House Bill No. 1268 amends the Oklahoma Pension Legislation Actuarial Analysis Act to introduce new provisions for licensed emergency medical personnel and certain county employees regarding their participation in the Oklahoma Public Employees Deferred Option Plan (POD). The bill allows these individuals, who have at least 20 years of creditable service, to make an irrevocable election to participate in the POD instead of terminating employment to accept a service retirement pension. The bill specifies that creditable service includes service credit recognized under existing statutes and outlines the duration of participation, which cannot exceed five years. During this period, employee contributions will cease, but employer contributions will continue, and participants will be eligible for cost-of-living adjustments.

Additionally, the bill provides details on the payment options available to participants upon conclusion of their participation in the POD, including lump-sum payments and other methods approved by the Oklahoma Public Employees Retirement System Board of Trustees. It also establishes procedures for payments in the event of a participant's death during the participation period. The effective dates for the provisions in the bill are set for October 1, 2026, for Section 1 and November 1, 2026, for Section 2.

Statutes affected:
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 62-3103