Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB434 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SB434 HFLR Page 1
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29		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
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31	28		STATE OF OKLAHOMA
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33	30		1st Session of the 60th Legislature (2025)
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35	32		COMMITTEE SUBSTITUTE
36	33		FOR ENGROSSED
37	34		SENATE BILL NO. 434 By: Rader of the Senate
38	35
39	36		and
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41	38		Tedford of the House
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47	46		COMMITTEE SUBSTITUTE
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49	48		An Act relating to county employees’ retirement
50	49		systems; amending 19 O.S. 2021, Section 954, as
51	50		amended by Section 1, Chapter 25, O.S.L. 2022 (19
52	51		O.S. Supp. 2024, Section 954), which relates to
53	52		maximum contributions; increasing maximum amount of
54	53		total employer and employee contributions; providing
55	54		an effective date; and declaring an emergency .
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61	60		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
62	61		SECTION 1. AMENDATORY 19 O.S. 2021, Section 954, as
63	62		amended by Section 1, Chapter 25, O.S.L. 2022 (19 O.S. Supp. 2024,
64	63		Section 954), is amended to read as follows:
65	64		Section 954. It shall be the mandatory duty of the board of
66	65		county commissioners of any county establishing a retirement fund
67	66		and system to appropriate annually, for the sole use of the
68	67		retirement fund within its general fund and subject to the approval
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70		-	SB434 HFLR Page 2
71		-	BOLD FACE denotes Committee Amendments. 1
	69	+	Req. No. 13525 Page 2 1
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96	94		of the county excise board, a sum which shall be equal to or exceed
97	95		the contributions made to the retirement fund by the employees.
98	96		Such appropriation shall not exceed the sum of the current annual
99	97		salaries of all employees to be covered in the following
100	98		percentages:
101	99		July 1, 2007 – June 30, 2008 13 1/2%
102	100		July 1, 2008 – June 30, 2009 14 1/2%
103	101		July 1, 2009 – June 30, 2010 15 1/2%
104	102		July 1, 2010 – June 30, 2019 16 1/2%
105	103		July 1, 2019 - June 30, 2020
106	104		and each year thereaf ter June
107	105		30, 2025 18 1/2%
108	106		July 1, 2025 - June 30, 2026
109	107		and each year thereafter 22%
110	108		Beginning July 1, 2019 July 1, 2025, the total employer and
111	109		employee contributions shall not exceed eighteen and one-half
112	110		percent (18.5%) twenty-two percent (22%) of the monthly compensation
113	111		of each member. The governing body of the participating employers
114	112		listed in this section may vary the percentage contribution of the
115	113		employer and employee, provided the total percentage contributed by
116	114		the employer and employee equals t he total percentage contribution
117	115		required by this section. Payment of such shall be paid to the fund
118	116		upon verified claims by the treasurer of the fund approved by the
119	117		board of trustees and attested by its clerk. For any contribution
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121		-	SB434 HFLR Page 3
122		-	BOLD FACE denotes Committee Amendments. 1
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147	144		made on or after July 1, 2021, to June 30, 2022, of less than
148	145		eighteen and one-half percent (18.5%), an employer may retroactively
149	146		make a one-time lump sum contribution of an amount equal to the
150	147		difference between the actual total contribution that was made and
151	148		the total contribution amount equal to eighteen and one -half percent
152	149		(18.5%).
153	150		SECTION 2. This act shall become effective July 1, 2025.
154	151		SECTION 3. It being immediately necessary for the preservation
155	152		of the public peace, health or safety, an emergency is hereby
156	153		declared to exist, by reason whereof this act shall take effect and
157	154		be in full force from and after its passage and approval.
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159		-	COMMITTEE REPORT BY: COMMITTEE ON GOVERNMENT OVERSIGHT, dated
160		-	04/16/2025 - DO PASS, As Amended.
	156	+	60-1-13525 MJ 04/15/25
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