Bill > SB1586

This bill modifies the Oklahoma Firefighters Pension and Retirement System to increase certain benefit computations, specifically for members who joined the system on or after November 1, 2013, and retire on or after the bill's effective date, by increasing the multiplier used to calculate their accrued retirement benefit from 2.5% to 3% of their final average salary, with varying credited service requirements for this higher benefit depending on when they retire after the bill's enactment, and also adjusts the calculation for disability pensions for these newer members. Additionally, the bill updates statutory language and references within the Oklahoma Pension Legislation Actuarial Analysis Act, which governs how proposed changes to retirement systems are evaluated for their financial impact, by modifying the definition of "Legislative Actuary" and clarifying what constitutes a "nonfiscal retirement bill" and "retirement bill" to ensure accurate actuarial analysis of proposed legislation affecting retirement systems. The changes to the benefit computations will take effect on July 1, 2026, while the amendments to the actuarial analysis act will become effective on June 1, 2026, with the entire act declared an emergency measure to take effect immediately upon passage and approval.

Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1586&Session=2600