This bill amends the Oklahoma Public Employees Retirement System by updating the language and statutory references in the Oklahoma Pension Legislation Actuarial Analysis Act. It modifies the definition of terms related to retirement bills, including the addition of a new category for nonfiscal retirement bills that allows municipalities participating in the Oklahoma Public Employees Retirement System to enter into trust agreements for retirement benefits. Specifically, municipalities with populations of 2,000 or fewer may choose to establish such agreements for employees who begin employment after the agreement's effective date.

Additionally, the bill includes several deletions and insertions to clarify the definitions and processes related to retirement bills. Notably, it removes references to the "Oklahoma State" Senate and "Oklahoma" House of Representatives and introduces new provisions that allow municipalities to enter into trust agreements as part of their retirement benefit offerings. The bill is set to take effect in stages, with certain sections becoming effective on June 1, 2026, and July 1, 2026, respectively, and it declares an emergency for immediate implementation upon passage.

Statutes affected:
Introduced: 62-3103