House Bill No. 1458 amends the Oklahoma Public Employees Retirement System (OPERS) regulations regarding death benefits. The bill allows beneficiaries to disclaim death benefits, which can then be transferred to a licensed funeral director or a recognized business entity providing funeral services. The disclaimer must be in writing, irrevocable, and submitted within nine months of the transfer or the beneficiary reaching the age of 21. Additionally, the bill discharges the OPERS from any liability or obligation after the payment of death benefits, and it clarifies that the system is not required to verify the truth of any claims made by the beneficiaries.

The bill also updates the death benefit amounts for retired members, specifying $4,000 for those who died before July 1, 1999, and $5,000 for those who died on or after that date. It streamlines the process for waiving probate requirements for death benefits under certain conditions, allowing for quicker access to funds for heirs. The effective date for this legislation is set for November 1, 2025.