SB2158 Summary

• Modifies the definition of "nonfiscal retirement bill" under the Oklahoma Pension Legislation Actuarial Analysis Act to clarify provisions related to cost-of-living adjustments (COLAs) for retirement system retirees.

• Removes the requirement that cost-of-living adjustments be limited to amounts within existing actuarial assumptions, allowing adjustments to proceed beyond previously established thresholds.

• Eliminates Section 3111.E, which previously required concurrent funding only for the excess liabilities created by COLAs that exceeded the retirement system's actuarial assumptions.

• Simplifies concurrent funding requirements by removing special provisions that carved out exceptions for COLA-related liability increases in retirement bills.

• Declares an emergency effective date, making the act effective upon passage and approval rather than waiting for the standard implementation timeline.