OK SB1580

Amends 74 O.S. 2001, Section 920 to modify employer contribution rates to the Oklahoma Public Employees Retirement System for state agencies and other participating employers.

Extends the scheduled increase in contribution rates by one year: the 15 1/2% rate is delayed from July 1, 2009 to July 1, 2011, and the 16 1/2% rate is delayed from July 1, 2010 to July 1, 2012.

Contributions remain capped at allowable annual compensation as defined in Section 902 of the statute.

Becomes effective July 1, 2010, with an emergency clause allowing it to take effect immediately upon passage and approval.