This bill amends the Oklahoma Police Pension and Retirement System by allowing 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 transfer credited service from a state, county, or municipal retirement system from a state other than Oklahoma, provided they are not already receiving 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, not exceeding five years, and the State Board will determine the purchase amount.

Additionally, the bill clarifies that the Oklahoma Police Pension and Retirement System will 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 transfer. It also specifies that employee and city contributions from former municipal retirement systems prior to January 1, 1981, are not transferable.