This bill amends various sections of Oklahoma law concerning public retirement systems, specifically enhancing the death benefits for beneficiaries of active or retired members across several pension systems, including the Oklahoma Firefighters Pension and Retirement System and the Teachers' Retirement System of Oklahoma. 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 a uniform amount of $10,000 for all members who die on or after the effective date of the act. The bill also clarifies the conditions for paying death benefits, including provisions for surviving spouses and designated beneficiaries, and outlines the necessary documentation for claims.

Additionally, the bill introduces amendments to the Teachers Retirement System of Oklahoma, focusing on disability retirement, withdrawal of contributions, and death benefits. It allows for the reduction of annual benefits for disabled annuitants who can engage in gainful employment above a specified income threshold and permits members withdrawing contributions to receive interest based on their years of membership. The bill also empowers governing boards of public schools to provide additional retirement allowances and allows for the payment of certain death benefits without probate court intervention, provided specific documentation is submitted. Overall, the bill aims to improve the financial support and retirement options available to members and their beneficiaries while ensuring proper administrative procedures are in place.