The bill amends the Oklahoma Law Enforcement Retirement System by adjusting both employer and employee contribution rates, as well as enhancing provisions related to retirement benefits. Starting July 1, 2025, employer contributions will increase from 12.5% to 16.5% over a five-year period, while employee contributions will rise from 8% to 9%. The bill also revises the calculation of retirement benefits to include members who die in the line of duty and introduces new positions eligible for retirement benefits. Additionally, it ensures that members who retired before July 1, 2002, will not receive benefits lower than their previous amounts and provides appropriate compensation for members disabled due to their duties.

Moreover, the bill establishes new requirements for disability benefits, stating that they will be provided for the lifetime of a member unless they are found no longer disabled. Members must file their completed application for disability benefits before their termination date and provide any additional information within six months to avoid ineligibility. The bill also allows for the payment of health insurance premiums directly from disability benefits or retirement payments, effective after December 31, 2006, with specific conditions for distributions made after December 29, 2022. Overall, the legislation aims to improve retirement benefits for law enforcement personnel while ensuring the financial sustainability of the retirement system.