The bill amends various sections of Oklahoma law concerning retirement, particularly focusing on the Oklahoma Pension Legislation Actuarial Analysis Act and deferred option plans for firefighters and law enforcement personnel. It introduces new definitions and provisions that allow estates, through executors or trustees, to make elections related to the Oklahoma Firefighters, Police, and Law Enforcement Deferred Option Plans. The bill clarifies eligibility criteria, benefits, and the calculation of benefits, including conditions for cost-of-living increases. It also specifies that participation in the Oklahoma Firefighters Deferred Option Plan shall not exceed five years, outlines the contribution and distribution processes, and ensures benefits are paid to designated recipients in the event of a member's death.

Additionally, the bill modifies the Oklahoma Police Deferred Option Plan to allow surviving spouses and established children of deceased members to elect participation, removing the previous requirement for the spouse to have been married for thirty months prior to the member's death if the death occurred in the line of duty. It establishes a timeline for established children to make their elections and clarifies that no interest will accrue on the deferred benefit balance after the member's death. The effective date for these changes is set for July 1, 2026, unless an emergency clause is approved for immediate implementation. Overall, the amendments aim to enhance retirement options and protections for Oklahoma's firefighters and law enforcement personnel and their families.

Statutes affected:
Introduced: 62-3103