Bill
Bill > HB1277
OK HB1277
OK HB1277Public retirement systems; cost-of-living increases for certain members of certain retirement systems; comparison of benefit increases; effective dates.
summary
Introduced
02/06/2023
02/06/2023
In Committee
02/29/2024
02/29/2024
Crossed Over
03/18/2024
03/18/2024
Passed
Dead
05/31/2024
05/31/2024
Introduced Session
2023 Regular Session
Bill Summary
An Act relating to public retirement systems; amending 62 O.S. 2021, Section 3103, as amended by Section 1, Chapter 306, O.S.L. 2022 (62 O.S. Supp. 2023, Section 3103), which relates to the Oklahoma Pension Legislation Actuarial Analysis Act; modifying definition; defining term; authorizing grant of retirement benefit increase for members of 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 subject to limitation based upon funded ratio; prescribing conditions for retirement benefit increase; authorizing grant of benefit increase; prescribing date for effect of benefit increases; providing for offset; specifying amount of increase; providing for certain comparison of benefit increases authorized by certain statutory provisions; providing for codification; and providing effective dates.
AI Summary
This bill authorizes a cost-of-living increase for members of several public retirement systems in Oklahoma, 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 are subject to the condition that the funded ratio of the respective retirement system must be at least 80% after the increase is provided. If the funded ratio is below 80%, a smaller 2% increase is authorized instead. The bill also specifies the amount of the increases and provides for effective dates.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (11)
Charles McCall (R)*,
Darrell Weaver (R)*,
Mickey Dollens (D),
Andy Fugate (D),
Justin Humphrey (R),
Annie Menz (D),
Dewayne Pemberton (R),
Ajay Pittman (D),
Trish Ranson (D),
Cowboy Stephens (R),
Max Wolfley (R),
Last Action
Coauthored by Representative Wolfley (on 05/09/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...