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OK SB1016
Bill
Status
3/5/2009
Primary Sponsor
Jeffrey Hickman
Click for details
AI Summary
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Amends the Oklahoma Pension Legislation Actuarial Analysis Act to modify the definition of "nonfiscal retirement bill" as it applies to cost-of-living adjustments (COLAs) for the Teachers' Retirement System of Oklahoma
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Establishes specific COLA percentages for the Teachers' Retirement System: 1.25% (2010-2013), 1.5% (2014-2017), 1.75% (2018-2021), and 2% (2022 and thereafter)
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Specifies that a COLA for the Teachers' Retirement System is considered nonfiscal only if it does not exceed the applicable percentage in the year it is granted
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Requires concurrent funding for any COLA amount that exceeds the defined percentages or the actuarial assumptions already reflected in the retirement system
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Becomes effective November 1, 2009
Legislative Description
Public finance; relating to the Oklahoma Pension Legislation Actuarial Analysis Act; modifying definition of nonfiscal retirement bill as it relates to COLAs for retired teachers. Effective date.
Education - Higher
Last Action
Enacting clause stricken
4/12/2010