Bill > HB1986

This bill authorizes cost-of-living increases of 2% for retirees in six different Oklahoma public retirement systems: the Oklahoma Firefighters Pension and Retirement System, the Oklahoma Police Pension and Retirement System, the Uniform Retirement System for Justices and Judges, the Oklahoma Law Enforcement Retirement System, the Teachers' Retirement System of Oklahoma, and the Oklahoma Public Employees Retirement System. The increases will apply to members receiving benefits as of June 30, 2025, and will take effect on July 1, 2025. For some systems, like the Firefighters and Police Pension systems, there are specific provisions that allow previous benefit increases to offset the new 2% increase. In the case of the Firefighters Pension System, there are also additional nuanced provisions for members receiving benefits under Section 49-101, with slightly different increase calculations based on years of credited service and previous benefit adjustments. The bill is set to become effective on November 1, 2025, and was prepared with input from a consulting actuary to ensure its fiscal feasibility.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1986&Session=2600