House Bill No. 1027 amends the Oklahoma Law Enforcement Retirement System by updating definitions, eligibility criteria, and references for membership. The bill expands the definition of "member" 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, effective July 1, 2024. It also removes a list of specific state agencies that contribute to the retirement fund and revises the calculation for purchasing service credit related to certain leaves of absence. Additionally, the bill aligns retirement benefits and distribution requirements with recent federal law changes regarding minimum distribution requirements under the Internal Revenue Code.

Furthermore, the bill allows CLEET certified police officers from the aforementioned universities to participate in the retirement system and facilitates the transfer of contributions from current participants of the Oklahoma Teachers Retirement System to purchase prior years of service. It specifies contribution rates for employers and members, with employers contributing 11% of the actual paid base salary and members contributing 8%. The bill also includes provisions for service credit related to unused sick leave and allows members unable to perform their duties due to sickness or temporary disability to purchase service credit for their leave. An emergency clause is included, enabling the act to take effect immediately upon passage and approval.