Bill > HB3721

This bill modifies existing Oklahoma laws related to retirement systems, primarily focusing on Deferred Option Plans (DOPs) for firefighters, police officers, and law enforcement personnel, and also updates definitions within the Oklahoma Pension Legislation Actuarial Analysis Act. Key provisions include allowing certain individuals, including established children of deceased members, to elect to participate in DOPs under specific circumstances, and defining "established child" for these purposes. The bill also clarifies how benefits and interest are calculated for these DOPs, particularly for those who elect a "back drop date" which is earlier than their actual termination date, and outlines conditions for when these elections can be made, including by surviving spouses and, for the first time, by established children of deceased members who did not participate in a DOP. Additionally, the bill adjusts the calculation of benefits when a back drop election is made, ensuring that any survivor pension benefits are accounted for. The bill also includes provisions for effective dates, with some sections contingent on the approval of an emergency clause, and declares an emergency to allow for immediate implementation.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3721&Session=2600