This bill amends the Oklahoma Police Pension and Retirement System by introducing a structured benefit increase for certain retired members based on their years of service as of June 30, 2026. Specifically, retirees with less than ten years of service will receive a 0% increase, those with ten to twenty years will receive a 3% increase, and retirees with twenty years or more will receive a 6% increase. Additionally, the bill includes amendments to 62 O.S. 2021, Section 3103, which updates definitions and statutory language related to the Oklahoma Pension Legislation Actuarial Analysis Act.

The bill also introduces new legal language that codifies the benefit increase as Section 50-136.10 of Title 11, while making several deletions and insertions in the existing law to clarify the definitions and processes related to retirement bills. Notably, it adds the new benefit increase provision as a cost-of-living benefit increase under the Oklahoma Police Pension and Retirement System. The effective dates for the various sections of the bill are set for October 1, 2026, for the amendments to Section 3103, and November 1, 2026, for the new benefit increase provisions.

Statutes affected:
Committee Substitute: 62-3103