House Bill No. 1027 amends the Oklahoma Law Enforcement Retirement System by updating definitions, eligibility criteria, and references related to membership. Notably, the definition of "member" is expanded to include police officers from the University of Oklahoma and Oklahoma State University, as well as lake patrolmen and dispatchers from the Grand River Dam Authority. The bill also removes a list of specific state agencies that contribute to the retirement fund and revises the calculation for purchasing service credit for certain leaves of absence. Additionally, it introduces provisions to ensure compliance with federal regulations regarding retirement benefits, including adherence to the minimum distribution requirements of the Internal Revenue Code.

Furthermore, RBH No. 10296 includes CLEET certified police officers from the aforementioned universities as participants in the Oklahoma Law Enforcement Retirement System (OLERS) and mandates the transfer of contributions from current Oklahoma Teachers Retirement System participants to OLERS for prior service years. The contribution rates are set at eleven percent (11%) for employers and eight percent (8%) for members. The bill also allows for the inclusion of unused sick leave in service credit calculations for retirees and specifies that members on leave due to sickness or temporary disability can purchase service credit. Classified as a fiscal bill, it increases the accrued actuarial liability without raising the unfunded accrued actuarial liability, and it includes an emergency clause for immediate implementation upon passage.