Bill > HB1458

This bill amends the Oklahoma Public Employees Retirement System (OPERS) law to provide more clarity around death benefits and beneficiary rights. Specifically, the bill now allows beneficiaries to formally disclaim (refuse) death benefits within nine months of the transfer or after turning 21 years old, with the disclaimer being an irrevocable and unqualified written refusal. If a beneficiary disclaims the death benefit, the benefit can be transferred to a licensed funeral director or funeral service business. The bill maintains existing provisions for death benefits, which include paying $4,000 for members who died before July 1, 1999, and $5,000 for members who died on or after that date. The bill also preserves the system's ability to pay death benefits of $25,000 or less without probate court intervention, provided specific documentation requirements are met. Importantly, after paying death benefits, the OPERS system will be discharged from liability and is not required to investigate the details of the transfer. The bill is set to become effective on November 1, 2025, and aims to provide more flexibility and clarity in handling death benefits for retired members.