The bill amends the Oklahoma Teachers' Retirement System (TRS) to enhance membership eligibility, retirement options, and contribution credits. It establishes that individuals elected as State Superintendent of Public Instruction, who have prior membership in TRS, will automatically be members of the System. Additionally, it modifies provisions for partial lump-sum payments for retirees, allowing eligible members to receive a payment based on their years of service, which will adjust their annuity calculations. The bill also introduces a new credit system for certified athletic trainers based on their teaching experience, affecting their contribution amounts, and clarifies conditions for nonclassified optional personnel regarding opting out of the retirement system.

Moreover, the bill outlines a tiered contribution structure based on salary and allows members to make back contributions if they did not elect to increase their maximum compensation level. It provides for members absent from teaching due to election or appointment to educational positions to retain membership and accumulate service credits. The bill facilitates the transfer of service credit from the Oklahoma Public Employees Retirement System (OPERS) to TRS for active members, while also allowing former members who withdrew contributions before January 1, 1983, to repay and transfer service credit back to TRS. Notably, it specifies that retired TRS participants employed by the State Department of Education after November 1, 2026, will participate in OPERS, while those elected as State Superintendent with prior TRS participation will remain in TRS.