OK SB1364

Provides a one-time "catch-up" payment of $500 to eligible retired teachers receiving benefits from the Teachers' Retirement System of Oklahoma as of June 30, 2009.

Eligibility requires 15 or more 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 a single person.

Requires eligible members to submit written applications with financial information to the Teachers' Retirement System; System may require affidavits to verify eligibility.

Applications must be submitted by June 30, 2011, or the applicant forfeits the benefit.

Effective July 1, 2010, with emergency clause allowing immediate implementation.