Bill > SB715

This bill amends the Oklahoma Firefighters Pension and Retirement System by increasing the employer contribution rate for municipalities with paid fire departments. Specifically, it mandates that beginning on July 1, 2025, municipalities will be required to contribute sixteen percent (16%) of the total actual paid gross salaries of their paid firefighters, an increase from the previous rate of fourteen percent (14%) established in November 2013. The bill also clarifies that "picked-up" contributions, which are employer payments made on behalf of members to the retirement system under Section 414(h)(2) of the Internal Revenue Code, are not taxable income for the member until distributed. This measure is declared an emergency, meaning it will take effect immediately upon passage and approval, and is set to become fully effective on July 1, 2026.