The bill amends various sections of the Oklahoma Public Employees Retirement System (OPERS) to enhance retirement benefits and clarify eligibility criteria for members, particularly focusing on law enforcement and correctional personnel. Key changes include the introduction of a retirement benefit calculation based on a multiplier of two and one-half percent (2.5%) of the final average compensation for each year of service, with specific provisions for members with over twenty years of service. The bill also establishes new eligibility criteria for retirement benefits, including provisions for military service credit and the inclusion of law enforcement agents certified by the Council on Law Enforcement Education and Training (CLEET) employed by the Department of Human Services.

Additionally, the bill modifies contribution requirements, specifying that employees will contribute 6.41% of their allowable annual compensation, with contributions deducted by state agencies and remitted to the OPERS Board of Trustees. It clarifies that contributions picked up by participating employers will be treated as employer contributions for tax purposes. The bill also introduces a defined contribution system for employees first employed in qualifying positions on or after November 1, 2015, while outlining exemptions for certain roles. Overall, the bill aims to modernize the OPERS framework, ensuring fair benefits for eligible members while maintaining fiscal responsibility.

Statutes affected:
Introduced: 74-902, 74-915, 74-916.3, 74-919.1