The bill amends the Oklahoma Pension Legislation Actuarial Analysis Act and the retirement allowance provisions for the Teachers Retirement System of Oklahoma. It introduces new definitions related to retirement bills, specifically including "Oklahoma House of Representatives" and "Oklahoma State Senate." The bill updates the language concerning the purchase of service credits, allowing retired members to buy these credits at a specified rate and clarifying the conditions for such purchases. Additionally, it establishes effective dates for the changes and declares an emergency, emphasizing the urgency of these amendments.

Moreover, the bill outlines several key provisions regarding contribution requirements and service credit calculations for members. It mandates that individuals who previously withdrew from the system and had salaries exceeding $7,800 must contribute based on their earning ceiling upon reentry. It also allows for the transfer of service credits between the Oklahoma Public Employees Retirement System and the Teachers Retirement System, detailing the process and options available to members. New provisions enable members who retire and later return to service to purchase service credits based on their verified compensation from the year before retirement, enhancing flexibility in managing retirement benefits. The bill is set to take effect in stages, with certain sections becoming effective in June and July 2026.

Statutes affected:
Introduced: 62-3103