The bill amends Section 914 of the Oklahoma Public Employees Retirement System to modify the post-retirement provisions for members. Key changes include the stipulation that a retired court reporter cannot be rehired for a period of sixty days after ending employment with their former employer unless they waive their retirement benefits and return as a bona fide employee. Additionally, the bill clarifies that any member who has terminated employment prior to their normal retirement date must elect a vested benefit before receiving retirement benefits. It also outlines the responsibilities of participating employers regarding the submission of retirement information and the consequences of failing to meet these requirements.

Furthermore, the bill establishes that members may retire before their normal retirement date under certain conditions, with specific age and service requirements outlined for different groups of members. The retirement benefits for those who retire early will be adjusted based on a percentage schedule according to their age at retirement. The act is set to take effect on November 1, 2025.