OK SB1261

Limits cost-of-living adjustments for state retirement system retirees to no more than 2% annually on a cumulative basis

Requires any cost-of-living increase to be uniform across all retirement systems covered by the Oklahoma Pension Legislation Actuarial Analysis Act

Removes previous provision that allowed cost-of-living adjustments based on each retirement system's existing actuarial assumptions established as of December 31, 2006

Modifies concurrent funding requirements so that only the amount exceeding the applicable 2% cap requires concurrent legislative funding

Declares an emergency, making the act effective immediately upon passage and approval