This bill amends the Oklahoma Firefighters Pension and Retirement System, specifically updating the pension amounts for volunteer firefighters. It establishes that retired volunteer firefighters who retire before the effective date of the act will continue to receive their current pension amounts, while those who retire on or after the effective date will receive a monthly pension of Ten Dollars ($10.00) for each year of credited service, capped at thirty years. Additionally, the bill modifies the compensation determination for active volunteer firefighters, stating that those who receive annual compensation exceeding $9,939.69 will be classified as paid firefighters and must meet specific physical and agility requirements to remain active members of the system.

Furthermore, the bill updates the Oklahoma Pension Legislation Actuarial Analysis Act by revising definitions and statutory language. It clarifies the process for amendments to retirement bills and outlines the conditions under which various types of retirement bills may be classified, including those that provide benefits increases for volunteer firefighters. The bill includes provisions for an emergency declaration, allowing it to take effect immediately upon passage and approval, with specific effective dates for different sections.

Statutes affected:
Introduced: 62-3103