SB 1637 Summary

• Authorizes one-time 4% benefit increase effective July 1, 2010, for current retirees in six state retirement systems: Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, Uniform Retirement System for Justices and Judges, Oklahoma Law Enforcement Retirement System, Teachers' Retirement System of Oklahoma, and Oklahoma Public Employees Retirement System.

• Establishes annual 2% benefit increases beginning July 1, 2011, for retirees in the Firefighters, Police, Law Enforcement, and Public Employees systems, with a 1% annual increase for Teachers' Retirement System members.

• Allows the Legislature to suspend annual benefit increases by joint resolution if economic conditions of a system warrant suspension, effective January 1, 2012, and continuing annually.

• Specifies that members have no vested right to cost-of-living increases and provides offsets for benefits already received from prior cost-of-living adjustment provisions.

• Becomes effective July 1, 2010, with emergency clause allowing immediate enactment upon passage and approval.