The bill amends the Oklahoma Firefighters Pension and Retirement System, specifically addressing the pensions for volunteer firefighters. It establishes that retired volunteer firefighters who retire before the effective date of the new law will continue to receive their current pension amounts, while those who retire on or after the effective date will receive a monthly pension of Ten Dollars ($10.00) for each year of credited service, capped at thirty years. Additionally, the bill introduces a benefit increase for certain retired members based on their years of retirement, with increases of 0%, 3%, or 6% depending on whether they have been retired for less than ten years, between ten and twenty years, or twenty years or more, respectively.

Furthermore, the bill modifies the definition of a paid firefighter and updates statutory language related to the Oklahoma Pension Legislation Actuarial Analysis Act. It also includes provisions for codification and specifies effective dates for different sections of the act, with some sections becoming effective on November 1, 2026, and others on October 1, 2026. The changes aim to enhance the benefits for volunteer firefighters and ensure clarity in the pension system's regulations.

Statutes affected:
Committee Substitute: 62-3103