Bill > SB434

This bill amends Oklahoma state law regarding county employees' retirement systems by increasing the maximum total employer and employee contributions. Specifically, the bill raises the contribution percentage from 18.5% to 22% beginning July 1, 2025. The legislation allows county governing bodies to vary the percentage contribution between employers and employees, as long as the total combined contribution does not exceed 22%. The bill removes a previous provision that allowed employers to make retroactive lump-sum contributions for periods between July 2021 and June 2022 if their total contributions were less than 18.5%. The changes will take effect on July 1, 2025, and the bill includes an emergency clause, which means it can be implemented immediately upon passage and approval, potentially to address urgent financial needs of county retirement systems.

Business and Industry, Government Affairs, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb434&Session=2500