Bill No. 1027 amends the Oklahoma Law Enforcement Retirement System by updating definitions, eligibility criteria, and membership categories. It introduces new members, including CLEET-certified police officers employed by the University of Oklahoma or Oklahoma State University, as well as lake patrolmen and dispatchers of the Grand River Dam Authority, who are now required to participate in the System. The bill removes the previous list of state agencies contributing to the retirement fund and revises the calculation for purchasing service credit related to certain leaves of absence. Additionally, it aligns retirement benefit calculations with recent federal law changes regarding minimum distribution requirements and clarifies key terms such as "normal retirement date" and "final average salary."

The bill also specifies that participating employers must contribute 11% of each member's actual paid base salary, replacing previous language that identified specific departments for contributions. Members are required to contribute 8% of their actual paid base salary, with deductions made by the employer. It allows for the inclusion of unused sick leave in service credit for members retiring or taking a Deferred Option Plan and establishes a process for members temporarily disabled due to duty-related sickness to purchase service credit. The bill emphasizes the need for timely information from employers regarding benefits and costs, and it includes an emergency clause for immediate implementation upon passage and approval.