The bill, RBH No. 15342, amends the Oklahoma statutes concerning retirement benefits for firefighters, specifically enhancing the calculation of accrued retirement and disability pensions. It introduces a new minimum benefit multiplier of 3% per year for firefighters retiring after the effective date, contingent on their years of credited service, with specific requirements based on the timing of retirement. For those retiring one year after the effective date, a minimum of 25 years of service is required, while those retiring two years later need 20 years, and those retiring five years later face no minimum service requirement. If a firefighter retires without the minimum service, the benefit multiplier remains at 2.5% per year.

Additionally, the bill increases the municipal contribution to the retirement system to a minimum of 14% of the actual paid base salary for each fire department member. It also modifies provisions regarding disability pensions, ensuring a minimum pension based on the firefighter's final average salary and years of credited service, with a minimum service requirement of 20 years. The bill clarifies the definition of beneficiaries and outlines the contributions and refund processes for members who leave service before retirement age. Overall, the amendments aim to improve the financial stability and benefits of the retirement system while ensuring compliance with federal regulations.

Statutes affected:
Introduced: 62-3103