SB 1363 Summary

• Provides eligible retired teachers receiving TRS-Oklahoma benefits as of June 30, 2009 a one-time "catch-up" payment of $500.

• Eligibility requires 15+ years of service, monthly benefit of $1,000 or less as of June 30, 2009, and individual income at or below federal poverty guidelines for single-person household.

• Requires written application to TRS-Oklahoma with financial documentation; System may request affidavit and promulgate necessary rules for implementation.

• All applications must be submitted by June 30, 2011 to receive the benefit payment.

• Takes effect July 1, 2010 with emergency clause for immediate effectiveness.