OK SB1718

Modifies the Oklahoma Public Employees Retirement System (OPERS) to allow motor carrier enforcement officers of the Corporation Commission to retire after 20 years of service with a 2.5% benefit multiplier.

Motor carrier enforcement officers hired after July 1, 2010, or those hired before that date who elect to participate may receive the enhanced 2.5% multiplier for service after July 1, 2010, subject to actuarial cost adjustments.

Requires motor carrier enforcement officers to contribute 8% of allowable compensation to the retirement system, compared to the standard 3.5% for other employees.

Allows current motor carrier enforcement officers hired before July 1, 2010 to make an irrevocable election by December 31, 2010 to receive the 2.5% multiplier for all service years by paying the actuarial difference.

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