House Bill No. 1027 amends the Oklahoma Law Enforcement Retirement System by updating definitions, references, and provisions related to retirement benefits for law enforcement personnel. Notably, the bill removes a specified list of state agencies that contribute to the retirement fund and revises the calculation of purchase prices for service credits linked to certain leaves of absence. It also expands membership eligibility 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 sets a new effective date of July 1, 2024, for certain provisions and updates the language regarding minimum distribution requirements under the Internal Revenue Code to align with recent federal law changes.

Additionally, RBH No. 10296 includes CLEET certified police officers from the aforementioned universities as participants in the retirement system and mandates the transfer of contributions from current participants of the Oklahoma Teachers Retirement System to the Oklahoma Law Enforcement Retirement System for purchasing prior years of service. The bill specifies contribution rates, with employers contributing 11% of the actual paid base salary and members contributing 8%. It also allows for the inclusion of unused sick leave in service credit for retirees and outlines provisions for members who are temporarily disabled to purchase service credit based on their pre-disability salary. The bill is classified as a fiscal bill, increasing the accrued actuarial liability without raising the unfunded accrued actuarial liability, and includes an emergency clause for immediate effect upon passage and approval.