Bill > HB1268

This bill allows certain licensed emergency medical personnel, deputy sheriffs, and county jailers who have at least twenty years of creditable service and are eligible for retirement to participate in the Oklahoma Public Employees Deferred Option Plan (OPEDOP), which is a program where members can defer receiving their retirement benefits while continuing to accrue service credit. Under this plan, employee contributions will stop, but employer contributions will continue, and participants will remain eligible for cost-of-living adjustments. Upon ending their participation in the OPEDOP, which cannot exceed five years, members must terminate their employment and begin receiving their accrued retirement benefits, or they can receive in-service distributions if rehired in a position not covered by the system. The bill also outlines how the account balance can be paid out, including lump sums to the participant or an annuity provider, or other approved methods, with distributions needing to begin no later than the member's actual retirement date, and specifies that if a participant dies during OPEDOP participation, their account balance will be paid to their designated beneficiary or surviving spouse.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1268&Session=2600