The bill, RBS No. 1631, amends various sections of Oklahoma law concerning retirement systems, including the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, and others. A key feature of the bill is the introduction of a provision allowing for a two percent (2%) cost-of-living adjustment (COLA) for beneficiaries who have received benefits for one or more years, contingent upon the funded ratio of the system exceeding specified thresholds based on the latest actuarial valuation. The bill also mandates that COLAs cannot be granted if they would cause the funding ratio to drop below the threshold that authorized the adjustment, ensuring the financial stability of the retirement systems.

Additionally, the bill updates statutory language to be gender-neutral and clarifies the governance structure by replacing references to the "State Board" with the respective boards of the retirement systems. It establishes criteria for Board appointments to ensure a balance of professional experience and mandates the compilation of quarterly and annual financial reports to enhance transparency and accountability. The bill also allows the Board to utilize electronic media for notices and consents, and it emphasizes the exclusive purpose of the Oklahoma Judicial Retirement Fund to provide benefits to members and their beneficiaries while allowing for the establishment of a Retirement Medical Benefit Fund for retiree health insurance premiums.

Statutes affected:
Introduced: 62-3103