The bill, RBS No. 924, 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 focus of the amendments is to allow the respective boards to approve cost-of-living adjustments (COLAs) of up to two percent (2%) for beneficiaries who have received benefits for one or more years, contingent upon the funded ratio of the system exceeding a specified percentage based on the latest actuarial valuation. The bill also establishes that subsequent COLAs can be approved if the funded ratio increases by 2.5% from the previous adjustment, while ensuring that the funded ratio does not drop below a certain threshold as a result of any approved adjustments.

In addition to the COLA provisions, the bill updates statutory language to be gender-neutral, modifies definitions within the Oklahoma Pension Legislation Actuarial Analysis Act, and removes references to the "State Board" in favor of the respective boards of the retirement systems. It also clarifies the responsibilities of the Board of Trustees, mandates the compilation of quarterly and annual financial reports, and creates a Retirement Medical Benefit Fund to support retiree health insurance premiums. The bill aims to enhance the governance and financial management of the retirement systems while ensuring that any adjustments to benefits are sustainable and based on the financial health of the systems.

Statutes affected:
Introduced: 62-3103