House Bill No. 2193, introduced by Wolfley, amends Oklahoma's retirement laws to authorize cost-of-living increases for members of various public retirement systems, including the Oklahoma Firefighters Pension and Retirement System and the Oklahoma Police Pension and Retirement System. The bill stipulates that members who continue to receive benefits after June 30, 2026, will receive increases based on their retirement date, with a maximum increase of four percent for those who retired before July 1, 2018. Additionally, it modifies employee and employer contribution terms, directs the transfer of excess funds to the Special Cash Fund, and establishes salary guidelines for benefit calculations. The bill also amends the Oklahoma Pension Legislation Actuarial Analysis Act, introducing new definitions and clarifying conditions for amendments to retirement bills.

Furthermore, the bill includes significant amendments to the Teachers' Retirement System, such as establishing a new maximum compensation level of $90,000 for service performed after the act's effective date, replacing previous provisions. It modifies employer contribution rates and ensures that any increases will only take effect if adequately funded. The bill also allows for the transfer of service credits between the Oklahoma Public Employees Retirement System and the Teachers' Retirement System, enhancing flexibility for members. Overall, these amendments aim to improve the financial stability and operational efficiency of the retirement systems while ensuring fair compensation and benefits for public employees and educators.

Statutes affected:
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 62-3103, 74-902, 74-919.1