Bill > HB3236

This bill modifies the Oklahoma Pension Legislation Actuarial Analysis Act by defining terms and establishing conditions under which the Board of Trustees of the Oklahoma Teachers' Retirement System can grant a retirement benefit increase, adjusted for inflation as measured by the Consumer Price Index for urban wage earners and clerical workers (CPI-W), up to a maximum of two percent annually, provided the retirement system's funded ratio, which is the ratio of its assets to its liabilities, is at least eighty percent after the increase is applied. The bill also mandates that the Teachers' Retirement System provide an annual report to legislative leaders before granting such an increase and requires the Legislative Office of Fiscal Transparency to conduct a review of the system every five years to ensure compliance. The bill includes provisions for its effective dates, with an emergency clause allowing immediate effect upon passage and approval, or alternative dates if the emergency clause is not approved.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3236&Session=2600