Bill
Bill > HB1091
OK HB1091
OK HB1091Retirement; Oklahoma Firefighters Pension and Retirement System; term; death benefits; contributions; repayment; amortized payment; rules or procedures; transferred credited services; procedures; limitations; exception; military service credit; credited service; restrictions; volunteer; codification; emergency.
summary
Introduced
02/03/2025
02/03/2025
In Committee
04/24/2025
04/24/2025
Crossed Over
03/17/2025
03/17/2025
Passed
05/05/2025
05/05/2025
Dead
Signed/Enacted/Adopted
05/12/2025
05/12/2025
Introduced Session
2025 Regular Session
Bill Summary
An Act relating to retirement; amending 11 O.S. 2021, Sections 49-100.1, as amended by Section 2, Chapter 232, O.S.L. 2022, 49-113, 49-117.1, as amended by Section 7, Chapter 232, O.S.L. 2022, 49-117.3, and 49-138, as amended by Section 2, Chapter 247, O.S.L. 2024 (11 O.S. Supp. 2024, Sections 49-100.1, 49- 117.1, and 49-138), which relate to the Oklahoma Firefighters Pension and Retirement System; defining term; modifying provisions related to death benefits; specifying which contributions member is to be refunded; modifying provisions relating to repayment of contributions; authorizing member to make certain repayment; authorizing amortized payment if permitted by State Board; directing the State Board to promulgate rules or procedures; providing that member may purchase transferred credited services; providing procedures; providing limitations; providing exception; modifying how payments may be made; updating reference; providing limitation on purchase of military service credit; providing limitation on purchase of credited service; providing for purchase of military service credit; providing requirements to purchase such credit; providing restrictions; permitting volunteer members to purchase military service credit; requiring payment to be received prior to commencement of benefits; providing for codification; and declaring an emergency. SUBJECT: Retirement
AI Summary
This bill modifies several provisions of the Oklahoma Firefighters Pension and Retirement System, focusing on contributions, service credit, and retirement benefits. The bill updates definitions of contributions to include various types of payments made to the system, such as repurchasing credited service or transferring service credits from other retirement systems. It allows members to purchase prior military service credit under specific conditions, including being an active paid member for at least 30 months and paying the actuarial cost of the service credit. The bill introduces new rules for repaying contributions, including options for amortized payments over up to 60 months, with specific provisions for what happens if a member terminates employment, retires, or dies before completing payments. It also establishes a maximum limit of 30 years of credited service that can be taken into account under the system. Additionally, the bill provides guidelines for volunteer members to purchase military service credit and specifies that payment for service credit must typically be received before the commencement of benefits. The legislation aims to provide more flexibility and clarity for firefighters in managing their pension and retirement benefits while maintaining financial integrity of the system.
Committee Categories
Business and Industry, Government Affairs, Justice, Labor and Employment
Sponsors (2)
Last Action
Becomes law without Governor's signature 05/11/2025 (on 05/12/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...