This bill amends Section 50-111.2 of the Oklahoma Police Pension and Retirement System to allow members to receive up to five years of credited service from certain out-of-state public retirement systems. Specifically, it adds the provision that members can now transfer credited service from a state, county, or municipal retirement system from a state other than Oklahoma, provided they are not already receiving or eligible for retirement credit or benefits from that service in any other public retirement system. The member will have the discretion to choose the number of years to purchase, up to the five-year limit, and the State Board will determine the purchase amount.

Additionally, the bill clarifies that the transferred credited service will not affect the member's normal retirement date or vesting requirements, as it will be added only after the member reaches their normal retirement date or vesting date. It also stipulates that the Oklahoma Police Pension and Retirement System must transfer credited service to another Oklahoma state retirement system upon request from former members, who will forfeit all rights in the Oklahoma Police Pension and Retirement System upon such transfer. Notably, employee and city contributions from former municipal retirement systems prior to January 1, 1981, are not transferable.