This bill amends the Oklahoma Pension Actuarial Analysis Act and the Oklahoma Law Enforcement Retirement System by updating definitions and expanding membership eligibility. It specifically revises the definition of "nonfiscal retirement bill" and allows active commissioned or CLEET-certified agents of the Council on Law Enforcement Education and Training to join the Oklahoma Law Enforcement Retirement System, effective July 1, 2024. The bill clarifies the criteria for nonfiscal retirement bills to ensure they do not impact the cost or funding factors of retirement systems.

Furthermore, the bill includes several insertions and deletions to refine language and definitions related to retirement systems. It mandates that these new members will contribute to the Oklahoma Law Enforcement Retirement System but will not participate in any plans offered by the Oklahoma Public Employees Retirement System, with exceptions for specific deferred compensation plans. The effective date for the main provisions is set for October 1, 2025, unless an emergency clause is enacted, allowing for immediate implementation upon the Governor's signature. The bill is classified as non-fiscal under the Oklahoma Public Law and Administrative Accountability Act, indicating no direct financial impact on the state budget.

Statutes affected:
Introduced: 62-3103