This bill amends the Oklahoma Firefighters Pension and Retirement System, specifically updating the pension amounts for retired volunteer firefighters. It establishes that volunteer firefighters who retire before the effective date of the act will receive a pension based on the amount they were receiving at retirement, 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 considered paid firefighters and must meet specific physical and agility requirements.

Furthermore, the bill updates the Oklahoma Pension Legislation Actuarial Analysis Act by revising definitions and statutory language, including the amendment process for retirement bills. It clarifies the types of retirement bills and their fiscal impacts, ensuring that any changes made do not adversely affect the funding of the retirement systems. The effective dates for the various sections of the bill are also specified, with an emergency clause included to expedite its implementation.

Statutes affected:
Introduced: 62-3103