This bill amends the Uniform Retirement System for Justices and Judges in Oklahoma by authorizing a benefit increase for certain retired members. Specifically, it establishes a tiered increase in benefits based on the length of retirement as of June 30, 2026: a 0% increase for those retired less than ten years, a 3% increase for those retired between ten and twenty years, and a 6% increase for those retired for twenty years or more. Additionally, the bill introduces new legal language to be codified as Section 1104L of Title 20, which outlines these benefit increases.

Furthermore, the bill amends Section 3103 of the Oklahoma Pension Legislation Actuarial Analysis Act, updating definitions and statutory language. Notably, it includes the insertion of the new Section 1 of this act as a cost-of-living benefit increase under the definition of nonfiscal retirement bills. The effective dates for the provisions are set for October 1, 2026, for the amendments to Section 3103, and November 1, 2026, for the new benefit increases.

Statutes affected:
Committee Substitute: 62-3103