The bill, RBS No. 699, amends various provisions of the Oklahoma Public Employees Retirement System (OPERS) to enhance retirement benefits and update contribution requirements for certain members. Key changes include the introduction of new retirement benefits for specific agency divisions, updated definitions, and increased contribution rates for certain members. The bill clarifies that compensation for retirement purposes will include amounts deferred under certain sections of the Internal Revenue Code, ensuring alignment with federal regulations. Additionally, it modifies the definitions and conditions for retirement benefits, including a new calculation method based on a two and one-half percent (2.5%) multiplier of final average compensation for public safety personnel and other law enforcement agents.

Significant legal language changes include the deletion of outdated terms and the insertion of precise definitions, such as clarifying the role of the OPERS Board of Trustees and updating references to the United States Department of Veterans Affairs. The bill also establishes specific eligibility criteria for military service credit and retirement benefits for deputy sheriffs and county jailers, with provisions for those hired before and after November 1, 2020. Furthermore, it outlines the contribution structure for employees, specifying a contribution rate of 6.41% of allowable annual compensation and establishing a defined contribution system for new employees in qualifying positions. Overall, the bill aims to modernize the OPERS framework and improve retirement benefits for its members while ensuring compliance with existing laws.

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