The bill amends Section 914 of the Oklahoma Public Employees Retirement System to update statutory references and language, as well as to modify the separation period for employees prior to being rehired by a participating employer. Notably, the bill reduces the waiting period for a retired member to be rehired by their former employer from one year to six months, provided the retiree waives their retirement benefits and returns as a bona fide employee. Additionally, the bill clarifies the process for retirement notice submission and the responsibilities of participating employers regarding the retirement eligibility of their employees.

The bill also outlines the conditions under which retirees may return to work and the implications for their retirement benefits. It specifies that retirees who return to work must make contributions to the retirement system, and their post-retirement benefits will be calculated based on actual hours worked and compensation received. The effective date for these changes is set for November 1, 2025.