This bill amends the Oklahoma Public Employees Retirement System by updating definitions and authorizing a benefit increase for certain retired members. Specifically, it modifies the definition of "RB number" by removing references to the "Oklahoma State" Senate and "Oklahoma" House of Representatives. Additionally, it introduces a new section that stipulates a tiered increase in benefits for individuals receiving retirement benefits as of June 30, 2026, based on their years of retirement. The increases are set at 0% for those retired less than ten years, 3% for those retired between ten and twenty years, and 6% for those retired for twenty years or more.

The bill also includes provisions for codification and specifies effective dates for the amendments and new law, with the first section becoming effective on October 1, 2026, and the new benefit increase section taking effect on November 1, 2026. This legislative change aims to enhance the financial support for retired public employees in Oklahoma, ensuring that those with longer service receive a more substantial increase in their retirement benefits.

Statutes affected:
Committee Substitute: 62-3103