Bill > HB4263

This bill modifies existing Oklahoma law regarding public retirement systems. First, it amends the Oklahoma Pension Legislation Actuarial Analysis Act (OPLAAA) to clarify the definition of a "nonfiscal retirement bill," which is a bill that does not negatively impact the cost or funding of a retirement system. The bill specifically adds a provision to this definition that allows certain retired members of the Teachers' Retirement System of Oklahoma (OTRS) to elect to remain in OTRS or participate in the Oklahoma Public Employees Retirement System (OPERS) defined benefit or defined contribution plans, and for this election to be considered a "nonfiscal" change under OPLAAA. Second, the bill amends provisions related to membership in the Teachers' Retirement System of Oklahoma, specifically allowing individuals who become employed by the Oklahoma Department of Career and Technology Education for the first time on or after November 1, 2019, to choose between remaining in OTRS or participating in OPERS. The changes related to the OPLAAA definition will take effect on October 1, 2026, and the changes to the Teachers' Retirement System membership will take effect on November 1, 2026.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4263&Session=2600