OK SB1889

Elected officials first elected or appointed on or after November 1, 2010 are limited to two computation factor options for retirement benefits: 1.9% (with 4.5% contribution rate) or 4.0% (with 10% contribution rate), eliminating intermediate options available to earlier officials

Retirees returning to work for a participating employer cannot be rehired by their former employer for one year after ending employment, unless they waive retirement benefits and return as a bona fide employee

Simplifies the judicial retirement notification process by requiring justices and judges to file retirement declarations with the System and Court Administrator rather than requiring gubernatorial approval

Removes the Board of Trustees' authority to adjust the employer contribution rate for the Uniform Retirement System for Justices and Judges, instead requiring the Board to provide annual actuarial reports and recommendations to state leadership

Repeals Section 1102.1 related to suspension of retirement compensation and updates terminology throughout (changing "retirant" to "retiree" and correcting compound word spellings)