1, 1999, the sum shall be
	63	+	Five Thousand Dollars ($5,000.00). The benefit payable pursuant to RBH No. 11377
	64	+	ENGR. H. B. NO. 1458 Page 2 1
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94		-	Five Thousand Dollars ($5,000.00). The benefit payable pursuant to
95	89		this subsection shall be deemed, for purposes of federal income
96	90		taxation, as life insurance proceeds and not as a death benefit if
97	91		the Internal Revenue Service approves this provision pursuant to a
98	92		private letter ruling request which shall be submitted by the board
99	93		of trustees of the System for that purpose.
100	94		B. Upon the death of a me mber who dies leaving no living
101	95		beneficiary or having designated his estate as beneficiary, the
102	96		System may pay any applicable death benefit, unpaid contributions,
103	97		or unpaid benefit which may be subject to probate, in an a mount of
104	98		Twenty-five Thousand Dollars ($25,000.00) or less, without the
105	99		intervention of the probate court or probate procedure pursuant to
106	100		Section 1 et seq. of Title 58 of the Oklahoma Statutes.
107	101		1. Before any applicable probate procedure may be waived, th e
108	102		System must be in receipt of the member's proof of death and the
109	103		following documents from those persons claiming to be the legal
110	104		heirs of the deceased member:
111	105		a. the member's valid last will and testament, trust
112	106		documents or affidavit that a will does no t exist,
113	107		b. an affidavit or affidavits of heirship which must
114	108		state:
115	109		(1) the names and signatures of all claiming heirs to
116	110		the deceased member's estate including the
117	111		claiming heirs' names, relationship to the RBH No. 11377
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	112	+	ENGR. H. B. NO. 1458 Page 3 1
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145	137		deceased, current addresses and current telepho ne
146	138		numbers,
147	139		(2) a statement or statements by the claiming heirs
148	140		that no application or petition for the
149	141		appointment of a personal representative is
150	142		pending or has been granted in any jurisdiction,
151	143		(3) a description of the personal property claimed
152	144		(i.e., death benefit or unpaid contributions or
153	145		both), together with a statement that such
154	146		personal property is subject to probate, and
155	147		(4) a statement by each individual claiming heir
156	148		identifying the amount of personal property that
157	149		the heir is claiming from the System, and that
158	150		the heir has been notified of, is aware of and
159	151		consents to the identified claims of all the
160	152		other claiming heirs of the deceased member
161	153		pending with the System,
162	154		c. a written agreement or agreements signed by all
163	155		claiming heirs of the decea sed member which provides
164	156		that the claiming heirs release, discharge and hold
165	157		harmless the System from any and all liability,
166	158		obligations and costs which it may incur as a result
167	159		of making a payment to any of the deceased member 's
168	160		heirs, RBH No. 11377
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	161	+	ENGR. H. B. NO. 1458 Page 4 1
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196	186		d. a corroborating affidavit from an individual other
197	187		than a claiming heir, who was familiar with the
198	188		affairs of the deceased member, and
199	189		e. proof that all debts of the deceased member, including
200	190		payment of last sickness, hospital, medical, death,
201	191		funeral and burial expense s have been paid or provided
202	192		for.
203	193		2. The Executive Director of the System shall retain complete
204	194		discretion in determining which requests for probate waiver may be
205	195		granted or denied, for any reason. Should the System have any
206	196		question as to the validity o f any document presented by the
207	197		claiming heirs, or as to any statement or assertion contained
208	198		therein, the probate requirement provided for in Section 1 et seq.
209	199		of Title 58 of the Oklahoma Statutes shall not be waived.
210	200		3. After paying any death benefits o r unpaid contributions to
211	201		any claiming heirs as provided pursuant to this subsection, the
212	202		System is discharged and released from any and all liability,
213	203		obligation and costs to the same extent as if the System had dealt
214	204		with a personal representative of the deceased member. The System
215	205		is not required to inquire into the truth of any matter specified in
216	206		this subsection or into the payment of any estate tax liability.
217	207		C. Death The beneficiary or beneficiaries of death benefits
218	208		provided pursuant to this secti on may be assigned by the beneficiary
219	209		elect to disclaim the death benefits, in which case such benefits RBH No. 11377
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	210	+	ENGR. H. B. NO. 1458 Page 5 1
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247	235		shall be transferred to a person licensed as a funeral director or
248	236		to a lawfully recognized business entity licensed as required by law
249	237		to provide funeral services for the deceased member . The qualified
250	238		disclaimer shall be in writing and shall be an irrevocable and
251	239		unqualified refusal to accept all or a portion of the death benefit.
252	240		It shall be received by the transferor no more than nine (9) months
253	241		after the later of the day the transfer creating the interest in the
254	242		disclaiming person is made or the day the disclaiming person attains
255	243		age twenty-one (21). The interest in the death benefits shall pass
256	244		without direction by the disclaiming person to anothe r person.
257	245		After paying death benef its to any beneficiary or the member 's
258	246		estate pursuant to this subsection, the System shall be discharged
259	247		and released from any and all liability, obligation, and costs. The
260	248		System is not required to inquire into the tru th of any matter
261	249		specified in this subsection or into the payment of any tax
262	250		liability.
263		-	SECTION 2. This act shall become effective November 1, 2025.
264		-	COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT AND GOVERN MENT
265		-	RESOURCES
266		-	April 15, 2025 - DO PASS
	251	+	SECTION 2. This act shall become effective November 1, 2025. RBH No. 11377
	252	+	ENGR. H. B. NO. 1458 Page 6 1
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	277	+	Passed the House of Representatives the 11th day of March, 2025.
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	282	+	Presiding Officer of the House
	283	+	of Representatives
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	287	+	Passed the Senate the _____ day of __________, 2025.
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	292	+	Presiding Officer of the Senate
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