The bill amends various sections of the Oklahoma Public Employees Retirement System (OPERS) to enhance retirement benefits and clarify eligibility criteria for specific agency divisions, particularly for law enforcement and correctional personnel. Key changes include the introduction of a two and one-half percent (2.5%) retirement benefit calculation based on final average compensation for members retiring after certain dates, as well as provisions for military service documentation and benefits for law enforcement agents certified by the Council on Law Enforcement Education and Training (CLEET). The bill also establishes a defined contribution system for new employees hired in qualifying positions after November 1, 2015, while ensuring that contributions are deducted and remitted to the OPERS Board of Trustees.

Significant legal language updates include the deletion of outdated terms and the insertion of precise definitions, such as clarifying the role of the OPERS Board of Trustees and the definition of "Act" to refer specifically to "Section 901 et seq." Additionally, the bill specifies that compensation for retirement purposes will now include amounts deferred under certain sections of the Internal Revenue Code. Overall, the amendments aim to modernize the retirement system, ensuring it meets the needs of its members while maintaining equitable calculations across various service periods and roles.

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