The bill, RBH No. 10046, amends various sections of Oklahoma law concerning public retirement systems, specifically enhancing the death benefits for active and retired members of several pension systems, including those for firefighters, police, judges, law enforcement, and teachers. The primary change is the increase in the death benefit amount from $4,000 for members who died before July 1, 1999, and $5,000 for those who died on or after that date, to $10,000 for members who die on or after the effective date of the act. The bill also outlines the conditions for paying these benefits, including provisions for surviving spouses and designated beneficiaries, and allows the System discretion in determining requests for probate waivers.

Additionally, the bill introduces amendments to the Teachers Retirement System of Oklahoma, increasing the death benefit for retired members to $10,000 and detailing the process for withdrawing contributions upon employment termination. It streamlines the payment of death benefits without probate intervention for amounts up to $25,000, provided certain documentation is submitted. The bill clarifies that the Executive Director of the System has discretion in granting probate waivers and specifies that death benefits can be assigned to licensed funeral directors. The act is set to take effect on November 1, 2025.