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 criteria for nonfiscal retirement bills. The effective dates for the various sections of the act are specified, with an emergency clause included to ensure immediate implementation upon passage and approval.

Statutes affected:
Introduced: 62-3103