The bill amends the existing law regarding county employees' retirement systems in Oklahoma, specifically focusing on the maximum contributions made by employers and employees. It increases 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 establishes a new contribution percentage schedule, which includes 18.5% for the period from July 1, 2019, to June 30, 2025, and sets the new rate of 22% starting July 1, 2025, and continuing thereafter.

Furthermore, the bill removes the option for employers to make retroactive contributions for any amounts less than 18.5% for the period from July 1, 2021, to June 30, 2022. This change eliminates the provision that allowed employers to make a one-time lump sum contribution to cover any shortfall in contributions during that timeframe. The bill 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
House Committee Substitute for Senate Bill: 19-954
Floor (House): 19-954
Floor (Senate): 19-954
Engrossed: 19-954
Amended And Engrossed: 19-954
Enrolled (final version): 19-954