SB1989 Summary

• Modifies the Oklahoma Police Pension and Retirement System and Oklahoma Law Enforcement Retirement System to require members to make irrevocable elections to participate in deferred option plans instead of regular elections.

• Establishes that minimum distributions under deferred option plans shall not be required for 2009 and specifies distribution commencement dates comply with federal tax code requirements.

• Updates references to Internal Revenue Code provisions regarding actuarial equivalence determinations, mortality tables, and successor rulings for benefit calculations.

• Allows nonspouse designated beneficiaries to make direct rollovers to inherited IRAs and modifies rollover distribution procedures effective January 1, 2010.

• Declares an emergency, making the act effective immediately upon passage and approval.