This bill amends the existing law regarding county employees' retirement systems in Oklahoma, specifically focusing on the maximum contributions required from both employers and employees. The amendments increase the maximum total contributions from the current eighteen and one-half percent (18.5%) to twenty-two percent (22%) of the monthly compensation for each member, effective from July 1, 2025. Additionally, the bill specifies that the mandatory contributions from the county commissioners must equal or exceed the contributions made by employees, with a structured increase in contribution percentages over the years leading up to this change.

The bill also updates the timeline for contribution percentages, removing the previous end date of June 30, 2020, and extending the new contribution rates through June 30, 2026, and beyond. It allows for flexibility in how the employer and employee contributions are allocated, as long as the total meets the required percentage. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.

Statutes affected:
Introduced: 19-954