The bill amends Section 916.1 of the Oklahoma Public Employees Retirement System to clarify the process regarding death benefits for retired members. It allows beneficiaries to disclaim their death benefits in writing, which must be received by the transferor within nine months of the event triggering the disclaimer. If a beneficiary disclaims the benefits, the funds will be transferred to a licensed funeral director or a recognized business entity providing funeral services. The bill also stipulates that the System will be discharged from any liability or obligation after paying the death benefits, and it is not required to verify the truth of any claims made by the beneficiaries.

Additionally, the bill modifies the language surrounding the assignment of death benefits, replacing the term "Death benefits" with "The beneficiary or beneficiaries of death benefits" and clarifying that the disclaimer must be an irrevocable refusal to accept the benefits. The bill emphasizes that the interest in the death benefits will pass to another person without direction from the disclaiming individual. The effective date for this legislation is set for November 1, 2025.