Bill > SB102

This bill: - Amends the definition of "nonfiscal retirement bill" in the Oklahoma Pension Legislation Actuarial Analysis Act to include bills that increase the computation factor used to calculate the accrued retirement benefit and normal disability benefit, increase the municipal or employee contribution for the Oklahoma Police Pension and Retirement System, or modify the computation of a retirement annuity. - Increases the minimum employee contribution for members of the Oklahoma Police Pension and Retirement System from 8% to 9% of their paid base salary, effective July 1, 2025. - Increases the computation factor used to calculate the accrued retirement benefit for certain members of the Oklahoma Police Pension and Retirement System, phasing in higher percentages over time, from 2.5% to 3% of final average salary. This applies to members who retire on or after the effective date of the act and have the required years of credited service. - Increases the computation factor used to calculate the normal disability benefit for certain members of the Oklahoma Police Pension and Retirement System, from 2.5% to 3% of final average salary. - Increases the municipal contribution to the Oklahoma Police Pension and Retirement System from 13% to 14% of each member's paid base salary, effective on the act's effective date. - Updates various statutory provisions related to the Oklahoma Police Pension and Retirement System.

Justice, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb102&Session=2400