OK HB2888

Establishes the Legislative Oversight Committee on State Employee Benefits with 10 members appointed by legislative leaders to oversee the State and Education Employees Group Insurance Board and State Employees Benefits Council.

Committee chair and vice chair rotate every two years between Senate and House members, beginning with a Senate chair in 2011; committee meets at least quarterly and can use teleconferencing when Legislature is not in session.

Amends flexible benefits plan requirements under 74 O.S. Section 1370, freezing benefit allowances at Plan Year 2010 levels for three years (2011-2013), then resuming normal adjustments beginning January 1, 2015.

Maintains participant requirements to elect at least basic plan benefits unless they have federal military health coverage; establishes default benefits for employees who fail to make annual elections.

Takes effect November 1, 2010.