Senate Bill No. 434 amends the existing retirement fund contribution requirements for county commissioners in Oklahoma. The bill mandates that the board of county commissioners must appropriate an annual sum for the retirement fund that is equal to or exceeds the contributions made by employees. The bill updates the contribution percentages, establishing that from July 1, 2025, to June 30, 2026, and each year thereafter, the total employer and employee contributions shall not exceed 22% of the monthly compensation of each member. This replaces the previous cap of 18.5% that was applicable until June 30, 2025.

Additionally, the bill removes the previous requirement for contributions to be capped at 18.5% and eliminates the provision allowing employers to make retroactive lump sum contributions for any shortfall in contributions made between July 1, 2021, and June 30, 2022. 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
Floor (Senate): 19-954