SENATE FLOOR VERSION - SB434 SFLR Page 1
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SENATE FLOOR VERSION
February 25, 2025
AS AMENDED
SENATE BILL NO. 434 By: Rader of the Senate
and
Tedford of the House
[ retirement systems - maximum contributions -
effective date -
emergency ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 19 O.S. 2021, Section 954, as
amended by Section 1, Chapter 25, O.S.L. 2022 (19 O.S. Supp. 2024,
Section 954), is amended to read as follows:
Section 954. It shall be the mandatory duty of the b oard of
county commissioners of any county establishing a retirement fund
and system to appropriate annually, for the sole use of the
retirement fund within its general fund and subject to the approval
of the county excise board, a sum which shall be equal to or exceed
the contributions made to the retirement fund by the employees.
Such appropriation shall not exceed the sum of the current annual
salaries of all employees to be covered in the following
percentages:
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July 1, 2007 – June 30, 2008 13 1/2%
July 1, 2008 – June 30, 2009 14 1/2%
July 1, 2009 – June 30, 2010 15 1/2%
July 1, 2010 – June 30, 2019 16 1/2%
July 1, 2019 - June 30, 2020
and each year thereafter June
30, 2025 18 1/2%
July 1, 2025 - June 30, 2026
and each year thereafter 22%
Beginning July 1, 2019 July 1, 2025, the total employer and
employee contributions shall not exceed eighteen and one-half
percent (18.5%) twenty-two percent (22%) of the monthly compensation
of each member. The governing body of the participating employers
listed in this section may vary the percentage contribution of the
employer and employee, provided the total percentage contributed by
the employer and employee equals the total percentage contribution
required by this section. Payment of such shall be paid to the fu nd
upon verified claims by the treasurer of the fund approved by the
board of trustees and attested by its clerk. For any contribution
made on or after July 1, 2021, to June 30, 2022, of less than
eighteen and one-half percent (18.5%), an employer may ret roactively
make a one-time lump sum contribution of an amount equal to the
difference between the actual total contribution that was made and
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the total contribution amount equal to eighteen and one -half percent
(18.5%).
SECTION 2. This act shall become effective July 1, 2025.
SECTION 3. 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 RETIREMENT AND GOVERNMENT
RESOURCES
February 25, 2025 - DO PASS AS AMENDED