House Bill No. 1458 amends the Oklahoma Public Employees Retirement System (OPERS) regulations regarding death benefits for retired members. 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 disclaiming party.

The bill also modifies the existing language concerning the assignment of death benefits, replacing the term "Death benefits" with "The beneficiary or beneficiaries of death benefits" and removing the provision that allowed beneficiaries to assign their benefits. Instead, it establishes a clear process for disclaiming benefits and ensures that the system is released from any further obligations once the benefits are paid. The effective date for this legislation is set for November 1, 2025.