OK SB1362

Increases the maximum monthly health insurance benefit payment for Teachers' Retirement System of Oklahoma retirees by $100, raising payments from the $100-$105 range to the $200-$205 range effective July 1, 2010

Benefit amounts vary based on the retiree's average salary used to calculate retirement allowance and years of creditable service (less than 15 years, 15-24.99 years, or 25+ years)

Requires the Legislature to annually appropriate funding from the General Revenue Fund to the Teachers' Retirement System to cover these health insurance benefit payments

Funding calculation must be based on the number of eligible retired persons and the lesser of either the amount determined by the benefit schedule or the actual health insurance premium rate

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