Bill > SB88

This bill amends the Teachers' Retirement System of Oklahoma's statutes to allow the Board of Trustees to approve a cost-of-living adjustment (COLA) for retirees under specific financial conditions. The bill introduces a new provision that permits the Board to grant a 2% COLA to retirees who have been receiving benefits for one or more years, but only when the retirement system's funded ratio meets certain thresholds. Specifically, the Board can approve the COLA if the system's funded ratio exceeds 80%, and subsequent adjustments can be made each time the funded ratio increases by an additional 2.5 percentage points. The COLA is designed to help retirees keep pace with inflation, but it is carefully structured to ensure the long-term financial stability of the retirement system. The bill also makes some minor technical changes, such as updating gender-specific language (changing "chairman" to "chair") and standardizing capitalization. These modifications are intended to provide flexibility for the Board of Trustees in managing the retirement system while maintaining fiscal responsibility and protecting the interests of both current and future retirees.

Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb88&Session=2600