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 that reemployment. Additionally, it clarifies that members must elect a vested benefit before receiving retirement benefits if they terminate employment prior to their normal retirement date.

The bill also outlines the responsibilities of participating employers regarding the submission of retirement information and the consequences of failing to meet deadlines, which may include reemployment of the member to meet eligibility requirements. Furthermore, it specifies that retirees returning to work 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 these changes is set for November 1, 2025.