The bill, known as Senate Bill No. 1146, aims to enhance benefits for certain retired members of the Oklahoma Police Pension and Retirement System. It establishes a tiered increase in benefits based on the length of retirement as of June 30, 2026. Specifically, retirees with less than ten years of service will receive no increase, those with ten to twenty years will receive a 3% increase, and those with twenty years or more will receive a 6% increase. This new provision is codified as Section 50-136.10 of Title 11 of the Oklahoma Statutes.

Additionally, the bill amends Section 3103 of the Oklahoma Pension Legislation Actuarial Analysis Act to update definitions and statutory language. Notably, it includes the new benefit increase provision as a nonfiscal retirement bill, which does not affect the cost or funding factors of the retirement system. The effective dates for the provisions are set for October 1, 2026, for the amendments and November 1, 2026, for the new benefit increases.

Statutes affected:
Committee Substitute: 62-3103
Floor (House): 62-3103
Engrossed: 62-3103
Enrolled (final version): 62-3103