Bill No. 1729 amends the Oklahoma Public Employees Retirement System to allow certain retirees, specifically retired district attorneys and assistant district attorneys, to engage in postretirement employment with a district attorney's office or the Oklahoma Indigent Defense System while still receiving their monthly retirement benefits. The bill establishes specific limitations on this postretirement employment, including a mandatory waiting period of sixty calendar days after retirement before the retiree can be employed in any capacity. Additionally, any employment during this waiting period, including volunteer work, will result in the forfeiture of retirement benefits.

The bill also sets earnings limitations for retirees who take on postretirement roles. For those under the age of sixty-two, earnings cannot exceed $25,000 or half of their final average salary, while retirees aged sixty-two and older have a limit of $30,000 or half of their final average salary. The bill includes provisions for automatic adjustments to these earnings limits based on Social Security Administration guidelines and outlines penalties for exceeding the earnings cap, which could result in a reduction of future retirement benefits. The act is set to take effect on November 1, 2025.