Bill > SB609

This bill amends existing Oklahoma law to allow members of the Oklahoma Police Pension and Retirement System to receive credited service, meaning years counted towards their retirement, from certain public retirement systems in other states, in addition to the existing provisions that allow for credited service from other Oklahoma-based public retirement systems like those for firefighters, law enforcement, teachers, and public employees. This new provision applies to state, county, or municipal retirement systems from outside of Oklahoma, provided the member is not already receiving or eligible to receive retirement benefits for that same service from another system. The bill specifies that a member can transfer up to five years of this out-of-state credited service, and the amount to purchase this service will be determined by the State Board, with payment options including trustee-to-trustee transfers or direct member payments. Importantly, any transferred credited service will not change a member's normal retirement date or the requirements to become fully vested in their pension benefits, and it will be added to their account only after they reach those milestones.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb609&Session=2600