This bill amends Section 914 of the Oklahoma Public Employees Retirement System to update statutory references and language, as well as modify the separation period for employees prior to being rehired by a participating employer. Notably, the bill changes the rehire waiting period from one year to six months for retired members who wish to return to work with their former employer, provided they waive their retirement benefits during reemployment. Additionally, it clarifies that any member who has terminated employment must elect a vested benefit before receiving retirement benefits and outlines the responsibilities of participating employers regarding the submission of retirement information.

The bill also specifies that retirees returning to work for a participating employer must make contributions to the retirement system, and it details how post-retirement benefits will be calculated based on actual hours worked and compensation received. The effective date for this act is set for November 1, 2025.