Bill > HB2136

This bill creates the Oklahoma National Guard Supplemental Retirement Pay Revolving Fund, a new state treasury fund designed to provide supplemental retirement payments to eligible Oklahoma National Guard members. The fund will become operational on November 1, 2027, and will only benefit members who have completed 25 years of military service and are retiring from the Oklahoma National Guard, but have not yet reached the age to receive full federal retirement benefits. Importantly, the bill excludes individuals with active duty military pensions from eligibility. The supplemental payment will be calculated by determining the member's potential retirement amount, including any applicable cost-of-living adjustments, and will be paid in 12 equal monthly installments. Payments will continue only until the member begins receiving federal retirement benefits from the Defense Finance and Accounting Service. If insufficient funds are available to pay all eligible members, payments will be prorated proportionally. The benefits are strictly personal to the member and cannot be transferred to beneficiaries, with limited exceptions for specific types of financial arrangements like joint bank accounts or trusts. The act is set to become effective on November 1, 2025, providing a mechanism to support National Guard members who are near retirement but have not yet reached full benefit eligibility.

Budget and Finance, Military Affairs and Security

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2136&Session=2600