This bill amends the Oklahoma Firefighters Pension and Retirement System by modifying the pension amounts for retired volunteer firefighters. Specifically, it establishes that volunteer firefighters who retire prior to the effective date of the act will receive a pension based on the amount they were receiving at the time of retirement for each year of credited service, capped at thirty years. In contrast, 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, also capped at thirty years. Additionally, the bill clarifies the compensation determination for active volunteer firefighters, stating that those who receive annual compensation exceeding $9,939.69 will be considered paid firefighters and must meet specific physical and agility requirements.

Furthermore, the bill updates the definition and statutory language related to the Oklahoma Pension Legislation Actuarial Analysis Act. It includes provisions for the effective dates of the amendments and declares an emergency for immediate implementation. The changes aim to enhance the pension benefits for volunteer firefighters while ensuring that the pension system remains sustainable and adequately funded.

Statutes affected:
Introduced: 62-3103