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Bill > HB3350
OK HB3350
OK HB3350Public retirement systems; cost-of-living; increasing benefit; effective date; emergency.
summary
Introduced
02/03/2020
02/03/2020
In Committee
04/06/2020
04/06/2020
Crossed Over
03/11/2020
03/11/2020
Passed
05/15/2020
05/15/2020
Dead
Signed/Enacted/Adopted
05/22/2020
05/22/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to public retirement systems; amending 62 O.S. 2011, Section 3103, as last amended by Section 2, Chapter 245, O.S.L. 2018 (62 O.S. Supp. 2019, Section 3103), which relates to the Oklahoma Pension Legislation Actuarial Analysis Act; modifying definitions; authorizing benefit increase for certain retired members of the Oklahoma Firefighters Pension and Retirement System; providing for offset; authorizing benefit increase for certain retired members of the Oklahoma Police Pension and Retirement System; providing for offset; authorizing retirement RBH No. 11535 benefit increase for certain retired members of the Uniform Retirement System for Justices and Judges; authorizing retirement benefit increase for certain retired members of the Oklahoma Law Enforcement Retirement System; providing for offset; authorizing retirement benefit increase for certain retired members of the Teachers' Retirement System of Oklahoma; authorizing retirement benefit increase for certain retired members of the Oklahoma Public Employees Retirement System; providing for codification; providing for contingent timing based on failure of emergency clause; providing for payment of benefits by retirement systems for certain periods; providing an effective date; and declaring an emergency. SUBJECT: Public retirement systems
AI Summary
This bill provides a cost-of-living benefit increase for certain retired members of various Oklahoma public retirement systems, including the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Teachers' Retirement System of Oklahoma, and the Oklahoma Public Employees Retirement System. The increases range from 0% to 4% depending on the number of years the member has been retired as of July 1, 2020. The bill also amends the Oklahoma Pension Legislation Actuarial Analysis Act to allow these benefit increases to be considered "nonfiscal" amendments, which means they do not require full actuarial analysis. If the emergency clause is not approved, the effective dates for the provisions of the bill are staggered, with some taking effect on October 1, 2020 and others on November 1, 2020, but with the benefit increases still paid retroactively for certain months.
Committee Categories
Labor and Employment
Sponsors (64)
Avery Frix (R)*,
Roger Thompson (R)*,
Kelly Albright (D),
Larry Boggs (R),
Brad Boles (R),
Mary Boren (D),
Denise Brewer (D),
Michael Brooks (D),
David Bullard (R),
Trey Caldwell (R),
Bill Coleman (R),
Dean Davis (R),
J.J. Dossett (D),
Tom Dugger (R),
Kay Floyd (D),
Andy Fugate (D),
Jim Grego (R),
Chuck Hall (R),
John Haste (R),
Carri Hicks (D),
Brian Hill (R),
Justin Humphrey (R),
Allison Ikley-Freeman (D),
Dell Kerbs (R),
Chris Kidd (R),
Julia Kirt (D),
James Leewright (R),
Ken Luttrell (R),
Robert Manger (R),
T.J. Marti (R),
Kevin Matthews (D),
Marcus McEntire (R),
Matt Meredith (D),
Garry Mize (R),
Cyndi Munson (D),
Joe Newhouse (R),
Monroe Nichols (D),
Jadine Nollan (R),
Terry O'Donnell (R),
Daniel Pae (R),
Roland Pederson (R),
Dewayne Pemberton (R),
David Perryman (D),
Logan Phillips (R),
Melissa Provenzano (D),
Dave Rader (R),
Trish Ranson (D),
Sean Roberts (R),
Cindy Roe (R),
Paul Rosino (R),
Paul Scott (R),
Ron Sharp (R),
Lonnie Sims (R),
David Smith (R),
Chris Sneed (R),
Brenda Stanley (R),
Marilyn Stark (R),
Emily Virgin (D),
John Waldron (D),
Kevin Wallace (R),
Darrell Weaver (R),
Josh West (R),
Tammy West (R),
George Young (D),
Last Action
Approved by Governor 05/21/2020 (on 05/22/2020)
Official Document
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