House Bill No. 1889, introduced by May, amends the Oklahoma Pension Legislation Actuarial Analysis Act to include new definitions and provisions related to retirement benefits for certain members of the Oklahoma Firefighters and Police Pension and Retirement Boards. The bill specifically directs these boards to implement benefit adjustments for "Tweeners," defined as members who were not retired and did not have twenty years of credited service as of May 26, 1983, and who retired before November 1, 1989. The adjustments aim to restore the loss of the Initial Cost-of-Living Adjustment (COLA) Benefit due to inflation, as measured by the Consumer Price Index for all urban consumers (CPI-U), effective July 1, 2026.

Additionally, the bill modifies existing legal language by defining terms such as "Initial COLA Benefit," "Target COLA Benefit," and "CPI-U," while also establishing the criteria for benefit adjustments based on the funded ratio of the retirement systems. The bill includes provisions for codification and sets contingent effective dates based on the approval of an emergency clause. If the emergency clause is not approved, the effective dates for the various sections of the act will be October 1, 2026, for Section 1, and November 1, 2026, for Sections 2 and 3.

Statutes affected:
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 62-3103