The bill RBH No. 11255 amends the Oklahoma Public Employees Retirement System (OPERS) to enhance retirement benefits and clarify eligibility for various public employees, particularly focusing on law enforcement personnel. Key insertions include a definition for "CLEET-certified law enforcement agent employed by the Department of Human Services Office of Inspector General," which outlines their qualifications and duties. The bill also modifies existing definitions such as "employee," "final average compensation," and "member" to improve clarity regarding eligibility and contribution requirements. Additionally, it updates the computation of retirement benefits, establishing a new calculation method for members based on their years of service and final average compensation, particularly for those retiring on or after specified dates.

Furthermore, the bill addresses military service eligibility for retirement benefits, specifying qualifying periods and documentation requirements. It introduces provisions for disability benefits for members who qualify for Social Security disability and establishes a defined contribution system for new employees. Significant changes include increased employee contribution rates for certain law enforcement and correctional positions, as well as the introduction of a new category for contributions from CLEET-certified agents. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage, reflecting the urgency of these updates to the retirement system.

Statutes affected:
Introduced: 74-902, 74-915, 74-916.3, 74-919.1